1. Opening Hook
If telecom concalls handed out loyalty points, Suyog investors would’ve earned a free tower by now. Another quarter, another “orders are coming next month” assurance—this time with BSNL, Vodafone, Airtel 5G, MTNL fibre, data centres, and even inorganic growth all lining up nicely in PowerPoint land.
Management sounded confident, spreadsheets looked heroic, and EBITDA margins stayed scandalously high. But actual tower additions? Still warming up.
The story this quarter wasn’t about what happened—it was about what will happen. December approvals, January rollouts, Q4 magic, FY27 explosions. You’ve heard the trailer; now comes the long movie.
Stick around. The fun really starts once execution meets optimism.
2. At a Glance
- Revenue ₹55.4 cr – Q2 rains tried slowing growth; Suyog brought an umbrella.
- EBITDA ₹41.7 cr (75%) – Margin flex so strong it should pay gym fees.
- PAT ₹16.6 cr (30%) – Still elite, even after interest and depreciation gatecrashed.
- Tenancies 7,163 – Progress measured in patience, not speed.
- Revenue per tenancy ₹25k – Airtel upgrades rescued it from BSNL gravity.
- CapEx ₹97 cr – Towers built, BSNL yet to switch the lights on.
3. Management’s Key Commentary
“Airtel has started deploying 5G on our ULS sites.”
(Finally, a growth lever that doesn’t need fresh CapEx 😏)
“We expect at least 6,000 sites from BSNL.”
(Expectation management: minimum promised, maximum hyped)
“EBITDA margins are sustained at 75%.”
(At this point, EBITDA is
family tradition)
“Revenue per tenancy dropped due to BSNL rollout.”
(Low rent, high patience, government-style economics)
“Vodafone has already loaded 500 sites in the last 7 days.”
(When sentiment changes, rollout speed suddenly finds legs)
“We have funding visibility through debt and internal accruals.”
(Translation: banks said yes, equity got postponed)
“Execution will start immediately once approvals come.”
(Immediately = January, subject to approvals, weather, and destiny)
4. Numbers Decoded
Metric Q2 FY26 What It Really Means
----------------------------------------------------------------
Revenue ₹55.4 cr Slow quarter, still grew YoY
EBITDA ₹41.7 cr Telecom landlords living well
EBITDA Margin 75% Industry envy unlocked
PAT ₹16.6 cr Interest tried, failed
PAT Margin 30% Still premium, slight squeeze
Tenancies 7,163 Waiting room still crowded
Rev/Tenancy ₹25,000 Airtel upgrades did the heavy lifting
CapEx (H1) ₹97 cr Assets ready, billing pending
BSNL drags revenue per tenancy down but boosts margins. Airtel 5G quietly fixes that math.
5. Analyst Questions
- “How will you fund 6,000
