INDUSTOWERTelecommunication

Indus Towers Limited

Telecom - Infrastructure · ISIN INE121J01017 · BSE 534816 · NSE EQ · FV ₹10
Last price
₹381
+1.53%today
What this company does

Indus Towers Limited operates in Telecom - Infrastructure, part of the Telecommunication sector. It booked ₹8,431 cr of revenue in its latest quarter (Q1 FY27) and kept 20.7% of sales as profit. It is the largest of 5 Telecom - Infrastructure companies we track, by market value.

In the report:
78out of 100
Equitytale Health Score
Solid

Healthier than 78% of companies in Telecommunication, on all six measures of filed financials. Each measure is ranked against the 9–24 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
50

At close. Not part of the score.

Profitability & returns72

How much profit it earns on the money it employs

Balance sheet85

How much it owes, and whether earnings cover the interest

Cash quality83

Whether reported profit actually arrives as cash

Growth & consistency83

Whether sales and profit have grown, and how steadily

Valuation56

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Strong 21% net margin
Promoters hold 51%
No promoter shares pledged
Strong 18% return on equity
Virtually debt-free
Turns profit into real cash
Watch-outs
None flagged from our data

What if I invest in INDUSTOWER?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 15% a year, it would become
₹26.30 lakh

The slider starts at 15%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹381 +1.53%
latest close · 2026-09-17
1-year return
+77.2%
52-wk low ₹18152-wk high ₹408
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio14.4Low
LowAverageHigh
P/B ratio2.54Moderate
Below bookModerateHigh
EV / EBITDA5.4Low
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity17.6%Strong
WeakFairStrong ▸15%
Return on capital18.2%Strong
WeakFairStrong
Net margin20.7%Strong
ThinDecentStrong
EBITDA margin56.1%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.02Comfortable
LowModerateHigh ▸1
Interest cover5.8×Strong
RiskyOkayStrong ▸5×
Current ratio1.72Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹1.01 L cr
Book value
₹150
EPS
₹6.62
latest quarter
Net debt
₹874 cr
owes more than its cash
Enterprise value
₹1.01 L cr
EBITDA
₹18,906 cr
annualised
EBIT
₹11,332 cr
annualised
Operating margin
33.6%
Return on assets
9.8%
Earnings yield
6.94%
P/S
2.98
Sales / share
₹127.8
Tax rate
25.6%
Face value
₹10
Shares
263.8 cr
Working capital
₹6,515 cr
Current assets
₹15,518 cr
Current liabilities
₹9,003 cr
Delivery %
53.2%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2024 report & filings
not investment advice
Priced about rightMedium confidence
Median of 2 models ₹336 vs market price ₹381 — price is 14% above it
Safety cushion-13.5%(target ≥ +20%)
Models span ₹250₹422, midpoint ₹336
Model ₹336
Price ₹381
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹8,431 cr
Other Income₹121 cr
Total Income₹8,552 cr
Cost of Materials₹3 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹215 cr
Finance Costs₹486 cr
Depreciation & Amortisation₹1,894 cr
Other Expenses₹3,608 cr
Total Expenses₹6,205 cr
Profit before Tax₹2,347 cr
Tax Expense₹602 cr
Net Profit₹1,746 cr
Net margin on total income20.4%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹3 cr0.0%
Employee benefit expense₹215 cr2.5%
Finance costs₹486 cr5.7%
Depreciation & amortisation₹1,894 cr22.1%
Other expenses₹3,608 cr42.2%
Tax expense₹602 cr7.0%
Profit for the period₹1,746 cr20.4%
Total income ₹8,552 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue8,146 cr8,101 cr8,431 cr
Total income8,300 cr8,256 cr8,552 cr
Expenses5,880 cr5,891 cr6,205 cr
Profit before tax2,420 cr2,365 cr2,347 cr
Tax644 cr572 cr602 cr
Net profit (owners' share)1,776 cr1,793 cr1,746 cr
Net margin (owners' share, on revenue)21.8%22.1%20.7%
EPS (₹)6.736.806.62
YoY (latest quarter): total income +5.0% · net profit +0.5%
Balance sheet & cash flow · as of Mar 2026
Debt-free
Total assets
₹71,316 cr
Shareholder equity
₹39,646 cr
parent shareholders
Total debt
₹921 cr
Cash
₹47 cr
Cash flow · H1 FY26
Operating
₹7,903 cr
Investing
₹-5,161 cr
Financing
₹-2,871 cr
Peer comparison
Telecom - Infrastructure · by market value
CompanyPriceMarket capP/E
Indus Towers Limitedthis company₹381₹1.01 L cr14.4
HFCL Limited₹209₹32,052 cr35.1
Pace Digitek Limited₹153₹3,309 cr13.5
GTL Infrastructure Limited₹1₹1,460 cr5.7
Suyog Telematics Limited₹664₹778 cr13.4
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
3.67%
trailing 12 months
Dividend / share (TTM)
₹14
Last dividend
₹14
ex 10 Aug 2026
ActionDetailEx-date
Dividend₹14 / share10 Aug 2026
BuybackBuy Back9 Aug 2024
Dividend₹11 / share13 May 2022
Dividend₹17.82 / share8 Feb 2021
Dividend₹2.3 / share5 Aug 2020
Dividend₹4.1 / share5 May 2020
Who owns it · 2026-06-30
No pledge
Promoter
51.3%
FII / Foreign
23.2%
DII / Domestic
21.4%
Retail / others
4.1%
Promoter stake down 17.7% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtINDUS TOWERS EMPLOYEES WELFARE TRUST · Other7.50 L · ₹26.2 cr9 Sep 25
BoughtINDUS TOWERS EMPLOYEES WELFARE TRUST · Other7.15 L · ₹25.8 cr4 Dec 24
BoughtIndus Towers Employee Welfare Trust · Other7.11 L · ₹13.0 cr21 Dec 23
Bulk / block deals
short · NSE28 Sep 26
short · NSE231 Aug 26
short · NSE227 Aug 26
Stake changes
SoldAxis Trustee Services Ltd→ 0.00% · 7.92 cr4 Dec 24
SoldAxis Trustee Services Limited (in its capacity as the security trustee)→ 0.00% · 7.92 cr4 Dec 24
SoldAl-Amin Limited Investment · promoter→ 3.06% · 48.47 cr19 Jun 24
Promoter pledges
ReleasedHSBC Corporate Trustee Company (UK) Limited acting as the security trustee for Dynamo Finance Designated Activity Company, and such pledges of shares have been on assigned to HSBC Corporate Trustee Company (UK) Limited acting as the security trustee for AlbaCore Partners II Investment Holdings D Designated Activity Company, Asia Opportunities (Singapore) Pte. Limited, Bank of America, N.A. London Branch, BNP Paribas Burlington Loan Management DAC, HSBC Bank Plc. ING bank N.V., Singapore Branch Morgan Stanley Senior Funding Inc. Tor Asia Credit Opportunity Master Fund II VCC and Tor Asia Funds VCC TOR ASIA TIFO as set out in the NOTE below1.96 cr · 0.74% held5 Dec 24
ReleasedHSBC Corporate Trustee Company (UK) Limited acting as the security trustee for Dynamo Finance Designated Activity Company7.30 L · 0.75% held27 Aug 24
ReleasedAxis Trustee Services Limited in its capacity as the security trustee acting for the benefit of the target company12.71 cr · 5.23% held28 Mar 22
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 19 Aug 2026
See the official result
1
To receive, consider and adopt the standalone and consolidated Financial Statements of the Company for the financial year ended March 31, 2026
Backed by 100% of shareholders other than promotersneeded 50%
106.12 cr votes for, 94,111 against · 0% of mutual funds and other big investors said no
2
To declare dividend on equity shares for financial year ended March 31, 2026
Backed by 100% of shareholders other than promotersneeded 50%
106.46 cr votes for, 6,911 against · 0% of mutual funds and other big investors said no
3
To re-appoint Mr. Soumen Ray (DIN:09484511) as a Director liable to retire by rotation
Backed by 69% of shareholders other than promotersneeded 50%
73.66 cr votes for, 32.76 cr against · 31% of mutual funds and other big investors said no
4
To re-appoint Mr. Rajan Bharti Mittal (DIN: 00028016) as a Director liable to retire by rotation
Backed by 63% of shareholders other than promotersneeded 50%
67.20 cr votes for, 39.22 cr against · 37% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 158 named members
owning 51.3% between them · as of 2026-06-30
BHARTI AIRTEL LIMITED51.26%
Airtel Africa (Mauritius) Limitedno shares
Airtel Africa Plcno shares
Airtel Africa Services (UK) Limitedno shares
Airtel Africa Telesonic Holdings Limitedno shares
Airtel Africa Telesonic Limitedno shares
Airtel Congo RDC S.A.no shares
Airtel Congo RDC Telesonic S.A.U.no shares
Business done with them
FY2025 · 1 of the group
The company paid ₹170 cr to companies in the promoter group last year — about 0.6% of its ₹30,123 cr revenue and received ₹19,614 cr back from them.
BHARTI AIRTEL LIMITED
Provided services to them · Revenue from operations,Procurement of services/Reimbursement of expenses, Trade payables, Other non-current and current liabilities, Other financial assets, Trade receivables and Other non-current financial liabilities.
also owns 51.26% of the company
₹17,632 cr
company received
BHARTI AIRTEL LIMITED
Contribution received from them · Revenue from operations,Procurement of services/Reimbursement of expenses, Trade payables, Other non-current and current liabilities, Other financial assets, Trade receivables and Other non-current financial liabilities.
also owns 51.26% of the company
₹1,982 cr
company received
BHARTI AIRTEL LIMITED
Contribution made to them · Revenue from operations,Procurement of services/Reimbursement of expenses, Trade payables, Other non-current and current liabilities, Other financial assets, Trade receivables and Other non-current financial liabilities.
also owns 51.26% of the company
₹152 cr
company paid
BHARTI AIRTEL LIMITED
Paid them for services · Revenue from operations,Procurement of services/Reimbursement of expenses, Trade payables, Other non-current and current liabilities, Other financial assets, Trade receivables and Other non-current financial liabilities.
also owns 51.26% of the company
₹17 cr
company paid

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.