INDUS TOWERS LIMITED

Builds, owns and operates passive telecom tower infrastructure in India that mobile operators lease to mount their antennas and base-station equipment. As of Q1 FY27, the portfolio covered 267,611 macro towers and 432,250 co-locations, with a tenancy ratio of 1.62 (i.e. multiple operators' equipment per tower on average). Revenue comes mainly from core rental of tower and co-location slots — ₹53.7 bn of Q1 FY27 gross revenue of ₹84.3 bn — with the balance largely energy pass-through billed to customers. Other operating expenses (41.4% of FY26 revenue) and depreciation (22.0%) dominate the cost stack, with site energy — diesel and grid power — the single biggest variable input; diesel consumption fell 13% YoY in Q1 FY27 as solar access extended to around 46,000 sites. The asset base is being expanded to keep pace with India's 5G roll-out (industry 5G BTS base at 563,000, 427 million 5G subscriptions per the Q1 FY27 call). The model is now being replicated in Africa, with rollouts planned across Nigeria, Uganda and Zambia from Q2 FY27 onwards. The company carries a CRISIL AAA/Stable rating and FY26 free cash flow of ₹37.6 bn was fully distributed as a ₹14/share final dividend.