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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Core rental — tower and co-location leases, Energy and other pass-through. Asset-heavy, capital-intensive passive telecom infrastructure with long-tenor contractual rentals and energy pass-through billing.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 27,717 | 28,382 | 28,601 | 30,123 | 32,493 |
| EBITDA (ex other income) | 14,901 | 9,176 | 14,557 | 20,650 | 18,155 |
| margin % | 53.8 | 32.3 | 50.9 | 68.6 | 55.9 |
| Owners' profit | 0 | 2,040 | 6,036 | 9,932 | 7,145 |
| EPS, as reported (₹) | 23.65 | 7.57 | 22.40 | 37.31 | 27.09 |
| ROE % · ROCE % | 28.8 · 25.4 | 9.7 · 11.0 | 22.3 · 19.4 | 30.6 · 27.3 | 18.0 · 18.4 |
| Debt / equity (x) | 0.25 | 0.22 | 0.16 | 0.07 | 0.02 |
| Cash from operations | 9,121 | 7,905 | 11,582 | 19,645 | 15,684 |
| Capex | (3,285) | (3,623) | (8,953) | (6,784) | (8,626) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,465 | 7,547 | 7,727 | 8,058 | 8,188 | 8,146 | 8,101 | 8,431 |
| Profit before tax | 2,980 | 5,219 | 2,363 | 2,334 | 2,478 | 2,420 | 2,365 | 2,347 |
| Net profit | 2,224 | 4,003 | 1,779 | 1,737 | 1,839 | 1,776 | 1,793 | 1,746 |
| EPS (₹) | 8.30 | 15.18 | 6.75 | 6.59 | 6.97 | 6.73 | 6.80 | 6.62 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDUS TOWERS LIMITED ◆ | 1,02,358 | 14.3 | 2.58 | 5.5 | 18.0 | 15.4 | 18.4 | 56.1 |
| HFCL LIMITED | 35,985 | 61.2 | 7.27 | 45.5 | 6.7 | 7.8 | 2.3 | 23.3 |
| PACE DIGITEK LIMITED | 3,418 | 10.1 | 1.52 | 8.2 | 13.6 | 14.5 | — | 20.6 |
| Bondada Engineering Limited | 3,149 | 12.3 | 4.30 | 9.7 | 28.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Indus Towers to meet Eastspring and T. Rowe Price on Sept 18 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Indus Towers to attend UBS India Summit 2026 on September 11 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Indus Towers ESG Ratings: Crisil upgrade to Strong, SES marginally lower | business updates | medium | — | — |
| 21 Aug 2026 · Indus Towers AGM 2026: All 5 resolutions passed; dividend approved | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Indus Towers AGM reviews FY26 results and puts five resolutions to vote | board shareholder meetings | medium | — | — |
| 10 Aug 2026 · Indus Towers to attend Motilal Oswal Global Investor Conference 2026 | board shareholder meetings | low | — | — |
| 3 Aug 2026 · Indus Towers Q1 FY27 earnings call transcripts filed | investor communications | medium | — | — |
| 3 Aug 2026 · Indus Towers Q1 FY27 earnings call transcript filed; revenue up 4.6% YoY | investor communications | medium | — | — |
| 31 Jul 2026 · Mr. Randeep Singh Sekhon appointed as Director via Postal Ballot | management changes | medium | — | — |
| 31 Jul 2026 · Indus Towers: Shareholders approve Sekhon as Director via postal ballot | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|
| 37.2 |
| — |
| 12.3 |
| GTL INFRA.LTD | 1,486 | 1.8 | — | — | (14.9) | (233.9) | — | 45.2 |
| SUYOG TELEMATICS LIMITED | 767 | 12.6 | 1.57 | 5.2 | 12.9 | 10.2 | — | 62.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.3 | 12.6 | 10 of 17 | 44% |
| P/B | 2.6 | 3.4 | 6 of 12 | 55% |
| ROCE | 15.4 | 10.1 | 5 of 20 | 79% |
| ROE | 18.0 | 9.1 | 4 of 19 | 83% |
| Debt / Equity | 0.0 | 0.0 | 10 of 19 | 50% |
| EBITDA margin | 56.1 | 23.3 | 5 of 19 | 78% |
| Revenue growth | 4.6 | 6.1 | 12 of 20 | 42% |
| Profit growth | 0.5 | 45.9 | 16 of 18 | 12% |
| Market cap | 102358 | 3129 | 3 of 20 | 90% |
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
