Suyog Telematics Ltd (NSE: SUYOG) Q1 2026 Earnings Call dated Aug. 13, 2025
Corporate Participants:
Unidentified Speaker
Tushar Shah — Business Head
Analysts:
Unidentified Participant
Presentation:
operator
Ladies and gentlemen, I welcome you all to the Q1FY26 post earnings conference call of Suyok Telematics Limited. Today on the call from the management team we have with us Mr. Shiv Shankar Laturi, Managing Director. Mr. Tushar Shah, Business Head India. Mr. Ajay Sharma, Chief Financial Officer Mr. Sush Lature, Business Development Manager and Ms. Aarti, Compliance Head. As a disclaimer I would like to inform you, inform all of you that this call may contain forward looking statements which may involve risks and uncertainties. Also a reminder that this call is being recorded. I would now request the management to quickly run us through the.
Through the business highlights and performance highlights for the quarter ended 30 June 25. The growth plan and vision for the coming year post which will open the floor for Q A. Over to the management, sir.
Tushar Shah — Business Head
Hi everyone. I’m Tushar. I’m heading business for Suyog. I would like to first brief you everyone about the business. What we have done in Q1 so biggest milestone what we’ve achieved is we have completed 30 years in telecom industry. So it’s one of the biggest milestone where we have seen all the ups and downs of the industry and we’re able to sustain all the difficult times of industry. In Q1 my BSNL percentage of revenues increased drastically. It has reached 4.7% now. So which is as you all aware that ACTEL and JIO are not doing any major capex in the industry as of now.
But we are able to compensate it with the Geo, Vodafone and BSNL rollout. So in Q1 Actile has contributed to 45.8% of revenue. Jio has contributed to 23.3%. Vora has done 26.2% and BSN has done 4.7% of revenue. So which most of the various type you are not able to compensate the revenue? We have done it through BSN and mode of control out in terms of number of towers. Now we have crossed 5,000 Internet towers and we have 7,107 tenancies across India. So we have also increase improved our tency ratio from 1.1 to 1.22 mainly because of P1 and BSL rollout on existing towers which were occupied earlier by Gu and Etel.
We have also crossed 6,000 kilometers of aerial fiber network and we have crossed thousand government tendencies we have another 612 sites which are ready for government PSU which which site is ready and only issue it has. It’s not part of Q1 bill things the interest in storing that material on this site. So we have done close to 700, 800 sites in Q1 in terms of we have as you AW in last quarter we on the 31st of March we had AC we had acquired Lotus Terra which has given a big big boosting Deli Circle. So now Lotus Terrin Fly is completely owned by SUU and we are managing the Lotus Terrain fl.
So we were having very strong presence in Mumbai. Now we also with the acquisition of Lotus Infra and Lotus infra doing almost 40 sites in Q2 we are increasing our presence in capital of India which is Delhi Circle. One of the biggest highlight is BSI rollout which we have done drastically well in terms of rollout in last two quarters and that has given us an excellent cash flow and margins in terms of Q1. BSness officially declared 20,000 sites rollout in this financial which is up to March 26th end of March 26th. You can see on their portal also they are coming up with the 20,000 plus sites in by March 26th.
We are still working with them to target. We are tentatively Planning to do another five 7,000 sites of the 20,000 group which BSN has declared. You know would like to focus right now with you on. There are a lot of questions which we received from investor mainly on the sector operator like standing. So it is you know very clear. Even a government of India has quoted that satellite operator will not dent any existing terrestrial network. They will majorly operate in area which is not covered by telecom tower of our French area. Even if using the capacity company like Starlink has a capacity of only 2 million customer for India.
So with this we are pretty sure that there is no impact on telecom operator nor do there is any effect on telecom tower industry. Even their pricing is as high as 3,000 rupees per month which would be very which would mainly favor very high profile customers. In terms of technical issue, even they have a very high tenancy when there is a direct to mobile signal. As of now there’s very high tenancy latency network health latency will also impact them badly. And in terms of towers, yes they will need even they can complement a business by putting hop network to reduce this latency.
So we don’t see any threat via satellite operator. We only be able to only get the it will give us additional revenue when they start ruling out network in India. In terms of our plan as I declared we are I near the 5,000-7,000 4G macro sites for BSNL by March 26. Even Vodafone is discussing to roll out around 15,000 plus sites in this year which approach are still awaiting and we will see a major clarity in approval from Vodafone by start October or mid October. So we will again increase our target. Right now we want to add another five seven thousand tenies by March end for BSN AS and we get some clarity from V like we got from bsn.
We’ll update our numbers for the rollout. In terms of financial we have done very decent, we have maintained our margins, EBIT has gone very high, we have done lot of upgrade because of which even though our revenue has increased like other ipv our margin has not dropped down. We have maintained our margins at 75 76% mainly because we have done huge upgrades for Bharati Airtel. So when I say I’m doing a lot of upgrade for Bharati Airtel it means we are rolling out their 5G tenancy on existing 4G site and we are doing a lot of battery bank upgrade and other infra upgrade which gives us additional revenue which directly hits a profit margin as we have already done capex for that upgrade.
When we installed our site my revenue standard revenue was 516 million, EBITDA was 392 million with EBITA percentage of 76% which is one of the best in quarter and the efforts which we have taken in the last two quarters to roll out BSN it has given us very strong cash flow in Q1 which will be very helpful for us to roll out five seven thousand Sachs in next two quarter which is Q3 and Q4. With such a strong EBITA margin and very improved cash flow we are very sure to achieve our target by March 26th and we can even overachieve our target.
We have also shown a quarterly financials consolidated because we have acquired Lotus Infra 10 on the 31st of March. So only Q1 was the period which is applicable for consolidated financials by consolidated financials in terms of revenues 546 million with EBITDA margin of 75.4% and net profit of 31.7%. So it has been one of the very strong quarter in terms of profit margins and upgrade and in terms of revenue and number of downgrade we are very sure of Q3 and Q4 would be much much higher. It would be the best in the history of Suyog.
I hope all all of you have seen the financials so I can open floor for question and answers. For any specific questions and answers we can revert back to all your questions accordingly. Thank you everyone.
operator
Sure sir, all those wish to ask a question may use the option of raise hand and we will invite you to ask the question. We’ll take the first question from the line of Darsheel Pandya Darshul. You may go ahead please.
Unidentified Participant
Thanks Sir, I’m audible. Hello.
Tushar Shah — Business Head
Yes. Yes you are audible.
Unidentified Participant
Yeah sir, wanted to understand since this quarter we have hardly added 100 odd towers and tenancies are also you know in the same similar range. Where do we see the pickup happening? Because you know we are supposedly add 10,000 odd towers and I understand that Q3 and Q4 will be a heavy quarters but for next one quarter and how things will be Wanted to understand and also wanted to understand on the debt part have we got any deadly, you know, debt from the banks or how things are?
Tushar Shah — Business Head
So there should two things. First thing we have done a decent we have not hardly added any. We have added 619 towers in Q1. Only thing it’s not part of building because billing normally starts after one and two months when operator install their antennas and then they allow us to believe. So we have done 600 plus tower in Q1 so that it’s a good numbers in terms of current scenario it will surely pick up from Q3 and Q4 because only BS himself is planning 20,000 plus tower. Food is planning around 15,000 plus tower. So to in totality across industry there have been 35,000 new tower out of which obviously we want to target 7 to 10,000 tower between Vodafone and BSL.
Unidentified Participant
No, my, my question was, you know it was not about hardly but you know things like, you know since we add towers after one or one and a half month we start the billing. So you know with respect to our targets we are, we might be somewhere you know below the number that we might be thinking of. That was the whole idea about asking the question.
Tushar Shah — Business Head
When we say a tower we normally have a target for interior. And if you see the history of telecom, any tower company, Q1 and Q2 are normally low because in Q1 all approvals gets through and Q2 because of rainy season are normally low. So my 70, 80 of towers year on year gets installed in Q3 and Q4 and with BSN officially declaring 20,000 tower I don’t think there is any question of not achieving tower anymore. Yes, Till now we were skeptical because there were. There were numbers which we got from operator. But it was not officially declared as approvals in progress.
Now BSN has got cabinet clearance. They have got funds to roll out 21,000 tower. Entire list has been shared on their website with the locations where they want tower. Correct. So what h target is any. No more question. The question now remains how much we can go out of it. So it will be based on the finance which we arrange. We can deal we and we reply and maximize this opportunity.
Unidentified Participant
Got your point sir. Then you know obviously funds will be. You know we will need funds to take this order. So you know do it. So how are we placed right now and what.
Tushar Shah — Business Head
What are we doing? So as of now we have got close to 150 crore sanctions from Access bank and ICICI bank which we are going to utilize in Q3 plus. We have also improved our cash flow drastically in this quarter. So we have around 200. 250 crores which we can utilize to roll out this tower. For balance. Since now approach has gone through yesterday from bsnl. So we’ll work and we’ll soon update what our plans to achieve. 5, 7, 10,000 tower. Whatever we target in next two quarters we’ll have a detailed plan and then we can update you accordingly.
But yes, as of now we have 200250 crores which can be utilized.
Unidentified Participant
Got your point sir. Last question on the. You know wework trying to get some orders from BSNL in June July. With respect to some EPC orders. Can you please share any update we have on this?
Tushar Shah — Business Head
So in terms of EPC the tender was cancelled. But again it has been floated. And now 25 August, 27 August. 25 August is the submission date for EPC tender. So let’s hope that it gets closed by September, October and then we can give you exact numbers in terms of count how many towers we want to do in epc.
Unidentified Participant
Okay, Got it. How big would be this tender? Very big. Any size.
Tushar Shah — Business Head
It’s in terms of. See in total it’s something around close to 2030,000 towers. But yes, they will not allocate to one party. It will be allocated to three or one. One company can get only three circles. So we are again targeting same around 40005000 towers between three circles in.
Unidentified Participant
Got it. I. I’ll fall back in the. Thank you so much for taking my questions.
operator
Thank you. Darshan. We’ll take the next question from the line of Ankit Kanodia. Ankit you can unmute and go ahead please. Hello.
Unidentified Participant
Am I audible sir?
Tushar Shah — Business Head
Audible?
Unidentified Participant
Yeah Sir, I had very basic three question. I think one of them you have already answered but I’ll just repeat or simple in fact. So growth next 3 to 4 quarter, 6 quarter and I am getting a feeling that the third part of the question is that probably given our past announcement of equity fundraise and then going back are we really looking at a very good valuation and then go for equity fundraise or is it a conscious decision that we don’t want to raise equity at all right now.
Tushar Shah — Business Head
So I think I’ll answer all those requirements. The first is growth. Growth will come from BSN yesterday it’s available on their website. You can see that has verbally informed us that they are planning somewhere around close to 15,000 towers but they have not given us confirmation. Confirmation will come by end of September to between mid of October. So more or less we are seeing industry size of 35,000 tower in next two quarter which is the march. So our target of achieving 15,010 is which we seeing from last financial. We are more or less very sure at least we should cross 10,000 tenies by March end and then another 5,000 tenancy can fall back in next quarter.
We’ll obviously try higher than 5,000 but we’ll have to do a detailed planning of finance to roll out to give share the exact number since April has gone yesterday from bsn. Now we’ll sit together, we’ll work and we’ll confirm you what exactly we are targeting for Q3 and Q4 in terms of one scars. As I said we have got as of now we have clear visibility of 200250 crores which we are going to utilize balance funding. We are working, we are very. We are closely working with all the banks. We obviously speaking with few of the big investors.
Also you all know that why we withdrawn the preferential which we have declared last time because poster declaration market was crashed because of an uncontrolled reason which was not linked to Suyoke. Again we’ll go for fundraise as of now we are trying exploring multiple ways to arrangements because as we need around 500800 Karoska funds. So as and when we finalize something maybe another month or so we’ll get back to you with the detailed plan of funding. Right. I hope I have answered all your questions.
Unidentified Participant
Thank you so much sir and all the best.
Tushar Shah — Business Head
Thank you.
operator
Thank you. We’ll take the next question from the line of Mahik Talati Mahi you can unmute and go ahead please.
Unidentified Participant
Yeah, hi. Thank you so much for the opportunity. Sir. So wanted to understand if you see our average revenue per tenancy it is. It is constantly going down from the last three quarters. So can you please give some idea when are we expecting the tenancy? The revenue to revenue per 10c to go come back to previous levels.
Tushar Shah — Business Head
It has already gone high in this quarter. If you see compared to Q4 versus Q1 our tenancy revenue per tenants has improved. Second since now we are going to roll out major macro sites for BSL Again a tenancy per revenue per tenancy will improve in Q3 Q4 because now my macro site mixture will increase compared to small cell. And secondly we also doing very very huge number of upgrades for existing operator which will again increase my revenue per tendency. So by end of this year more or less it should be close to my original revenue per tenancy.
Unidentified Participant
Yeah. So sir, but when we have already added close to thousand plus towers in last one year there should be some addition in revenue per tenancy, right? But that’s not currently showing in the numbers.
Tushar Shah — Business Head
Along with that we also adding small cell set. See when we say tower we have done small cell and macro set both. So BSNL was not very aggressive. Vodafone was aggressive. Vodafone was doing more or less small cell. Now since we bsn if you see a percentage of BSL just increased in this quarter. Till last quarter it was only 0.1 0.2% of revenue which don’t impact my overall denominator. Now BS has increased share has gone 5% which is more or less from macro towers only. So this quarter it has started going upside. By Q4 you will see revenue per tenancy going back to original by end of Q4.
Unidentified Participant
But sir, water the numbers which I have. We have added close to 2000 new tenants in last five quarters out of which only 211 small cell tenancies. Right. The rest all are micro tower tenancies. So the number should have increased but it’s not visible from 30,000amonth for tenant to 26,000. It’s it has decreased.
Tushar Shah — Business Head
Consider so by 10 right now per tency for Q4 was around 30,000. Now tency also gets impacted because we also do lot of site rental negotiation with the owner. Now as a trend what we are doing is we are not giving any escalation to site owner. We are signing initially if you see there was a trend of giving 15 escalation every three years or five years. Now when we work Very closely with operator we have stopped giving any escalation for next 10 years which impact my revenue per tenancy. But along with that we are doing upgrade which will again offset that.
But we’ll need around two quarters to bring it back to 30 to 35,000 per tenancy. And even if you see my tenancy ratio has increased from 1.1 to 1.2 which will obviously give me higher revenue per tenancy.
Unidentified Participant
Okay. We are doing lot of rental negotiation and bringing site rental down and that’s the need of er because we can’t pay now operators are not willing to pay higher rental per site per tenant. So even that offsets my revenue growth per in terms of revenue per tenancy.
Tushar Shah — Business Head
So sir, what will be the revenue ballpark revenue for tenant number going forward? Like it will it be in the range of 2526,000 or it should be. Around 33 to 35,000 by March and it should be around 33 to 35 thousand.
Unidentified Participant
Sir, I am talking about revenue per 10, not revenue per tower.
Tushar Shah — Business Head
Revenue per tenancy should be in somewhere close to 20,000.
Unidentified Participant
Sorry, current number is I think 26,000 which I have calculated, right?
Tushar Shah — Business Head
No, no current number. If you see zero to break it in a bracket. If you see my macro set it will be 26,000. But when you average out revenue per Is close to 30,000 revenue per tenc would be close to 2324 which will achieve by March end. Right now it should be somewhere around 20 21,000 by March end will ache 25,000 figure per tency.
Unidentified Participant
Okay, okay. And sir, when you’re giving a target of close to 5,000 new BSNL rollouts so this is over and above the existing order book which we have from bsnl.
Tushar Shah — Business Head
No, no. See basically it’s total number which I rule out in Q3Q which is a number what I’ve already done. But that can be order book which are not I delivered also so that could be part of that 5,000 numbers.
Unidentified Participant
So basically there is not much change in the order book, correct?
Tushar Shah — Business Head
Yeah, not much change. Why? 5,000 is not based on the industry size. It’s based on the financial available with me industry size has increased. Now there will be around 35,000 towers which will roll out in next two quarters. But I can increase only based on my financials.
Unidentified Participant
So basically what we are targeting of 10,000 tenancies by 2626 and there is no change change in that number, right? Is it thousand you mean ten thousand?
Tushar Shah — Business Head
Yes, yes, no change.
Unidentified Participant
Okay. Okay, thank you. We’ll Fall back in.
operator
Thank you. We’ll take the next question from the line of Varun Gia Varun. You can unmute and go ahead please.
Unidentified Participant
Hi sir. So there’s 600 sites which you have added during this quarter. So could you give a breakup of the. Was it majorly for BSNL or for other players?
Tushar Shah — Business Head
Also majorly for BSNL but something for wood of also. Okay.
Unidentified Participant
And the guidance which you have given 5,000 sides.
Tushar Shah — Business Head
So you have increased the guidance only for as of now 5000 which I’ve just spoken is only about BSNL. Vodafone will give guidance once we get clear picture from Vodafone by end of September or mid October. Okay.
Unidentified Participant
But you mentioned that you currently have around 200 crores of cash flow. So from that and still you haven’t raised the additional amount when we will reach Q3 soon. So because the 5 to 7,000 sides you will need like almost more than 500 crores. 500.
Tushar Shah — Business Head
600 crores to 800 crores if we do 8,000. So that’s what I said right now before that we have created visible of 250 crore right now. BSN approach just got through yesterday. So now we’ll have to sit time even right now I’m in Delhi with BSN office. So we have to work on the funding. And we’ll need another 10, 15, 20 days to have a clear funding plan on paper post which we can share with you. But we will do whatever it takes to roll out these sites. Movements is online already. He has assured us that whatever funding is required it will come through.
But we need to roll out these sites. There’s a clear mandate from managing director. We need to do minimum 5,000 sites. Then we need to go higher than that in this financial year. That’s a career management directive.
Unidentified Participant
How much capex was spent in Q1?
Tushar Shah — Business Head
Close to I think 60 crores. No, around 36 crore. 35 to 40 crores.
Unidentified Participant
And what was the receivables amount? If you could share what was the. Receivables amount as of first quarter it’s.
Tushar Shah — Business Head
Result pending or what you were saying? Yeah. Receivable spending. Receivables. Those two again. Receivables. 48. 48. 48.
Unidentified Participant
Okay sir. Thank you.
operator
Thank you. Varun. We’ll take the next question from the line of a. You can go ahead please.
Unidentified Participant
Good evening. So my first question is that what has led to increase in EBITDA to 76% was it increase in the tenancy or other factors has contributed to it.
Tushar Shah — Business Head
So there are two Major factor which has lead to improving Tennessee One is obviously existing road, new roll out on existing site. Second, we have done lot of upgrade for Ital ngo. A lot of upgrade for Ital ngo so that both has improved my ebita.
Unidentified Participant
Okay, okay. My other question is that can you update how much loan has been sanctioned and came in till June 25 for tower role and how much funds have been utilized? Already utilized. Okay. Okay, that’s it from my side. Thank you so much. Is there anyone you know, anyone who.
operator
Anyone who wishes to ask the question can raise hand or post a question in the, in the chat box?
Unidentified Participant
Yeah, hi sir, am I audible?
Tushar Shah — Business Head
Yes, yes, you’re audible.
Unidentified Participant
Yeah. Sir, the previous participant asked on the revenue per tenant that was for per month. So can you again comment on the revenue per tenant per month number?
Tushar Shah — Business Head
Right now my revenue per tenant per number per tenant per month would be around close to 20, 21,000 by March and we should be able to hit that to 25,000. With a lot of upgrade and increasing tenancy ratio we should be able to reach 25,000 per tenant per month.
Unidentified Participant
Got it. And out of the all, all the debt requirement that we had debt plus one, how much is already sized? Is it 145? Hello. Sir, I was asking. Yes, yes, I was asking and how much would we need in next six, eight months.
Tushar Shah — Business Head
During the quarters. Second half planning? Right now we’re at 250.
Unidentified Participant
Got it. It sounds good. Sir, the EPC part I missed in the initial remarks, what was it?
Tushar Shah — Business Head
The 20,000 EPC initially we, in last quarter we declared that we are going to bid for EPC contract also because we see it’s a good revenue potential to get in years 10. But that EPC contract was later on cancelled by DSML. Now tender has again been floated and last of submission of tender is 25 August. So we are planning to bid for around 4,000 5,000 sites as a EPC tender.
Unidentified Participant
Okay, and how does the economics differ there, sir?
Tushar Shah — Business Head
So one tower capex would be close to 15 to 20x per tower with a with a margin of around 20 30%. So it depends on how bidding happens but it would be a ballpark figure. It can change drastically also based on the bidding and L1 bidder.
Unidentified Participant
Okay, and what are the execution timelines for this contract?
Tushar Shah — Business Head
Again they are saying they want to execute everything in by March. That’s what their planner but it may get shifted by another quarter and they would finish it by June or something. So everything will depend on how fast they close L1 bidder and they allocate the work order. Because it’s a long process in BSN that and sometimes they take a lot of time to for EPC finalization. So entire timeline would be depend on how soon they finalize.
Unidentified Participant
Got it. And sir can you also comment on the Vodafone ideas current situation and is. There you know payment delay what you said in between? Sir, I was asking on the Vodafone ideas current situation. If you can some give some comments. Is it improving or.
Tushar Shah — Business Head
Very confident that Vodafone idea will sustain. They are rolling out good number of site. They have planned another 12,15,000 for current financial year. There are discussions that they will be able to do a good amount of fundraise by December which SBI is leading. So we are very confident about Vodafone idea as of now.
Unidentified Participant
Got it. And so last question from my side is on bsnl. Can you give me the number? You know the BSNL part is 4.7% of our Q1 revenues. So how many sides are there that that contributed to this number?
Tushar Shah — Business Head
See we are confidential closing agreement. I call you exact numbers for any operator. But you can identify this 4.5% is my revenue. Then you can bank calculate and get the numbers. But due to confident confidential agreement I cannot diverge any number of specific to any specific operator.
Unidentified Participant
Got it. No worries sir. Thank you so much.
Tushar Shah — Business Head
Thank you.
operator
Thank you. Deepa. We’ll take the next question from the chat line of D. Kumar. What is revenue guidance for this year and FY27?
Tushar Shah — Business Head
We would be reaching around 250 crores. That’s what we are saying for this year FY27. Let’s see. Give us will declare FY20 guidance in next quarter when we finalize the entire plan for this year. Because we are seeing huge number of rollout happening. But this year we should be close to 240 to 50 crores.
operator
Thank you sir. We’ll take the follow up question from Daril Pandya. Dar, you can unmute and go ahead please.
Unidentified Participant
Yeah. Thank you. My question was on the similar lines only with regards to revenue. Sir, 250 crore means we will not be doing around. We will be having around eight and eight and a half thousand towers.
Tushar Shah — Business Head
If I’m not wrong we have more than that tower include before we have already crossed tenancy of 7,000. Okay. Because we were somewhere anticipating around 3,320 crores for FY26. And now we are has been shifted from Q1 Q2 to Q3 Q4. Right. So my major financial impact will happen in FY27. Correct. Got it.
operator
All right. Thank you so much. Thank you. We’ll take the next follow question from M. Talati. M. You. You can unmute and go ahead please. Just want question as I have some BS meetings so we have to keep it to last two or three questions now.
Unidentified Participant
Sure. Yeah. Thank you. Thank you for the follow up. So sir, wanted to understand this EPC contract which we are seeing of BSN for 20,000 hours. So is it over and about the 27 sites which they are planning to add? Right.
Tushar Shah — Business Head
27 20,000 plus s. What I have declared is an IP model which is like a tower. What we do as a regular business. Another 20,000 would be an EPC contract where we will build site and hand it out to them. Will not own that site like we do normally.
Unidentified Participant
So Basically they are planning 40000 hours. Correct?
Tushar Shah — Business Head
Right.
Unidentified Participant
Okay. And sir, what is the scope of work in any part of our revenue contribution which we can expect from this and the margin profile as well from the ZPC contract?
Tushar Shah — Business Head
Maybe not understood from epcc. It would be like a one time revenue. It would be annuity model like we have. It will be.
Unidentified Participant
I’m trying to understand. So for example, let’s say we get a EPC for 5,000 hours. So what would be the revenue as well as the profit margin?
Tushar Shah — Business Head
I cannot declare it right now because it will open my tender. If I declare any revenue right now, it will be very easy people to judge what I’m going to bid. So I can’t deal any details of EPC contract.
Unidentified Participant
Okay, not an issue. And will this improve our cash flow? So how are we?
Tushar Shah — Business Head
It will give us a big boost for our cash flow to sites in FY27 cash flow in current financial year. But yes, it will give us a big, very big boost in a cash flow in FY27.
Unidentified Participant
And this 250Cor doesn’t include that number, right?
Tushar Shah — Business Head
Yeah.
Unidentified Participant
Okay. Okay. Understood. Thank you.
operator
Thank you. Mike. We’ll take the next question from the line of Harleen Kaur. You can unmute and go ahead please.
Unidentified Participant
Hello. Hello. Am I audible, sir?
Tushar Shah — Business Head
Yeah, you audible.
Unidentified Participant
So first of all, thank you for this opportunity. I would like to how many towers are expected for the year? FY26 since you’re mentioning it will be better.
Tushar Shah — Business Head
See right now we have 7,000 plus tenancy. We are planning to add minimum 5,000 tenancy for BSNL in current financial year. We talk about FY26, right?
Unidentified Participant
Yeah.
Tushar Shah — Business Head
When we are, we will declare number of Vodafone by end of September or October when we get a clarity from Vodafone. But right now we are very, you know, positive to rule out another 5000 tenancy for BSN.
Unidentified Participant
Okay sir. Thank you sir.
operator
Thank you. Since there are no further questions I would, I would ask management to give any closing comment if they would like to. Okay. Is there any closing comment that the management would like to give?
Tushar Shah — Business Head
I think no more questions, right?
operator
Yeah. So there are no more questions. I’m asking if any closing comment at the moment. Yeah. Let’s wind up the call then. Sure, sure.
Unidentified Speaker
Hello? There is no closing comment.
operator
Thank you. Thank you very much sir. Thank you. Thank you. Thank you to the management team for giving us their time. Thank you to all the participants for joining us on the call. This brings us to the end of today’s conference call. You may all disconnect now. Thank.