Indus Towers Ltd(INDUSTOWER)

NSE: INDUSTOWERBSE: 534816

₹ 380+0.21%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1.00 L crNext results: 27 Oct 2026Website: www.industowers.comUpdated: 24 Oct 2026

About

Indus Towers is India's largest telecom infrastructure company, providing passive tower infrastructure and related services across 22 circles and 36 states and union territories. As of Q1 FY27 it operates ~267,600 macro towers and ~432,300 colocations, generating gross revenue of INR 325 billion in FY26. The company is expanding internationally into Nigeria, Uganda and Zambia, with rollouts expected from Q2 FY27.^[1][2][3][4]

Tower base and tenancy

Macro tower base reached ~267,600 in Q1 FY27, up 6.3% YoY, with ~432,300 colocations, up 5.1% YoY.^[2]
Tenancy ratio was stable at 1.62 in Q1 FY27, consistent across the prior five to six quarters.^[2][3]
Incremental tenancy ratio tracked at ~1.37 in Q1 FY27, with colocation additions outpacing tower additions each quarter.^[2]
Total tower base including lean structures was ~446,300 as of Q1 FY27.^[2]
Full-year FY26 additions were ~15,200 macro towers and ~22,500 colocations, representing 6.1% and 5.6% YoY growth respectively.^[3]

Products and services

Portfolio covers ground/rooftop towers, hybrid/monopole/camouflaged towers, in-building solutions (IBS) with DAS and small cells, smart city infrastructure, fibre and satellite connectivity, and earth station infrastructure.^[1]
Indus achieved leadership position in the IBS space in Q4 FY26; DAS business saw increased deployments in metros, tunnels and highways.^[3]
In Q1 FY27 the company expanded its portfolio with integrated IBS and build-to-suit hybrid solutions for large residential/commercial complexes, metro railway stations, tunnels, highways and government establishments.^[2]
Building earth station infrastructure for Satcom operators including OneWeb, Amazon and Starlink; two Amazon LEO Earth Stations nearing completion and one Starlink Earth Station under construction in FY26.^[1]
In FY26 secured FTTH/fibre engagements deploying over 10,000 FTTH poles and ~100 km of overhead fibre across five states.^[1]

Core rental revenue and energy

Core rental revenue was INR 53.7 billion in Q1 FY27, up 5.2% YoY, supported by additions of both towers and colocations.^[2]
Energy margin was -4.6% in Q1 FY27, compared to -3.6% in Q4 FY26 and -4.0% in Q1 FY26, reflecting seasonal diesel-heavy H1 and one-off past-period settlements.^[2]
Network uptime was maintained at an industry-leading 99.97% in FY26 and 99.977% in Q4 FY26.^[1][3]

Operations and infrastructure

Operations span 22 telecom circles across 36 states and union territories in India.^[1]
Supply chain supported by a network of 29 warehouses with approximately 21.4 lakh sq. ft. of space.^[1]
Tower Operations Centre integrates with over 260 OSS platforms from Ericsson, Nokia, Huawei, ZTE, Samsung and indigenous RMS providers.^[1]
Over 85% of sites digitally connected as of Q4 FY26, covering fuel sensors, backhaul monitoring, smart meters and power equipment; AI deployed for proactive outage identification.^[3]
The company had 3,795 employees in FY26, with gender diversity at 18.3%, up from 16.2% in FY25.^[1]

Energy and sustainability

Sites with solar access reached ~46,000 in Q1 FY27, with ~3,700 sites added during the quarter; installed solar base reached 259 MW.^[2]
Diesel consumption reduced 13% YoY in Q1 FY27, despite a larger colocation base.^[2]
Maintenance capex roughly doubled over the last five quarters from ~INR 250 cr to ~INR 500+ cr per quarter, driven by the lead-acid to lithium-ion battery transition across the 260,000+ tower portfolio.^[2]

Customers and concentration

India's three major telecom operators - Airtel, Jio and Vodafone Idea - are the primary customers; Airtel is also the anchor customer for the Africa expansion.^[5]
Vodafone Idea overdue receivables were fully cleared by Q3 FY26, with the relationship described as business as usual per MSA credit period.^[6]
India's total 5G base stations crossed 500,000 as of Q2 FY26; ongoing 5G deployments continue to support loading revenues for Indus.^[5]

Africa expansion

Regulatory approvals and operating licenses received in all three target markets - Nigeria, Uganda and Zambia - as of Q1 FY27; anchor customer orders secured and supply orders placed.^[2]
Tower rollouts expected to commence in Q2 FY27 (October 2026 quarter) and scale progressively across all three countries.^[2]
Africa capex to be largely debt-funded at the Africa entity level; India free cash flow ring-fenced for domestic shareholder distribution.^[2][6]
Africa single-tenancy economics designed to cover cost of capital, with operating leverage upside from second and third tenants.^[2]

Recent developments

Board recommended a final dividend of INR 14 per share for FY26, distributing effectively the full-year free cash flow of INR 37.6 billion.^[3]
Pre-tax ROCE (LTM) was 25.4% and post-tax ROE (LTM) was 18.9% as of Q1 FY27.^[2]
Battery supply constraints linked to West Asia geopolitical disturbances expected to ease from August 2026, allowing lithium-ion battery deployment to accelerate.^[2]
Order book remains firm for the next 3 - 4 quarters across all customers, covering both new tower rollouts and tenancy additions.^[2]

Market Cap

₹1,00,250 Cr

High / Low

₹482 / 355

Stock P/E

14.0

Price / Book

2.5

Book Value

₹150

EPS

₹27.1

No. of Shares

263.82 Cr

ROCE

20.9%

ROE

19.8%

OPM

34.8%

Debt / Equity

0.02

Sales

₹32,493 Cr

Net Profit

₹7,145 Cr

Promoter holding

51.3%

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Indus Towers Ltd(INDUSTOWER)

About

Tower base and tenancy

Products and services

Core rental revenue and energy

Operations and infrastructure

Energy and sustainability

Customers and concentration

Africa expansion

Recent developments

Signal history

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