Indus Towers Limited (INDUSTOWER)
₹383.30 +0.45% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)Indus Towers Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Indus Towers' revenue was ₹8,431 Cr (+4.6% year on year, +4.1% on the previous quarter), and net profit ₹1,746 Cr (+0.5% year on year); the operating margin was 53.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹8,431 | +4.6% | +4.1% |
| Operating profit | ₹4,521 | +3.9% | +2.2% |
| Net profit | ₹1,746 | +0.5% | -2.6% |
| EPS (₹) | 6.62 | +0.5% | -2.6% |
| Operating margin | 53.6% | — | — |
INDUSTOWER delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.35% of the INDUSTOWER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.78%. That is close to its usual level. Volume was 0.4 times its average, well below normal. In INDUSTOWER futures, open interest fell 0.53% while the futures price rose 0.34%: short covering (shorts closing out).
Delivery in the last 5 sessions: 71.2% · 57.0% · 64.8% · 50.8% · 55.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Indus Towers has announced that its financial results for the second quarter ended September 30, 2026, will be declared on October 27, 2026. This will be followed by an earnings conference call on October 28, 2026, from 2:30 PM to 3:30 PM IST. As of June 30, 2026, the company operated 267,611 towers and 432,250 co-locations across all 22 telecom circles. The announcement is a routine scheduling intimation ahead of quarterly earnings.
- Q2 results announcement scheduled for October 27, 2026
- Earnings conference call scheduled for October 28, 2026, from 2:30 PM to 3:30 PM IST
- Portfolio stood at 267,611 towers as of June 30, 2026
- Total co-locations reached 432,250 across all 22 telecom circles as of June 30, 2026
- Call transcript to be made available on the website by November 3, 2026
Indus Towers Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent KFin Technologies Limited on October 12, 2026, confirms that requests for dematerialisation of shares were processed within 15 days of receipt. All security certificates were duly verified, cancelled, and the depository was recorded as the registered owner. This is an ordinary administrative filing confirming statutory share handling compliance.
- Compliance confirmed under Regulation 74(5) for the quarter ended September 30, 2026
- RTA KFin Technologies certified demat requests were confirmed/rejected within 15 days of receipt
- Certificate issued by KFin Technologies on October 12, 2026 and filed to exchanges on October 13, 2026
Indus Towers received an ESG Rating of 69.86, placing it in the 'Leader' category, from SEBI-registered Category II provider Niche Ninety Nine Capability and Certifications. The intimation was received on September 17, 2026. Indus Towers noted that it did not engage the agency, and the rating was assigned independently and voluntarily based on public disclosures. This is a non-financial sustainability disclosure and has no direct balance sheet or cash flow impact.
- ESG Rating of 69.86 assigned, categorized as 'Leader'
- Assigned by Niche Ninety Nine, a Category II SEBI-registered ESG Rating Provider
- Intimation received by the company on September 17, 2026
- Unsolicited rating; Indus Towers did not engage the agency
Indus Towers Limited has informed the exchanges regarding a scheduled group meeting with institutional investors Eastspring Investments and T. Rowe Price. The in-person meeting is set to take place on Friday, September 18, 2026, from 01:00 P.M. to 02:00 P.M. IST. This represents a routine regulatory disclosure under Regulation 30 of SEBI LODR Regulations, with no unpublished price-sensitive information or financial transactions announced.
- Meeting scheduled with Eastspring Investments and T. Rowe Price
- Scheduled date: Friday, September 18, 2026
- Meeting time: From 01:00 P.M. IST to 02:00 P.M. IST
- Nature of meeting: In-person group meet
Indus Towers has informed the exchanges that company officials will attend the UBS India Summit 2026 on Friday, September 11, 2026. The event is scheduled as an in-person group meeting between 10:00 AM IST and 5:30 PM IST. This is a routine investor outreach intimation pursuant to SEBI LODR Regulation 30.
- Attending UBS India Summit 2026 on September 11, 2026
- Meeting time window scheduled from 10:00 AM IST to 05:30 PM IST
- Format specified as an in-person group meet
Indus Towers Limited received independent ESG ratings for FY 2025-26 on August 31, 2026. Crisil upgraded the company's ESG rating to 63 ('Strong') from 57 ('Adequate') in FY 2024-25. Meanwhile, SES ESG Research assigned a rating of 72.1, a slight decrease from 72.3 in FY 2024-25 due to parameters related to renewable energy and safety. The company noted that both ratings were assigned independently based on public disclosures without commercial engagement.
- Crisil ESG rating improved to 63 (Strong) for FY 2025-26, up from 57 (Adequate) in FY 2024-25
- SES ESG rating marginally declined to 72.1 for FY 2025-26 compared to 72.3 in FY 2024-25
- SES attributed the minor decrease to changes in renewable energy and safety parameters
- Ratings were unsolicited and independently assigned by SEBI-registered agencies
Indus Towers has declared the voting results and scrutinizer report for its 20th Annual General Meeting held on August 19, 2026. All five ordinary resolutions, including the adoption of FY26 financial statements, dividend declaration, director re-appointments, and approval of material related-party transactions (RPT) with Bharti Airtel, were passed with requisite majority. The Bharti Airtel RPT resolution secured 99.9992% overall approval among voting non-promoter shares (with promoters abstaining). Re-appointments of directors Soumen Ray and Rajan Bharti Mittal passed with 86.44% and 83.77% votes in favour respectively, despite institutional dissent of 31.07% and 37.19%.
- All 5 resolutions passed with requisite majority at the 20th AGM held on August 19, 2026
- Material RPT with Bharti Airtel approved with 99.9992% votes in favour (106.36 crore votes cast)
- Dividend on equity shares for FY26 approved with 99.9997% votes in favour
- Soumen Ray and Rajan Bharti Mittal re-appointed as directors with 86.44% and 83.77% assent, despite ~31.1% and ~37.2% institutional dissent respectively
Indus Towers held its 20th Annual General Meeting on August 19, 2026, presenting operational and financial performance for FY26. Total macro tower count reached 277,911 (up 5.9% YoY) with co-locations rising to 442,058 (up 5.4% YoY), translating to a closing sharing factor of 1.59. Full-year FY26 revenue stood at ₹32,493 crore (up 7.9% YoY) with normalized EBITDA and PAT growing 11.4% and 13.0% YoY respectively (reported PAT was ₹7,145 crore vs ₹9,932 crore in FY25, which included a ₹5,100 crore one-off writeback). Key resolutions put to vote included adoption of accounts, dividend declaration, and approval of material related-party transactions with Bharti Airtel Limited.
- Tower portfolio expanded 5.9% YoY to 277,911 towers, while total co-locations grew 5.4% YoY to 442,058 in FY26.
- Reported FY26 revenue of ₹32,493 crore (up 7.9% YoY) and EBITDA of ₹17,976 crore.
- Normalized EBITDA and PAT grew 11.4% and 13.0% YoY respectively, adjusting for FY25's ₹5.1K crore overdue collection writeback.
- Closing tenancy/sharing factor settled at 1.59 across 22 telecom circles.
- Shareholder resolutions put to e-voting included approval of material related-party transactions with Bharti Airtel Limited.
Indus Towers Limited has announced its participation in the Motilal Oswal Annual Global Investor Conference 2026. The event is scheduled for August 17, 2026, and will consist of in-person group meetings with institutional investors. This is a routine regulatory disclosure under SEBI (LODR) Regulations, 2015, and does not contain any new financial or operational data. Investors should look for subsequent filings regarding presentation materials or meeting transcripts.
- Conference scheduled for Monday, August 17, 2026
- Meeting window set from 10:00 A.M. to 05:00 P.M. IST
- Format is an in-person group meet with institutional investors
- Company manages a massive portfolio of 249,305 macro towers as of last major update
Indus Towers reported Q1 FY27 gross revenue of 8,430 cr, up 4.6% YoY, driven by steady network expansion from major telecom operators. The company added 3,100 macro towers and 4,200 co-locations during the quarter, maintaining a stable tenancy ratio of 1.62x. A significant strategic milestone was reached with the receipt of operating licenses for Nigeria, Uganda, and Zambia, with rollouts expected to begin next quarter. Operational efficiency improved as diesel consumption fell 13% YoY, despite geopolitical supply chain constraints affecting battery procurement.
- Added 3,100 macro towers in Q1, bringing the total macro tower base to 267,600 units.
- Gross revenue reached 8,430 cr, a 4.6% YoY increase, while core rental revenue grew 5.2% to 5,370 cr.
- Diesel consumption reduced by 13% YoY, supported by solar access at 46,000 sites and 259 MW of installed solar capacity.
- Secured regulatory approvals and operating licenses for expansion into Nigeria, Uganda, and Zambia.
- 5G BTS installed base in India grew by 32,000 in Q1, totaling 563,000 units nationwide.
Indus Towers shareholders have approved the appointment of Mr. Randeep Singh Sekhon as a Director, liable to retire by rotation, via a postal ballot. Mr. Sekhon, currently the Chief Technology Officer (CTO) of Bharti Airtel, brings over 28 years of experience in technology strategy and network operations. While the resolution passed with an overall 82.52% majority, institutional investors showed significant dissent with 39.90% voting against the appointment. This move aligns the board more closely with its primary promoter and client, Bharti Airtel, as the company focuses on 5G infrastructure expansion.
- Ordinary resolution for appointment passed with 82.5186% votes in favor and 17.4814% against.
- Institutional investors cast 42.09 crore votes against the resolution, representing a 39.8950% dissent rate within that category.
- Total votes polled reached 240.77 crore, accounting for 91.2661% of the total outstanding shares.
- Mr. Sekhon has over 28 years of experience and currently serves as the CTO for Airtel India and South Asia.
- The appointment was effective as an Additional Director from May 01, 2026, and formalized by members on July 29, 2026.
Indus Towers shareholders have approved the appointment of Mr. Randeep Singh Sekhon as a Director through a postal ballot. The ordinary resolution passed with 82.52% votes in favor, although a notable 17.48% of total votes (and 39.9% of institutional votes) were cast against the proposal. Mr. Sekhon, currently the CTO of Bharti Airtel, brings over 28 years of experience in technology strategy and network operations, which is critical as the company supports 5G rollouts for its primary clients.
- Resolution for appointment passed with 1,98,68,40,214 votes (82.52%) in favor
- Institutional investors showed significant dissent with 39.89% of their polled votes (42.08 crore shares) against the resolution
- Mr. Randeep Singh Sekhon was previously appointed as an Additional Director effective May 01, 2026
- Total valid votes polled amounted to 2,40,77,49,176 across 1,887 members
- Promoter group voted 100% in favor of the appointment with 135.22 crore shares
Indus Towers has finalized August 10, 2026, as the record date for its final dividend of ₹14 per equity share for FY 2025-26. This dividend, recommended by the board on April 30, 2026, is subject to shareholder approval at the upcoming 20th AGM on August 19, 2026. At the current market price of ₹383.6, this represents a dividend yield of approximately 3.65%. The total estimated payout of ~₹3,773 crore accounts for roughly 52.8% of the company's TTM PAT of ₹7,144 crore.
- Final dividend of ₹14 per fully paid-up equity share of face value ₹10.
- Record date for eligibility determination set for Monday, August 10, 2026.
- 20th Annual General Meeting (AGM) to be held on Wednesday, August 19, 2026.
- Dividend payment to be processed within 30 days from the date of AGM approval.
- Dividend yield stands at ~3.65% based on the current price of ₹383.6.
Indus Towers has scheduled its 20th AGM for August 19, 2026, and fixed August 10, 2026, as the record date for a final dividend of ₹14 per share. For FY26, the company reported a revenue of ₹32,493 Cr and a net profit of ₹7,144 Cr, supported by a tower base of ~2.78 lakh units. The company maintained a high network uptime of 99.97% and invested ₹8,817 Cr in capital expenditure during the year. Strategically, the company has initiated international expansion into Nigeria, Uganda, and Zambia to diversify its revenue streams beyond the Indian market.
- Final dividend of ₹14 per equity share recommended for FY26, with a record date of August 10, 2026.
- Total tower base reached ~2.78 lakh units and co-location base reached ~4.42 lakh units as of March 31, 2026.
- Capital expenditure for FY26 stood at ₹8,817 Cr, representing approximately 27.1% of TTM revenue.
- Strategic international foray initiated into three African markets: Nigeria, Uganda, and Zambia.
- Achieved highest-ever network uptime of 99.97% across the portfolio.
Indus Towers has scheduled its 20th Annual General Meeting for August 19, 2026, to approve a final dividend of ₹14 per share for FY26. The company has fixed August 10, 2026, as the record date for determining dividend eligibility. Operationally, the company reported a total tower base of ~2.78 lakh and a co-location base of ~4.42 lakh as of March 31, 2026. FY26 revenue stood at ₹32,493.1 Cr with a net profit of ₹7,143.5 Cr, reflecting steady performance despite industry consolidation pressures.
- Final dividend of ₹14 per equity share (140% of face value) recommended for FY 2025-26
- Record date for dividend eligibility fixed as August 10, 2026
- Total tower base reached ~2.78 lakh units with a record network uptime of 99.97%
- FY26 Capital Expenditure stood at ₹8,817 Cr, representing approximately 27% of TTM revenue
- Free Cash Flow for FY26 reported at ₹3,762.6 Cr
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 5.3% YoY to INR 30,122.8 Cr in FY25. Sharing revenue per tower was INR 67,422 (down 5.1% YoY) and sharing revenue per operator was INR 40,856 (down 0.8% YoY). In Q2 FY26, reported gross revenue grew 1.6% QoQ while core revenue grew 2.6% QoQ.
Geographic Revenue Split
Historically 100% India-based; however, the company incorporated a Wholly Owned Subsidiary in the UAE on December 08, 2025, to expand its digital infrastructure platform internationally.
Profitability Margins
Net Profit Margin improved to 33.0% in FY25 from 21.1% in FY24. Operating Profit Margin rose to 69.2% in FY25 from 51.4% in FY24. Q2 FY26 PAT was INR 1,840 Cr, down 17.3% YoY but up 5.9% QoQ.
EBITDA Margin
EBITDA Margin was 69.2% in FY25, up from 51.4% in FY24, driven by a 41.9% increase in EBITDA to INR 20,844.7 Cr. Q2 FY26 EBITDA margin was 56.3%, lower by 9.4 percentage points YoY due to lower provision write-backs (INR 0.9 billion vs INR 10.8 billion in Q2 FY25).
Capital Expenditure
Annual capex is projected at over INR 7,000 Cr for the medium term to maintain and upgrade the existing 2.49 lakh towers and support 5G rollouts. Q2 FY26 saw a sequential increase in capex which impacted free cash flow (INR 300 Cr).
Credit Rating & Borrowing
CRISIL Ratings assigned a 'Stable' to 'Positive' outlook, factoring in parent linkage with Bharti Airtel (BAL) which holds a 50.005% stake. External debt reduced to ~INR 4,800 Cr as of December 2023 from ~INR 5,500 Cr in March 2022.
Operational Drivers
Raw Materials
Steel and Galvanized Iron for tower structures (2.49 lakh units), and Diesel for backup power. Electricity is a major utility cost driven by increasing data consumption.
Key Suppliers
Not disclosed in available documents, though Bharti Airtel (BAL) acts as a primary parent and service consumer.
Capacity Expansion
Macro tower portfolio reached 249,305 and co-locations reached 405,435 as of March 31, 2025. Added 18,901 macro towers and 3,076 lean towers in 9M FY24.
Raw Material Costs
Not disclosed as a specific percentage of revenue; however, energy-efficient initiatives are being implemented to curb diesel consumption and manage utility costs.
Manufacturing Efficiency
Closing sharing factor declined to 1.63x in FY25 from 1.68x in FY24, indicating a decrease in tower utilization efficiency.
Strategic Growth
Expected Growth Rate
5.30%
Growth Strategy
Expanding the macro tower portfolio (249,305 units) and lean towers (13,878 co-locations) to capitalize on 5G rollouts, while diversifying into international markets through the UAE subsidiary and optimizing costs like rates and taxes.
Products & Services
Macro towers, lean towers, co-location services, and power/maintenance for telecom equipment.
Brand Portfolio
Indus Towers, Smartx Services.
New Products/Services
Leaner towers (13,878 co-locations) and digital infrastructure platform services to support network densification.
Market Expansion
Incorporation of a Wholly Owned Subsidiary in the UAE (December 2025) to explore international digital infrastructure markets.
Market Share & Ranking
Largest player in tenancies (4.05 lakh) and second largest in towers (2.49 lakh) in India.
Strategic Alliances
Bharti Airtel (BAL) is the parent company with a 50.005% stake, providing strong operational and financial linkages.
External Factors
Industry Trends
The industry is growing through 5G rollouts and network densification; however, it has seen significant consolidation, reducing the average tenancy ratio from 2.29x (2018) to 1.63x (2025).
Competitive Landscape
Second largest tower player; faces competition from other tower infra companies but benefits from parent BAL's market share growth (~400 bps increase).
Competitive Moat
Durable advantage through a massive network of 2.49 lakh towers and long-term MSAs (8-10 years) with exit penalties, making it difficult for competitors to displace existing tenancies.
Macro Economic Sensitivity
Data consumption growth drives demand for co-locations; however, higher electricity requirements for network infrastructure impact margins.
Consumer Behavior
Shift toward high-speed 5G data increases the need for more cell sites and lean towers.
Geopolitical Risks
Not disclosed in available documents, though UAE expansion introduces international regulatory exposure.
Regulatory & Governance
Industry Regulations
Subject to telecom sector regulations and pollution norms for diesel generators; exposed to regulatory risks if network equipment disposal is not managed.
Environmental Compliance
Focus on curbing diesel consumption and 100% safety training; lost time injury frequency improved to 0.76 in FY24 from 1.14.
Taxation Policy Impact
Effective tax rate reflected in 33.36% post-tax ROE compared to 44.19% pre-tax ROE in FY25.
Legal Contingencies
Provisioning of INR 5,300 Cr for doubtful receivables in FY23; recovery of INR 5,227 Cr by FY25; ongoing monitoring of MNO payment obligations (INR 2.1 billion cleared in Q2 FY26).
Risk Analysis
Key Uncertainties
Potential exit of a large tenant or further industry consolidation could impact the 1.63x sharing factor and revenue per tower.
Geographic Concentration Risk
High concentration in India (100% of revenue historically), with UAE expansion just beginning.
Third Party Dependencies
30-35% revenue dependency on tenants with weak credit profiles, posing risks to receivables quality.
Technology Obsolescence Risk
Rapid shift to 5G requires continuous maintenance and upgradation capex of >INR 7,000 Cr annually.
Credit & Counterparty Risk
Net receivables improved to 62 days after INR 5,300 Cr provisioning; collection of INR 2.1 billion in Q2 FY26 from past dues indicates improving quality.
