Indus Towers logo

Indus Towers

INDUSTOWER NSE

Key Fundamentals

MidcapTelecom InfrastructureTelecom
Market Cap
1.0L Cr
Volatility
Moderate
P/E Ratio
14.31
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 3.61%.

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

Anthropic anthropic claude-opus-4.6 3h ago
AI opinion · based on fundamentals
Risk medium

Indus Towers Ltd, with a market cap of ₹1,00,343 Cr and a PE of 13.7x, is a large-cap telecom infrastructure company that has delivered a 3-year compounded profit CAGR of 47% but saw TTM profit decline of 27%. The stock offers a dividend yield of 3.76% while trading at a PB of 2.48x, with a 3-year ROE average of 25% that has moderated to 19% in the last year.

Bull Case 7
  • Attractive valuation with PE at 13.7x, which is modest for a large-cap infrastructure company with ₹1,00,343 Cr market cap
  • Strong 3-year compounded profit CAGR of 47%, indicating significant earnings recovery and operating leverage
  • Healthy dividend yield of 3.76%, offering meaningful income in the current market environment
  • Robust long-term ROE track record — 25% over 3 years, 23% over 5 years, and 21% over 10 years — reflecting consistent capital efficiency
  • Compounded sales CAGR of 18% over 5 years and 19% over 10 years demonstrates durable long-term revenue growth
  • Price-to-book of 2.48x is reasonable for a company that has historically generated 20%+ ROE over a decade
  • Stock CAGR of 28% over 3 years reflects strong re-rating driven by improved fundamentals and sector tailwinds
Bear Case 7
  • TTM compounded profit declined 27%, signaling a sharp near-term earnings deterioration despite strong historical growth
  • Promoter holding has decreased by 17.7% over the last 3 years, a significant reduction that may signal weakening promoter confidence or strategic shifts
  • ROE has declined from 25% (3-year average) to 19% in the last year, indicating deteriorating return on equity
  • TTM revenue growth has slowed to just 7%, a sharp deceleration from the 18% five-year and 19% ten-year compounded sales CAGR
  • 10-year stock CAGR of only 1% highlights that long-term shareholders have seen negligible capital appreciation over a full decade
  • 5-year compounded profit CAGR of 13% is notably lower than the 3-year figure of 47%, suggesting recent profit growth was driven by a low base rather than structural improvement
  • 1-year stock CAGR of 7% lags the broader market indices, indicating relative underperformance in the near term

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

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 3
  • PAT down 28% in FY26 Aug 19

    Net profit fell 28.1% YoY to ₹7,145 crore in FY26, largely due to one-off gains in the prior year inflating the base.

  • Institutional dissent on directors Aug 26

    Public institutions cast 31-37% dissenting votes against reappointment of Mr. Soumen Ray and Mr. Rajan Bharti Mittal, with ~1,170 million institutional shares expressing meaningful dissent, signaling potential governance concerns.

  • ESG social/environmental score dip Sep 1

    Indus Towers' SES ESG rating saw a marginal decline in FY26 due to weaker environmental and social parameter scores, even as the Crisil ESG rating improved.

Positives 5
  • Revenue up 8%, towers growing Aug 19

    FY26 revenue rose 7.9% YoY to ₹32,493 crore and tower count expanded 5.9% to 277,911, reflecting steady operational growth.

  • Near-unanimous dividend approval Aug 26

    FY26 dividend declaration secured 99.9997% shareholder assent at the AGM held Aug 19, with 91.48% of outstanding shares participating.

  • Bharti Airtel RPT approved Aug 26

    Material related-party transaction with Bharti Airtel received 99.9992% assent from eligible voters, with public institutions voting unanimously in favour.

  • Analyst buy recommendation Aug 26

    ICICI Securities' Jay Thakkar recommended buying Indus Towers futures at ₹385-388 with targets of ₹400 and ₹410, stop loss below ₹375.

  • Crisil ESG rating upgraded Sep 1

    Crisil ESG rating improved to 'Strong' for FY26, reflecting better governance and sustainability practices on that framework.

Neutral 1
  • Analyst meet scheduled Sep 18 Sep 10

    Indus Towers will host an in-person group meeting with Eastspring Investments and T. Rowe Price on September 18, 2026, per SEBI LODR regulations.

TL;DR: Indus Towers is delivering solid top-line and infrastructure growth with FY26 revenue up ~8% and tower count nearing 278,000, but the 28% PAT decline (base-effect driven) and notable institutional dissent on board reappointments are worth monitoring. The dividend and Bharti Airtel RPT approvals sailed through with near-unanimous support, and the stock is drawing analyst buy calls around ₹385-388. The operational trend remains constructive, though governance perception among institutional investors and the normalization of earnings after prior-year one-offs bear watching in coming quarters.

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 ₹1,00,343 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 14.31, 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 3.76%.
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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