Suyog Telematics earnings calls.

Suyog Telematics Q3 FY26 call reveals a company facing execution delays despite clear visibility on pipeline. Management claims strong relationships with BSNL and Vodafone Idea (Vi), citing government budget allocation of Rs 28,000 crore for BSNL and Vi's Rs 45,000 crore investment commitment over 3 years. The tower count stands at 5,904 with 7,206 tenenciesCurrent 7,206 tenencies. Reported change: +43 tenencies QoQ., while revenue per tower has recovered to Rs 31,533/month from a dip. The core concern remains chronic guidance misses—FY26 tenency target revised down from 9,000 to 7,000-7,500. FY27 guidance of 10,000 new tenencies (reaching 17,000 total) appears ambitious given past delays. The data center project worth Rs 35 crore has slipped again, now expected in Q4. Receivables stand at Rs 52 croreCurrent Rs 52 crore. Reported change: Reduced vs prior quarters. with management claiming payments are streamlined. The company maintains a self-imposed cap on BSNL exposure at 5,000-6,000 sites to manage receivable risk. Fundraising will be needed post 3,000 site deployment. The stock's 75% decline from Rs 2,000 to Rs 500 reflects market skepticism on execution capability.