Indus Towers Ltd logo

Indus Towers Ltd

INDUSTOWER NSE

Key Fundamentals

MidcapTelecom InfrastructureTelecom
Market Cap
₹98,694 Cr
Volatility
Moderate
P/E Ratio
13.78
EBITDA
₹18,632 Cr
Return on Equity
18.02%
Debt to Equity
0.53
Book Value
₹150.44
EPS
₹24.54
52W High
₹481.5
52W Low
₹312.55

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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41 extracted metrics + investor summaries across FY10–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

1
  • Stock is providing a good dividend yield of 3.68%.

Weaknesses

1
  • Promoter holding has decreased over last 3 years: -17.7%

Growth Rate

Revenue Growth
7.85% ↗
Net Income Growth
-28.06% ↘
Cash Flow Change
-20.16% ↘
ROE
-41.03% ↘
ROCE
-34.42% ↘
EBITDA Margin (Avg.)
-19.33% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Indus Towers is India's largest tower company with ~249,305 towers and 405,435 co-locations as of March 2025, trading at a PE of 14.2x with a market cap of ₹1,01,147 crore. FY25 revenue grew 5.3% YoY to ₹30,123 crore while operating free cash flow surged 472% YoY to ₹10,430 crore, though Q4 FY25 net profit declined 4% YoY to ₹1,779 crore due to higher finance costs and accounting adjustments.

Bull Case 8
  • Dominant market position with 249,305 towers across all 22 telecom circles, making it the largest tower company in India and among the largest globally
  • Operating free cash flow surged 472% YoY in FY25 to ₹10,430 crore, reflecting dramatically improved collections from Vodafone Idea and strong operational efficiency
  • Attractive dividend yield of 3.65%, well above the broader market average, supported by improving free cash flow generation
  • Bharti Airtel has increased promoter stake to 51.26%, signalling strong parent commitment and operational alignment with India's largest telecom operator
  • Vodafone Idea cleared all undisputed overdue amounts by March 2025, significantly reducing the allowance for doubtful receivables that had weighed on financials for years
  • Record tower additions in FY24-25 surpassed 200,000 milestone, with sharing factor at 1.64x indicating room for tenancy-driven margin expansion
  • 3-year compounded profit growth of 47% CAGR and 3-year stock CAGR of 34% reflect strong earnings recovery trajectory
  • PE of 14.2x is modest for an infrastructure asset with predictable annuity-style revenue streams and a 3-year ROE average of 25%
Bear Case 8
  • TTM profit declined 27%, with Q4 FY25 net profit falling 4% YoY to ₹1,779 crore due to higher finance costs and accounting adjustments
  • Promoter holding decreased by 17.7% over 3 years as Vodafone Group sold its entire stake, creating overhang and reflecting former promoter exit
  • Heavy customer concentration risk — Vodafone Idea remains a substantial revenue contributor despite its precarious financial health and uncertain long-term viability
  • Revenue growth has decelerated to 5-7% in recent periods (TTM sales growth 7%, FY25 full year 5.3%) compared to 18-19% CAGR over 5 and 10 year periods
  • 10-year stock CAGR of just 1% indicates prolonged periods of value destruction for long-term holders despite recent recovery
  • India's tower industry faces structural risk from network sharing, small cells, and potential in-building solutions reducing macro tower demand over time
  • ROE has declined from 25% (3-year average) to 19% in the last year, suggesting diminishing returns on equity capital
  • Company chose to conserve cash in Q1 FY26 despite strong collections, generating ₹1,570 crore FCF but signalling potential capex needs or uncertainty ahead

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Positives 2
  • Q1 revenue and EBITDA growth Aug 3

    Gross revenue rose 4.6% YoY to ₹84.3 billion in Q1FY27, with EBITDA up 3% YoY. Regulatory approvals secured for Africa expansion in Nigeria, Uganda, and Zambia.

  • ESOP grants for 144 employees Jul 27

    Board approved performance-based stock options for 144 employees under the Employee Stock Option Scheme 2014 on July 27, 2026.

Neutral 3
  • ₹65 crore block trade on BSE Aug 4

    A block trade of ~16.75 lakh shares was executed at ₹388.50 per share worth ₹65.07 crore, indicating institutional activity in the stock.

  • 20th AGM scheduled Aug 19 Jul 29

    Indus Towers will hold its 20th AGM on August 19, 2026 via video conference. Record date for eligibility is August 12.

  • Q1FY27 results date announced Jul 20

    Q1FY27 results were scheduled for July 27, 2026, with an earnings call on July 28 to discuss performance.

TL;DR: Indus Towers delivered steady top-line and EBITDA growth in Q1FY27 and is expanding internationally with Africa approvals in hand. No material headwinds surfaced in recent news flow. Institutional block deal activity and employee incentive alignment suggest stable sentiment. The trend is mildly positive, with Africa rollout progress being the key catalyst to watch over coming quarters.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
7,076
7,132
7,199
7,193
7,383
7,465
7,547
7,727
8,058
8,188
8,146
8,101
8,431
Expenses
3,596
3,711
3,615
3,122
2,879
2,602
589
3,332
3,668
3,616
3,678
3,677
3,953
Operating Profit
3,480
3,422
3,584
4,072
4,504
4,864
6,958
4,395
4,390
4,572
4,468
4,424
4,478
OPM %
49%
48%
50%
57%
61%
65%
92%
57%
54%
56%
55%
55%
53%
Other Income
56
97
99
108
56
114
84
92
85
83
154
155
121
Interest
352
246
11
127
408
418
255
431
437
376
404
376
358
Depreciation
1,374
1,526
1,596
1,564
1,560
1,580
1,568
1,693
1,704
1,801
1,798
1,838
1,894
PBT
1,810
1,747
2,076
2,489
2,592
2,980
5,219
2,363
2,334
2,478
2,420
2,365
2,347
Tax %
26%
26%
26%
26%
26%
25%
23%
25%
26%
26%
27%
24%
26%
Net Profit
1,348
1,295
1,540
1,853
1,926
2,224
4,003
1,779
1,737
1,839
1,776
1,793
1,746
EPS in Rs
5
4.8
5.72
6.88
7.15
8.43
15.17
6.74
6.58
6.97
6.73
6.8
6.62
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
11,668
5,558
6,085
6,621
6,826
6,743
13,954
27,717
28,382
28,601
30,123
32,493
32,867
Expenses
6,664
3,070
3,260
3,464
3,714
3,185
6,775
12,816
18,713
14,044
9,473
14,680
14,925
Operating Profit
5,004
2,488
2,825
3,157
3,112
3,558
7,179
14,901
9,669
14,557
20,650
17,813
17,942
OPM %
43%
45%
46%
48%
46%
53%
51%
54%
34%
51%
69%
55%
55%
Other Income
522
1,679
1,960
1,599
1,559
1,846
1,262
458
85
1,490
764
818
513
Interest
290
33
39
46
53
335
836
1,603
1,670
1,864
1,858
1,893
1,513
Depreciation
2,185
1,155
1,166
1,180
1,066
1,282
2,848
5,325
5,324
6,060
6,402
7,141
7,330
PBT
3,052
2,979
3,580
3,529
3,553
3,788
4,757
8,431
2,759
8,122
13,154
9,598
9,611
Tax %
35%
25%
23%
29%
30%
13%
21%
24%
26%
26%
24%
26%
—
Net Profit
1,992
2,247
2,747
2,494
2,494
3,299
3,779
6,373
2,040
6,036
9,932
7,145
7,154
EPS in Rs
10.52
11.85
14.85
13.48
13.48
17.83
14.02
23.65
7.57
22.4
37.65
27.08
27.12
Div. Payout %
105%
25%
108%
104%
111%
59%
143%
47%
0%
0%
0%
52%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
1,894
1,897
1,850
1,850
1,850
1,850
2,695
2,695
2,695
2,695
2,638
2,638
Reserves
15,126
16,345
13,650
15,115
12,682
11,693
13,182
19,456
18,415
24,344
29,860
37,008
Borrowings
2,582
0
278
0
6
4,627
21,576
19,726
19,185
20,531
21,156
21,127
Other Liabilities
7,552
2,461
5,163
2,661
2,577
1,584
7,491
6,091
6,278
8,298
9,514
10,543
Total Liabilities
27,155
20,703
20,941
19,625
17,115
19,754
44,944
47,968
46,572
55,868
63,168
71,315
Fixed Assets
14,812
6,063
5,794
5,595
5,332
6,714
31,800
31,826
32,384
39,300
44,380
49,514
CWIP
226
70
58
110
118
54
274
179
355
422
567
630
Investments
5,882
10,059
11,172
12,327
9,906
11,170
2,271
1,652
276
3
1,486
4,316
Other Assets
6,234
4,511
3,916
1,593
1,759
1,815
10,598
14,311
13,559
16,143
16,735
16,855
Total Assets
27,155
20,703
20,941
19,625
17,115
19,754
44,944
47,968
46,572
55,868
63,168
71,315
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
3,990
1,912
2,866
3,469
3,159
2,315
7,481
9,121
7,905
11,582
19,645
15,684
Investing
-937
1,548
-237
-1,855
1,600
-1,012
1,798
-2,174
-1,730
-7,546
-10,910
-10,198
Financing
-3,188
-1,453
-2,671
-3,555
-4,795
-1,185
-9,377
-5,982
-7,133
-3,995
-8,648
-5,588
Net Cash Flow
-136
2,007
-42
-1,940
-36
118
-98
966
-958
41
87
-102
Free Cash Flow
2,175
1,113
1,960
2,521
2,329
1,586
5,529
6,252
4,737
3,136
13,388
7,786
CFO/OP
97
105
130
136
128
80
119
74
105
92
104
99
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
11
13
18
15
29
20
100
93
63
82
58
55
Cash Conversion Cycle
11
13
18
15
29
20
100
93
63
82
58
55
Working Capital Days
-106
-42
-207
-41
-24
-149
-173
11
3
3
-2
7
ROCE %
15%
14%
18%
23%
21%
23%
19%
25%
11%
22%
29%
19%

Shareholding Pattern

As of Jun 2026
Promoters 51.26%
FIIs 23.20%
DIIs 21.45%
Public 2.64%
Others 1.45%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
69.85%
69.85%
69.85%
69.85%
67.49%
68.81%
69.00%
69.00%
69.00%
69.00%
69.00%
69.00%
69.00%
52.01%
53.01%
50.00%
50.00%
50.00%
51.03%
51.03%
51.26%
51.26%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
16.40%
23.15%
24.19%
26.15%
26.42%
27.51%
26.20%
25.92%
25.09%
23.20%
DIIs
2.30%
2.54%
0.35%
0.81%
0.70%
0.56%
2.89%
2.88%
2.46%
4.52%
6.58%
6.98%
9.89%
16.99%
16.99%
17.80%
18.41%
18.17%
18.24%
18.95%
19.68%
21.45%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.46%
0.62%
0.55%
0.75%
1.03%
1.16%
1.35%
1.33%
1.62%
1.91%
2.24%
2.55%
3.41%
4.85%
3.91%
4.17%
3.67%
3.01%
3.11%
2.80%
2.70%
2.64%
Others
27.40%
27.00%
29.25%
28.59%
30.78%
29.47%
26.77%
26.79%
26.93%
24.57%
22.18%
21.47%
1.30%
3.00%
1.91%
1.88%
1.49%
1.30%
1.41%
1.29%
1.27%
1.45%
No. of Shareholders
81,890
1,10,943
1,17,896
1,53,708
1,97,782
2,07,607
2,33,276
2,30,242
2,58,997
2,71,679
2,64,674
2,67,108
3,10,694
4,06,689
4,10,259
4,41,036
4,21,427
3,66,757
3,80,788
3,48,339
3,35,735
3,41,960

Documents

1
Concall - Jul 2026 Jul 2026
2
Concall - Mar 2017 Mar 2017
3
Concall - Jun 2017 Jun 2017
4
Concall - Jun 2017 Jun 2017
5
Concall - Sep 2017 Sep 2017

Frequently Asked Questions about Indus Towers Ltd

What does Indus Towers Ltd do?
Indus Towers Limited is engaged in the business of object of, inter-alia, setting up, operating and maintaining wireless communication towers.[1]
Where is Indus Towers Ltd (INDUSTOWER) listed?
Indus Towers Ltd is listed on the Indian stock exchanges. It is listed on NSE: INDUSTOWER and BSE: 534816. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Indus Towers Ltd belong to?
Indus Towers Ltd operates in the Telecom sector within the Telecom Infrastructure industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Indus Towers Ltd?
Indus Towers Ltd has a market capitalisation of approximately ₹98693.67 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Indus Towers Ltd?
The Price-to-Earnings (PE) ratio of Indus Towers Ltd is 13.78. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Indus Towers Ltd?
Over the past 52 weeks, Indus Towers Ltd has traded between a low of ₹312.55 and a high of ₹481.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does Indus Towers Ltd pay dividends?
Yes, Indus Towers Ltd has a dividend yield of 3.68%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Indus Towers Ltd?
Indus Towers Ltd has a Return on Equity (ROE) of 18.02%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Indus Towers Ltd on Tapetide?
On Tapetide, you can view Indus Towers Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Indus Towers Limited is engaged in the business of object of, inter-alia, setting up, operating and maintaining wireless communication towers.[1]

Website industowers.com
CEO Mr. Prachur Sah
Employees 3,791
Listed 2012-12-28
Face Value ₹ 10
Issued Size 2,63,81,62,757

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