Suyog Telematics Q1 FY27 Results (NSE: SUYOG)
Signal: Margin pressure
The read
The key inflection is a sharp reversal in operating profitability: revenue grew 30.0% YoY to ₹70.95 Cr, but EBITDA grew only 3.1% to ₹44.3 Cr and margin fell to 62.4% from the recent 75% range; with finance costs up 23.0% to ₹7.49 Cr, PAT fell 16.3% to ₹14.5 Cr. This breaks the recent margin-expansion arc and requires evidence that the margin decline is temporary rather than structural.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹70.95 Cr | 30.0% | N/A |
| EBIT | ₹26.99 Cr | -3.0% | |
| Net profit | ₹14.5 Cr | -16.3% | |
| EPS | ₹12.37 | -20.1% | |
| EBIT margin | 62.4% |
P&L walk
Consolidated revenue grew to ₹70.95 Cr, +30.0% YoY, but EBITDA rose only 3.1% to ₹44.3 Cr and EBITDA margin fell to 62.4%; higher finance costs of ₹7.49 Cr, +23.0% YoY, and depreciation of ₹17.30 Cr, +7.2% YoY, contributed to PAT declining 16.3% to ₹14.5 Cr.
Key positives
- Revenue reached ₹70.95 Cr, +30.0% YoY, with the filing citing IP lease rental and fiber business across multiple operators and a majority contribution from a government customer.
- Gross margin remained broadly stable at approximately 76.0% versus approximately 75.9% a year earlier, suggesting material-cost inflation was not the primary disclosed pressure.
Key concerns
- EBITDA grew only 3.1% YoY to ₹44.3 Cr against 30.0% revenue growth, while EBITDA margin contracted to 62.4% from an implied 78.7%.
- PAT fell 16.3% YoY to ₹14.5 Cr despite revenue growth, and finance costs rose 23.0% YoY to ₹7.49 Cr.
- Standalone PAT declined 18.1% to ₹13.93 Cr and standalone EBITDA grew only 0.5% to ₹41.26 Cr, confirming that the weakness is not confined to the subsidiary.
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