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Indus Towers Ltd

₹ 428-0.83%
07 Jan 3:24 p.m. – close price
🔗industowers.com•BSE: 534816•NSE: INDUSTOWER
Market Cap₹ 1,13,032 Cr.
Current Price₹ 428
High / Low₹ 446
Stock P/E12.1
Book Value₹ 137
Dividend Yield0.00 %
ROCE29.0 %
ROE32.4 %
Face Value₹ 10.0
Sales₹ 31,520 Cr.
OPM64.0 %
Mar Cap₹ 1,13,032 Cr.

ABOUT

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

KEY POINTS

Business OverviewIndus Towers is a provider of tower and related infrastructure sharing services. It is one of the largest telecom tower companies in India based on the number of towers and co-locations operated by the Company. It provides access to its towers, primarily to wireless telecommunication service providers, on a shared basis under long-term contracts.[1]

Also present in buckets:
Aggressive Growth TriggersAsset Base ExpansionCapacity Expansion And ProductsJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Indus Towers428.4512.06113032.080.001836.60-17.368188.209.6828.9631520.3064.059344.501836.603.1216.230.58
2.Altius Telecom150.0051.1645711.005.74280.0033.086080.2051.158.1724113.4041.32893.50280.003.441.303.88
3.HFCL69.44381.7810628.410.1471.92-8.161043.34-4.607.553727.038.9427.8467.862.432.470.38
4.Pace Digitek195.0517.754210.160.0067.87-32.70533.45-36.9641.312438.7819.89268.2064.08–11.410.12
5.Bondada Engineer358.5024.044000.630.0392.56147.651216.67153.1639.502307.4511.45166.2289.756.9413.400.41
6.Vindhya Telelink1392.006.181649.511.1459.12142.69959.830.757.644135.696.91266.7759.120.402.790.33
7.GTL Infra.1.19–1524.280.00-193.479.61356.495.98–1366.5124.12-884.93-193.47–-20.85–
–Median: 10 Co.227.5318.032825.070.0163.59.61746.649.4513.672373.1117.99107.3361.62.037.30.38

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
6,7657,1997,5477,0767,3838,0586,7537,1937,7277,9677,1327,4658,188
Expenses
5,6023,6155933,5962,8793,7123,3213,1223,4075,1553,7112,6033,620
Operating Profit
1,1633,5846,9543,4804,5044,3463,4324,0714,3202,8123,4224,8624,568
Other Income
-403998456568511610892639711483
Profit before tax
-9522,0775,2161,8132,5922,3311,8932,4892,3601,1761,7472,9792,475
Tax %
-26%26%23%26%26%26%26%26%25%26%26%25%26%
Net Profit
-7081,5413,9971,3511,9261,7341,3991,8531,7768731,2952,2221,837
EPS in Rs
-2.635.7215.155.017.156.575.196.886.733.244.818.426.96

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
4,9995,3895,5586,0856,6186,8226,73813,95127,70828,38228,60130,12331,520
Expenses
2,9222,9953,0703,2603,4623,7083,1816,77312,82018,71314,0449,48211,332
Operating Profit
2,0772,3942,4882,8253,1563,1143,5577,17814,8889,66914,55720,64120,188
Other Income
5301,9955721,7161,2971,668466816458851,490764344
Interest
9-6333946533338351,6021,6701,8641,8581,387
Depreciation
1,1011,1221,1551,1661,1801,0641,2772,8435,3205,3226,0566,4006,764
Profit before tax
1,4973,2741,8723,3363,2273,6652,4124,3168,4242,7628,12713,14712,381
Net Profit
1,0902,7251,3272,7052,4142,7791,7473,3386,3672,0436,0419,9229,344
EPS in Rs
5.7714.397.0014.6213.0515.029.4412.3923.637.5822.4237.6135.41
Dividend Payout %
76%76%43%109%107%100%111%162%47%0%0%0%–

Compounded Profit Growth

10 Years:14%
5 Years:45%
3 Years:16%
TTM:24%

Compounded Sales Growth

10 Years:19%
5 Years:35%
3 Years:3%
TTM:8%

Return on Equity

10 Years:19%
5 Years:25%
3 Years:23%
Last Year:32%

Stock Price CAGR

10 Years:1%
5 Years:10%
3 Years:32%
1 Year:32%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
1,8891,8941,8971,8501,8501,8501,8502,6952,6952,6952,6952,6382,638
Reserves
15,85916,07017,03314,38815,87613,81512,03113,20219,48118,44024,37929,89933,503
Borrowings
000278064,60821,56019,72619,18520,53121,15620,948
Other Liabilities
4,6004,2582,2524,9472,4792,4141,5837,4906,0876,2768,2969,51810,152
Total Liabilities
22,34822,22221,18221,46320,20418,08420,07244,94747,98846,59555,90163,21067,241
Fixed Assets
6,6866,4706,0635,7915,5895,3256,67931,77031,81432,37339,29444,37546,907
Gross Block
12,275.9012,835.2012,926.7013,597.3014,271.4014,799.2017,415.5066,747.7068,406.2070,663.2079,598.8087,956.20–
Accumulated Depreciation
5,590.406,365.106,863.607,805.908,682.309,474.3010,736.2034,977.6036,592.0038,290.3040,305.3043,581.10–
CWIP
5268705810010453271177354422567623
Investments
13,04311,92410,48611,66612,83010,84211,4922,2861,667291231,5062,949
Other Assets
2,5683,7594,5623,9471,6851,8131,84710,61914,33013,57716,16316,76216,762
Total Assets
22,34822,22221,18221,46320,20418,08420,07244,94747,98846,59555,90163,21067,241

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
1,8161,7211,9801,9152,4712,0422,3057,4779,1127,90711,58319,638
Cash from Investing Activity
-1,1141,0761,476718-8552,718-1,0091,804-2,182-1,739-7,565-10,925
Cash from Financing Activity
-658-2,838-1,453-2,671-3,556-4,796-1,179-9,381-5,964-7,126-3,982-8,622
Net Cash Flow
44-412,003-38-1,940-36117-99967-9583691

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
2023131815292010093638258
Inventory Days
––––––––––––
Days Payable
––––––––––––
Cash Conversion Cycle
2023131815292010093638258
Working Capital Days
-127-137-39-194-39-24-148-1731134-2
ROCE %
8%17%8%16%20%20%14%18%25%11%22%29%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
68.99%68.99%68.99%68.99%68.99%68.99%52.01%53.01%50.00%50.00%50.00%51.03%
FIIs
26.60%26.62%23.94%21.41%20.71%16.40%23.15%24.19%26.15%26.42%27.51%26.21%
DIIs
2.87%2.47%4.51%6.69%7.08%9.90%16.97%16.99%17.79%18.41%18.16%18.24%
Public
1.50%1.89%2.53%2.90%3.18%4.68%7.82%5.81%6.01%5.12%4.28%4.47%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Indus Towers Announces COO Retirement and New Appointment

31st March 2026, 5:00 am

Indus Towers Announces Trading Window Closure for Q4/FY26 Results

24th March 2026, 7:12 pm

Indus Towers Announces Analyst/Institutional Investor Meeting

17th March 2026, 4:23 pm

Indus Towers Appoints S.R. Batliboi as New Statutory Auditors from 2027 AGM

10th March 2026, 10:38 pm

Indus Towers Initiates Transfer of Shares to IEPF for Unclaimed Dividends

20th February 2026, 11:56 pm

Published by Other Websites

External media mentions & references

Bharti Airtel Fuels AI Data Center Growth with $1B Nxtra Funding

2nd April 2026, 8:20 pm

Amazon Veteran Venkatesh Tiwari Named Indus Towers COO

1st April 2026, 5:55 pm

India's 5G Backbone: 4 Infrastructure Stocks Powering Digital Growth

24th March 2026, 6:45 am

LPG Squeeze Threatens India's Mobile Internet Services, Tower Production

10th March 2026, 9:36 pm

Bharti Airtel Ignites Bullish Frenzy: Top Brokerages See 25% Upside

3rd March 2026, 2:24 pm

News Articles

Editorial & research coverage

India Markets Diverge: Cyclical Stocks Lead Amidst IT Weakness
India Markets Diverge: Cyclical Stocks Lead Amidst IT Weakness

5th February 2026, 6:36 am

Indus Towers: Centrum Broking Maintains 'Buy' With Rs 523 Target
Indus Towers: Centrum Broking Maintains 'Buy' With Rs 523 Target

4th February 2026, 1:45 pm

Indus Towers Surges on Telco Relief; Profitability Concerns Linger
Indus Towers Surges on Telco Relief; Profitability Concerns Linger

4th February 2026, 11:56 am

Indus Towers Eyes Dividend Return Amid Vi Stability, African Push
Indus Towers Eyes Dividend Return Amid Vi Stability, African Push

3rd February 2026, 4:26 pm

Indus Towers Profit Plunges 55% Amid Margin Squeeze
Indus Towers Profit Plunges 55% Amid Margin Squeeze

2nd February 2026, 8:09 pm

Documents

Announcements

Clarification On Volume Movement Letter

2 Jan - Company replies to BSE volume movement query; says no undisclosed material information; volume due to market conditions.

Clarification sought from Indus Towers Ltd

1 Jan - Exchange has sought clarification from Indus Towers Ltd on January 1, 2026, with reference to Movement in Volume.

Closure of Trading Window

26 Dec - Trading window closed Jan 1, 2026 until 48 hours after Q3 (Dec 31, 2025) audited results.

Announcement Under Regulation 30 (LODR)- ESG Rating

25 Dec - SES assigned ESG score 72.3 for FY2025 on Dec 24, 2025; up 1.7 points.

Announcement under Regulation 30 (LODR)-Acquisition

19 Dec - Dec 19, 2025: Indus Towers incorporated Indus Towers Management FZE (UAE), AED300,000 share capital, step-down subsidiary.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

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Financial Year 2022

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Financial Year 2021

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Financial Year 2020

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Financial Year 2019

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Financial Year 2018

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Financial Year 2017

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Financial Year 2016

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Financial Year 2015

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Financial Year 2014

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Financial Year 2013

(from bse)

Credit Ratings

Rating update

18 Jul 2025 from crisil

Rating update

21 Feb 2025 from crisil

Rating update

23 Feb 2024 from crisil

Rating update

23 Feb 2023 from crisil

Rating update

28 Feb 2022 from crisil

Rating update

9 Apr 2021 from icra

Concalls

Oct 2025

TranscriptRecording

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Stock Analysis

Description

Indus Towers Limited is a leading passive telecom infrastructure provider in India, operating and maintaining wireless communication towers. Following earlier plans for geographical diversification, the company is now focusing on expanding its presence in African markets through newly incorporated subsidiaries.

Key Growth Triggers

  1. Strategic international expansion into Nigeria and Zambia via step-down subsidiaries, aiming to leverage the growth potential of African telecom markets.
  2. Focus on building and operating telecom infrastructure in new geographies.
  3. Previous strategic mentions of AI/automation for efficiency and 5G deployment in India remain relevant underlying growth drivers.

Order Book

No specific order book figures were mentioned in the current announcement.

Key Red Flags

  1. Recent Q2 FY26 financial reports noted auditor concerns regarding a major customer's financial health and potential impact on receivables.
  2. Past financial performance included a decline in net profit in some quarters despite revenue growth, alongside EBITDA margin contraction.

Key Dates To Watch

  1. The company's Q3 FY26 financial results announcement is anticipated following the trading window closure on January 1, 2026.

Corporate Announcements

30th Mar 26
Impact Rating: 7
Indus Towers COO Tejinder Singh Kalra retires on August 31, 2026. Venkatesh Tiwari, with 28 years of experience, will take over as COO from April 1, 2026.
24th Mar 26
Impact Rating: 7
Indus Towers Limited will close its trading window from March 31, 2026, until 48 hours post the announcement of its audited Q4 and FY26 financial results, adhering to SEBI norms for insider trading prevention.
17th Mar 26
Impact Rating: 5
Indus Towers Limited will host a virtual group call for analysts and institutional investors on Friday, March 20, 2026, between 2:00 PM and 3:00 PM IST.
10th Mar 26
Impact Rating: 6
Following a selection process, Indus Towers Limited's Board approved S.R. Batliboi & Associates LLP as the new statutory auditors. They will take over from Deloitte Haskins & Sells LLP upon completion of the 21st AGM in 2027.
20th Feb 26
Impact Rating: -
No description available.