Indus Towers Limited has informed the Exchange regarding Quarterly Report for the first quarter (Q1) ended June 30, 2025
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Indus Towers reported Q1 FY26 revenue of Rs 80,576 million, up 9.1% year-on-year, driven by an expanded tower base of 251,773 macro towers and 411,212 co-locations (up 25,863 and 36,284 YoY respectively), including towers acquired from Bharti Airtel. However, profitability weakened: EBITDA fell 3.4% YoY to Rs 43,901 million with margins compressing sharply from 61.6% to 54.5%, and profit after tax declined 9.8% YoY to Rs 17,368 million. The average sharing factor slipped to 1.63 from 1.67 a year ago, and sharing revenue per tower per month dipped 2.2% YoY to Rs 67,036, indicating pricing pressure. Operating free cash flow fell 17.8% to Rs 14,436 million, though the company strengthened its balance sheet with net debt (excluding lease liabilities) moving further into a net cash position of Rs 24,612 million. The weighted average remaining contract life stands at 6.20 years with future minimum lease receivables of Rs 1,266,513 million, providing strong revenue visibility.
Mixed quarter for shareholders — top-line growth from Bharti Airtel tower integration is encouraging, but the notable EBITDA margin compression and falling PAT signal cost or pricing pressure that could weigh on short-term sentiment. Long-term visibility remains strong through long-tenure MSAs, and continued deleveraging is a positive for balance sheet strength.