Altius Telecom Infrastructure Trust (543225)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Altius Telecom's revenue was ₹6,021 Cr (+1.4% year on year, -0.2% on the previous quarter), and net profit ₹310 Cr (+85.6% year on year); the operating margin was 41.8%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹6,021 | +1.4% | -0.2% |
| Operating profit | ₹2,518 | +3.8% | +1.0% |
| Net profit | ₹310 | +85.6% | +6.9% |
| EPS (₹) | 1.02 | +85.5% | +7.4% |
| Operating margin | 41.8% | — | — |
📢 Recent Corporate Announcements
Altius Telecom Infrastructure Trust has submitted its quarterly unitholding pattern for the quarter ended September 30, 2026. The Sponsor and Sponsor Group hold 113.62 crore units, representing 37.28% of total outstanding units. Public unitholders hold the remaining 62.72% (191.13 crore units), with institutional investors accounting for 55.06%. Additionally, 27.50 crore units held by the sponsor group remain under mandatory lock-in with zero units pledged.
- Sponsor & Sponsor Group holds 1,13,61,50,000 units or 37.28% of the Trust
- Public institutional unitholding stands at 55.06% (1,67,80,50,000 units)
- Foreign Portfolio Investors hold 16.79% (51,16,25,000 units)
- 27,50,00,000 units issued pursuant to preferential issue remain under lock-in
- Sponsors report zero units pledged or encumbered out of total 3,04,74,00,000 units
Altius Telecom Infrastructure Trust (formerly Data Infrastructure Trust) released its Q1 FY27 investor presentation, declaring a distribution of ₹5.3 per unit. The Trust maintains a strong operational profile with over 315,000 tenancies and a Weighted Average Lease Expiry (WALE) of 15.4 years. Financial leverage remains conservative with a Net Debt/AUM of 45.3%, significantly below the 70% regulatory limit. Revenue visibility is high, with over 80% of income sourced from 'AAA' rated telecom tenants.
- Declared Q1 FY27 distribution of ₹5.3 per unit, consisting of ₹3.4 return on capital and ₹1.9 return of capital.
- Net Debt to AUM stands at 45.3%, providing substantial headroom against the 70% regulatory cap for future acquisitions.
- Maintains a portfolio of 315k+ tenancies with a long-term WALE of ~15.4 years.
- Average cost of debt is 8.13%, with 73% of the ₹44,700 Cr gross debt book at fixed interest rates.
- Adjusted Revenue and Cash EBITDA grew at a CAGR of 28% and 23% respectively between FY21 and FY26.
Altius Telecom Infrastructure Trust reported a standalone total income of ₹1,379.7 crore for Q1 FY27, a marginal increase from ₹1,352.6 crore in the previous quarter. Standalone profit for the period stood at ₹1,016.4 crore, reflecting steady operations. The Trust's Net Asset Value (NAV) was calculated at ₹171.65 per unit, which is closely aligned with the current market price of ₹172.5. Net debt remains substantial at ₹44,256 crore, representing approximately 84% of the Trust's market capitalization.
- Standalone total income for the quarter ended June 30, 2026, reached ₹1,379.7 crore.
- Net Asset Value (NAV) per unit is established at ₹171.65 based on 304.74 crore units.
- Total value of InvIT assets as of June 30, 2026, is appraised at ₹97,692 crore.
- Net debt stands at ₹44,256 crore, resulting in a net value of ₹52,307 crore.
- Standalone profit after tax increased to ₹1,016.4 crore from ₹996.1 crore in the preceding quarter.
Altius Telecom Infrastructure Trust has filed a Draft Offer Document (DOD) with SEBI to convert from a privately listed InvIT to a publicly listed one. The proposed offer includes a fresh issue of units and an offer for sale (OFS) by existing unitholders. This move follows unitholder approval granted on April 21, 2026, and aims to broaden the investor base for the trust, which currently manages 2,56,753 sites. With a current debt of Rs 52,667 Cr and a D/E ratio of 4.59, the fresh issue proceeds will be critical for capital structure management.
- Filed Draft Offer Document with SEBI on August 6, 2026, for conversion to a publicly listed InvIT.
- Offer comprises a fresh issue of units and an offer for sale by existing unitholders.
- Unitholder approval for this conversion was previously obtained on April 21, 2026.
- The trust manages a massive infrastructure portfolio of 2,56,753 sites across 22 telecom circles.
- Ten lead managers appointed, including JM Financial, Axis Capital, and Kotak Mahindra Capital.
Altius Telecom Infrastructure Trust has announced that its Investment Manager's Board will meet on August 12, 2026, to approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This will be a key reporting period following the full consolidation of the EDIPL (ATC India) acquisition. Investors will be monitoring if the Trust can maintain its TTM revenue of ‹ 24,165 Cr and manage its high debt-to-equity ratio of 4.59. The trading window for insiders has been closed since July 1, 2026.
- Board meeting scheduled for August 12, 2026, to review Q1 FY27 results.
- Financials will cover the three-month period ending June 30, 2026.
- Trading window for securities has been closed since July 1, 2026, per insider trading norms.
- Trust manages a portfolio of 2,56,753 sites across all 22 telecom circles in India.
- Current TTM revenue stands at ‹ 24,165 Cr with an operating margin of 41.2%.
Unitholders of Altius Telecom Infrastructure Trust approved all three resolutions at the 6th AGM held on July 27, 2026. Key approvals included the adoption of FY26 audited financial statements and the valuation report of the Trust's assets. A total of 275.47 crore votes were polled, representing 90.40% of the total 304.74 crore units. While most resolutions passed unanimously, the appointment of the valuer saw minor dissent (0.14% of total votes polled) from public institutions.
- 90.40% of total units (275.47 crore units) participated in the voting process
- 100% of Sponsor & Sponsor Group units (165.67 crore units) voted in favor of all resolutions
- Public Institutions held 115.75 crore units, with 94.85% (109.79 crore units) polling their votes
- Resolution 3 regarding valuer appointment received 39.25 lakh votes against from public institutions
- Public Non-Institutional participation remained extremely low at 0.05% of their 23.33 crore units
Altius Telecom Infrastructure Trust (formerly Data Infrastructure Trust) has disclosed its unitholding pattern for the quarter ended June 30, 2026. The Sponsor and Sponsor Group maintain a majority stake of 54.36%, led by BIF IV Jarvis India Pte. Ltd. with a 45.34% holding. Public unitholding stands at 45.64%, with a high concentration of Foreign Portfolio Investors (FPIs) at 23.71%. A total of 27.50 crore units, representing 9.02% of the total capital, are currently under regulatory lock-in.
- Total outstanding units of the Trust stand at 3,04,74,00,000 as of June 30, 2026
- Sponsor and Sponsor Group hold 1,65,66,75,000 units, equivalent to 54.36% of the total
- Foreign Portfolio Investors (FPIs) hold a significant 23.71% stake within the public category
- 27,50,00,000 units issued to the Sponsor are under mandatory lock-in as per SEBI InvIT Regulations
- Zero units have been pledged or otherwise encumbered by the Sponsor group
Altius Telecom Infrastructure Trust (formerly Data Infrastructure Trust) has released its unitholding pattern for the quarter ended June 30, 2026. The Sponsor and Sponsor Group maintain a majority stake of 54.36%, with BIF IV Jarvis India Pte. Ltd. as the lead holder at 45.34%. Institutional participation is high at 37.79%, driven largely by Foreign Portfolio Investors (FPIs) who hold 23.71%. Retail individual participation remains minimal at 1.57% of the total 304.74 crore units outstanding.
- Total units outstanding as of June 30, 2026, are 3,04,74,00,000
- Sponsor and Sponsor Group hold a combined 1,65,66,75,000 units (54.36%)
- Foreign Portfolio Investors (FPIs) hold a significant 23.71% stake with 72,26,00,000 units
- 27,50,00,000 units held by the Sponsor are currently under a mandatory lock-in period
- Public institutional holding stands at 37.79%, while retail individual holding is just 1.57%
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 46.98% YoY to INR 19,623.7 Cr in FY25. Segmental contribution: Summit Digitel (SDIL) generated INR 13,641.7 Cr (69.5% of total), Elevar Digitel (EDIPL) generated INR 5,403.2 Cr (27.5% - since Sept 2024 acquisition), and Crest Digitel (CDPL) generated INR 409.1 Cr (2.1%).
Geographic Revenue Split
Pan-India presence across all 22 telecom circles, supporting macro and micro network deployment for leading telecom operators nationwide.
Profitability Margins
Consolidated PAT margin declined from 8.4% in FY24 to 4.3% in FY25. Profit for the year was INR 839.9 Cr, a 25% decrease from INR 1,119.2 Cr in FY24, primarily due to higher interest and depreciation costs following the EDIPL acquisition.
EBITDA Margin
While specific EBITDA % was not disclosed, interest coverage remained stable at 2.2x, and consolidated operating cash accrual is projected to reach ~INR 8,200 Cr by FY27 to cover debt obligations.
Capital Expenditure
Consolidated external borrowings increased by INR 13,176 Cr (42%) to fund the EDIPL acquisition and planned capex. Future capex is focused on EDIPL tower upgrades and IBS/Small Cell expansion.
Credit Rating & Borrowing
Maintained 'CRISIL AAA/Stable' and 'CARE AAA/Stable' ratings. Total consolidated debt stood at INR 44,380 Cr as of Sept 2025. Borrowing costs are described as 'competitive' with a healthy DSCR maintained.
Operational Drivers
Raw Materials
Infrastructure costs are primarily capital-intensive (steel/land). Operational costs include energy/fuel for backup power, which are typically pass-throughs but impact the overall cost structure of the telecom circles.
Capacity Expansion
Current capacity is 2,56,753 sites (towers, IBS, small cells). Expansion is driven by the acquisition of 76,130 towers from ATC (now EDIPL) and ongoing 5G site densification.
Raw Material Costs
Not disclosed as a specific % of revenue, but the business model is capital-intensive with significant depreciation and interest costs representing the bulk of expenditures.
Manufacturing Efficiency
Efficiency is measured by network uptime and SLA compliance. High uptime levels are maintained across the pan-India portfolio to ensure annuity-like cash flows from MSAs.
Logistics & Distribution
Not applicable; services are provided via fixed passive infrastructure assets.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved through the full-year consolidation of EDIPL (acquired Sept 2024), increasing tenancy ratios from the current 1.6x by adding 5G equipment from multiple operators on existing towers, and expanding the In-Building Solution (IBS) footprint to meet the surging indoor data demand in urban commercial hubs.
Products & Services
Passive telecommunications infrastructure including Ground Based Towers (GBT), Ground Based Masts (GBM), Roof Top Poles (RTP), Cell on Wheels (COW), In-Building Solutions (IBS), and Small Cells.
Brand Portfolio
Altius Telecom Infrastructure Trust, Summit Digitel, Elevar Digitel (formerly ATC India), Crest Digitel.
New Products/Services
5G-ready small cells, edge-ready infrastructure for IoT applications, and shared active equipment hosting, expected to contribute to incremental tenancy growth.
Market Expansion
Expansion within all 22 telecom circles in India, focusing on high-traffic urban zones for IBS and rural areas for macro tower coverage.
Market Share & Ranking
40% market share by number of towers, making it the largest independent telecom tower group in India.
Strategic Alliances
Long-term Master Service Agreements (MSAs) with Reliance Jio (anchor), Bharti Airtel, and Vodafone Idea.
External Factors
Industry Trends
The industry is shifting from 4G to 5G, with internet subscribers growing 10% YoY. Future growth is driven by 5G Fixed Wireless Access (FWA) and IoT, requiring denser infrastructure (small cells/IBS).
Competitive Landscape
Market operates with two large players (including Altius) and a few small/mid-sized companies following significant industry consolidation.
Competitive Moat
The 30-year MSA with Reliance Jio for the SDIL portfolio (the largest SPV) ensures a 100% anchor tenancy, creating a massive barrier to entry as competitors cannot easily replicate a pan-India network of 175,000+ towers already integrated into the anchor tenant's 4G/5G core.
Macro Economic Sensitivity
Highly sensitive to India's teledensity (85%) and internet subscriber growth (970.16 million). A 1% increase in 5G penetration typically drives a corresponding increase in tenancy demand for small cells.
Consumer Behavior
Surge in data consumption in commercial complexes and residential buildings is driving a 20-30% increase in demand for In-Building Solutions (IBS).
Geopolitical Risks
Minimal direct impact as assets are domestic, but global supply chain issues for active equipment (used by tenants) can delay tower loading.
Regulatory & Governance
Industry Regulations
The Telecommunications Act 2023 and Right of Way (RoW) reforms are critical as they streamline the deployment of small cells and fiber, reducing site acquisition timelines by 20-30% in restrictive urban municipalities.
Taxation Policy Impact
Effective tax rate of ~31% based on FY25 consolidated figures (INR 287.3 Cr tax on INR 923.8 Cr PBT).
Risk Analysis
Key Uncertainties
Counterparty risk from weaker MNOs (20% of revenue) and the renewal of 15% of EDIPL's tenancies over the next 5 years could lead to a 5-8% revenue volatility if terms are renegotiated at lower rates due to competitive pricing pressure.
Geographic Concentration Risk
Pan-India presence across all 22 telecom circles, reducing regional risk, though urban areas face higher municipal-level regulatory hurdles.
Third Party Dependencies
High dependency on the top 3 Telecom Service Providers (RJIL, BAL, VIL) for 100% of revenue, making the Trust's cash flows sensitive to the financial health and 5G capex plans of these specific companies.
Technology Obsolescence Risk
Transition from 4G to 5G and the rise of Small Cells/IBS; the Trust is mitigating this by upgrading existing macro towers to support 5G active equipment and expanding its edge-ready infrastructure.
Credit & Counterparty Risk
80% of revenue is from highly rated counterparties (CRISIL AAA/Stable like RJIL and BAL), while 20% is from weaker profiles (VIL), though receivable track records have improved in the current fiscal.
