Indus Towers Limited (INDUSTOWER)

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Indus Towers Limited (INDUSTOWER) · mywealthgrid

About

Indus Towers Limited is a large-cap telecom infrastructure company with market capitalization of ₹1,01,399 Cr, operating in the Communication Services sector. The company generates stable quarterly revenues of ₹8.1–8.4k Cr with exceptional operating margins of 55.87%, reflecting the predictable, long-term nature of tower infrastructure contracts.

Founded: 2007
Face value: ₹10

Market cap

₹99,262 Cr

P/E

13.9×

P/B

2.5×

Dividend yield

3.7%

ROE

19.8%

ROCE

19.9%

Debt / equity

0.02

OPM

55.9%

EPS (TTM)

₹27.1

Book value

₹150.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin 55.87% creates concentration risk; a 5–10% rate cut by major telecom operators could materially compress profitability
Public shareholding 4.06% and FII decline (25.09% in Mar 2026 → 23.2% in Jun 2026) signal potential liquidity and investor-confidence concerns
Revenue flat to declining over recent quarters (₹8,188 Sep 2025 → ₹8,101 Mar 2026 → ₹8,431 Jun 2026); verify if reflects operator capex pullback or normal cyclicality
D/E 0.02 may constrain debt-funded growth capex if expansion requires leverage; verify capital allocation strategy

Generated analysis · source review pending

Growth drivers

Stable quarterly revenue base ₹8.2–8.4 Cr provides foundation if telecom capex or 5G deployment drives incremental tower demand—verify operator investment plans
Operating margin 55.87% already elevated; verify if service mix (fiber, power) or operational leverage could expand margins or revenue-per-site further
Low leverage (D/E 0.02) provides financial headroom for growth capex or M&A—verify management's capital deployment strategy
Consistent dividend payments indicate strong free cash flow generation; verify if retained capital is deployed for growth or if shareholder returns prioritize distributions

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹376.3+2.4%1Y

Quick read

rule-based

Pros

+Strong return on equity of 26.1% (3-yr avg)
+High return on capital employed of 23.5%
+Healthy operating margin of 55.9%
+Revenue CAGR of 18.4% over the last 5 years
+Almost debt-free (debt/equity 0)
+Dividend yield of 3.7%
+Dividend payout of 51.6% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

65/100

Business quality: 69
Growth: 42

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,558	6,085	6,621	6,826	6,743	13,954	27,717	28,382	28,601	30,123	32,493
COGS	—	—	—	0	0	0	0	0	0	4	9
	1,837	2,016	2,169	2,697	1,805	5,909	12,817	18,713	14,044	9,469	14,329
	3,722	4,069	4,452	4,129	4,938	8,046	14,901	9,669	14,557	20,650	18,155
OPM %	67%	66.9%	67.2%	60.5%	73.2%	57.7%	53.8%	34.1%	50.9%	68.6%	55.9%
Depreciation	1,212	1,217	1,219	1,066	1,282	2,848	5,325	5,324	6,060	6,402	7,141
Interest	—	—	47	-388	-2	637	1,497	1,454	735	1,440	1,893
	110	71	131	102	129	197	353	-132	361	346	477
Profit before tax	2,979	3,580	3,529	3,553	3,788	4,757	8,431	2,759	8,122	13,154	9,598
Tax	732	833	1,036	1,059	489	978	2,058	719	2,086	3,222	2,453
Tax %	24.6%	23.3%	29.3%	29.8%	12.9%	20.6%	24.4%	26.1%	25.7%	24.5%	25.6%
	2,247	2,747	2,494	2,494	3,299	3,779	6,373	2,040	6,036	9,932	7,145
PAT margin %	40.4%	45.2%	37.7%	36.5%	48.9%	27.1%	23%	7.2%	21.1%	33%	22%
EPS (₹)	11.9	14.7	13.5	13.5	17.8	17.5	23.7	7.6	22.4	37.3	27.1
EPS adjusted (₹)	11.9	14.5	13.5	13.5	17.8	14	23.7	7.6	22.4	37.7	27.1
	25.3%	108.6%	103.8%	55.6%	77.9%	138.2%	0%	145.3%	0%	0%	51.7%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1,894	1,897	1,850	1,850	1,850	2,695	2,695	2,695	2,695	2,638	2,638
Reserves	15,755	16,345	15,115	12,682	11,693	13,182	19,456	18,415	24,344	29,860	37,008
	279	2	6	6	2,418	8,164	5,487	4,713	4,312	2,262	921
	2,000	2,459	2,710	2,593	4,198	20,903	20,330	20,750	24,517	28,410	30,750
Total equity & liabilities	19,928	20,703	19,680	17,131	20,159	44,944	47,968	46,572	55,868	63,170	71,316
	6,321	6,056	5,585	5,332	6,714	31,800	31,826	32,384	39,300	44,380	49,514
CWIP	68	70	110	118	55	274	179	355	422	567	630
Investments	4,663	5,618	5,542	4,797	5,438	2,271	1,652	276	3	1,486	4,316
	8,876	8,959	8,443	6,883	7,952	10,599	14,311	13,559	16,143	16,737	16,856
Total assets	19,928	20,703	19,680	17,131	20,159	44,944	47,968	46,572	55,868	63,170	71,316

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2020 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Indus ( Proportionate Share)	7,907.8	2,179.1	—	8,516.4
Infratel (including subsidiaries)	6,743	2,405	—	6,616.5
Less:Intersegment Assets/Liabilities	0

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	45.6%	52.8%	51.5%	53.8%	34.1%	50.9%	68.6%	55.9%
EBIT margin %	30%	33.8%	31%	34.5%	15.3%	29.7%	47.3%	33.9%
PAT margin %	36.5%	48.9%	27.1%	23%	7.2%	21.1%	33%	22%
Working capital
Receivable days	29	42	100	93	63	82	58	55
Inventory days	0	0	0	0	0	0	0	1
Payable days	106	93	176	61	41	59	94	68
NWC days	-77	-51	-75	32	21	23	-36	-12
Leverage
Current ratio	2.41	1.27	0.69	1.39	1.07	1.03	1.32	1.72
Debt to EBITDA	0	0.68	1.14	0.37	0.49	0.3	0.11	0.05
Debt to equity	0	0.18	0.51	0.25	0.22	0.16	0.07	0.02
Interest coverage	-5.5	-1,202.5	7.1	6.6	3.2	12	10.1	6.1
Asset turnover	0.4	0.33	0.31	0.58	0.61	0.51	0.48	0.46
Return ratios
Return on assets %	14.6%	16.4%	8.4%	13.3%	4.4%	10.8%	15.7%	10%
Return on capital employed %	12.9%	15.4%	19.3%	28.3%	12.1%	21.1%	29.5%	19.9%
Return on equity %	17.2%	24.4%	23.8%	28.8%	9.7%	22.3%	30.6%	18%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	69%	69%	69%	52.01%	53.01%	50%	50%	50%	51.03%	51.03%	51.26%	51.26%
	21.41%	20.71%	16.4%	23.15%	24.19%	26.15%	26.42%	27.51%	26.2%	25.92%	25.09%	23.2%
	6.7%	7.08%	9.89%	16.99%	16.99%	17.8%	18.41%	18.17%	18.24%	18.95%	19.68%	21.41%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0.04%
	2.88%	3.17%	4.68%	7.81%	5.8%	6.01%	5.13%	4.28%	4.49%	4.06%	3.94%	4.06%
No. of shareholders	—	—	—	—	—	—	—	—	3,80,788	3,48,339	3,35,735	3,41,960

Promoter holding down 17.74 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
INDUS TOWERS EMPLOYEES WELFARE TRUSTOther	BuyMarket Purchase	7,50,000	₹26.22 cr	0.01% → 0.04%	12 Sept 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

110 deals · 23 Sept 2021 – 5 Dec 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
5 Dec 2024	OMEGA TELECOM HOLDINGS PRIVATE LIMITED	Bulk	NSE	Sell	5,96,38,460	₹353.70	₹2,109.41 Cr
5 Dec 2024	OMEGA TELECOM HOLDINGS PRIVATE LIMITED	Block	NSE	Sell	5,96,38,460	₹353.70	₹2,109.41 Cr
5 Dec 2024	MORGAN STANLEY ASIA SINGAPORE PTE -ODI	Block	NSE	Buy	2,10,50,010	₹353.70	₹744.54 Cr
5 Dec 2024	MORGAN STANLEY ASIA SINGAPORE PTE -ODI	Bulk	NSE	Buy	2,10,50,010	₹353.70	₹744.54 Cr
5 Dec 2024	USHA MARTIN TELEMATICS LIMITED	Block	NSE	Sell	1,95,72,626	₹353.70	₹692.28 Cr
5 Dec 2024	USHA MARTIN TELEMATICS LIMITED	Bulk	NSE	Sell	1,95,72,626	₹353.70	₹692.28 Cr
5 Dec 2024	KOTAK MAHINDRA MUTUAL FUND	Bulk	NSE	Buy	1,45,00,001	₹353.70	₹512.87 Cr
5 Dec 2024	KOTAK MAHINDRA MUTUAL FUND	Block	NSE	Buy	1,45,00,001	₹353.70	₹512.87 Cr
5 Dec 2024	BOFA SECURITIES EUROPE SA	Block	NSE	Buy	1,23,50,005	₹353.70	₹436.82 Cr
5 Dec 2024	GHISALLO MASTER FUND LP	Block	NSE	Buy	60,00,001	₹353.70	₹212.22 Cr

1–10 of 110

1 / 11

Mr. Dinesh Kumar MittalNon-Executive - Independent Director-Chairperson
Mrs. Anita KapurNon-Executive - Independent Director
Mr. Harjeet Singh KohliNon-Executive - Non Independent Director
Mr. Prachur SahExecutive Director-CEO-MD
Mr. Randeep Singh SekhonNon-Executive - Non Independent Director
Mr. Rajan Bharti MittalNon-Executive - Non Independent Director
Mr. Rakesh Bharti MittalNon-Executive - Non Independent Director
Mr. Ramesh AbhishekNon-Executive - Independent Director
Mr. Sharad BhansaliNon-Executive - Independent Director
Mr. Soumen RayNon-Executive - Non Independent Director
Mr. Abhishek MaheshwariChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹373.2 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹374.3	+2.1	+0.6%	₹374.3	52,576	-317	2,831	1700
23 Nov 2026	₹375.5	+1.8	+0.5%	₹375.5	1,762	+1	23	1700
29 Dec 2026	₹373.1	0	0%	₹379.1	0	0	0	1700

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

31

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	300

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

140

across 22 fund houses

Held by these funds

10.61%

of the company's equity

All mutual funds

16.22%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

140 schemes · 22 fund houses

		Shares
Contra Fund	SBI Mutual Fund	3.21 Cr	1,249.09	2.62%	1.218%	-0
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	2.33 Cr	905	2.96%	0.882%	—
Balanced Advantage Fund	SBI Mutual Fund	2.1 Cr	816.48	1.95%	0.796%	+26.08 L
Growth Mid Cap FundNEW	Nippon India Mutual Fund	1.8 Cr	699.84	1.34%	0.682%	—
Large and Midcap Fund	SBI Mutual Fund	1.41 Cr	548.79	1.3%	0.535%	-0
Portfolio of Kotak Flexi Cap FundNEW	Kotak Mahindra Mutual Fund	1.3 Cr	505.44	0.9%	0.493%	—
VALUE FUND	Tata Mutual Fund	98.1 L	381.41	4.41%	0.372%	-0
Midcap Fund	SBI Mutual Fund	93.94 L	365.22	1.49%	0.356%	-0

1–8 of 140

1 / 18

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

28 announcementsExport CSV

31 Jul 2026, 8:38 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Directorate

Change in Directorate PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	45.6%	52.8%	51.5%	53.8%	34.1%	50.9%	68.6%	55.9%
EBIT margin %	30%	33.8%	31%	34.5%	15.3%	29.7%	47.3%	33.9%
PAT margin %	36.5%	48.9%	27.1%	23%	7.2%	21.1%	33%	22%
Working capital
Receivable days	29	42	100	93	63	82	58	55
Inventory days	0	0	0	0	0	0	0	1
Payable days	106	93	176	61	41	59	94	68
NWC days	-77	-51	-75	32	21	23	-36	-12
Leverage
Current ratio	2.41	1.27	0.69	1.39	1.07	1.03	1.32	1.72
Debt to EBITDA	0	0.68	1.14	0.37	0.49	0.3	0.11	0.05
Debt to equity	0	0.18	0.51	0.25	0.22	0.16	0.07	0.02
Interest coverage	-5.5	-1,202.5	7.1	6.6	3.2	12	10.1	6.1
Asset turnover	0.4	0.33	0.31	0.58	0.61	0.51	0.48	0.46
Return ratios
Return on assets %	14.6%	16.4%	8.4%	13.3%	4.4%	10.8%	15.7%	10%
Return on capital employed %	12.9%	15.4%	19.3%	28.3%	12.1%	21.1%	29.5%	19.9%
Return on equity %	17.2%	24.4%	23.8%	28.8%	9.7%	22.3%	30.6%	18%

Calls	Strike	Puts
0	0	0	₹0.0	300

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Indus Towers LimitedINDUSTOWERINDUSTOWER	₹99,262 Cr	₹1,00,183 Cr	₹32,867 Cr	₹18,332 Cr	55.9%	₹7,154 Cr	22%	19.9%	19.8%	-12
Hfcl LimitedHFCLHFCL	₹36,483 Cr	₹38,197 Cr	₹5,993 Cr	₹1,146 Cr	15.4%	₹573 Cr	6.7%	13.2%	6.9%	210
Pace Digitek LimitedPACEDIGITKPACEDIGITK	₹3,613 Cr	₹4,574 Cr	₹2,830 Cr	₹461 Cr	17.2%	₹315 Cr	11.6%	23%	17.6%	-136
Bondada Engineering LtdBONDADABONDADA	₹3,010 Cr	₹3,242 Cr	₹2,635 Cr	₹281 Cr	10.7%	₹184 Cr	7%	46%	30.3%	116
Gtl Infrastructure LimitedGTLINFRAGTLINFRA	₹1,371 Cr	₹6,087 Cr	₹952 Cr	₹142 Cr	14.9%	₹-603 Cr	-63.3%	2.9%	-123.2%	25
Suyog Telematics LimitedSUYOGSUYOG	₹807 Cr	₹943 Cr	₹238 Cr	₹165 Cr	74%	₹60 Cr	28.4%	15.6%	14.2%	-678

Date	Category	Subject	Filing
31 Jul 2026, 8:38 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
31 Jul 2026, 8:33 pm	AGM/EGM Postal Ballot	Indus Towers Ltd - 534816 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF
31 Jul 2026, 8:31 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot	PDF
29 Jul 2026, 2:22 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
28 Jul 2026, 11:45 pm	Corp. Action Record Date	Intimation Of Record Date	PDF
28 Jul 2026, 11:39 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
28 Jul 2026, 11:36 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
28 Jul 2026, 11:25 pm	AGM/EGM AGM	Notice Of 20Th Annual General Meeting	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,912	2,866	3,469	3,159	2,315	7,481	9,121	7,905	11,582	19,645	15,684
	1,548	-243	-1,855	1,600	-1,012	1,798	-2,174	-1,730	-7,546	-10,911	-10,198
	-1,453	-2,665	-3,555	-4,795	-1,185	-9,377	-5,982	-7,133	-3,996	-8,648	-5,588
Net cash flow	2,007	-42	-1,941	-36	118	-98	966	-958	41	87	-102
Free cash flow	1,005	1,857	2,397	2,203	1,485	5,363	5,836	4,282	2,629	12,861	7,058
CFO / Operating profit %	51.4%	70.4%	77.9%	101.5%	65.1%	104.2%	61.2%	81.8%	79.6%	95.1%	86.4%

Indus Towers Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

31

Fund holders

Documents

Announcements

Events

Announcements

3

31

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

17

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Indus ( Proportionate Share) · revenue

Indus Towers Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Futures3

Option chain31

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Futures3

Option chain31

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends17

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Indus ( Proportionate Share) · revenue

3

31

3

31

17

1