Suyog Telematics Q2 FY27 Results (NSE: SUYOG)
Signal: Steady quarter
The read
The key inflection is renewed revenue growth without a corresponding margin recovery: Q2FY27 revenue from operations rose 3.5% YoY to 7170.14 lakh, but the approximately 59.7% operating margin remains below the recent 75% Q2FY26 level, while EPS fell 12.6% to ₹13.00. H1FY27 operating cash flow of 6267.05 lakh provides support, but accrued revenue, higher finance costs and the EPS-PAT divergence warrant scrutiny.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹71.7 Cr | +3.5% | +2.4% |
| Net profit | ₹15.54 Cr | -0.6% | |
| EPS | ₹13 | -12.6% | |
| EBIT margin | 59.7% |
P&L walk
Revenue from operations was 7170.14 lakh, up 3.5% YoY and 2.4% QoQ, while operating profit was approximately 4278.37 lakh at a 59.7% margin; depreciation of 1768.12 lakh and finance cost of 102.58 lakh kept PAT at 1553.80 lakh and EPS at ₹13.00.
Key positives
- Revenue from operations rose 3.5% YoY to 7170.14 lakh and 2.4% sequentially, sustaining growth after the prior quarter.
- H1FY27 operating cash flow was positive at 6267.05 lakh against H1FY27 profit before tax of 4008.73 lakh.
- PPE of 5778.96 lakh and CWIP of 422.80 lakh provide an asset-base explanation for depreciation of 1768.12 lakh; the depreciation-to-capex cross-check is clean.
Key concerns
- Operating margin was approximately 59.7%, materially below the 75% level reported for Q2FY26 in the prior results series, despite 3.5% YoY revenue growth.
- Basic EPS declined 12.6% YoY to ₹13.00 while PAT was approximately flat at 1553.80 lakh, creating a flagged PAT-to-EPS cross-check.
- Finance costs rose to 102.58 lakh from 48.82 lakh sequentially, increasing pressure on profit conversion.
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