Suyog Telematics Ltd (NSE: SUYOG) Q3 2026 Earnings Call dated Feb. 06, 2026
Corporate Participants:
Unidentified Speaker
Shivshankar Lature — Managing Director
Tushar Shah — Business Head India
Analysts:
Unidentified Participant
Varun — Analyst
Deepak Pandey. — Analyst
Tanmay Tiwari — Analyst
Tanmay Tiwari — Analyst
Tarun kumar — Analyst
Siddhartha Bhattacharya — Analyst
Darshil Pandya — Analyst
Presentation:
operator
Shall we begin? Join? Sir is also joined. Sir is there in a room so we can. So I’ll just get the recording started. Give me a minute. Let’s start. Okay. Okay, let start. Yeah. This meeting is being recorded. Ladies and gentlemen, on behalf of Captify Consulting Investor relations team I welcome you all to the Q3 and 9 months FY26 post earnings conference call of Suyo Telematics Limited today on the call from the management team we have with us Mr. Shiv Shankar Lature Managing Director Ms. Subashite Lature Full Time Director Mr. Ajay Sharma Chief Financial Officer Mr. Tushar Shah Business Head India and Mr. Suyash Lature Business Development Manager As a disclaimer I would like to inform all of you that this call may contain forward looking statements which may involve risk and uncertainties Also a reminder that this call is being recorded I would now request the management to brief us about the business and performance highlights for the period ended December 2025.
The growth perspective and vision for the coming year post which we will open the floor for Q and A over to the management team.
Shivshankar Lature — Managing Director
Hi, good morning everyone. I’m heading business for suyog as you all know I would first give a presentation I am sure you must have seen presentation by now so over this call I’ll just discuss few slides which are very important from investor perspective and then we can go for Q A and closer to be done by sir’s remark. So I’ll start my presentation right now. This presentation is for Q3 and December ending 2625. Sorry. So in terms of revenue percentage from each operator we have grown our revenue percentage in last quarter for ITEL and Vodafone so you done decent amount of site for Vodafone and actor upgrades are going on which has again increased the actual percentage which went a little bit down because of high volume done in Q3 last year for BSL in terms of absolute number we have as of Today as of 31st December our total tower count was 5,904 with tenancy of 7,206.
And as you know all our USP are government sites which is thousand plus. We have. We have 4,000 plus small cell 10 days and we have crossed 6,000 kilometers in fiber network. In terms of rollout we have done all these sites which are. Which came in Q3 are macro sites. So our revenue per site has also grown because of the macro site rollout. So here you know this is a very slight important for the investor perspective with reference to a future Growth like we have been telling from past three quarters, yes there is a delay in plan but now I think it’s publicly available.
Shivshankar Lature — Managing Director
There are statements from Minister and there are statements from Vodafone management. So if you see in last week Vodafone has already declared 45,000 crore investment in the span of three years time and we have been. I’ve been visiting personally visiting all the Vodafone offices in from last one week I have been to Maharashtra, I’ve been to Kolkata yesterday, today I’m in Jaipur. So we are seeing a very encouraging number in terms of Vodafone rollout. They are planning around 13 to 15,000 site in current in Q1 of next financial year planning has begun, they’ve almost finalized the site list and I’m proud to say that Suiyog is one of the most preferred partner in all these circles which I visited till date.
So we are seeing a healthy business coming from Vodafone by end of Feb or March first week and rollout will start from Q1 next year. So at least from your perspective we are targeting another three three and a half thousand Vodafone sites in next five in FY27 which we are very 100% sure will come through now since Vodafone has already arranged the funds of 45,000 crore which includes 25,000 crore from bandit, 5000 crore infusion from promoter and 10,000 from NBFCs. Even if you have seen the budget last on 1st of February India has allotted 28000 crore for BSNL only for FY27 post budget there was a statement from Jyoti is the Minister of telecom that this capex should be used for in for rolling out 23000 new 4G sites for BSL which we are discussing from past 3 quarters.
Shivshankar Lature — Managing Director
Obviously there was a delay from BSL but now it’s very clear since they have got 28000 crores once and there is a statement from Minister sooner or later that 23,000 sites will get rolled out in FY27 anyhow by BSN because that’s their target which has been openly declared by Minister and out of 23,000 sites we are targeting 5 to 6,000 sites for BSNL which we are very sure will come in FY27 now post all the declarations and the total budget allotted for BSN was around 65,000 where there isn’t 40% jump in the government allocation to BSNL which has now gone to 73,000 crore which really gives an indication that government is very serious about BSNs.
Yes there can be a DJ in rollout of BSNA but there is a major major seriousness in government and they want to bring BSN as one of the best PSUs in India. That’s why so much so much of 170,000 crore has been allocated to BSN in last one one and a half years time in terms of opportunity for Suyo yes we are all set. I will request all investors there with little bit patience. Yes there are delay in our plans but we all set to take a major major leap. But with the announcement of Von and BSN and I I tell going very strong on upgrade we would be doing what targets we have been declaring from past three quarter.
I’m sure we’ll achieve it in current quarter plus FY27 put together we’ll achieve our target. There is a delay because of my entire rollout or my entire plan is dependent on the operators rollout when they start the rollout. But with the clear announcement coming in public forum the it’s very clear that FY27 will be a very big and a changing or game changer year for Su Yoke Telematics limited Where you would be part of top three telecom tower company of India and same feedback we are getting from operators both BSNL and Vodafone who are rolling out these sites that SUYOG is one of the most preferred partner for both the organization.
Shivshankar Lature — Managing Director
So way forward is very clear the target which we are saying that we want to reach 15,000 tenancies. So we will be adding another 10,000 tenancies more which we can clearly see coming up in current quarter plus FY27. In terms of financials we have hit the revenue of 555 million EBITDA 395 million. So again a quarter where we have sustained our margin of EBIT very strong margin in terms of PET and ebitda. So we have been consistently saying that these margins are sustainable and we have been sustaining this margin quarter on quarter every year. Every quarter we have been sustaining these margins.
So again this is one of the very critical side because I think I was not able to communicate you the revenue which we are realizing for from BSNL sites and from the actor upgrades. So all of you aware that in FY24 upper tower revenue on average was 32,000 and it went to 34 and 35,000 in Q1 of FY25 then there was a dip in our revenue which went to 29,000 sighting Q3 last year the main reason for that was the 1800 sites which we did for BSNL and we’re not able to do billing because you’re not able to integrate these sites.
So and if you see last three four quarters we have been starting bidding so there was always a column a number in my slide where I was saying there is 1800 sites which were unbilled now which has come down to 558 in current quarter. Reason of that because of that we able to increase our per tower and we again coming back on track where we have reached 31,533 rupees per tower per month again. So it’s on a upward trajectory where we increasing our towers revenue per tower which is one of the most positive sign if there is a revenue for per tower is high it will again show the output on abic10pet.
So because of BSNL billing which has started for almost thousand plus sites and because of atage upgrades our revenue per tower has again gone from 29,000 to 31,000 and I’m very confident it will reach to level of 32:33,000 which I’ve been declaring from past quarter incoming one or two quarter itself since we would be completing our billing for BS in next 1/12 title upgrades are going on in even if you see our competitor has declared the same thing that their revenue will increase because of new tendencies from Morafone where I am saying my revenue will increase from because of new tency from Vodafone and BSN put together while along with Airtel upgrades which are going on very strongly.
Shivshankar Lature — Managing Director
So one of the positive of last quarter is we have crossed 31500 car mark for revenue per tower and which is one of the very healthy sign and which shows the strong financials of a company where if our revenue per Tower is 30,000 one of the most healthiest revenue per tower in terms of any tower industry in the in India. I think you all have seen the financials so I don’t need to repeat that number. Revenues are growing, revenues are stable as of now from past 3 4/4 we have sustained ebit and pack margins and balance sheet is as strong as ever.
And only one thing I again want to we will be doing another two and a half 3000 side without any major fund issues because we have aligned all our finances as informed last quarter. We have got enough band debt approvals, shensons reactors available with us. There’s an inflow of funds from promoter because the warrants has been converted now and we Have a very healthy cash flow. Since we have not done any major rollout in last three quarters. So I’m very confident we will not have any major fund issue. If whenever we want to roll out one of 3,000 sites that we have enough funds to roll out 3,000 sites post which we can see how do we manage our funds.
But our targets will not get affected because of lack of funds. We have aligned everything I think in terms of presentation. That’s it from my side. And now we can open for Q and A. Vinay, we can open for Q A now. Thank you everyone. Vinay, up to you all.
Questions and Answers:
operator
Those who wish to ask a question may use the option of raise hand and we’ll invite you to ask a question. We’ll take the first question from the line of Varun. Varun, you can go ahead please.
Varun
Hi sir. Sir, firstly I wanted to ask you have done around 98 tenancies in Q1. Then you added 52 towers in Q2. But the revenues for the last three quarters have been flattish. So what is the reason for that? You have already been doing capex also last quarter you had mentioned so we haven’t seen much jump in the revenues. So.
Shivshankar Lature
I would like to see now I was just in. I was just shown one of the slide where our revenue per tolerance increased from 29,000 to 31,000. Now again you guys will understand one thing that revenue per site will always dip when we do rollout for BSN insights. A main reason is site rental portion which is pass through first. So our revenue comprises of IP fees plus site rental, IP fees, actual revenue and site rentals pass through revenue. So whenever we build site for any private operator, our revenue a site rental which we pay to site owner is you know, 15,000, 20,000, 30,000.
But whenever we build tower for BSNL our site rental is highest is 7,000 in Mumbai and Delhi and it would be around 3,000 to 5,000 in rest of India. So our revenue per site will always take a hit when we do BSNL rollout. But it will not impact our pattern EBITDA because our margins are same for all the private operator and government operator. So we’ll not see same run of 35,000. If we do lot of search for BSN our revenue may dip to 31,32,000 per tower. But yes a profit will improve because site rental portion will reduce in our revenue portion.
And that’s the reason you are not seeing the same revenue hike even when I’m doing bidding and even if you see there is There are another 550 sites where bidding. 558 sites to be precise where billing is still pending for BSN. While that 550 towers are added in number of towers. But billing is not being done because BSN has not been able to integrate that site because of either because of microwave issue or because of lack of equipments. Okay.
Varun
And last quarter you mentioned addition of towers for Vodafone also. So that should show in Q4 from next year, no?
Shivshankar Lature
So Vodafone, the 43 tenancies for this quarter was for Vodafone. Because we have not done any new Tor for BS range. We are just doing bidding for BS the last two quarters we are doing Vodafone sites. Q4 will also I believe would be a strong quarter, but not very strong. As per your expectation, a major Number will come Q1 onwards. Where Vodafone has already informed us that their material is expected by mid March. They are doing a massive rollout. So Q1 onwards, FY20, Q1 onwards you will see a major jump every quarter in terms of number of towers or tenancies added in our network.
Varun
And your previous guidance for this year’s tenancy was 9,000. So now what will be the guidance for this and next year?
Shivshankar Lature
Now I think it should be close to seven thousand seven and a half thousand to eight thousand. We are trying to maximize. See if Vodafone gets materially. We’ll try to maximize one month which is left in a hand right now if you see effectively only two months in a hand, we’ll try to maximize the number of tenancies by tools. Again depend on the metal availability with Vodafone. So as of now I feel it should be close to seven and a half thousand side tenancies for this year and then major jump Q1 onwards in next year.
Varun
So 12,000 you maintain for next year.
Shivshankar Lature
Higher than 12,000 for next year. Because now we have absolute clarity from BSN and rural.
Varun
And this year your revenue guidance was around 240 crores. So we maintain that.
Shivshankar Lature
No, we will not maintain 240 for this year since rollout is not done by both the major operator. So revenue will take a hit a little bit which will recover next year.
Varun
Okay, thanks a lot.
operator
We’ll take the next question from the line of Costa. Mr. Costa, you can unmute and go ahead please.
Unidentified Participant
Yeah, hi, could you please. I’m fairly new to this. Could you please explain to me how with 10,000 to 12,000 towers a year, I mean what type of revenue can you Generate and could you just relay out.
Shivshankar Lature
I will not be directly saying the revenue which will come but I can give some hints where you can calculate yourself.
Unidentified Participant
Yes.
Shivshankar Lature
On an average revenue per site would be close to 32,000. So if we have a say 10,000 towers or 8,000 towers, you can multiply it by 32,000. That would be a revenue once we complete the entire 10,000 towers. And in terms of EBITA it would still sustain the 68, 70% of EBITA margin which grows to 30, 32% of PET margin.
Varun
So I just wanted to understand what are the risks to this? I mean.
Shivshankar Lature
So you know also the best part of this industry is there is no risk. Yes. We’ll never, never have opportunity. We get missed. There can be opportunity which is delayed but there will never be opportunity which will be missed because rollout is going to happen. It can get delayed by few quarters, but it will come. So and sites which have been allocated to Suyogu remain with suu. And if you see in terms of number of competitor, we have hardly two or three competitor in Pan India basis I can name them Indus Tower is one of our competitor which is also doing good in industry.
Second one is LTS which is Brookfield organization which are not that aggressive as Indus and suyu. And there is no other major operator across India who is doing rollout Pan India and in terms of LTS and India’s are too big for us so we don’t even compete with them. We have our own monopolistic so called monopolistic market where we play along with our strength. India has their own strength. So. And there is enough rollout across India which can easily accommodate 5, 6, 7 tower company. While H. If you see major rollout is done only by three tower companies.
Unidentified Participant
So you’ve expanded in Delhi also through an acquisition. Right. So this, this tower target includes the Delhi expansion or.
Shivshankar Lature
Yes, it’s a consolidated numbers. We are starting decent consolidated numbers which. Including the numbers of looters.
Varun
Correct. But I’m saying this target of.
Shivshankar Lature
Yeah, yeah. The target. What I’m saying includes the. It’s a penny net target like in for bsn. We’ll do everything name of Su Yog only as of now we’re doing in name of Shuyu. We may also do it in name of Lotus. It’s a consolidated target.
Unidentified Participant
Understood. Understood. And okay. Understood sir. Best of luck. And just if you could just one last. So you were saying I just wanted to reconfirm FY27. What were you saying was your tower.
Shivshankar Lature
Target so Tower we are planning to add another around 10,000 tenancies in FY27. Okay. Almost do double our tenancy in next year. More than double.
Unidentified Participant
Okay. Thank you so much. Thank you.
Shivshankar Lature
Thank you. Anyone else? Anyone who wishes to ask the question may please raise hand. Like.
operator
Take the next question from Deepak Pandey. Deepak, you can go ahead.
Deepak Pandey.
Hey, thank you for an opportunity. Sir. Sir, on the 10,000 sites implementation next year, how would the quarterly layout look like?
Shivshankar Lature
As of now I can give visibility of Hura food which seems around thousand towers per quarter. Bsa, I’m not committing right now because still you not got confirmation from which quarter they want to start the rollout. I believe it should be Q1 only. But till the time we get confirmation has not commit on bsl. But as of now I think we should target thousand tower per quarter effective from Q1 for only Vodafone. And once BSN have a clarity see they are going to do it in FY27 but it depends on the material availability from Tejas.
So once I get clarity I can add BSN numbers to it. But it should be major rollout should happen again in Q3. Every year it happens in Q3. It will happen this year also. So you can say almost 40% in H1 and 60% in H2.
Deepak Pandey.
Understood. And what is the material that is not being provided to bsnil?
Shivshankar Lature
Since they have just placed an order to Tejas. That’s what information we have got. So basically if you see we are a passive tower company, right? So we do poll and everything. Well, operator will need to come along with their bts, Micro Ventina, GSM and all active equipments. So Tejas is the active equipment supplier for BSNL. And they have been working very aggressively with Tejas for the immediate availability of material. But still confirmation is awaited from bsnl.
Deepak Pandey.
Got it. And how does the year after that looks like? Sir, for FY28 is there a, you know, layout in your mind?
Shivshankar Lature
There is something my mind but I. So it would be better than FY27 if what I think is possible. Because right now only two operators are rolling out. There are very big news is from ACTEL and JIO that they will also soon start the new rollout. But no official confirmation yet. So if they both start then FY22 will be better than FY27 also.
Deepak Pandey.
Okay. And is it fair to assume that BSNL and Vodafone largest you know, rollout will be in FY27 only?
Shivshankar Lature
Yeah, yeah. 100% they will have a highest rollout in FY21.
Deepak Pandey.
Okay. And post that it should go down for the next year.
Shivshankar Lature
Not really. Because they are far behind compared to Ital and jio. So they will have to continue with this massive rollout because that number of towers are less than 50% when you compare with Airtel and Jio Towers. So they will have to continue with this massive rollout for next two or three years if they want to sustain. Obviously they will sustain. If they want to grab a good enough market share, they have to continue with this massive rollout for another two or three financial years.
Deepak Pandey.
Got it. And at what stage do we need funds now work? You know, going ahead, you are saying 2,3000 sites can be deployed without any fundraise, right. Or fund requirement post that you will need funds. Right?
Shivshankar Lature
Right.
Deepak Pandey.
And how do you plan to get that?
Shivshankar Lature
See now, as of now, we’re not finalizing anything once we roll out 3,000 sites. There are multiple factors which will impact our fundraising plan. One is we’ll have a much better cash flow because 3,000 site will start giving me revenue immediately. There’d be a better cash flow then first obvious our priority would be to increase the debt. If you’re able to secure more debt at a better interest rate, we’ll go for that. And then if there is any shortage, we may go for fundraising either by preferential or even by UIP or whatever suits the company.
So as of now, nothing has been finalized. So when the right time come, we will decide and we’ll declare you accordingly.
Deepak Pandey.
Got it. So last question would be on the receivable part. If you can Quantify as on 31st December, what is the receivable?
Shivshankar Lature
Himanshu, can you share the exact numbers of reasonable. But it has reduced quite a lot compared to previous quarters.
Deepak Pandey.
52 Cr. And out of that Vodafone would be how much?
Shivshankar Lature
Vodafone would be around 30, 40%. But Vodafone payment has been streamlined. Vodafone is paying me within 90 days. So there are no concerns as of now with reference from payment from any of the operators, we are getting payments on time. There would be few delay in bss, but we are getting it.
Deepak Pandey.
Understood, sir. That’s it from my side. Thank you.
operator
Deepak. We’ll take the next question from the line of Tanmay Zawari Thanma, you can unmute and go ahead please.
Tanmay Tiwari
Hi, good morning sir. I just have one question. I just wanted to confirm. You mentioned 10,000 tenancies over 7,000 towers. Is this right?
Shivshankar Lature
Yeah. 10,010 over 7,200 tenancies right now. So entire calculation happens as per tenancy. That’s why I’m mentioning tenancies. Right. And this entire thing will happen by next financial year. Yes. As of now the projections which we got from BSN and Vodafone. BSN is planning somewhere around 26,000 sites out of which we are targeting 6,000, 5,000, 6,000 tenancies. And Vodafone is planning 1513 to 15,000 sites tendencies in next financial year. Out of which we are targeting another three and a half thousand tenancies. So put together it should be around 10,000 tenancies for next FY27. And sir, you mentioned that we haven’t done any major rollout in the last three quarters.
And we are trying to align this.
Tanmay Tiwari
But at the same point this is.
Shivshankar Lature
Also a problem for us. Right? It’s not a. See, you can’t commit as a problem. You can say yes, there is a delaying growth. Growth will come 100% come. That’s what I said. Even in with one of the other investor that in this industry, the best beauty of industries you can have opportunity which gets delayed, it cannot get canceled. So opportunity which we are thinking of rolling out this 5, 7, 10,000 site in FY26 has got delayed to FY27. And only reason is Vodafone was not able to arrange funds on time which they have just declared that they have now 45,000 crore for next 3 financial year which has been declared last week.
And even if you see the budget, Finance Minister has allocated 28,000 crore for BSL for FY27 alone. So now since one signed place for major, both the operator who are rolling outside there’s an delay in opportunity which has been delayed by you can say three quarters.
Tanmay Tiwari
That’s it. From my side. Thank you. Thank you. Thank you.
operator
We’ll take the next question from the line of Tarun Kumar Tarun, you can unmute and go ahead please.
Tarun kumar
Hi sir. Good morning. Sir, I have a a question. In 24 we gave guidance of doubling the number of towers. But we are still at the same place. How confident we are achieving this in next year?
Shivshankar Lature
I think to be little bit louder, we missed what you said.
Tanmay Tiwari
Yeah. Can you hear me?
Shivshankar Lature
Yeah.
Tanmay Tiwari
So in I think one and a half year back you gave a guidance over doubling the number of towers.
Shivshankar Lature
Right.
Tanmay Tiwari
But we are still at same place. And every quarter we see there is delay with BSNL and Vodafone. How confident we are of achieving this next year.
Shivshankar Lature
So Again so if you are tracking the news of telecom industry, Vodafone has just declared a one week back that they have they are going to invest 45,000 crore in span of three years. So if you even divide it equally, it’s around 15,000 crore in FY27. When you say 15,000 crore they are going to invest more. They are going to do more than 15,000 sites. Close to 15,000 sites in FY21 which number we also got from Vodafone in last week. So now since Vodafone funds are already arranged, they will not keep funds as it right.
They want to capture a market share which they were being losing from past few quarters which has reduced in terms of churn off customer. And to again gain the customer they have to deploy site. There is no other way. Network is their product. So we are very sure Odafkon is going to do 15,000 sites. And even if you have seen the budget again same thing, 28,000 crore has been allocated to BSNL to FY27 alone. And if you have tracked Jyotirao Singhya, he has openly declared immediately after budget that this 28,000 crore would be used for rolling out 23,000 new 4G sites.
So now since now both the operator who are doing the rollout have funds in their hand, it’s just a matter of time that they start the rollout. And once they start the rollout, obviously business will have to come to Suyo and IP company like Indus Proofread and Suyu. There are no other major player in the industry. So if you ask me personally, I am very very confident. But obviously we again dependent on Vodafone and BSL which now we have more than enough clarity from past one week.
Tanmay Tiwari
Okay. So in last one year stock price has decreased from 2000 to around 500. Now so is I think promoter is doing preferential. But are you looking to increase from open market?
Shivshankar Lature
It’s not see about share price. We can commit comment. As a company we are very clear. We want to perform. We want to show numbers. You want to show delivery. What we have committed post which I am very sure market will respond positively. If we are able to do another 2 and a half 3,000 sign in span of 36 months, market will react positively. And we really don’t manipulate the market. Market will take its own course will I am sure if I am able to deliver what I am committing, price will go up. But we don’t need to do anything as a company to improve our market price.
Market Will respond positively on themselves. Okay.
Unidentified Participant
And sir, how. How much will be pat after Suppose two and three years from now once all this rollout is done.
Shivshankar Lature
We are in terms of like of annuity business. We it’s a annuity business. Once we roll outside will get the same revenue will get the same pet and EBITA percent. So a sustainable pet is around close to 30. 32% is a sustainable pet after roll out of 10,010 is also.
Tanmay Tiwari
And sir, how depreciation will work? I think it will also increase an interest cost.
Shivshankar Lature
It will increase depreciation initially because all my existing towers almost they are like we have completed the depreciation period. So new tower is a high depreciation.
Tanmay Tiwari
Okay, so 30% is pet guidance.
Shivshankar Lature
Yes, 30% would be pet sustainable pet for your own. Okay, thank you. Thank you. Thank you.
operator
Mr. Tarun, we’ll take the next question from Mr. V. Solanki. Mr. V, you can unmute and go ahead please.
Unidentified Participant
Hi, good morning. Hi, good morning. My question is on last call you told that there is some data center project which you are going on about 35 crores of worth and that was become. Hello, Am I audible?
Shivshankar Lature
Yeah, you’re audible.
Unidentified Participant
Yeah. And you told that some part of that will come in Q3 and the majorly part of that revenue will come in Q4. But in Q3 I have. I’m not seeing any kind of revenue here. So is it possible that the whole 35 crores will come in Q4?
Shivshankar Lature
So again you are correct. There is no portion which has come in Q3. Reason being like my my tower got delayed. Same way the data centers also dependent on the operators like BS and Wool for their business. Yes, Q4 means here substantial, you know, not enter but you can see substantial revenue which will come from a fiber business mainly related to data sector. And the project as of the market looks okay.
Unidentified Participant
And the project is 35 crores worth, right?
Shivshankar Lature
If I’m not wrong, close to 35 crores. Yes.
Unidentified Participant
And is there any deadline that we have to like we need to complete it by Q4 or it can be delayed to Q1.
Shivshankar Lature
The customers which we are speaking which are non telecom operator they have got a information from operator that they want to have entire backord ready by end of Q4 so that they can do aggressive rollout in next entire year. See, backor is one of the most critical thing for the rollout of new towers and as of now I think it should get completed by March. See, it’s only about laying fiber. Their infra is ready. They have select. They have already identified the places for data center where we need to lay fiber and connect them. So for us it’s a span of one one and a half month time once we start the work.
So it should get completed by Q4 or mid of Q1.
Unidentified Participant
Okay. And until now the like January end or till now 6th February you have not seen anything like that. Like it’s still pending as of now, right?
Shivshankar Lature
Learning has been completed, root has been finalized. Only thing we need to start link. Once we get the goet from the customers we’ll immediately stop the link. Entire planning has been completed. Material has been broken.
Unidentified Participant
Okay and my second question is on the side ready like for integration. In Q2 it was 700 approx and in Q3 and it is 558 to be precise. So around 150 crore reduces the count. But still in Q3 the total count of tower is only increased by 43.
Tanmay Tiwari
So like there is something like site ready.
Shivshankar Lature
What I say when I say site ready for integration. There were the sites which were already considering tower. Only difference is that bidding was not started for that site. So as and when that number gets reduced that indicates that I have done. There was always a concern among the investors that we have done 1800 sites for PSL which were part of my tower count. But we are not able to see bidding of that sites. So as and when that numbers are reducing that means I’m. I have started busy for that reduced number of sites for bsn.
It was a billing indication for BSN towers.
Unidentified Participant
Okay, so. So you are just. If I’m understood right. The 558 site ready is already counted in the our towers number, right?
Shivshankar Lature
Billing is pending.
Unidentified Participant
But billing is pending.
Unidentified Participant
Yeah.
Unidentified Participant
Yeah. Okay. That’s. Thanks from my side and all the best.
operator
Thank you. We’ll take the next question from the line of Mr. Mike Colorty. Mike, you can unmute and go ahead please.
Unidentified Participant
Good morning sir. Thank you for the opportunity. So wanted to understand. Can you be a little louder? You’re not audible. Am I? Am I audible now? Yeah. Yeah. So thank you so much. So just wanted to understand. So you give two numbers in terms of closing tenancies. One was 12,000 tenancies by FY27 and another you give 17,000. So what exactly is our target for new tenancy additions in FY27? Is it 5,000 tenancies or 10,000?
Shivshankar Lature
So we are saying I have 7,7000 plus tenancies right now we are planning to add another 10,000 tenancy in FY27. So a closer FY27 should be close to 17,000 tenancies.
Unidentified Participant
Okay. And out of this you are. We are expecting 40% to come up in H1. So 4,000 tenancies will come up in H1 is what our target is.
Shivshankar Lature
Right. So we are planning around 4,000 tenancies in F H1 and 6,000 tenancies in H2 based on operator feedback right now it may change, it may get reverse. Also if operator pushes for higher tendencies in H1. My entire plan is dependent on BSN and Uraphone. As of now it’s 4060.
Unidentified Participant
Understood. And sorry Q2, you mentioned about getting a BSNL order for around 6000 sites or something like that or 3000 sites. So is there a further delay in getting that order? What’s the status?
Shivshankar Lature
So again I think I’ll again repeat for everyone’s clarity is rolling out 23,000 sites which have been declaring from past three quarters. They have done RFP. They have informed that SUYOG is the most preferred partner. They have done mapping of all these sites but they have not released the service order Only because I think they were waiting for fund allocation from the ministry which has happened in last budget which was declared on the 1st of Feb. So now they have got the 28,000 crores fund allocation for 23,000 sites in FY27 which is clearly available in public domain.
A statement made by the Minister of Telecommunication and Finance Minister both. So now once they get the funds first PO will go to Tejas for release for getting the material ready. Because even if I make my tower ready, they don’t have material. It does not make sense. They’re not ready this item. So right now they’re in a planning where they are releasing the PO to Tejas for 23,000 site material. And once that PO is approved gone immediately they will release the service orders to all the IP company. Not only SU Yog orders will go to Indus Bruf Su Yoga everyone.
So we are expecting entire this process to get completed by end of March and rollout should start from Q1. That’s my expectation. But knowing government PSU you can’t be sure 100% sure over it. But as of now expectation is BSL should start rollout from Q1.
Unidentified Participant
Okay, understood. And sir, last question on the funding part. So you mentioned that we have funding ready for another three, two and a half 3,000 sides, right? And if we are planning 4,000 sites in H1 itself then we would require funds in H1 of FY27 correct.
Shivshankar Lature
Right. So we will need funds in FY27. Yes, we’ll need to do some fundraising FY27. But whether we do it at end of Q1 or end of H1, we’ll have to decide based on the quarter. Still have to take call every quarter based on the rollout which we are doing. So as of now, no immediate plans for fundraise. But yes, once we have a successful Q1 then we can take a call on fundraise.
Unidentified Participant
Okay, understood. So. Okay, done. Thank you. Thank you.
Shivshankar Lature
So thank you.
operator
M. We’ll take the next question from the line of Siddharth Patacharya. Mr. Siddharth, you can unmute and go ahead please.
Siddhartha Bhattacharya
Hello. Am I audible? Yeah, you’re audible. Yeah. Couple of questions while we see that there is a strong rollout opportunity.
operator
That is. Louder.
Unidentified Participant
Hello, I’m audible now.
operator
Yeah, yeah.
Siddhartha Bhattacharya
So what I’m saying is while we see that there is a strong rollout by the telecom guys, just wanted to understand what kind of wallet share or market share to take out of this rollout.
Siddhartha Bhattacharya
Can you again repeat? Can you help me with the question?
Unidentified Participant
Yeah, sure. So basically he’s asking that there is a strong statements from the telecom industry. So what kind of market share are we expecting from the sector?
Siddhartha Bhattacharya
Okay, so yes, is planning 23000 sites. Now I am the most preferred partner for BSL so I can do any number of sites. But as a company we are taking a very judicious call that we don’t want to go overboard on BSNL whereby BSNL receivables or my BSL revenue share is higher than private operator because we always know that there would be delaying payment. So right now we have kept capping on BSL rollout which we are saying we don’t want to do more than 5,6000 side for BSL even though I can get business of 10, 12, 15,000 sites since I’m the preferred partner.
But we want to keep our balance sheet very balanced where we are not over dependent on one operator for our revenues. Okay, so we are out of 23,000 site. We are capping BSN at 5,6000 side as of now and Vodafone has planned 15,000 sites. There will all go. There would be sharing an anchor board so they may also go for some portion of sharing with Indus and Brofil. So right now we are saying we’ll do three and a half 4,000 sites for Vodafone. Sure. So which is close to 35, 40% which is a decent enough Numbers in a competitive market with three or four IP tower company.
Correct? Correct.
Siddhartha Bhattacharya
So also sir, just wanted to understand one more aspect. So basically in your presentation we are. We’re talking about CCTV sites as well. Right. So could you help me understand what.
Shivshankar Lature
Is attraction on that and basis CC2 only a method to get the permissions for tower where we’re not getting from past many years as a telecom industry.
Siddhartha Bhattacharya
Correct.
Shivshankar Lature
So CCT is like a normal small cell site. It’s like a small cell tower. What I do wherever I don’t get permissions for tower from private buildings or private land owners. We approach a local corporation or local GP. We just put 12 meter pool on road. We install CCTV, we give it to government free of cost. And at top of the pool we install a small cell tower which is subl to operator. Now currently there’s no much movement in CCT because major rollout is happening on macro side. Macro tower cannot be installed on a single 12 meter pool.
Siddhartha Bhattacharya
Correct.
Shivshankar Lature
We have heard that Vodafone will start HPSE mainly Mumbai, few in Kolkata and Delhi. So whenever there’s an HPSE rollout CCTV sites will increase. Otherwise for micro its up your normal traditional towers.
Siddhartha Bhattacharya
Okay. And for traditional towers is there any retrofitting that is. That can be possible for to convert them to CCTV sites as well?
Shivshankar Lature
There’s no need now. Because once I get a permission for a normal private building owner or landowner, why do I invest in CCTV where I am not getting any revenue?
Shivshankar Lature
Okay. Okay. So.
Siddhartha Bhattacharya
Okay. Thank you so much. Thank you.
operator
We’ll take the next question from the line of Darshil Pandya Dashiell, you can unmute and go ahead please.
Darshil Pandya
Hello. Hi Tusha sir, good morning. Yes sir. Sir, it’s been some good time that you know we are tracking our company for some time now. Sir, I just want to understand a few parts from your side with regards to this tendencies towers and things that are in place. So sir, back when you know we were in. In. In. In time for fundraise. That’s. That was the time that you know we were talking about adding little tendencies. You know what guidance you are giving for next year was something that we should have been done by this year. Just.
Darshil Pandya
Just to understand. So my question is with regards to that. That if. If the rollout has been stopped. So why have. Why our management has been guiding in that zone that you know we will be doing this many towers because it was delayed. I understand from your part what management has already told us in the beginning of the Call. But just to understand from yours, from our perspective that you know we are invested since a long time now. And the story is being pushed for next financial year. I want your views on this and how confident and how what.
What are our our view on the rollout that are happening for at least for next year.
Tushar Shah
So Darshan, I think first thing there is no rollout which has been stopped. Roll out has got delayed. Now see whatever we commit numbers are based on the numbers which we receive from the operator. Because obviously my revenue depends on my customer, right?
Darshil Pandya
Correct.
Tushar Shah
So whenever we get a freezer like BSNL. If you see the BSNL website in last three quarters back they’ve done RFP for 26,000 site. So when any company do RFP which is like a small tender, you can say people expect that rollout will happen immediately once the RFP gets closed. So we were expecting same numbers and same feather we got from BS10. And again when you see the Vodafone story, they have been speaking about 25,000 crores funds to be raised from past three quarters and every quarter and quarter we have been informed that be ready we would be soon starting rollout.
So to be transparent with investor, we don’t under commit, we don’t over commit. We clearly communicate what we receive from operator. So that’s the reason we have been declaring from past three quarter. Because the feeder which we get from operator, we transfer share with the Investor. Now the second part of your question, how confident I am in FY27 now you only. I think I’ll have to ask few questions to you. So that everyone understand why I’m confident. Have you heard about 45,000 crore investment by Vodafone in next year?
Darshil Pandya
Absolutely.
Tushar Shah
Yes. And are you sure Vodafone is going to invest? Have they arranged the funds? Sir, we are not invested in Vodafone. We are invested in use, right? But see when a company like Vodafone stature declare 45,000 crore, we have to trust them, right? That they have funds they will declare. So same way like we are trusting, I’m trusting Vodafone that yes, they are going to invest 15,000 crore in FY27. And once they roll outside, they’ll have to come to Suyo. There’s no other option. Same happens with BSNA. You have seen budget, you have seen 28,000 crore car allocation. Yes. You have seen minister declaring 23,000 sites, right? So when a structure of Jyoti Nav India declared that in FY27 we’ll do 23,004 new 4G sites.
We also go by same statement. Only difference between you and me is you only believe in these statements. I go one step further, I go and meet them personally. We speak with them and we get more clarity. So as of now status is very clear. They are going to invest money in FY 2010 and by hook or by truth they are going to roll out these sites. And once you decided they’re going to roll out this side. I am very confident I am going to achieve my tendencies. Because even right now when I declare my numbers I’m not going to.
I don’t declare that we’ll do 70, 80% of the industry. I am declaring only 30, 35% share which is decent enough. Or maybe you can see here I’m under committing because of some reasons I’m under committing otherwise I can do much more than that.
Darshil Pandya
No, no, I understood your point and thank you for clarifying and clarifying this. And so my second question would be with regards to. Since you know we are talking about you know having enough liquidity. So just to understand our debt position will be what if we, if we go with this 3,000 tenancies in next six months and what, what do we do after that? You know. Because we will for sure need funds for further capex as what you know what our customers have been targeting of.
Darshil Pandya
Right.
Unidentified Speaker
Hello. Yes. Yes sir. Yes sir. Sanctions available. Okay. To around 150 cash all included. Okay. Yeah sir, I guess shortterm and long term. So at the end, at the end of 27, near about 150 class. Okay, understood. And one last question before I you know come up again. Sir. 17,000 tenancies is something that we are expecting sir, just to understand from you. You’ll add another 8,000 towers with for 10,010 days. Okay. Should be somewhere around 13 and a half. 14,000 towers with 17,010. Okay. So probably if I understand your. Your thing, right. For 3,000 we are, we are done for. Yeah, for 3,000. And for additional 3,000 we’ll have to. 5,000. Yes. All right. I’ll. I’ll fall back in the queue. And I wish you all the best. To the management. Correct? Yes. Yes. Right. Right. All. All right. Thank you sir. All the best. And we hope that you know comes big in next few quarters. Thank you.
operator
D. We’ll take the next question from the line of Yogesh Sharma. Yogesh, you can unmute and go ahead.
Unidentified Participant
First thing my last year. So almost 65% APKA sales down here. Take A Mary buying price or Dusra Chito discuss like VI or bsnl. Okay. So it is my biggest customer followed by Vodafone, JIO and bsn.
Tarun kumar
Okay.
Unidentified Speaker
Okay. One of the preferred partner next year FY28. May I tell you you’d be one of the major. You know shareholder of the market. Where we’ll do more rollout for both of them. Okay. Okay. Our second thing may like contact. Number of times. Yes.
Tarun kumar
Yes. Yes. Hello. From which your voice is not clear. Your voice is not clear. You need to come near the mic. Hello. Sharma7294.
Deepak Pandey.
Last December. But we you are not be sent.
Unidentified Speaker
Any my my side queries or number of numbers. Yogesh, right? Your name is Yogish, right? Yeah. Yeah. So first take down my mobile number. Don’t worry. And you reply anytime.
Unidentified Participant
Okay sir. 9892.
Unidentified Participant
We are on a public domain. We share your number to him and.
Unidentified Participant
You investor id pay immediately. Give R2 or 3 days time. Thank you sir. Okay.
Tarun kumar
Okay. All the best sir. Thank you.
Unidentified Speaker
I think that was the last question for the day.
Unidentified Speaker
Sir. You would you like to give any closing comment before we end? Sir, we’ll give the closing coming Kamish.
Shivshankar Lature
Yeah sure sir. Yeah. Good morning to everyone. I have listen everyone everybody’s question. Thank you Puja. Very nicely answered. What are the our plan? I want to explain all the investors that whatever top we have about VIL and BSNL. We are simply saying the 3000 site will be land. 300 crore budget is there. Out of that 80 crore profit is coming from this year. 150 crore bank sanctions are available with us. And 20 to 50 crore rupees just like our bill receivables are there. Accordingly that the our vendors also be in 30 to 50 crore rupees. Credit facilities also available with the vendor power top with.
So regarding the fund arrangement and everything we are in place. Western Churchill has very rightly said that we plan successfully to implement it. Correct. So whatever time has been gone is due to only planning and allocation of the site from operator. Suddenly these two operators are in a bad shape. BSNL as well as bil. They are in bad shape in the sense what I am talking is that AGR news or VIL is not clearing. Now the government is clear from their EGR dues. BSNL is totally depend upon the Indian budget and their numbers are not coming.
So officers are little bit confused how the rollout clinician. But Suyog has already the remark and planned for 3000 side regarding this whatever money Available with company each and every part. We want to invest in our domain not in the new domain. What I am telling is that domain means the Mumbai Delhi. The company is based on Mumbai. So we are targeting Mumbai MTNL Delhi mtnl. We acquire the site, acquire the company there and consolidated balance sheet we have shown you. And these numbers are coming from not from our side. These we are planned with the operators.
So the new side. Because you’ve seen the digital India what going and what the requirement of telecom industry is coming is huge. Not only in the part of every sector. You can see the war burden is going on Every hotel industry, flight industry, telecom industry. But SU YOG is very cautiously want to maintain quarter by quarter. Last 10 years we have not shown in growth is not right. We have shown the growth perfectly. And this time we have got the orders of three more than 6,000. What? 2526 March we are closing 220 that we have.
Our financial CFO has already explained. Tushar has explained about the site implementation. What we are trying to as a MD part of you on the management side of you that our DEP ratio we are maintaining properly. We are e is maintaining. Our profit is maintaining. If we do anything wrong in the harness we do not want to go in the new terrain and install the site. We are expecting the sites which are 3000 or 4000. They have the plan of all India. But SUYOG is focusing on 66 terrain where the our operation and maintenance is also comfortable to give the operator best result.
Why SUYOG is preferable partner Tushar ultimately telling that due to our 99.95 SLA is maintaining. These are the very important issue. Consent to all the telecom operators. Because taking side implement it and not maintaining is a very difficult thing. While the other our competitors small are not coming up because of the management of finance. And everything will come up. And Suyog is the only person who can roll out the site all over India with the 610 and another tenant is also we are ready Our new deployment people also we have completed acquisition team are in place.
Technical people we have taken and financial new our CFO co cfo My daughter is also joined. Son is also development manager. All the people are in a place and well in a position. Delay is not part of suicide. Delay is the part of rollout side from VIL and bsn. Once their planning gets completed then our planning will start. And we are ahead with them to plan our sites. With the over 7,000 tenancy adding 3,000 is not a Difficult. And we are quite confident on this all side in previous record for last 10 year. Our people are versatile.
Our company is in a well position. Our staff is well trained and operation maintenance point also there. And the good part I want to inform you that all the vil payments are in time and we thanks to them only some part of the government. There is some paperworks are there. That’s why their delay is going on. But that is also we are confident to we handle it. Because Rio is capable to identify government as well as private side. That is the my second remark and new one question is came from that the data center. We are definitely looking see the question of the mind investor come last two, three meetings.
You feel that the starlight is coming. What is going to happen about the tower? This type of questions are coming that time also we have inform you that what the starlight any connection anyone see in the market? No. But still we have to answer which are imaginary. Okay. But the same time we should take the cautiously decisions on deploying the some threats and some development should also come in our mind. Also management that what happen if the starlight will come Is anything towers are collapsing. No, there is nothing will going to happen. Sometime before the health hazard issue are coming.
The market has come newly problems. We are solving that, taking care of that and systematically analysis the thing. And then we are deploying the towers in the our terrain and getting management is trying to get more profit and more clarity on this and this. If we see the government policies plan that the labor problem is there. That labor they have told previously five years graduating. Now they are telling that three year graduating. These type of government norms we have to follow BSC NSC norms Also SEBI guideline. Also we are taking all the gears and by seeing all the optimization of this thing.
We are very much confident and nothing to worry about it. We are maintaining our ratios plus we are growth will be definitely we will achieve. Taking these remarks, I thank you each and every investor from the morning 10 o’ clock with a taken this early meeting. Next time we will take in a comfortable meeting and we will show our growth. Thank you very much for joining the meeting.
operator
Thank you, sir. Thank you to the management team for giving us the 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 you. Thank you everyone. Thank you. The recording has stopped.