Indus Towers Ltd.

•

industowers.comBSE: 534816NSE: INDUSTOWER

Market Cap₹ 98,272 Cr.

Current Price

High / Low₹ 482 / 338

Stock P/E13.8

Book Value₹ 157

Price to Book2.78

Dividend Yield3.76 %

ROCE30.4 %

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 36.9%
Company has a good return on equity (ROE) track record: 3 Years ROE 26.1%
Operating margins have improved to 54.0% from 36.1%
Company has delivered good sales growth of 18.4% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.03x)

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	1818.80	39.26	1135141.15	1.32	10011.60	34.89	58539.10	18.35	25.05	57.07
2.	IDEA	15.51	4.49	168040.05	0.00	-3754.00	43.19	11689.00	6.19	46.77	43.07
3.	INDUSTOWER	372.50	13.74	98271.56	3.76	1745.80	0.52	8431.10	4.64	30.51	53.11
4.	BHARTIHEXA	1545.55	42.37	77277.50	1.16	4824.00	1131.87	25099.00	1009.10	29.30	52.68
5.	TATACOMM	1774.60	53.49	50591.30	0.99	129.72	-31.78	6582.82	10.45	15.75	18.75
6.	RAILTEL	263.80	41.99	8466.36	1.23	38.39	48.51	467.61	24.08	23.03	15.86
7.	TTML	36.20	88.21	7076.84	0.00	-72.15	77.80	301.57	6.09	157.86	53.91
8.	HATHWAY	10.23	23.89	1810.82	0.00	24.56	-20.85	565.10	6.52	2.55	13.43
9.	MTNL	25.21	0.00	1588.23	0.00	-842.36	10.69	216.89	229.92	-6.76	-15.07
10.	GTL	7.14	0.14	112.31	0.00	4520.66	2243.77	497.08	-28.12	0.00	27.04

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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	2,603	593	3,407	3,712	3,620	3,681	3,683	6,333
Operating Profit	3,480	3,422	3,584	4,071	4,504	4,862	6,954	4,320	4,346	4,568	4,465	4,418	2,098
OPM %	49.18%	47.97%	49.79%	56.60%	61.01%	65.13%	92.14%	55.91%	53.93%	55.79%	54.82%	54.53%	24.89%
	133	309	602	445	104	158	291	211	163	170	237	249	249
Interest	428	459	514	464	456	461	462	479	475	462	487	469	485
Depreciation	1,372	1,525	1,595	1,564	1,560	1,580	1,568	1,692	1,704	1,800	1,798	1,837	1,893
Profit before Tax	1,813	1,747	2,077	2,489	2,592	2,979	5,216	2,360	2,331	2,475	2,418	2,360	2,347
Tax %	25.50%	25.87%	25.80%	25.54%	25.69%	25.40%	23.37%	24.71%	25.58%	25.79%	26.62%	24.18%	25.63%
Net Profit	1,351	1,295	1,541	1,853	1,926	2,222	3,997	1,776	1,734	1,837	1,774	1,789	1,745
	5.01	4.81	5.72	6.88	7.15	8.30	15.15	6.73	6.57	6.96	6.73	6.78	6.62

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	6,085	6,618	6,822	6,738	13,951	27,708	28,382	28,601	30,123	32,493	32,867
	3,260	3,620	3,803	3,181	6,818	12,938	18,713	14,124	14,559	14,952	17,318
Operating Profit	2,825	2,998	3,019	3,557	7,132	14,771	9,669	14,476	15,564	17,541	15,549
OPM %	46.43%	45.29%	44.25%	52.79%	51.13%	53.31%	34.07%	50.62%	51.67%	53.98%	47.31%
	1,716	1,456	1,763	466	862	576	85	1,570	5,841	1,075	904
Interest	39	46	53	333	835	1,602	1,670	1,864	1,858	1,893	1,904
Depreciation	1,166	1,180	1,064	1,277	2,843	5,320	5,322	6,056	6,400	7,139	7,328
Profit before Tax	3,336	3,227	3,665	2,412	4,316	8,424	2,762	8,127	13,147	9,584	9,600
Tax %	18.91%	25.20%	24.18%	27.59%	22.66%	24.42%	26.02%	25.67%	24.53%	25.55%	25.57%
Net Profit	2,705	2,414	2,779	1,747	3,338	6,367	2,043	6,041	9,922	7,135	7,146
EPS	14.49	13.05	15.03	9.44	15.47	23.63	7.58	22.42	37.61	27.05	—
Dividend Payout %	109.40%	107.27%	99.83%	111.19%	162.43%	46.56%	0.00%	0.00%	0.00%	51.77%	—

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:: 18%
5 Years:: 16%
3 Years:: 52%

STOCK PRICE CAGR

10 Years:: 1%
5 Years:: 9%
3 Years:: 25%
1 Year:: 6%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	14,382	15,868	13,808	12,025	13,198	19,471	18,428	24,364	29,880	37,012
	679	415	395	4,486	18,934	16,098	16,166	18,139	19,644	19,945
Trade Payables	1,121	1,100	1,083	806	3,258	2,125	2,120	2,278	2,446	2,678
	3,430	917	934	773	6,862	7,600	5,965	7,350	8,602	9,080
Total Liabilities	21,463	20,150	18,069	19,940	44,947	47,988	45,373	54,826	63,210	71,354
	5,791	5,589	5,325	6,679	31,770	31,814	32,373	39,294	44,375	49,512
Capital Work in Progress	58	100	104	53	271	177	354	422	567	623
	11,666	12,830	10,842	11,492	2,286	1,667	291	23	1,506	4,336
	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	2,249	31	2	147	13	980	22	58	1,855	1,527
	1,697	1,600	1,796	1,568	10,606	13,350	12,334	8,579	10,132	10,389
Total Assets	21,463	20,150	18,069	19,940	44,947	47,988	45,373	54,826	63,210	71,354

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,711	3,280	2,853	2,850	8,557	11,025	10,126	11,583	19,638	15,665
Cash from Investing	718	-855	2,718	-1,009	1,804	-2,182	-1,739	-7,565	-10,925	-10,237
Cash from Financing	-2,671	-3,556	-4,796	-1,179	-9,381	-5,964	-7,126	-3,982	-8,622	-5,554
	-38	-1,940	-36	117	-99	967	-958	36	91	-127

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

1818.80

39.26

1135141.15

1.32

10011.60

34.89

58539.10

18.35

25.05

57.07

IDEA

15.51

4.49

168040.05

0.00

-3754.00

43.19

11689.00

6.19

46.77

43.07

INDUSTOWER

372.50

13.74

98271.56

3.76

1745.80

0.52

8431.10

4.64

30.51

53.11

BHARTIHEXA

1545.55

42.37

77277.50

1.16

4824.00

1131.87

25099.00

1009.10

29.30

52.68

TATACOMM

1774.60

53.49

50591.30

0.99

129.72

-31.78

6582.82

10.45

15.75

18.75

RAILTEL

263.80

41.99

8466.36

1.23

38.39

48.51

467.61

24.08

23.03

15.86

TTML

36.20

88.21

7076.84

0.00

-72.15

77.80

301.57

6.09

157.86

53.91

HATHWAY

10.23

23.89

1810.82

0.00

24.56

-20.85

565.10

6.52

2.55

13.43

MTNL

25.21

0.00

1588.23

0.00

-842.36

10.69

216.89

229.92

-6.76

-15.07

GTL

7.14

0.14

112.31

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

2,603

593

3,407

3,712

3,620

3,681

3,683

6,333

Operating Profit

3,480

3,422

3,584

4,071

4,504

4,862

6,954

4,320

4,346

4,568

4,465

4,418

2,098

OPM %

49.18%

47.97%

49.79%

56.60%

61.01%

65.13%

92.14%

55.91%

53.93%

55.79%

54.82%

54.53%

24.89%

133

309

602

445

104

158

291

211

163

170

237

249

Interest

428

459

514

464

456

461

462

479

475

462

487

469

485

Depreciation

1,372

1,525

1,595

1,564

1,560

1,580

1,568

1,692

1,704

1,800

1,798

1,837

1,893

Profit before Tax

1,813

1,747

2,077

2,489

2,592

2,979

5,216

2,360

2,331

2,475

2,418

2,360

2,347

Tax %

25.50%

25.87%

25.80%

25.54%

25.69%

25.40%

23.37%

24.71%

25.58%

25.79%

26.62%

24.18%

25.63%

Net Profit

1,351

1,295

1,541

1,853

1,926

2,222

3,997

1,776

1,734

1,837

1,774

1,789

1,745

5.01

4.81

5.72

6.88

7.15

8.30

15.15

6.73

6.57

6.96

6.73

6.78

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

6,618

6,822

6,738

13,951

27,708

28,382

28,601

30,123

32,493

32,867

3,260

3,620

3,803

3,181

6,818

12,938

18,713

14,124

14,559

14,952

17,318

Operating Profit

2,825

2,998

3,019

3,557

7,132

14,771

9,669

14,476

15,564

17,541

15,549

OPM %

46.43%

45.29%

44.25%

52.79%

51.13%

53.31%

34.07%

50.62%

51.67%

53.98%

47.31%

1,716

1,456

1,763

466

862

576

1,570

5,841

1,075

904

Interest

333

835

1,602

1,670

1,864

1,858

1,893

1,904

Depreciation

1,166

1,180

1,064

1,277

2,843

5,320

5,322

6,056

6,400

7,139

7,328

Profit before Tax

3,336

3,227

3,665

2,412

4,316

8,424

2,762

8,127

13,147

9,584

9,600

Tax %

18.91%

25.20%

24.18%

27.59%

22.66%

24.42%

26.02%

25.67%

24.53%

25.55%

25.57%

Net Profit

2,705

2,414

2,779

1,747

3,338

6,367

2,043

6,041

9,922

7,135

7,146

EPS

14.49

13.05

15.03

9.44

15.47

23.63

7.58

22.42

37.61

27.05

—

Dividend Payout %

109.40%

107.27%

99.83%

111.19%

162.43%

46.56%

0.00%

51.77%

—

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

14,382

15,868

13,808

12,025

13,198

19,471

18,428

24,364

29,880

37,012

679

415

395

4,486

18,934

16,098

16,166

18,139

19,644

19,945

Trade Payables

1,121

1,100

1,083

806

3,258

2,125

2,120

2,278

2,446

2,678

3,430

917

934

773

6,862

7,600

5,965

7,350

8,602

9,080

Total Liabilities

21,463

20,150

18,069

19,940

44,947

47,988

45,373

54,826

63,210

71,354

5,791

5,589

5,325

6,679

31,770

31,814

32,373

39,294

44,375

49,512

Capital Work in Progress

100

104

271

177

354

422

567

623

11,666

12,830

10,842

11,492

2,286

1,667

291

1,506

4,336

6,451

4,768

4,939

Cash & Bank

2,249

147

980

1,855

1,527

1,697

1,600

1,796

1,568

10,606

13,350

12,334

8,579

10,132

10,389

Total Assets

21,463

20,150

18,069

19,940

44,947

47,988

45,373

54,826

63,210

71,354

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

2,711

3,280

2,853

2,850

8,557

11,025

10,126

11,583

19,638

15,665

Cash from Investing

718

-855

2,718

-1,009

1,804

-2,182

-1,739

-7,565

-10,925

-10,237

Cash from Financing

-2,671

-3,556

-4,796

-1,179

-9,381

-5,964

-7,126

-3,982

-8,622

-5,554

-38

-1,940

-36

117

-99

967

-958

-127

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

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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