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Indus Towers Q2 FY27 results: net profit down 2.5% to ₹1,793 crore, revenue up 4.0%
Indus Towers Limited reported consolidated revenue of ₹8,516 crore in Q2 FY27, up 4.0% from Q2 FY26. EBITDA rose 1.0% to ₹4,703 crore, while net profit declined 2.5% to ₹1,793 crore and basic EPS fell to ₹6.8.
Key points
- Consolidated revenue was ₹8,516 crore in Q2 FY27, up 4.0% year on year and 1.0% from Q1 FY27.
- EBITDA was ₹4,703 crore, with a 55.2% margin, compared with 56.9% in Q2 FY26 and 54.6% in Q1 FY27.
- Net profit was ₹1,793 crore, down 2.5% from Q2 FY26 but up 2.7% from Q1 FY27; basic EPS was ₹6.8.
- H1 FY27 revenue was ₹16,946.7 crore, up 4.3% from H1 FY26, while PAT was ₹3,538.6 crore, down 1.0%.
- The stock closed 3.2% lower on the reaction day from its pre-results close, against a 2.0% rise for the industry median.
How did Indus Towers perform in Q2 FY27?
Indus Towers reported consolidated revenue of ₹8,516 crore in Q2 FY27, up 4.0% from ₹8,188 crore in Q2 FY26 and 1.0% from ₹8,431 crore in Q1 FY27. Total income was ₹8,622 crore, while EBITDA rose to ₹4,703 crore from ₹4,659 crore a year earlier and ₹4,605 crore in the previous quarter. The EBITDA margin was 55.2%, compared with 56.9% in Q2 FY26 and 54.6% in Q1 FY27.
Profit before tax was ₹2,411 crore in Q2 FY27, down 2.7% from ₹2,478 crore in Q2 FY26 but up 2.7% from ₹2,347 crore in Q1 FY27. Net profit was ₹1,793 crore, down 2.5% year on year from ₹1,839 crore and up 2.7% sequentially from ₹1,746 crore. Basic EPS was ₹6.8, compared with ₹6.97 a year earlier and ₹6.62 in the previous quarter. On the standalone basis, revenue was ₹8,515 crore and PAT was ₹1,798.6 crore.
The company’s quarterly report stated that consolidated results and operating performance do not include overseas subsidiaries of Indus Towers unless otherwise specified. The filing also said that revenue, EBITDA and related margins were calculated on revenue excluding other income. The results were audited, reviewed by the Audit Committee and approved by the Board on 27 October 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 8,516 | 8,431 | 8,188 | +4.0% | +1.0% |
| Other income | 106.20 | 121.20 | 82.90 | +28.1% | −12.4% |
| Total expenses | 6,211 | 6,205 | 5,793 | +7.2% | +0.1% |
| EBITDA | 4,703 | 4,605 | 4,659 | +1.0% | +2.1% |
| EBITDA margin | 55.2% | 54.6% | 56.9% | −1.7 pp | +0.6 pp |
| Profit before tax | 2,411 | 2,347 | 2,478 | −2.7% | +2.7% |
| Tax | 618.40 | 601.60 | 639.10 | −3.2% | +2.8% |
| Net profit | 1,793 | 1,746 | 1,839 | −2.5% | +2.7% |
| EPS (₹) | 6.80 | 6.62 | 6.97 | −2.4% | +2.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indus Towers' costs and profit?
Total expenses were ₹6,211 crore in Q2 FY27, up 7.2% from ₹5,793 crore in Q2 FY26 and 0.1% from ₹6,205 crore in Q1 FY27. Employee cost rose 12.8% year on year to ₹231.40 crore, depreciation increased 7.9% to ₹1,944 crore and other expenses rose 7.7% to ₹3,579 crore. Cost of materials was ₹2.20 crore against ₹0.70 crore a year earlier, while finance costs fell 1.7% to ₹454.60 crore.
Other income increased 28.1% year on year to ₹106.20 crore from ₹82.90 crore, but was 12.4% lower than ₹121.20 crore in Q1 FY27. Tax expense fell 3.2% year on year to ₹618.40 crore from ₹639.10 crore, while it rose 2.8% from ₹601.60 crore in the previous quarter. There was no exceptional item in Q2 FY27.
Against Q2 FY26, the figures show higher revenue and EBITDA but also higher total expenses, with depreciation, other expenses and employee cost increasing. EBITDA margin fell 1.7 percentage points to 55.2%, while the PAT margin fell 1.4 percentage points to 21.1%. Against Q1 FY27, the EBITDA margin increased 0.6 percentage points and the PAT margin increased 0.4 percentage points.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2.20 | 0.70 | +1.50 | +214.3% |
| Employee cost | 231.40 | 205.10 | +26.30 | +12.8% |
| Finance costs | 454.60 | 462.40 | −7.80 | −1.7% |
| Depreciation | 1,944 | 1,801 | +143 | +7.9% |
| Other expenses | 3,579 | 3,324 | +254.90 | +7.7% |
| Total expenses | 6,211 | 5,793 | +417.90 | +7.2% |
| Other income | 106.20 | 82.90 | +23.30 | +28.1% |
| Tax | 618.40 | 639.10 | −20.70 | −3.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Indus Towers reported revenue of ₹16,946.7 crore, up 4.3% from ₹16,245.8 crore in H1 FY26. Total income rose 4.6% to ₹17,174.1 crore from ₹16,413.8 crore. PBT was ₹4,758.6 crore, down 1.1% from ₹4,812.2 crore, while PAT was ₹3,538.6 crore, down 1.0% from ₹3,576.1 crore.
H1 FY27 basic EPS was ₹13.42, down 1.0% from ₹13.56 in H1 FY26. The filing covered the quarter and half year ended 30 September 2026 and included both consolidated and standalone audited financial results.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 16,947 | 16,246 | +4.3% |
| Profit before tax | 4,759 | 4,812 | −1.1% |
| Net profit | 3,539 | 3,576 | −1.0% |
| EPS (₹) | 13.42 | 13.56 | −1.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹72,745.8 crore, compared with ₹71,316.1 crore at 31 March 2026. Total equity was ₹39,463.3 crore against ₹39,645.6 crore, while borrowings rose to ₹1,094.0 crore from ₹920.9 crore and cash increased to ₹144.0 crore from ₹47.3 crore. Inventories were ₹54.9 crore, trade receivables ₹4,793.5 crore and trade payables ₹2,819.3 crore.
H1 FY27 operating cash flow was ₹8,196.6 crore, compared with ₹7,903.4 crore in H1 FY26. Investing cash flow was negative ₹2,400.2 crore against negative ₹5,161.3 crore, while financing cash flow was negative ₹5,699.2 crore against negative ₹2,870.8 crore. Capital expenditure was ₹3,864.6 crore in H1 FY27, compared with ₹4,327.1 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 72,746 | 71,316 |
| Total equity | 39,463 | 39,646 |
| Borrowings | 1,094 | 920.90 |
| Cash and equivalents | 144 | 47.30 |
| Inventories | 54.90 | 26.80 |
| Trade receivables | 4,794 | 4,939 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 8,197 | 7,903 |
| Cash from investing | −2,400 | −5,161 |
| Cash from financing | −5,699 | −2,871 |
| Capital expenditure | 3,865 | 4,327 |
Source: Company's results filing (XBRL).
How has Indus Towers done over the last 8 quarters?
Revenue rose in each of the last eight quarters on a year-on-year basis. In the reported quarterly series, revenue reached ₹8,515.6 crore in Q2 FY27, above ₹8,431.1 crore in Q1 FY27, while the earlier peak was ₹8,188.2 crore in Q2 FY26. The lowest revenue in the series shown was ₹7,547.4 crore in Q3 FY25.
PAT was ₹1,792.8 crore in Q2 FY27, up from ₹1,745.8 crore in Q1 FY27 but below the series peak of ₹4,003.2 crore in Q3 FY25. The lowest PAT shown was ₹1,736.8 crore in Q1 FY26. The EBITDA margin was 55.2% in Q2 FY27, recovering from 54.6% in Q1 FY27 but below the 92.2% recorded in Q3 FY25.
What did Indus Towers' management say?
Management said co-location additions rose 7,900 in Q2, lifting the tenancy ratio from 1.62 to 1.63. It said diesel use fell 11% year on year as solar reached 49,000 sites and 297 MW. The company also said Africa rollouts were live in Zambia and Uganda, with Nigeria deployment scheduled to begin in Q3 FY27. No numerical FY27 guidance or tower-addition target was provided.
CEO Mr Prachur Sah said, “With healthy order book visibility and accelerating rollout activity, we expect the growth momentum to continue.” He added, “Rollouts have successfully commenced with initial tower deployments as planned and are scheduled to ramp up in H2.” CFO Mr Abhishek Maheshwari said the company would share more operational and financial detail in subsequent quarters as the portfolio reached a more representative scale.
Management said rental revenue growth should remain commensurate with order-book delivery, while solar, digital fuel planning and lithium-ion storage were expected to lower unit energy costs and support margins over time. It identified floods in parts of the Northeast, Bihar, Jharkhand and UP East, an unresolved tower-agreement renewal, contractual rental escalation delays, and seasonality in energy margins as risks. The filing did not provide specific analyst questions.
How did Indus Towers shares react?
The filing appeared after market hours. Indus Towers was up 2.1% after 5 minutes, 1.3% after 15 minutes and 1.3% after 30 minutes from the price when the filing appeared. On the reaction day, it closed 3.2% lower from its pre-results close of ₹385.3, compared with a 2.0% rise for the industry median and a 0.3% rise for the Nifty Midcap 150.
By the next day’s close, the stock was down 1.3% from its pre-results close, while the market was up 1.2%. By the fifth session, it was up 1.1% from the same pre-results close. The stock underperformed the industry median by 5.2 percentage points on the reaction day; industry and market five-session comparisons were not given.
Past reaction-day moves were mixed: Indus Towers fell 1.0% on 27 July 2026 and 2.6% on 30 April 2026, rose 1.7% on 2 February 2026 and 2.8% on 27 October 2025, and fell 5.6% on 30 July 2025. Earlier moves included a 6.9% fall on 30 April 2025, a 0.6% rise on 23 January 2025 and a 3.5% fall on 22 October 2024.
| After the filing | Stock | Telecom - Infrastructure median |
|---|---|---|
| 5 minutes | +2.1% | |
| 15 minutes | +1.3% | |
| 30 minutes | +1.3% | |
| Reaction day | −3.2% | +2.0% |
| Next day | −1.3% | |
| 5 days | +1.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 27 July 2026 | −1.0% |
| 30 April 2026 | −2.6% |
| 2 February 2026 | +1.7% |
| 27 October 2025 | +2.8% |
| 30 July 2025 | −5.6% |
| 30 April 2025 | −6.9% |
| 23 January 2025 | +0.6% |
| 22 October 2024 | −3.5% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Indus Towers' revenue in Q2 FY27?
Revenue from operations was ₹8,516 crore, up 4.0% from ₹8,188 crore in Q2 FY26 (consolidated).
Did Indus Towers make a profit in Q2 FY27?
Yes. Net profit was ₹1,793 crore, against a net profit of ₹1,839 crore in Q2 FY26.
What was Indus Towers' EPS in Q2 FY27?
Basic earnings per share were ₹6.80, against ₹6.97 in Q2 FY26.
How did Indus Towers shares react to the Q2 FY27 results?
On the reaction day the stock moved −3.2% from the previous close; the median Telecom - Infrastructure stock moved +2.0%.
When did Indus Towers announce its Q2 FY27 results?
On 27 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Audited Financial Results (Standalone & Consolidated) For The Second Quarter (Q2) And Half Year Ended On September 30, 2026 (BSE, 5 October 2026) · PDF
- Board Meeting Outcome for Board Meeting Outcome For Financial Results (BSE, 27 October 2026) · PDF
- Financial Results For The Second Quarter (Q2) And Half Year Ended September 30, 2026 (BSE, 27 October 2026) · PDF
- Quarterly Report For The Second Quarter (Q2) And Half Year Ended September 30, 2026 (BSE, 27 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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