NSE: INDUSTOWER · BSE: 534816
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. 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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDUS TOWERS LIMITED ◆ | 1,01,646 | 14.2 | 2.56 | 5.5 | 18.0 | 15.4 | 18.4 | 56.1 |
| HFCL LIMITED | 38,256 | 65.1 | 7.73 | 48.3 | 6.7 | 7.8 | 2.3 | 23.3 |
| Bondada Engineering Limited | 3,051 | 11.9 | 4.17 | 9.4 | 28.8 | 37.2 | — | 12.3 |
| PACE DIGITEK LIMITED | 3,018 | 8.9 | 1.34 | 7.4 | 13.6 | 14.5 | — | 20.6 |
| GTL INFRA.LTD | 1,294 | 1.6 | — | — | (14.9) | (233.9) | — | 45.2 |
| SUYOG TELEMATICS LIMITED | 521 | 8.5 | 1.07 | 3.8 | 12.9 | 10.2 | — | 62.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.2 | 13.8 | 9 of 15 | 43% |
| P/B | 2.6 | 3.4 | 6 of 12 | 55% |
| ROCE | 15.4 | 11.0 | 5 of 18 | 77% |
| ROE | 18.0 | 13.3 | 4 of 12 | 73% |
| Debt / Equity | 0.0 | 0.3 | 3 of 12 | 82% |
| 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 | 101646 | 2932 | 3 of 20 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Indus Towers Q2 revenue rises 4%, but net profit falls 2.5% | compliance | low | — | — |
| 27 Oct 2026 · Q2 revenue rises 4%, but PAT slips 2.2% and EBITDA margin contracts | results | high | — | — |
| 27 Oct 2026 · Q2 revenue rises 4%, but half-year profit slips amid customer risk | results | high | — | — |
| 27 Oct 2026 · Q2 FY27 revenue up 4%, profit flat as margins narrow | results | high | — | — |
| 16 Oct 2026 · Indus Towers Q2 FY27 earnings call scheduled for Oct 28, 2026 | investor communications | medium | — | — |
| 13 Oct 2026 · Routine compliance certificate for share dematerialisation filed | compliance | minimal | — | — |
| 8 Oct 2026 · Indus Towers notice on transfer of unclaimed shares to IEPF Authority | compliance | minimal | — | — |
| 5 Oct 2026 · Board meeting on Oct 27, 2026 to approve Q2 FY27 audited results | results | low | — | — |
| 23 Sept 2026 · Trading Window Closed Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Indus Towers assigned ESG rating of 69.86, classified as Leader | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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 |
Sources, method and disclosures
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.