Indus Towers logo

Indus Towers

INDUSTOWER NSE

Key Fundamentals

MidcapTelecom InfrastructureTelecom
Market Cap
₹99,393 Cr
Volatility
Moderate
P/E Ratio
13.87
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
₹337.8

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Stock is providing a good dividend yield of 3.72%.

Weaknesses

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

Growth Rate

Revenue Growth
7.85% higher than 3Y
Net Income Growth
-28.06% lower than 3Y
Cash Flow Change
-20.16% lower than 3Y
ROE
-41.03% lower than 3Y
ROCE
-34.42% lower than 3Y
EBITDA Margin (Avg.)
-19.33% lower than 3Y

AI Analysis — Bull vs Bear

4d ago
AI opinion · based on fundamentals
Risk medium

Indus Towers is a large telecom tower infrastructure company with a market capitalisation of about ₹97,599 crore. It trades at a P/E of 13.8x and a P/B of 2.49x, with a dividend yield of 3.74%. Its record over the long term is strong, with 10-year sales CAGR of 19% and 3-year profit CAGR of 47%. Near-term figures are weaker: TTM sales growth has slowed to 7%, TTM profit is down 27%, ROE has eased to 19% last year from a 3-year average of 25%, and promoter holding has fallen 17.7% over three years.

Bull Case 7
  • The 3.74% dividend yield is high for a large-cap stock and points to strong cash generation from a mature, capital-light tenancy model.
  • Profit grew at a 47% CAGR over 3 years, showing strong operating leverage and improved collections during that period.
  • ROE has held at 21% or higher over the long run (10-year: 21%, 5-year: 23%, 3-year: 25%), which shows lasting capital efficiency in tower infrastructure.
  • At a P/E of 13.8x, the valuation is modest compared with the 3-year profit CAGR of 47% and the 10-year sales CAGR of 19%.
  • Sales grew at a 19% CAGR over 10 years and 18% over 5 years. This reflects scale gains from consolidation and steady tower and tenancy additions.
  • The stock returned a 25% CAGR over 3 years, as the market re-rated it on better earnings visibility.
  • TTM sales growth of 7% is still positive despite a slower sector. This suggests that long-term, contract-based tenancy revenue gives a stable base.
Bear Case 7
  • TTM profit fell 27%, a sharp reversal from the 47% 3-year profit CAGR. Part of this may be a high base from one-time gains, but it adds uncertainty to near-term earnings.
  • Promoter holding fell 17.7% over the last 3 years, which reduces the original sponsor group's alignment and ownership concentration.
  • Sales growth has slowed: 5% CAGR over 3 years and 7% TTM, compared with 18% over 5 years and 19% over 10 years. The high-growth phase appears to be maturing.
  • ROE was 19% last year, below the 3-year average of 25% and the 5-year average of 23%, indicating some weakening in returns.
  • Long-term shareholder returns are weak: 0% stock CAGR over 10 years and 3% over 5 years. The recent 3-year gains followed a long period of flat returns.
  • Stock momentum has slowed to 8% over 1 year, compared with the 25% 3-year CAGR. This suggests the re-rating may be losing steam as profits contract.
  • Revenue depends on a small group of telecom operators. Any weakness in a major tenant's finances could hurt collections and pressure the 3.74% dividend payout.

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

AI News Digest

1d ago
Headwinds 2
  • Stock lagging, down 15% YTD Sep 30

    Even with the 0.9% uptick on Sep 30, Indus Towers shares are down 5% over the last month and 15% so far this year. That points to weak investor sentiment.

  • SES ESG rating slips Sep 1

    Indus Towers' FY26 SES ESG rating fell slightly because of shifts in its environmental and social parameters. The other rating agencies moved the opposite way.

Positives 3
  • 1.5 GWh telecom BESS MoU Sep 30

    Indus Towers signed an MoU with Replus Engitech, a subsidiary of HEG Advanced Materials. Replus will set aside 1.5 GWh of BESS production capacity over two years, including higher-capacity systems and sodium-ion batteries, for Indus's towers serving Airtel, Jio and Vodafone Idea across 22 circles. The stock rose 0.9% to ₹370.7 on the news.

  • ESG Leader rating at 69.86 Sep 18

    SEBI-registered provider Niche Ninety Nine gave Indus Towers an ESG score of 69.86 (Leader). The rating was unsolicited and based only on public disclosures.

  • Crisil ESG upgraded to Strong Sep 1

    Crisil raised Indus Towers' FY26 ESG rating to Strong. This makes the company look better to ESG-focused institutional investors.

Neutral 2
  • ₹217.56 cr lithium battery order Sep 18

    Indus Towers ordered lithium-ion battery banks worth ₹217.56 crore including GST from Replus Engitech, to be delivered by Mar 31, 2027. This is a capex outflow for Indus that should help energy efficiency, and the market rewarded it mostly through HEG Advanced Materials, which rose about 15% to ₹248.

  • Meeting with Eastspring, T. Rowe Sep 10

    Indus Towers scheduled an in-person group meeting with Eastspring Investments and T. Rowe Price for Sep 18, 2026, disclosed under SEBI LODR. This is routine investor engagement.

TL;DR: Indus Towers is making progress on its energy setup, with a ₹217.56 crore battery order and a 1.5 GWh BESS capacity MoU that should improve tower power reliability and cut diesel dependence over time. ESG ratings are mostly improving, led by a Leader score of 69.86 and a Crisil upgrade, with only a slight SES dip. The stock is still weak, down 15% YTD and 5% over the past month, so the market hasn't yet rewarded these operational gains. Watch whether the battery rollout through Mar 2027 shows up as margin improvement, since that could help turn the stock's downtrend around.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

Others1.45%Promot.51.26%Public2.64%DIIs21.45%FIIs23.20%As ofJun 2026

Documents

Frequently Asked Questions about Indus Towers

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 trades as INDUSTOWER on the NSE and under code 534816 on the BSE.
Which sector does Indus Towers Ltd belong to?
Indus Towers Ltd is classified under the Telecom sector, in the Telecom Infrastructure industry.
What is the market capitalisation of Indus Towers Ltd?
Indus Towers Ltd has a market capitalisation of ₹99,393 Cr, which places it in the Large Cap band.
What is the PE ratio of Indus Towers Ltd?
Indus Towers Ltd trades at a PE ratio of 13.87, on earnings per share of ₹24.54, against a book value of ₹150.44 per share.
What is the 52-week high and low of Indus Towers Ltd?
Over the last 52 weeks Indus Towers Ltd has traded between ₹337.8 and ₹481.5.
Does Indus Towers Ltd pay dividends?
Indus Towers Ltd has a dividend yield of 3.75%.
What is the Return on Equity (ROE) of Indus Towers Ltd?
Indus Towers Ltd reported a return on equity of 18.02%. Its debt-to-equity ratio is 0.53.

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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