Indus Towers Ltd.

•

industowers.comBSE: 534816NSE: INDUSTOWER

Market Cap₹ 1,02,268 Cr.

Current Price

High / Low₹ 482 / 338

Stock P/E14.3

Book Value₹ 157

Price to Book2.78

Dividend Yield3.61 %

ROCE30.5 %

ROE19.8 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Telecommunication

Hold

Telecom operating proxies are steady, with telecom subscriber base up 11.0% YoY (2026-06) and broadband subscriber base also up 11.0% YoY (2026-06). However, persistent FPI outflows of INR -11055 crore over 3 months to 2026-08-31 suggest weak investor appetite. That combination supports a neutral rather than positive stance.

Confidence

58%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 37.0%
Company has a good return on equity (ROE) track record: 3 Years ROE 26.1%
Company has consistently been profitable over the last 5 years
Operating margins have improved to 54.0% from 36.1%
Company has delivered good sales growth of 18.4% CAGR over last 5 years

CONS

Working capital days have increased from 38 to 73 days
Inventory has been piling up - inventory days up from 0 to 0

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

TelecommunicationTelecomTelecommunication - Service Provider

Part ofNIFTYM150MOMNTM50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100 NIFTY MIDCAP 150

S.No.	Name
1.	BHARTIARTL	1832.00	39.54	1143379.47	1.31	10011.60	34.89	58539.10	18.35	25.05	57.07
2.	IDEA	14.96	4.33	162081.18	0.00	-3754.00	43.19	11689.00	6.19	46.77	43.07
3.	INDUSTOWER	387.65	14.30	102268.38	3.61	1745.80	0.52	8431.10	4.64	30.51	53.11
4.	BHARTIHEXA	1543.45	42.31	77172.50	1.17	4824.00	1131.87	25099.00	1009.10	29.30	52.68
5.	TATACOMM	1763.25	53.15	50267.73	0.99	129.72	-31.78	6582.82	10.45	15.75	18.75
6.	RAILTEL	259.85	41.36	8339.58	1.25	38.39	48.51	467.61	24.08	23.03	15.86
7.	TTML	35.59	86.72	6957.59	0.00	-72.15	77.80	301.57	6.09	157.86	53.91
8.	HATHWAY	10.25	23.94	1814.36	0.00	24.56	-20.85	565.10	6.52	2.55	13.43
9.	MTNL	24.71	0.00	1556.73	0.00	-842.36	10.69	216.89	229.92	-6.76	-15.07
10.	GTL	7.25	0.14	114.04	0.00	4520.66	2243.77	497.08	-28.12	0.00	27.04

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	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
	3,596	3,711	3,615	3,122	2,879	2,602	589	3,403	3,708	3,616	3,678	3,677	6,332
Operating Profit	3,479	3,422	3,584	4,072	4,504	4,864	6,958	4,324	4,350	4,572	4,468	4,424	2,099
OPM %	49.17%	47.97%	49.78%	56.60%	61.01%	65.15%	92.19%	55.96%	53.98%	55.84%	54.85%	54.61%	24.90%
	133	309	602	445	104	158	291	211	163	170	237	248	248
Interest	428	459	514	464	456	461	462	479	475	462	487	469	486
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
Profit before Tax	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 %	25.54%	25.88%	25.81%	25.55%	25.69%	25.39%	23.29%	24.71%	25.58%	25.79%	26.62%	24.20%	25.63%
Net Profit	0	0	0	0	1,926	2,224	4,003	1,779	1,737	1,839	1,776	1,793	1,746
	5.00	4.81	5.72	6.88	7.15	8.30	15.18	6.75	6.59	6.97	6.73	6.80	6.62

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	6,085	6,621	6,826	6,743	13,954	27,717	28,382	28,601	30,123	32,493	32,867
	3,260	3,622	3,808	3,185	6,821	12,934	18,713	14,125	14,550	14,936	17,304
Operating Profit	2,825	2,999	3,019	3,558	7,133	14,784	9,669	14,476	15,573	17,557	15,563
OPM %	46.43%	45.29%	44.22%	52.76%	51.12%	53.34%	34.07%	50.61%	51.70%	54.03%	47.35%
	765	455	636	466	442	576	85	1,570	5,841	1,074	904
Interest	39	46	53	335	836	1,603	1,670	1,864	1,858	1,893	1,904
Depreciation	1,166	1,180	1,066	1,282	2,848	5,325	5,324	6,060	6,402	7,141	7,330
Profit before Tax	3,580	3,529	3,553	3,788	4,757	8,431	2,759	8,122	13,154	9,598	9,611
Tax %	23.26%	29.34%	29.81%	12.91%	20.56%	24.41%	26.07%	25.68%	24.50%	25.56%	25.57%
Net Profit	2,747	2,494	2,494	3,299	3,779	6,373	2,040	6,036	9,932	7,145	7,154
EPS	14.00	13.49	13.49	17.84	17.52	23.65	7.57	22.40	37.65	27.08	—
Dividend Payout %	107.73%	103.84%	111.25%	58.87%	143.48%	46.51%	0.00%	0.00%	0.00%	51.69%	—

COMPOUNDED SALES GROWTH

10 Years:: 19%
5 Years:: 18%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: 12%
5 Years:: 14%
3 Years:: 52%

STOCK PRICE CAGR

10 Years:: 1%
5 Years:: 10%
3 Years:: 29%
1 Year:: 10%

RETURN ON EQUITY

10 Years:: 22%
5 Years:: 24%
3 Years:: 26%
Last Year:: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1,850	1,850	1,850	1,850	2,695	2,695	2,695	2,695	2,638	2,638
	13,645	15,107	12,675	11,687	13,178	19,446	18,403	24,329	29,841	36,979
	679	415	395	4,502	18,948	16,098	16,166	18,139	19,644	19,945
Trade Payables	1,121	1,100	1,083	807	3,259	2,129	2,122	2,280	2,445	2,672
	3,646	1,154	1,111	776	6,864	7,600	5,965	7,350	8,600	9,080
Total Liabilities	20,941	19,625	17,115	19,621	44,944	47,968	45,351	54,792	63,168	71,315
	5,794	5,595	5,332	6,714	31,800	31,826	32,384	39,300	44,380	49,514
Capital Work in Progress	58	110	118	54	274	179	355	422	567	630
	11,172	12,327	9,906	11,170	2,271	1,652	276	3	1,486	4,316
	0	0	0	0	0	0	0	0	8	27
	0	0	0	0	0	0	0	6,451	4,768	4,939
Cash & Bank	2,250	31	2	147	14	980	22	63	1,856	1,552
	1,667	1,562	1,757	1,535	10,584	13,330	12,314	8,553	10,104	10,337
Total Assets	20,941	19,625	17,115	19,621	44,944	47,968	45,351	54,792	63,168	71,315

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,662	4,278	3,970	2,862	8,560	11,034	10,124	11,582	19,645	15,684
Cash from Investing	-237	-1,855	1,600	-1,012	1,798	-2,174	-1,730	-7,546	-10,910	-10,198
Cash from Financing	-2,671	-3,555	-4,795	-1,185	-9,377	-5,982	-7,133	-3,995	-8,648	-5,588
	-42	-1,940	-36	118	-98	966	-958	41	87	-102

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.01	53.01	50.00	50.00	50.00	51.03	51.03	51.26	51.26
	23.15	24.19	26.15	26.42	27.51	26.21	25.92	25.10	23.20
	16.97	16.95	17.75	18.41	18.16	18.24	18.95	19.68	21.42
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	7.85	5.86	6.09	5.16	4.31	4.52	4.09	3.98	4.09

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - Indus Towers Limited has informed the Exchange regarding Schedule of Analyst/ Institutional Investors Meeting

2026-09-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - Indus Towers Limited has informed the Exchange regarding schedule of Analyst/ Institutional Investors Meeting

2026-09-01

General Updates

2026-09-01 - Indus Towers Limited has informed the Exchange regarding ESG Ratings

2026-08-21

Shareholders meeting

2026-08-21 - Indus Towers Limited has informed the Exchange regarding Voting Results and Scrutinizer Report pertaining to 20th Annual General Meeting

2026-08-19

Shareholders meeting

2026-08-19 - Indus Towers Limited has informed the Exchange regarding proceedings of 20th Annual General Meeting

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Indus Towers Limited has informed the Exchange regarding schedule of Analyst/ Institutional Investors' Meeting

2026-08-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-03 - Indus Towers Limited has informed the Exchange regarding Transcripts of the Earnings Call on the Company s performance for the first quarter (Q1) ended June 30, 2026

2026-07-31

Change in Director(s)

2026-07-31 - Indus Towers Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-07-31

Shareholders meeting

2026-07-31 - Indus Towers Limited has submitted the Exchange a copy Scrutinizers Report of Postal Ballot. Further, the Company has informed the Exchange regarding Voting Results.

News

Recent coverage and analyst commentary for INDUSTOWER

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Indus Towers Ltd.

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Name

BHARTIARTL

1832.00

39.54

1143379.47

1.31

10011.60

34.89

58539.10

18.35

25.05

57.07

IDEA

14.96

4.33

162081.18

0.00

-3754.00

43.19

11689.00

6.19

46.77

43.07

INDUSTOWER

387.65

14.30

102268.38

3.61

1745.80

0.52

8431.10

4.64

30.51

53.11

BHARTIHEXA

1543.45

42.31

77172.50

1.17

4824.00

1131.87

25099.00

1009.10

29.30

52.68

TATACOMM

1763.25

53.15

50267.73

0.99

129.72

-31.78

6582.82

10.45

15.75

18.75

RAILTEL

259.85

41.36

8339.58

1.25

38.39

48.51

467.61

24.08

23.03

15.86

TTML

35.59

86.72

6957.59

0.00

-72.15

77.80

301.57

6.09

157.86

53.91

HATHWAY

10.25

23.94

1814.36

0.00

24.56

-20.85

565.10

6.52

2.55

13.43

MTNL

24.71

0.00

1556.73

0.00

-842.36

10.69

216.89

229.92

-6.76

-15.07

GTL

7.25

0.14

114.04

0.00

4520.66

2243.77

497.08

-28.12

0.00

27.04

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

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

3,596

3,711

3,615

3,122

2,879

2,602

589

3,403

3,708

3,616

3,678

3,677

6,332

Operating Profit

3,479

3,422

3,584

4,072

4,504

4,864

6,958

4,324

4,350

4,572

4,468

4,424

2,099

OPM %

49.17%

47.97%

49.78%

56.60%

61.01%

65.15%

92.19%

55.96%

53.98%

55.84%

54.85%

54.61%

24.90%

133

309

602

445

104

158

291

211

163

170

237

248

Interest

428

459

514

464

456

461

462

479

475

462

487

469

486

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

Profit before Tax

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 %

25.54%

25.88%

25.81%

25.55%

25.69%

25.39%

23.29%

24.71%

25.58%

25.79%

26.62%

24.20%

25.63%

Net Profit

1,926

2,224

4,003

1,779

1,737

1,839

1,776

1,793

1,746

5.00

4.81

5.72

6.88

7.15

8.30

15.18

6.75

6.59

6.97

6.73

6.80

6.62

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

6,085

6,621

6,826

6,743

13,954

27,717

28,382

28,601

30,123

32,493

32,867

3,260

3,622

3,808

3,185

6,821

12,934

18,713

14,125

14,550

14,936

17,304

Operating Profit

2,825

2,999

3,019

3,558

7,133

14,784

9,669

14,476

15,573

17,557

15,563

OPM %

46.43%

45.29%

44.22%

52.76%

51.12%

53.34%

34.07%

50.61%

51.70%

54.03%

47.35%

765

455

636

466

442

576

1,570

5,841

1,074

904

Interest

335

836

1,603

1,670

1,864

1,858

1,893

1,904

Depreciation

1,166

1,180

1,066

1,282

2,848

5,325

5,324

6,060

6,402

7,141

7,330

Profit before Tax

3,580

3,529

3,553

3,788

4,757

8,431

2,759

8,122

13,154

9,598

9,611

Tax %

23.26%

29.34%

29.81%

12.91%

20.56%

24.41%

26.07%

25.68%

24.50%

25.56%

25.57%

Net Profit

2,747

2,494

3,299

3,779

6,373

2,040

6,036

9,932

7,145

7,154

EPS

14.00

13.49

17.84

17.52

23.65

7.57

22.40

37.65

27.08

—

Dividend Payout %

107.73%

103.84%

111.25%

58.87%

143.48%

46.51%

0.00%

51.69%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

1,850

2,695

2,638

13,645

15,107

12,675

11,687

13,178

19,446

18,403

24,329

29,841

36,979

679

415

395

4,502

18,948

16,098

16,166

18,139

19,644

19,945

Trade Payables

1,121

1,100

1,083

807

3,259

2,129

2,122

2,280

2,445

2,672

3,646

1,154

1,111

776

6,864

7,600

5,965

7,350

8,600

9,080

Total Liabilities

20,941

19,625

17,115

19,621

44,944

47,968

45,351

54,792

63,168

71,315

5,794

5,595

5,332

6,714

31,800

31,826

32,384

39,300

44,380

49,514

Capital Work in Progress

110

118

274

179

355

422

567

630

11,172

12,327

9,906

11,170

2,271

1,652

276

1,486

4,316

6,451

4,768

4,939

Cash & Bank

2,250

147

980

1,856

1,552

1,667

1,562

1,757

1,535

10,584

13,330

12,314

8,553

10,104

10,337

Total Assets

20,941

19,625

17,115

19,621

44,944

47,968

45,351

54,792

63,168

71,315

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

3,662

4,278

3,970

2,862

8,560

11,034

10,124

11,582

19,645

15,684

Cash from Investing

-237

-1,855

1,600

-1,012

1,798

-2,174

-1,730

-7,546

-10,910

-10,198

Cash from Financing

-2,671

-3,555

-4,795

-1,185

-9,377

-5,982

-7,133

-3,995

-8,648

-5,588

-42

-1,940

-36

118

-98

966

-958

-102

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

52.01

53.01

50.00

51.03

51.26

23.15

24.19

26.15

26.42

27.51

26.21

25.92

25.10

23.20

16.97

16.95

17.75

18.41

18.16

18.24

18.95

19.68

21.42

Government

0.00

Public

7.85

5.86

6.09

5.16

4.31

4.52

4.09

3.98

4.09

Indus Towers Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Indus Towers Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI