Q4 Performance vs. Full-Year Slump, Dividend Decision
Indus Towers' fourth quarter of FY26 showed a largely flat net profit of ₹1,793 crore, a small increase from the previous year. Revenue grew a healthier 5% year-on-year to ₹8,101 crore, with EBITDA rising 1.6% to ₹4,464 crore. However, these quarterly results masked a significantly weaker full-year performance. For the entire fiscal year 2026, consolidated revenue grew 7.9% to ₹32,493 crore, but net profit plummeted 28.1% to ₹7,145 crore. EBITDA also contracted 13.8% from the prior year to ₹17,976 crore. This profit decline was accompanied by falling return metrics, with pre-tax Return on Equity dropping from 44.2% to 26.6% and post-tax ROE falling from 33.4% to 19.8%. The board's recommended final dividend of ₹14 per share for FY26 prompts questions: is this a sign of management's confidence in future earnings recovery, or a capital allocation that strains profits amid ongoing challenges?
