Indus Towers Ltd

₹ 428 -0.83%

07 Jan 3:24 p.m.

🔗 Website | BSE: 534816 | NSE: INDUSTOWER

Market Cap1,13,032

Current Price428

High / Low446

Stock P/E12.1

Book Value137

Dividend Yield0.00

ROCE29.0

ROE32.4

ABOUT

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

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

Strategic international expansion into Nigeria and Zambia via step-down subsidiaries, aiming to leverage the growth potential of African telecom markets.
Focus on building and operating telecom infrastructure in new geographies.
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

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

Key Dates To Watch

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

Peer Comparison

S.No.	Name	Current Price (Rs.)	Price to Earning	Market 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 value	Return on assets (%)	Debt to equity
1.	Indus Towers	428.45	12.06	113032.08	0.00	1836.60	-17.36	8188.20	9.68	28.96	31520.30	64.05	9344.50	1836.60	3.12	16.23	0.58
2.	Altius Telecom	150.00	51.16	45711.00	5.74	280.00	33.08	6080.20	51.15	8.17	24113.40	41.32	893.50	280.00	3.44	1.30	3.88
3.	HFCL	69.44	381.78	10628.41	0.14	71.92	-8.16	1043.34	-4.60	7.55	3727.03	8.94	27.84	67.86	2.43	2.47	0.38
4.	Pace Digitek	195.05	17.75	4210.16	0.00	67.87	-32.70	533.45	-36.96	41.31	2438.78	19.89	268.20	64.08		11.41	0.12
5.	Bondada Engineer	358.50	24.04	4000.63	0.03	92.56	147.65	1216.67	153.16	39.50	2307.45	11.45	166.22	89.75	6.94	13.40	0.41
6.	Vindhya Telelink	1392.00	6.18	1649.51	1.14	59.12	142.69	959.83	0.75	7.64	4135.69	6.91	266.77	59.12	0.40	2.79	0.33
7.	GTL Infra.	1.19		1524.28	0.00	-193.47	9.61	356.49	5.98		1366.51	24.12	-884.93	-193.47		-20.85

Quarterly Results

Figures in Cr.

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	6,765	7,199	7,547	7,076	7,383	8,058	6,753	7,193	7,727	7,967	7,132	7,465	8,188
YOY Sales Growth %	-2.32%	6.42%	4.84%	2.59%	4.34%	9.14%	-5.04%	6.52%	7.42%	15.87%	-10.47%	4.67%	9.68%
Expenses	5,602	3,615	593	3,596	2,879	3,712	3,321	3,122	3,407	5,155	3,711	2,603	3,620
Material Cost %	0%	0%	0%	0%	0%	0.02%	0%	0%	0.05%	0%	0%	0%	0.01%
Employee Cost %	2.96%	2.76%	2.87%	2.61%	2.67%	2.65%	2.89%	2.82%	2.85%	2.46%	2.74%	2.78%	2.5%
Operating Profit	1,163	3,584	6,954	3,480	4,504	4,346	3,432	4,071	4,320	2,812	3,422	4,862	4,568
OPM %	17%	50%	92%	49%	61%	54%	51%	57%	56%	35%	48%	65%	56%
Other Income	-403	99	84	56	56	85	116	108	92	63	97	114	83
Exceptional items	-493	0	0	0	0	0	0	0	0	0	0	0	0
Other income normal	90	99	84	56	56	85	116	108	92	63	97	114	83
Interest	354	11	255	352	408	396	336	127	360	392	246	418	376
Depreciation	1,357	1,595	1,568	1,372	1,560	1,704	1,320	1,564	1,692	1,306	1,525	1,580	1,800
Profit before tax	-952	2,077	5,216	1,813	2,592	2,331	1,893	2,489	2,360	1,176	1,747	2,979	2,475
Tax %	-26%	26%	23%	26%	26%	26%	26%	26%	25%	26%	26%	25%	26%
Net Profit	-708	1,541	3,997	1,351	1,926	1,734	1,399	1,853	1,776	873	1,295	2,222	1,837
EPS in Rs	-2.63	5.72	15.15	5.01	7.15	6.57	5.19	6.88	6.73	3.24	4.81	8.42	6.96

Profit & Loss

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4,999	5,389	5,558	6,085	6,618	6,822	6,738	13,951	27,708	28,382	28,601	30,123	31,520
Sales Growth %	—	—	—	—	—	—	—	—	—	—	—	—	—
Expenses	2,922	2,995	3,070	3,260	3,462	3,708	3,181	6,773	12,820	18,713	14,044	9,482	11,332
Material Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Raw material cost	—	—	—	—	—	—	—	—	—	—	—	—	—
Change in inventory	—	—	—	—	—	—	—	—	—	—	—	—	—
Manufacturing Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Employee Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating Profit	2,077	2,394	2,488	2,825	3,156	3,114	3,557	7,178	14,888	9,669	14,557	20,641	20,188
OPM %	42%	44%	45%	46%	48%	46%	53%	51%	54%	34%	51%	69%	64%
Other Income	530	1,995	572	1,716	1,297	1,668	466	816	458	85	1,490	764	344
Exceptional items	—	—	—	—	—	—	—	—	—	—	—	—	—
Other income normal	—	—	—	—	—	—	—	—	—	—	—	—	—
Interest	9	-6	33	39	46	53	333	835	1,602	1,670	1,864	1,858	1,387
Depreciation	1,101	1,122	1,155	1,166	1,180	1,064	1,277	2,843	5,320	5,322	6,056	6,400	6,764
Profit before tax	1,497	3,274	1,872	3,336	3,227	3,665	2,412	4,316	8,424	2,762	8,127	13,147	12,381
Tax %	27%	17%	29%	19%	25%	24%	28%	23%	24%	26%	26%	25%	—
Net Profit	1,090	2,725	1,327	2,705	2,414	2,779	1,747	3,338	6,367	2,043	6,041	9,922	9,344
Exceptional items AT	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit excl Excep	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit for PE	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit for EPS	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS in Rs	5.77	14.39	7	14.62	13.05	15.02	9.44	12.39	23.63	7.58	22.42	37.61	35.41
Dividend Payout %	76%	76%	43%	109%	107%	100%	111%	162%	47%	0%	0%	0%	—

Balance Sheet

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	1,889	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	15,859	16,070	17,033	14,388	15,876	13,815	12,031	13,202	19,481	18,440	24,379	29,899	33,503
Borrowings	0	0	0	278	0	6	4,608	21,560	19,726	19,185	20,531	21,156	20,948
Long term Borrowings	0	0	0	0	0	0	0	1,505	2,374	2,434	1,504	153	0
Short term Borrowings	0	0	0	278	0	6	2,418	6,659	3,113	2,279	2,807	2,109	1,481
Lease Liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Borrowings	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Liabilities	4,600	4,258	2,252	4,947	2,479	2,414	1,583	7,490	6,087	6,276	8,296	9,518	10,152
Trade Payables	146	102	64	1,121	1,100	1,083	806	3,258	2,125	2,120	2,278	2,446	2,556
Advance from Customers	—	—	—	—	—	—	—	—	—	—	—	—	—
Other liability items	4,454	4,156	2,188	3,826	1,379	1,331	777	4,232	3,962	4,156	6,018	7,071	7,596
Total Liabilities	22,348	22,222	21,182	21,463	20,204	18,084	20,072	44,947	47,988	46,595	55,901	63,210	67,241
Fixed Assets	6,686	6,470	6,063	5,791	5,589	5,325	6,679	31,770	31,814	32,373	39,294	44,375	46,907
Land	0.5	0.5	0.2	0.2	0.2	0.2	0.2	0.4	0.4	0.4	0.4	0.4	—
Building	26.6	26.5	27.6	32.2	34.1	35	35.7	119.4	111.2	111.4	111.8	116.1	—
Plant Machinery	12,139.9	12,683.5	12,764.1	13,403.4	14,069.2	14,591.3	15,064.1	55,890	56,786.7	58,751.3	66,315.6	72,253.7	—
Equipments	12.9	17.1	19.6	21.8	22.7	23.4	25.4	78.5	72.9	78	89.1	99.1	—
Furniture & fittings	—	—	—	—	—	—	—	—	—	—	—	—	—
Vehicles	0.6	0.6	0.8	0.8	0.6	0.7	0.2	0	0	0	18.6	55.6	—
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	39.4
Other fixed assets	25.3	37.2	41.2	50.5	52.5	53.6	2,197.5	10,472.5	11,246.3	11,521.8	12,916.5	15,255.8	—
Gross Block	12,275.9	12,835.2	12,926.7	13,597.3	14,271.4	14,799.2	17,415.5	66,747.7	68,406.2	70,663.2	79,598.8	87,956.2	—
Accumulated Depreciation	5,590.4	6,365.1	6,863.6	7,805.9	8,682.3	9,474.3	10,736.2	34,977.6	36,592	38,290.3	40,305.3	43,581.1	—
CWIP	52	68	70	58	100	104	53	271	177	354	422	567	623
Investments	13,043	11,924	10,486	11,666	12,830	10,842	11,492	2,286	1,667	291	23	1,506	2,949
Other Assets	2,568	3,759	4,562	3,947	1,685	1,813	1,847	10,619	14,330	13,577	16,163	16,762	16,762
Inventories	0	0	0	0	0	0	0	0	0	0	0	8	20
Trade receivables	277	339	196	300	274	545	367	3,828	7,058	4,869	6,451	4,768	4,851
Receivables under 6m	282	310	321	422	405	545	456	3,620	7,101	8,977	9,891	4,859	—
Receivables over 6m	128	149	0	0	0	0	0	693	324	1,567	2,159	374	—
Prow for Doubtful	—	—	—	—	—	—	—	—	—	—	—	—	—
Cash Equivalents	47	888	3,155	2,249	31	2	147	13	980	22	58	1,855	1,528
Loans & Advances	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Assets items	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Assets	22,348	22,222	21,182	21,463	20,204	18,084	20,072	44,947	47,988	46,595	55,901	63,210	67,241

Cash Flows

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1,816	1,721	1,980	1,915	2,471	2,042	2,305	7,477	9,112	7,907	11,583	19,638
Profit from operations	1,968	2,343	2,496	2,813	3,163	3,109	3,398	6,916	14,410	14,529	14,497	15,071
Receivables	-78	-49	133	-32	8	-253	-193	2,424	-3,098	-3,119	-1,505	6,770
Inventory	0	0	0	0	0	0	0	0	0	0	0	-8
Payables	-23	-44	-41	105	-17	-6	-126	8	-1,054	-41	187	228
Loans Advances	104	-73	-187	0	0	0	0	0	0	0	0	0
Other WC items	15	64	272	-174	125	3	-229	-791	767	-1,243	275	-549
Working capital changes	18	-102	177	-102	116	-256	-548	1,641	-3,385	-4,403	-1,044	6,442
Direct taxes	-171	-502	-693	-796	-809	-811	-545	-1,080	-1,913	-2,219	-1,870	-1,874
Cash from Investing Activity	-1,114	1,076	1,476	718	-855	2,718	-1,009	1,804	-2,182	-1,739	-7,565	-10,925
Fixed assets purchased	-770	-1,076	-976	-1,008	-1,063	-948	-829	-2,117	-3,288	-3,622	-8,953	-6,784
Fixed assets sold	99	136	107	103	124	126	101	167	415	454	506	527
Investments purchased	-10,198	-8,636	-416	-19,359	-7,585	-7,495	-8,016	-9,833	-10,554	-19,504	-15,765	-33,608
Investments sold	6,891	9,017	3,115	18,565	6,134	9,728	7,354	13,127	11,193	20,886	16,039	30,500
Interest received	119	9	197	166	397	140	85	39	58	58	626	284
Redeemp Cnce of Shares	—	—	—	—	—	—	—	—	—	—	—	—
Acquisition of companies	0	0	0	0	0	0	-9	-3	0	0	0	0
Other investing items	2,435	-62	-549	1,300	150	58	305	5	-6	-11	-14	-1,844
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
Redemption of debentures	—	—	—	—	—	—	—	—	—	—	—	—
Proceeds from borrowings	0	0	0	0	0	400	2,385	14,964	16,242	12,932	8,556	6,258
Repayment of borrowings	0	0	0	0	0	-400	0	-13,332	-18,914	-13,698	-8,958	-8,309
Interest paid fin	-1	-1	0	0	-2	-2	-130	-145	-442	-367	-407	-276
Dividends paid	-567	-1,682	-1,233	-555	-2,959	-3,977	-2,571	-5,986	0	-2,964	0	0
Financial liabilities	0	0	0	0	0	0	-335	-1,116	-2,850	-3,028	-3,173	-3,547
Other financing items	-96	-1,203	-251	-2,116	-595	-818	-528	-3,765	0	0	0	-2,749
Net Cash Flow	44	-41	2,003	-38	-1,940	-36	117	-99	967	-958	36	91

Ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	20	23	13	18	15	29	20	100	93	63	82	58
Inventory Days	—	—	—	—	—	—	—	—	—	—	—	—
Days Payable	—	—	—	—	—	—	—	—	—	—	—	—
Cash Conversion Cycle	20	23	13	18	15	29	20	100	93	63	82	58
Working Capital Days	-127	-137	-39	-194	-39	-24	-148	-173	11	3	4	-2
ROCE %	8%	17%	8%	16%	20%	20%	14%	18%	25%	11%	22%	29%

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	68.99%	68.99%	68.99%	68.99%	68.99%	68.99%	52.01%	53.01%	50%	50%	50%	51.03%
AMP Energy Green Three Private Limited	—	—	—	—	—	—	—	—	—	—	0	0
AMP Solar Evolution Private Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel (M) Telesonic Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel (M) Telesonic Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel (Seychelles) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel (Seychelles) Telesonic Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Africa (Mauritius) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Africa PLC	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Africa Services (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Africa Telesonic Holdings Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Africa Telesonic Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Congo RDC S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Congo RDC Telesonic S_A_U_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Congo S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Congo Telesonic Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel DRC Telesonic Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Gabon S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Gabon Telesonic Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Gabon Telesonic S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel International LLP	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Kenya Telesonic Holdings (UK) Ltd	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Kenya Telesonic Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Madagascar S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Madagascar Telesonic Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Malawi PLC	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce (Kenya) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce (Seychelles) B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce (Seychelles) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce (Tanzania) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Congo B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce DRC B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Gabon B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Kenya B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Madagascar B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Madagascar S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Malawi B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Niger B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Nigeria B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Nigeria Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Rwanda B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Rwanda Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Services Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Tanzania B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Tchad B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Tchad S_A	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Uganda B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Uganda Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Zambia B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Commerce Zambia Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Mobile Management Services FZ-LLC	—	—	—	—	—	—	—	—	—	—	—	0
Airtel Money Kenya Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Money Limited	—	—	—	—	—	—	—	—	—	—	—	0
Airtel Money Niger S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Money RDC S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Money S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Money Tanzania Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Money Transfer Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Money Trust Fund	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Networks Kenya Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Networks Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Networks Zambia PLC	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Niger Telesonic Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Nigeria Telesonic Holdings (UK) Ltd	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Nigeria Telesonic Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Payment Bank limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Rwanda Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Rwanda Telesonic Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Rwanda Telesonic Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Seychelles Telesonic Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Tanzania PLC	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Tanzania Telesonic Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Tchad S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Tchad Telesonic Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Telesonic Uganda Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Uganda Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Uganda Telesonic Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Zambia Telesonic Holdings (UK) Ltd	—	—	—	—	—	—	—	—	—	—	0	0
Airtel Zambia Telesonic Limited	—	—	—	—	—	—	—	—	—	—	0	0
Al-Amin Investments Ltd	1.55	1.55	1.55	1.55	1.55	1.55	0	0	0	0	—	—
Asian Telecommunication Investments (Mauritius) Ltd	1.86	1.86	1.86	1.86	1.86	1.86	0	0	0	0	—	—
AxEnTec PLC	—	—	—	—	—	—	—	—	—	—	0	0
Beetel Teletech Limited	—	—	—	—	—	—	—	—	—	—	0	0
Beetel Teletech Singapore Private Limited	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel (France) SAS	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel (Hong Kong) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel (USA) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Africa B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Chad Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Congo Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Developers Forum Limited	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Gabon Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Ghana Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Holding (Mauritius) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel International (Netherlands) B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Kenya B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Limited	24.94	47.95	47.95	47.95	47.95	47.95	48.95	50	50	50	50	51.03
Bharti Airtel Madagascar Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Malawi Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Mali Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Niger Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Nigeria B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Overseas (Mauritius) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel RDC Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Rwanda Holdings Limited	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Services B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Services Limited	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Tanzania B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Uganda Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Airtel Zambia Holdings B_V_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Hexacom Limited	—	—	—	—	—	—	—	—	—	—	0	0
Bharti International (Singapore) Pte_ Ltd_	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Telecom Limited	—	—	—	—	—	—	—	—	—	—	0	0
Bharti Telemedia Limited	—	—	—	—	—	—	—	—	—	—	0	0
Ccii (Mauritius) Inc	0.85	0.85	0.85	0.85	0.85	0.85	0	0	0	0	—	—
Celtel (Mauritius) Holdings Limited	—	—	—	—	—	—	—	—	—	—	0	0
Celtel Niger S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Channel Sea Management Company (Mauritius) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Congo RDC Towers S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Dixon Electro Appliance Private Limited	—	—	—	—	—	—	—	—	—	—	0	0
Euro Pacific Securities Ltd	0.51	0.51	0.51	0.51	0.51	0.51	0	0	0	0	—	—
Gabon Towers S_A_	—	—	—	—	—	—	—	—	—	—	0	0
HCIL Comtel Private Limited	—	—	—	—	—	—	—	—	—	—	0	0
Hughes Communications India Private Limited	—	—	—	—	—	—	—	—	—	—	0	0
Hughes Global Education India Private Limited	—	—	—	—	—	—	—	—	—	—	0	0
Indian Ocean Telecom Limited	—	—	—	—	—	—	—	—	—	—	0	0
Indo Teleports Limited	—	—	—	—	—	—	—	—	—	—	0	0
Lavelle Network Private Limited	—	—	—	—	—	—	—	—	—	—	0	0
Mawezi RDC S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Millicom Ghana Company Limited	—	—	—	—	—	—	—	—	—	—	0	0
Mobile Commerce Congo S_A_	—	—	—	—	—	—	—	—	—	—	0	0
Mobilvest	3.19	3.19	3.19	3.19	3.19	3.19	0	0	0	0	—	—
Montana International	—	—	—	—	—	—	—	—	—	—	0	0
Nettle Infrastructure Investments Limited	23.01	—	—	—	—	—	—	—	—	—	—	—
Network i2i (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Network i2i Limited	—	—	—	—	—	—	—	—	—	—	0	0
Nxtra Africa Data (Kenya) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Nxtra Africa Data (Kenya) SEZ Limited	—	—	—	—	—	—	—	—	—	—	0	0
Nxtra Africa Data (Nigeria) FZE	—	—	—	—	—	—	—	—	—	—	0	0
Nxtra Africa Data (Nigeria) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Nxtra Africa Data Holdings Limited	—	—	—	—	—	—	—	—	—	—	0	0
Nxtra Africa Data RDC SA	—	—	—	—	—	—	—	—	—	—	—	0
Nxtra Congo Data Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Nxtra DRC Data Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Nxtra Data Limited	—	—	—	—	—	—	—	—	—	—	0	0
Nxtra Gabon Data Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Nxtra Kenya Data Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Nxtra Nigeria Data Holdings (UK) Limited	—	—	—	—	—	—	—	—	—	—	0	0
Omega Telecom Holdings Pvt Limited	2.31	2.31	2.31	2.31	2.31	2.31	2.31	2.26	0	0	—	—
One Web India Communication Private Limited	—	—	—	—	—	—	—	—	—	—	0	0
Partnership Investments Sarlu	—	—	—	—	—	—	—	—	—	—	0	0
Prime Metals Ltd	4.16	4.16	4.16	4.16	4.16	4.16	0	0	0	0	—	—
RedDot Digital Limited	—	—	—	—	—	—	—	—	—	—	0	0
Robi Axiata PLC (Formerly Known as Robi Axiata Limited)	—	—	—	—	—	—	—	—	—	—	0	0
Rventures PLC	—	—	—	—	—	—	—	—	—	—	0	0
Seychelles Cable Systems Company Limited	—	—	—	—	—	—	—	—	—	—	0	0
SmartPay Limited	—	—	—	—	—	—	—	—	—	—	0	0
SmartX Services Limited	—	—	—	—	—	—	—	—	—	—	0	0
Smartcash Payment Service Bank Limited	—	—	—	—	—	—	—	—	—	—	0	0
The Registered Trustees of Airtel Money Trust Fund	—	—	—	—	—	—	—	—	—	—	0	0
Trans Crystal Ltd	2.78	2.78	2.78	2.78	2.78	2.78	0	0	0	0	—	—
Usha Martin Telematics Limited	0.75	0.75	0.75	0.75	0.75	0.75	0.75	0.74	0	0	—	—
Vodafone Telecommunications (India) Ltd	3.09	3.09	3.09	3.09	3.09	3.09	0	0	0	0	—	—
Xtelify Limited	—	—	—	—	—	—	—	—	—	—	—	0
Xtelify Limited (formerly Known as Airtel	—	—	—	—	—	—	—	—	—	—	0	—
FIIs	26.6%	26.62%	23.94%	21.41%	20.71%	16.4%	23.15%	24.19%	26.15%	26.42%	27.51%	26.21%
Artisan International Value Fund	2.58	2.58	2.69	2.64	1.71	—	—	—	—	—	—	—
Canada Pension Plan Investment Board	2.17	2.17	2.18	2.19	2.19	—	—	—	—	—	—	—
Government Pension Fund Global	—	—	—	—	—	—	1.46	1.11	1.05	1.24	1.18	—
Silverview Portfolio Investments Pte_ Ltd_	4.85	4.85	4.85	4.85	4.85	—	—	—	—	—	—	—
DIIs	2.87%	2.47%	4.51%	6.69%	7.08%	9.9%	16.97%	16.99%	17.79%	18.41%	18.16%	18.24%
Dsp Dynamic Asset Allocation Fund	—	—	—	—	—	—	—	1.11	—	—	—	—
Dsp Multi Asset Allocation Fund	—	—	—	—	—	—	—	—	—	1.21	—	1.08
Dsp Regular Savings Fund	—	—	—	—	—	1.45	1.36	—	1.08	—	—	—
Kotak Esg Exclusionary Strategy	—	—	—	—	—	—	—	—	—	—	—	1.52
Kotak Mahindra Trustee Co Ltd A/C	—	—	—	—	—	—	—	—	1.4	—	1.52	—
Kotak Mahindra Trustee Co Ltd A/C Kotak Technology	—	—	—	—	—	—	—	—	—	1.58	—	—
Life Insurance Corporation Of India	2.03	2.03	2.14	2.52	2.52	2.52	2.36	2.1	2.1	2.1	1.85	1.61
Mirae Asset Balanced Advantage Fund	—	—	—	—	—	—	—	—	—	1.06	—	—
Mirae Asset Elss Tax Saver Fund	—	—	—	—	—	—	1.47	—	1.28	—	—	—
Mirae Asset Equity Savings Fund	—	—	—	—	—	—	—	1.33	—	—	—	—
Mirae Asset Large Cap Fund	—	—	—	—	—	—	—	—	—	—	—	1.65
Nippon Life India Trustee Ltd-A/C Nippon India Gro	—	—	—	—	—	1	1.29	1.47	1.44	1.06	—	—
Sbi Arbitrage Opportunities Fund	—	—	—	—	—	—	2.45	3.58	—	3.73	3.81	3.28
Sbi Infrastructure Fund	—	—	—	—	—	—	—	—	3.76	—	—	—
Government	—	—	—	—	—	—	—	—	—	—	—	—
Public	1.5%	1.89%	2.53%	2.9%	3.18%	4.68%	7.82%	5.81%	6.01%	5.12%	4.28%	4.47%
Others	0.01%	0.03%	0.02%	0.01%	0.04%	0.04%	0.03%	0.01%	0.04%	0.03%	0.03%	0.04%
No. of Shareholders	2,30,242	2,58,997	2,71,679	2,64,674	2,67,108	3,10,694	4,06,689	4,25,876	4,41,036	4,21,427	3,66,757	3,80,788

News & Updates

BSE Announcements

Direct from BSE filings, AI summarised

Indus Towers Expands Internationally by Incorporating Subsidiaries in Nigeria and Zambia

16 Jan 2026

Indus Towers Files SEBI Compliance Certificate for Q3 FY26

14 Jan 2026

Indus Towers: ESG Rating Improves to 70 for FY25 by NSE Sustainability

8 Jan 2026

Indus Towers Limited Clarifies Share Volume Surge, Cites Market Forces and Regulatory Compliance

2 Jan 2026

Indus Towers Announces Trading Window Closure Ahead of Q3 FY26 Results

26 Dec 2025

Other Websites

External media mentions

Indus Towers Plants Flag in Africa, Establishes Nigeria & Zambia Subsidiaries

16 Jan 2026

Infra, Defence, Solar Firms Bag Major Orders as Stocks Rally

16 Jan 2026

India Telcos Eye Steady Q3 Amid Subscriber Growth; Tariff Hikes Loom by FY26

12 Jan 2026

Indian Markets Plunge: ₹15 Lakh Crore Wiped Out in Four-Month Worst Week

9 Jan 2026

Indus Towers Surges 6% to 16-Month Peak on Vodafone Idea Debt Relief

9 Jan 2026

News Articles

Editorial & research coverage

Indus Towers Plants Flag in Africa, Establishes Nigeria & Zambia Subsidiaries

16 Jan 2026

India Telcos Eye Steady Q3 Amid Subscriber Growth; Tariff Hikes Loom by FY26

12 Jan 2026

Citi: 2026 Telecom Turning Point For Jio, Airtel; Vi Faces Survival Test

6 Jan 2026

Telco ARPU Set for Modest Q3 Rise; Jio, Airtel Lead Growth Amidst VIL Decline

5 Jan 2026

Vodafone Idea & Indus Towers Skyrocket: 52-Week Highs Hit as Stocks Outperform Market Heavily!

31 Dec 2025

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

FY Financial Year 2025

(from bse)

FY Financial Year 2024

(from bse)

FY Financial Year 2023

(from bse)

FY Financial Year 2022

(from bse)

FY Financial Year 2021

(from bse)

FY Financial Year 2020

(from bse)

FY Financial Year 2019

(from bse)

FY Financial Year 2018

(from bse)

FY Financial Year 2017

(from bse)

FY Financial Year 2016

(from bse)

FY Financial Year 2015

(from bse)

FY Financial Year 2014

(from bse)

FY 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

Transcript Audio

Jul 2025

Transcript Audio

May 2025

Transcript PPT

Jan 2025

Transcript Audio

Oct 2024

Transcript PPT

Aug 2024

Transcript

May 2024

Transcript

Jan 2024

Transcript

Nov 2023

Transcript

Aug 2023

Transcript PPT

May 2023

Transcript

Feb 2023

Transcript

Nov 2022

Transcript

Aug 2022

Transcript PPT

May 2022

Transcript

Sep 2021

Transcript

Aug 2021

PPT

Apr 2021

Transcript

Feb 2019

PPT

Feb 2019

PPT

Jan 2019

PPT

Dec 2018

PPT

Sep 2018

PPT

Sep 2018

PPT

Aug 2018

PPT

Jun 2018

PPT

May 2018

PPT

Feb 2018

PPT

Nov 2017

PPT

Nov 2017

PPT

Nov 2017

PPT

Sep 2017

PPT

Sep 2017

PPT

Sep 2017

PPT

Jun 2017

PPT

Jun 2017

PPT

Mar 2017

PPT

Feb 2017

PPT

Nov 2016

PPT

Nov 2016

PPT

Nov 2016

PPT

Sep 2016

PPT

Sep 2016

PPT

May 2016

PPT

Indus Towers Ltd

ABOUT

Stock Analysis

Description

Key Growth Triggers

Order Book

Key Red Flags

Key Dates To Watch

Peer Comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

News & Updates

BSE Announcements

Other Websites

News Articles

Documents

Announcements

Annual Reports

Credit Ratings

Concalls