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Indus Towers

INDUSTOWER NSE
₹387.00 No trade today
P/E
14.27
View as Markdown
MCP
Close 4 Nov 2026 ₹387.00 −11.30 −2.84% 1Y
Start ₹398.30

Key Fundamentals

MidcapTelecom - ServicesTelecom

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
19.50%
Debt to Equity
0.53
EPS (TTM)
₹27.12
Book Value
₹149.59
Market Cap
—
P/E (TTM)
14.27
P/B
2.59
ROE
18.60%
Dividend Yield
3.59%
EBITDA
₹18,632 Cr
52W High
₹481.50
52W Low
₹355.55
Volume
0

Tapetide Score

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

Overall score

59 Good

Data confidence 100/100

Category scores

Quality
81
Strong
Returns, margins, earnings quality 22% weight
Valuation
67
Strong
Cheap vs sector & own history 24% weight
Growth
46
Average
Sales & profit trajectory 9% weight
Financial Health
55
Good
Solvency, leverage, coverage 9% weight
Momentum
46
Average
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Stock is providing a good dividend yield of 3.66%.

Weaknesses

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish379
OscillatorsBullish072
Moving AveragesStrong Bullish307

Key readings

RSI (14)
53.94
Neutral
MACD (12,26,9)
1.71
Bullish
SMA (50)
379.24
Bullish
SMA (200)
409.16
Bearish

As of

Analyst Rating

Based on 23 analysts
BUY48%

11 of 23 analysts rate Buy, 6 Hold, 6 Sell.

As of

BUY
11
48%
HOLD
6
26%
SELL
6
26%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+19.31%
5Y+18.42%
3Y+4.61%
1Y+7.87%
TTM+6.72%

Net profit

Net profit growth by window
10Y+12.26%
5Y+13.59%
3Y+51.86%
1Y−28.06%
TTM−26.57%

Operating cash flow

Operating cash flow growth by window
10Y+23.42%
5Y+15.96%
3Y+25.66%
1Y−20.16%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+10.06 pp
5Y+3.37 pp
3Y+20.75 pp
1Y−13.73 pp
TTM−12.32 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹6,085 Cr
Mar 2018₹6,621 Cr
Mar 2019₹6,826 Cr
Mar 2020₹6,743 Cr
Mar 2021₹13,954 Cr
Mar 2022₹27,717 Cr
Mar 2023₹28,382 Cr
Mar 2024₹28,601 Cr
Mar 2025₹30,123 Cr
Mar 2026₹32,493 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹2,747 Cr
Mar 2018₹2,494 Cr
Mar 2019₹2,494 Cr
Mar 2020₹3,299 Cr
Mar 2021₹3,779 Cr
Mar 2022₹6,373 Cr
Mar 2023₹2,040 Cr
Mar 2024₹6,036 Cr
Mar 2025₹9,932 Cr
Mar 2026₹7,145 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹4,639 Cr −1.2% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Indus Towers Ltd trades at ₹390 as of 2026-11-03 with a market cap of ₹1,01,965 Cr and a PE of 14.38x. The company offers a 3.66% dividend yield and maintains an ROE of 18.02%, but faces a TTM profit decline of -27% and a significant drop in promoter holding of 17.7 percentage points over three years.

Bull Case 8
  • Attractive dividend yield of 3.66% provides meaningful income return, well above the broader market average for large-caps in India
  • PE ratio of 14.38x on a TTM basis is relatively undemanding for a telecom infrastructure company with steady recurring revenues
  • Strong long-term profit compounding at 13% CAGR over 10 years demonstrates durable earnings power through multiple industry cycles
  • Robust 3-year profit CAGR of 47% reflects a sharp earnings recovery phase, indicating significant operational leverage in the business model
  • Healthy ROE averaging 23% over 5 years and 21% over 10 years shows consistent ability to generate returns on shareholder equity above cost of capital
  • Manageable debt-to-equity ratio of 0.53x suggests a conservatively financed balance sheet for a capital-intensive tower business
  • Compounded sales growth of 19% over 10 years and 18% over 5 years indicates sustained top-line expansion driven by rising data demand and tenancy additions
  • 3-year stock CAGR of 28% reflects strong re-rating by the market, potentially driven by improving fundamentals and industry consolidation tailwinds
Bear Case 8
  • TTM profit growth has turned sharply negative at -27%, signalling a potential earnings deterioration or one-off headwinds that may persist
  • Promoter holding has declined by 17.7 percentage points over the last 3 years, raising concerns about promoter commitment and potential overhang from further stake sales
  • Stock is trading 19% below its 52-week high of ₹481.50, indicating weakening momentum and possible de-rating by the market
  • TTM sales growth has slowed to 7% compared to the 5-year CAGR of 18%, suggesting a deceleration in revenue momentum
  • Last year ROE of 19% has declined from the 3-year average of 25%, pointing to compressing return efficiency despite stable leverage
  • 10-year stock CAGR of just 1% indicates that long-term shareholders have seen negligible capital appreciation, with most returns being recent
  • Price-to-book ratio of 2.61x implies the market is pricing in growth expectations that may be at risk if the TTM profit decline continues
  • ROCE of 18.44% while healthy in isolation needs to be viewed against the capital-intensive nature of the tower business where reinvestment needs are continuous

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

AI News Digest

9h ago

TL;DR: Indus Towers delivers solid operational growth with a 5.6% YoY tower base expansion and a meaningful start to Africa revenue in Zambia and Uganda. However, margin compression, declining returns on equity and capital, and elevated capex are pressuring profitability despite top-line gains. The prior-year provision write-back flatters the YoY profit comparison, masking underlying 6.4% adjusted PAT growth. The trend hinges on whether Africa scaling and tenancy ratio improvements can offset capex drag and tepid rental revenue growth in coming quarters.

Headwinds 2
  • Q2 profit drops, margins compress Oct 27

    Q2FY27 net profit fell 2.5% YoY to ₹1,793 crore. EBITDA margin narrowed 190 bps to 54.4%, ROE before tax dropped to 25.3% from 38.4%, and ROCE fell to 19.1% from 26.3%.

  • Rental revenue growth tepid Oct 27

    Rental revenue grew only 3.8% YoY, weighed down by a 1.6% YoY decline in average revenue per tower (ARPT).

Positives 3
  • Africa revenue generation begins Oct 29

    Indus Towers commenced revenue generation from towers deployed in Zambia and Uganda in Q2FY27, with Nigeria deployment planned for the current quarter. Airtel is the primary anchor customer.

  • Strong tower and tenancy additions Oct 29

    Tower base grew 5.6% YoY to 270,480 with 2,869 towers added in Q2. Co-locations rose 5.9% YoY to 440,153 with 7,903 quarterly additions, lifting tenancy ratio to 1.63.

  • Revenue grows 4% YoY Oct 27

    Q2FY27 revenue from operations rose 4% YoY to ₹8,516 crore. Adjusting for a ₹195 crore prior-year provision write-back, PAT grew 6.4% and EBITDA grew 5.2% YoY.

Neutral 2
  • Analyst meeting at CLSA forum Nov 4

    Indus Towers will attend an investor forum on November 16, 2026 in an in-person group meeting format, disclosed under SEBI LODR Regulation 30.

  • Q2 earnings call recording shared Nov 2

    Company shared its Q2FY27 earnings call recording, covering the reported financials including ₹17,928 million net profit and 4% YoY revenue growth.

Quarterly Results

₹ Cr
INDUSTOWER quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
8,516
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
106
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
1,944
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
2,411
Tax %
26%
26%
26%
26%
26%
25%
23%
25%
26%
26%
27%
24%
26%
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
1,793
EPS (₹)
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
—

Sep 2026: from the results filed on 27 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
INDUSTOWER profit and loss, annual, ₹ crore
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
346
818
513
Interest
290
33
39
46
53
335
836
1,603
1,670
1,864
1,440
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 (₹)
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%
—

Balance Sheet

₹ Cr
INDUSTOWER balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
INDUSTOWER cash flow, annual, ₹ crore
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/EBITDA
97
105
130
136
128
80
119
74
105
92
104
99

Ratios

INDUSTOWER financial ratios, annual
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

Log in to view Indus Towers insights

62 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.26%
  • DIIs 22.97%
  • FIIs 21.72%
  • Public 2.62%
  • Others 1.43%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Indus Towers Ltd?
Indus Towers Ltd trades at a PE ratio of 14.27 as of 4 Nov 2026, on earnings per share of ₹27.12, against a book value of ₹149.59 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 ₹355.55 and ₹481.5 as of 4 Nov 2026.
Does Indus Towers Ltd pay dividends?
Indus Towers Ltd has a dividend yield of 3.59%.
What is the Return on Equity (ROE) of Indus Towers Ltd?
Indus Towers Ltd reported a return on equity of 18.60%. 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.

Website industowers.com
CEO Mr. Prachur Sah
Employees 3,791
Listed 28 Dec 2012
Face Value ₹10

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