Indus Towers Limited
NSE: INDUSTOWER · Telecom - Infrastructure · sector
₹389.00NSE close 2026-10-26
Key numbers
Market cap₹1,02,622 cr
Price₹389.00
52w high / low₹482 / ₹354
P/E14.3xSector median 9.2x
P/B2.6xSector median 2.6x
Book value₹150.3
Dividend yield–Sector median 0.04%
ROE19.8%Sector median 17.7%
ROCE28.4%Sector median 24.1%
OPM55.8%Sector median 38.5%
Debt / equity0.02xSector median 0.33x
EV/EBITDA5.3xSector median 5.7x
Interest cover6.0x
Current ratio1.72x
Sales growth 3y+4.6%Sector median +1.4%
Profit growth 3y+51.9%Sector median +26.5%
PEG0.27x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 6 companies in Telecom - Infrastructure (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹5,858 cr vs borrowings ₹921 cr (FY26): cash is higher (net cash).
- Borrowings fell in each of the last 3 years (₹4,713 cr → ₹921 cr).
- Operating profit covered interest 6.0x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 0 of the last 5 years.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 7% of net profit in the last 12 months.
- Debtor days went from 82 (FY24) to 55 (FY26).
- Dividend paid in 1 of the last 5 financial years.
- Price ₹389.00 on 2026-10-26: -19.2% from the 52-week high, +10.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹474.35 · low ₹320.40
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,465 | 7,547 | 7,727 | 8,058 | 8,188 | 8,146 | 8,101 | 8,431 |
| EBITDA | 4,864 | 6,958 | 4,324 | 4,350 | 4,659 | 4,551 | 4,517 | 4,605 |
| OPM % | 65.2% | 92.2% | 56.0% | 54.0% | 56.9% | 55.9% | 55.8% | 54.6% |
| Other income | 114 | 84 | 92 | 85 | 83 | 154 | 155 | 121 |
| Net profit | 2,224 | 4,003 | 1,779 | 1,737 | 1,839 | 1,776 | 1,793 | 1,746 |
| EPS (₹) | 8.30 | 15.18 | 6.75 | 6.59 | 6.97 | 6.73 | 6.80 | 6.62 |
| Revenue YoY | +9.7% | +7.9% | +4.8% | +4.6% | ||||
| Profit YoY | -17.3% | -55.6% | +0.8% | +0.5% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 27,717 | 28,382 | 28,601 | 30,123 | 32,493 | 32,867 |
| EBITDA | 14,901 | 9,176 | 14,557 | 20,650 | 18,155 | 18,332 |
| Net profit | 6,373 | 2,040 | 6,036 | 9,932 | 7,145 | 7,154 |
| EPS (₹) | 23.65 | 7.57 | 22.40 | 37.31 | 27.09 | 27.12 |
| Revenue growth | +2.4% | +0.8% | +5.3% | +7.9% | +6.7% | |
| Profit growth | -68.0% | +195.9% | +64.5% | -28.1% | -26.6% | |
| Dividend / share (₹) | – | 11.00 | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +4.6% | +18.4% | +6.7% |
| Net profit | +51.9% | +13.6% | -26.6% |
| EPS | +53.0% | +9.1% | – |
| Share price | – | +0.5% (2y) | +5.2% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 21,110 | 27,039 | 32,498 | 39,646 |
| Borrowings | – | 4,713 | 4,312 | 2,262 | 921 |
| Cash & equivalents | – | 298 | 63 | 3,342 | 5,858 |
| Total assets | – | 46,572 | 55,868 | 63,170 | 71,316 |
| Fixed assets | – | 32,360 | 39,287 | 44,342 | 49,466 |
| Capital work in progress | – | 355 | 422 | 567 | 630 |
| Investments | – | 0 | 3 | 0 | 10 |
| Receivables | – | 4,869 | 6,451 | 4,768 | 4,939 |
| Inventory | – | 0 | 0 | 8 | 27 |
| Payables | – | 2,122 | 2,280 | 2,445 | 2,672 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 9,121 | 7,905 | 11,582 | 19,645 | 15,684 |
| Cash from investing | -2,174 | -1,730 | -7,546 | -10,910 | -10,198 |
| Cash from financing | -5,982 | -7,133 | -3,996 | -8,648 | -5,588 |
| Capex | 3,285 | 3,623 | 8,953 | 6,784 | 8,626 |
| Free cash flow | 5,836 | 4,282 | 2,629 | 12,861 | 7,058 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 9.7% | 22.3% | 30.6% | 18.0% |
| ROCE % | – | 16.3% | 28.3% | 42.0% | 28.3% |
| Debtor days | – | 63 | 82 | 58 | 55 |
| Inventory days | – | 0 | 0 | 730 | 1,052 |
| Payable days | – | 27 | 29 | 2,34,849 | 1,04,885 |
| Cash conversion cycle (days) | – | 36 | 53 | -2,34,061 | -1,03,778 |
| Working capital days | – | 7 | 4 | 38 | 73 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 51.26% |
| FIIs | 21.72% |
| DIIs | 22.97% |
| of which Mutual funds | 18.02% |
| of which Insurance | 4.44% |
| Government | 0.00% |
| Public (non-institutions) | 4.05% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 50.00% | 50.00% | 50.00% | 51.03% | 51.03% | 51.26% | 51.26% | 51.26% |
| Promoter group | % |
|---|---|
| Bharti Airtel Limited | 51.26% |
| Bharti Telecom Limited | 0.00% |
| Xtelify Limited | 0.00% |
| Airtel Limited | 0.00% |
| Airtel Payment Bank limited | 0.00% |
| Bharti Airtel Services Limited | 0.00% |
| Nxtra Data Limited | 0.00% |
| One Web India Communication Private Limited | 0.00% |
| Beetel Teletech Limited | 0.00% |
| Dixon Electro Appliance Private Limited | 0.00% |
| Hughes Communications India Private Limited | 0.00% |
| Lavelle Network Private Limited | 0.00% |
| Hughes Global Education India Private Limited | 0.00% |
| HCIL Comtel Private Limited | 0.00% |
| Bharti Hexacom Limited | 0.00% |
| Public holders above 1% | % |
|---|---|
| SBI Arbitrage Fund | 4.08% |
| Kotak Debt Hybrid | 3.03% |
| Quant Mutual Fund - Quant Arbitrage Fund | 1.92% |
| Life Insurance Corporation of India | 1.61% |
| DSP Flexi CAP Fund | 1.42% |
| Lazard Emerging Markets Equity Portfolio | 1.20% |
| Nippon Life India Trustee Ltd-a/c Nippon India NIF | 1.14% |
| Tata Arbitrage Fund | 1.05% |
3,42,202 shareholders. Pledged: 0.00% of promoter shares.
Peers in Telecom - Infrastructure
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| INDUSTOWER | ₹1,02,622 cr | 14.3x | 2.6x | 19.8% | 28.4% | 55.8% | +4.6% | – |
| HFCL | ₹37,438 cr | 42.6x | 6.6x | 17.7% | 19.9% | 21.2% | +1.4% | 0.04% |
| BONDADA | ₹2,948 cr | 9.5x | 4.2x | 55.8% | 51.1% | 11.5% | – | 0.04% |
| PACEDIGITK | ₹2,944 cr | 8.9x | 1.3x | 13.7% | 16.3% | 16.3% | – | – |
| GTLINFRA | ₹1,268 cr | 1.2x | – | – | 705.4% | 117.1% | -2.0% | – |
| SUYOG | ₹549 cr | 9.0x | 1.1x | 13.6% | 17.1% | 69.3% | – | 0.37% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-08-10 | Dividend | Dividend - Rs 14 Per Share |
| 2024-08-09 | Buyback | Buy Back |
| 2022-05-13 | Dividend | Interim Dividend - Rs 11 Per Share |
| 2021-02-08 | Dividend | Interim Dividend - Rs 17.82 Per Share |
| 2020-08-05 | Dividend | Interim Dividend - Rs 2.30 Per Share |
| 2020-05-05 | Dividend | Interim Dividend - Rs 4.10 Per Share |
| 2019-12-19 | Dividend | Interim Dividend - Rs 2.75 Per Share |
| 2019-08-22 | Dividend | Interim Dividend - Rs 3.65 Per Share |
| 2019-05-07 | Dividend | Interim Dividend - Rs 7.50 Per Share |
| 2018-11-01 | Dividend | Interim Dividend - Rs 7.50 Per Sh |
| 2018-07-19 | Dividend | Dividend- Rs 14 Per Share |
| 2017-07-20 | Dividend | Dividend - Rs 4 Per Share |
| 2017-03-31 | Dividend | Interm Dividend Rs 12/- Per Share |
| 2016-08-09 | Dividend | Dividend - Rs 3/- Per Share |
| 2016-06-15 | Other | Buy-Back Of Shares |
| 2015-08-03 | Dividend | Annual General Meeting/ Dividend - Rs 6.50/- Per Share |
| 2014-07-24 | Dividend | Annual General Meeting + Dividend - Rs.4.40/- Per Share + Interim Dividend Rs 4.50/- Per Share(Purpose Revised) |
| 2013-06-20 | Dividend | Annual General Meeting And Dividend Rs.3/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Telecom Tower Passive Infrastructure: To establish and maintain the assets such as dark fiber, Right of Way (RoW), Duct Space & Towers for the purpose to grant on lease/rent/sale basis to the licensees of Telecom Services Licensed under Section 4 of Indian Telegraph Act, 1885 on mutually agreed terms and conditions.
| Sector | Telecommunication |
| Industry | Telecom - Infrastructure |
| Sub-industry | Telecom - Infrastructure |
| Symbol | INDUSTOWER |
| BSE code | 534816 |
| ISIN | INE121J01017 |
| Face value | ₹10.0 |
| Incorporated | 2006-11-30 |
| Website | www.industowers.com |
| Plants (India / abroad) | 0 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.