INDUSTOWER
Indus Towers share price & financials
- Price
- ₹411.2
- Market cap
- ₹1.0L Cr
- Sector
- Telecommunication
- Calls analysed
- 6
Indus Towers Limited Q1 FY27
What went well
- Rollout momentum remained healthy, supported by continued network expansion and movement of expired tenancy portfolios to Indus.
- Gross revenues grew by 4.6% YoY to INR 8,430 crores, and core rental revenues increased 5.2% YoY to INR 5,370 crores.
- Reported EBITDA was up by 3.0% YoY to INR 4,520 crores, and profit after tax grew 0.5% YoY to INR 1,750 crores.
What to watch
- EBITDA margin was lower by 1.5 percentage points YoY and 0.9 percentage points QoQ, settling at 53.6%.
- Profit after tax was down by 2.7% QoQ, primarily reflecting a lower tax charge in Q4 FY26.
What Indus Towers Limited does
Indus Towers deploys, owns and manages telecom towers and passive communication structures, which it leases to wireless operators on a shared basis. It earns rent under long-term Master Service Agreements where multiple carriers (tenants) co-locate their active equipment on the same tower, so returns rise with the average sharing/tenancy factor. Its customers are India's major mobile operators — Bharti Airtel, Bharti Hexacom, Vodafone Idea and Reliance Jio — and Bharti Airtel is its promoter and largest customer. The company operates across all 22 Indian telecom circles and has begun expanding into Africa.
Segments
- Passive telecom infrastructure
- Macro tower base
- ~264,500
- Co-locations (tenancies)
- ~428,000
- Geographic footprint
- All 22 telecom circles of India
- Average sharing / tenancy factor
- 1.62 tenants per tower
- Solar-powered sites
- 42,400
- Market position
- India's largest tower infrastructure provider
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 5 delivered 2 missed 8 open- Capex Allocation Mix went quiet said Q4 FY26 Promised: 70% growth oriented, 25% replacement/maintenance Q1 FY27: Management did not provide a breakdown of total capex for the quarter to verify the guided 70/25 split between growth and maintenance. They only noted that maintenance capex doubled to ~INR 500 crores due to battery transition.
- High Maintenance Capex Period on track said Q1 FY26 Promised: Expect 3 to 4 years of high maintenance capex Q1 FY27: Maintenance capex doubled to ~INR 500 crores this quarter, driven by the strategic transition to lithium-ion batteries. Management stated this 'transition journey will continue for some time' before moderating, which aligns with the original guidance.
- Dividend Decision delivered said Q1 FY26 Promised: Revisit decision at end of financial year Q4 FY26: The Board has recommended a final dividend of INR 14 per share, distributing the full FY26 Free Cash Flow.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 4.6%, net profit up 0.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,465 | 7,547 | 7,727 | 8,058 | 8,188 +10% | 8,146 +8% | 8,101 +5% | 8,431 +5% |
| EBITDA | 4,864 | 6,958 | 4,395 | 4,390 | 4,572 −6% | 4,468 −36% | 4,424 +1% | 4,478 +2% |
| Net profit | 2,224 | 4,003 | 1,779 | 1,737 | 1,839 −17% | 1,776 −56% | 1,793 +1% | 1,746 +1% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +11.1% 1Y
1Y: ₹349.3 on 10 Sept 2025 → ₹388. High ₹477.75 (18 Feb 2026), low ₹338.55 (14 Oct 2025).
How the price took the results
close before → close after
- Q1 FY27
- −1.5%
- 28 Jul
- Q4 FY26
- −2.4%
- 1 May
- Q3 FY26
- +1.6%
- 3 Feb
- Q2 FY26
- +3.9%
- 28 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 4.6% a year over 3 years, FY23 to FY26. Operating margin widened to 54.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹28.4k Cr | ₹28.6k Cr | ₹30.1k Cr | ₹32.5k Cr |
| Operating profit | ₹9.7k Cr | ₹14.6k Cr | ₹20.7k Cr | ₹17.9k Cr |
| Operating margin | 34.1% | 50.9% | 68.8% | 54.9% |
| Interest | ₹1.5k Cr | ₹736 Cr | ₹1.5k Cr | ₹1.6k Cr |
| Depreciation | ₹5.3k Cr | ₹6.1k Cr | ₹6.4k Cr | ₹7.1k Cr |
| Net profit | ₹2.0k Cr | ₹6.0k Cr | ₹9.9k Cr | ₹7.1k Cr |
| Net margin | 7.2% | 21.1% | 33.0% | 22.0% |
| ROCE | 11.0% | 22.0% | 29.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2.7k Cr | ₹2.7k Cr | ₹2.7k Cr | ₹2.7k Cr | ₹2.6k Cr | ₹2.6k Cr |
| Reserves | ₹13.2k Cr | ₹19.5k Cr | ₹18.4k Cr | ₹24.3k Cr | ₹33.5k Cr | ₹37.0k Cr |
| Borrowings | ₹21.6k Cr | ₹19.7k Cr | ₹19.2k Cr | ₹20.5k Cr | ₹20.9k Cr | ₹21.1k Cr |
| Other liabilities | ₹7.5k Cr | ₹6.1k Cr | ₹6.3k Cr | ₹8.3k Cr | ₹10.1k Cr | ₹10.5k Cr |
| Total liabilities | ₹44.9k Cr | ₹48.0k Cr | ₹46.6k Cr | ₹55.9k Cr | ₹67.2k Cr | ₹71.3k Cr |
| Fixed assets | ₹31.8k Cr | ₹31.8k Cr | ₹32.4k Cr | ₹39.3k Cr | ₹46.9k Cr | ₹49.5k Cr |
| Capital work in progress | ₹274 Cr | ₹179 Cr | ₹355 Cr | ₹422 Cr | ₹623 Cr | ₹630 Cr |
| Investments | ₹2.3k Cr | ₹1.7k Cr | ₹276 Cr | ₹3 Cr | ₹2.9k Cr | ₹4.3k Cr |
| Other assets | ₹10.6k Cr | ₹14.3k Cr | ₹13.6k Cr | ₹16.1k Cr | ₹16.7k Cr | ₹16.9k Cr |
| Total assets | ₹44.9k Cr | ₹48.0k Cr | ₹46.6k Cr | ₹55.9k Cr | ₹67.2k Cr | ₹71.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −4.31 pp while DIIs added +3.26 pp. The shareholder count shrank 7% to 3,41,960.
- Promoters
- 51.3%
- FIIs
- 23.2%
- DIIs
- 21.4%
- Government
- 0.0%
- Public
- 4.0%
- Others
- 0.0%
Since Jun 2025
- FIIs −4.31 pp
- DIIs +3.26 pp
- Promoters +1.26 pp
How it drifted, 12 quarters
Over this window promoters fell from 69.0% to 51.3% — −17.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 69.0%, FIIs 21.4%, DIIs 6.7%, Public 2.9%, Others 0.0%.Dec '23: Promoters 69.0%, FIIs 20.7%, DIIs 7.1%, Public 3.2%, Others 0.0%.Mar '24: Promoters 69.0%, FIIs 16.4%, DIIs 9.9%, Public 4.7%, Others 0.0%.Jun '24: Promoters 52.0%, FIIs 23.1%, DIIs 17.0%, Public 7.8%, Others 0.0%.Sep '24: Promoters 53.0%, FIIs 24.2%, DIIs 17.0%, Public 5.8%, Others 0.0%.Dec '24: Promoters 50.0%, FIIs 26.1%, DIIs 17.8%, Public 6.0%, Others 0.0%.Mar '25: Promoters 50.0%, FIIs 26.4%, DIIs 18.4%, Public 5.1%, Others 0.0%.Jun '25: Promoters 50.0%, FIIs 27.5%, DIIs 18.2%, Public 4.3%, Others 0.0%.Sep '25: Promoters 51.0%, FIIs 26.2%, DIIs 18.2%, Public 4.5%, Others 0.0%.Dec '25: Promoters 51.0%, FIIs 25.9%, DIIs 18.9%, Public 4.0%, Others 0.0%.Mar '26: Promoters 51.3%, FIIs 25.1%, DIIs 19.7%, Public 3.9%, Others 0.0%.Jun '26: Promoters 51.3%, FIIs 23.2%, DIIs 21.4%, Government 0.0%, Public 4.0%, Others 0.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Magnum Hybrid Long Short Fund Mutual fund newly disclosed 4.20% held
- Kotak Infrastructure & Economic Reform Fund Mutual fund newly disclosed 3.13% held
- DSP Regular Savings Fund Mutual fund newly disclosed 1.29% held
- Tata Nifty500 Multicap Infrastructure 50:30:20 Ind Mutual fund newly disclosed 1.11% held
- Lazard Emerging Markets Equity Portfolio FPI fund +0.18 pp 1.20% held
- Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund +0.05 pp 1.06% held
- AMPIN Evolution Private Limited (formely known as Ampsolar Evolution Private Limited) newly disclosed 0.00% held
- AMPIN Energy Green Three Private Limited (formely known as Amp Energy Green Three Private Limited) newly disclosed 0.00% held
The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Indus Towers Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bharti Airtel Limited | 51.26% | unchanged |
| Magnum Hybrid Long Short Fund Mutual fund | 4.20% | newly disclosed |
| Kotak Infrastructure & Economic Reform Fund Mutual fund | 3.13% | newly disclosed |
| Life Insurance Corporation Of India Insurer | 1.61% | unchanged |
| DSP Regular Savings Fund Mutual fund | 1.29% | newly disclosed |
| Lazard Emerging Markets Equity Portfolio FPI fund | 1.20% | +0.18 pp |
| Tata Nifty500 Multicap Infrastructure 50:30:20 Ind Mutual fund | 1.11% | newly disclosed |
| Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund | 1.06% | +0.05 pp |
| Airtel Money S.A. | 0.00% | unchanged |
| Airtel Money Niger S.A. | 0.00% | unchanged |
| Airtel Mobile Commerce Holdings B.V. | 0.00% | unchanged |
| Airtel Mobile Commerce (Tanzania) Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in INDUSTOWER
Filings to Aug 2026
1 new, 14 added, 2 trimmed, 1 sold out — net +68.03 L shares (+5.2%).
- Held by funds
- ₹5.4k Cr
- 28 schemes
- Biggest holder
- SBI Contra Fund
- ₹1.2k Cr · 2.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Contra Fund SBI Mutual Fund | ₹1.2k Cr | held | Jun '24 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹816 Cr | +26.08 L | Jul '24 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹700 Cr | held | Nov '23 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹549 Cr | held | Jun '24 |
| SBI Midcap Fund SBI Mutual Fund | ₹365 Cr | held | Jun '24 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹319 Cr | +4.78 L | Apr '23 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹319 Cr | held | Jan '26 |
| SBI Large Cap Fund SBI Mutual Fund | ₹250 Cr | held | Jun '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
14 added, 2 trimmed — net +68.03 L shares (+5.2%)
- Funds are sitting on
- +10%
- vs est. average cost
- Held by funds
- ₹5.4k Cr
- 28 schemes · ≈ 5.4% of the company
- Biggest holder
- SBI Contra Fund
- ₹1.2k Cr · 2.6% of that fund
- Longest holder
- SBI Arbitrage Fund
- 3y 5m · since Apr '23
Shares held by these funds +570%
Aug '23 13.27 cr shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Indus Towers Limited
Guides on how to read this kind of business and the numbers that matter.