INDUSTOWER

Indus Towers Limited

One of India's largest telecom tower companies, leasing shared passive infrastructure

Telecommunication›Telecommunication›Telecom - Services›Telecom - Infrastructure

industowers.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹383.30
Market cap
1,01,082 Cr
Stock P/E
14.1
P/B
2.55
Dividend yield
2.9%
ROE (FY26)
18.0%
ROCE (FY26)
28.3%
Operating margin (FY26)
33.9%
Debt / equity (FY26)
0.02
OCF / EBITDA (FY26)
86.4%
OCF / EBITDA (3Y)
87.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Indus Towers owns and operates mobile phone towers across India and leases space on them to telecom operators, who share each tower.

Company snapshot

1stBy market cap

Ranked among 5 companies in Telecom - Infrastructure.

Segment mix

Reportable segments as of 2020-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 111.7% of revenue

SegmentRevenue shareRevenuePBTAssets
Less: Revenue related to Joint venture (Indus)—-3,798 Cr-1,048 Cr—
Less: Share of assets/liabilties of joint venture—0 Cr0 Cr—
Less:Inter segment Profit—0 Cr-420 Cr—
Less:Intersegment Assets/Liabilities—0 Cr0 Cr—
Share of (profit)/Loss of joint venture—0 Cr590 Cr—
a) Infratel (including subsidiaries)
100.0%
3,402 Cr1,595 Cr—
b) Indus ( Proportionate Share)
111.7%
3,800 Cr1,048 Cr—

Shares add up to 212% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Net margin of 22.0% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales7,133 Cr7,199 Cr7,193 Cr7,383 Cr7,465 Cr7,547 Cr7,727 Cr8,058 Cr8,188 Cr8,146 Cr8,101 Cr8,431 Cr
Operating expenses (approx.)3,711 Cr3,615 Cr3,122 Cr2,879 Cr2,602 Cr589 Cr3,403 Cr3,708 Cr3,530 Cr3,595 Cr3,584 Cr3,826 Cr
EBITDA3,422 Cr3,584 Cr4,072 Cr4,504 Cr4,864 Cr6,958 Cr4,324 Cr4,350 Cr4,659 Cr4,551 Cr4,517 Cr4,605 Cr
OPM %48.0%49.8%56.6%61.0%65.2%92.2%56.0%54.0%56.9%55.9%55.8%54.6%
Other income97 Cr99 Cr109 Cr56 Cr114 Cr84 Cr92 Cr85 Cr83 Cr154 Cr155 Cr121 Cr
Interest246 Cr11 Cr127 Cr408 Cr418 Cr255 Cr360 Cr397 Cr462 Cr487 Cr469 Cr486 Cr
Depreciation1,526 Cr1,596 Cr1,565 Cr1,561 Cr1,580 Cr1,569 Cr1,693 Cr1,704 Cr1,801 Cr1,798 Cr1,838 Cr1,894 Cr
Profit before tax1,747 Cr2,077 Cr2,489 Cr2,592 Cr2,980 Cr5,219 Cr2,363 Cr2,334 Cr2,478 Cr2,420 Cr2,365 Cr2,347 Cr
Tax %25.9%25.8%25.5%25.7%25.4%23.3%24.7%25.6%25.8%26.6%24.2%25.6%
Net profit1,295 Cr1,541 Cr1,853 Cr1,926 Cr2,224 Cr4,003 Cr1,779 Cr1,737 Cr1,839 Cr1,776 Cr1,793 Cr1,746 Cr
EPS (₹)₹4.81₹5.72₹6.88₹7.15₹8.30₹15.18₹6.75₹6.59₹6.97₹6.73₹6.80₹6.62

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales6,085 Cr6,621 Cr6,826 Cr6,743 Cr13,954 Cr27,717 Cr28,382 Cr28,601 Cr30,123 Cr32,493 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,371 Cr1,971 Cr3,714 Cr3,185 Cr6,775 Cr12,817 Cr18,713 Cr14,044 Cr9,473 Cr14,339 CrSign in free for the trailing twelve months
EBITDA4,714 Cr4,651 Cr3,112 Cr3,558 Cr7,179 Cr14,901 Cr9,669 Cr14,557 Cr20,650 Cr18,155 CrSign in free for the trailing twelve months
OPM %77.5%70.2%45.6%52.8%51.4%53.8%34.1%50.9%68.6%55.9%Sign in free for the trailing twelve months
Other income71 Cr105 Cr102 Cr129 Cr197 Cr353 Cr361 Cr361 Cr346 Cr477 CrSign in free for the trailing twelve months
Interest39 Cr47 Cr-388 Cr-2 Cr637 Cr1,497 Cr1,454 Cr735 Cr1,440 Cr1,893 CrSign in free for the trailing twelve months
Depreciation1,166 Cr1,180 Cr1,066 Cr1,282 Cr2,848 Cr5,325 Cr5,324 Cr6,060 Cr6,402 Cr7,141 CrSign in free for the trailing twelve months
Profit before tax3,580 Cr3,529 Cr3,553 Cr3,788 Cr4,757 Cr8,431 Cr2,759 Cr8,122 Cr13,154 Cr9,598 CrSign in free for the trailing twelve months
Tax %23.3%29.3%29.8%12.9%20.6%24.4%26.1%25.7%24.5%25.6%Sign in free for the trailing twelve months
Net profit2,747 Cr2,494 Cr2,494 Cr3,299 Cr3,779 Cr6,373 Cr2,040 Cr6,036 Cr9,932 Cr7,145 CrSign in free for the trailing twelve months
EPS (₹)₹14.73₹13.49₹13.49₹17.84₹17.52₹23.65₹7.57₹22.40₹37.31₹27.09Sign in free for the trailing twelve months
Dividend payout %————158.4%0.0%145.3%0.0%0.0%0.0%Sign in free for the trailing twelve months
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The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital1,850 Cr1,850 Cr1,850 Cr1,850 Cr2,695 Cr2,695 Cr2,695 Cr2,695 Cr2,638 Cr2,638 Cr
Reserves13,650 Cr15,115 Cr12,682 Cr11,693 Cr13,182 Cr19,456 Cr18,415 Cr24,344 Cr29,860 Cr37,008 Cr
Borrowings279 Cr—6 Cr2,418 Cr6,970 Cr5,487 Cr4,713 Cr4,312 Cr2,262 Cr921 Cr
Other liabilities5,163 Cr2,715 Cr2,593 Cr4,198 Cr22,096 Cr20,330 Cr20,750 Cr24,517 Cr28,410 Cr30,750 Cr
Total liabilities20,941 Cr19,680 Cr17,131 Cr20,159 Cr44,944 Cr47,968 Cr46,572 Cr55,868 Cr63,170 Cr71,316 Cr
Fixed assets (net)5,781 Cr5,585 Cr5,325 Cr6,702 Cr31,793 Cr31,791 Cr32,361 Cr39,287 Cr44,342 Cr49,466 Cr
CWIP59 Cr110 Cr118 Cr55 Cr274 Cr179 Cr355 Cr422 Cr567 Cr630 Cr
Investments11,172 Cr12,327 Cr9,906 Cr11,170 Cr2,271 Cr1,652 Cr276 Cr3 Cr1,486 Cr4,316 Cr
Inventories———0 Cr0 Cr0 Cr0 Cr0 Cr8 Cr27 Cr
Trade receivables300 Cr275 Cr551 Cr772 Cr3,829 Cr7,059 Cr4,869 Cr6,451 Cr4,768 Cr4,939 Cr
Cash & bank2,250 Cr31 Cr0.30 Cr145 Cr15 Cr980 Cr22 Cr63 Cr150 Cr47 Cr
Other assets1,380 Cr1,352 Cr1,230 Cr1,315 Cr6,763 Cr6,307 Cr8,691 Cr9,642 Cr11,850 Cr11,891 Cr
Total assets20,941 Cr19,680 Cr17,131 Cr20,159 Cr44,944 Cr47,968 Cr46,572 Cr55,868 Cr63,170 Cr71,316 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity2,866 Cr3,469 Cr3,159 Cr2,315 Cr7,481 Cr9,121 Cr7,905 Cr11,582 Cr19,645 Cr15,684 Cr
Cash from investing-237 Cr-1,855 Cr1,600 Cr-1,012 Cr1,798 Cr-2,174 Cr-1,730 Cr-7,546 Cr-10,910 Cr-10,198 Cr
Cash from financing-2,671 Cr-3,555 Cr-4,795 Cr-1,185 Cr-9,377 Cr-5,982 Cr-7,133 Cr-3,996 Cr-8,648 Cr-5,588 Cr
Net cash flow-42 Cr-1,940 Cr-36 Cr118 Cr-98 Cr966 Cr-958 Cr41 Cr87 Cr-102 Cr
Free cash flow (OCF − Capex)1,857 Cr2,397 Cr2,203 Cr1,485 Cr5,363 Cr5,836 Cr4,282 Cr2,629 Cr12,861 Cr7,058 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %22.9%21.1%21.8%23.7%23.6%35.9%16.3%28.3%42.0%28.3%
ROE %17.7%14.7%17.2%24.4%23.8%28.8%9.7%22.3%30.6%18.0%
Debtor days181529421009362825855
Inventory days———000007281049
Days payable6760584485282729234205104597
Cash conversion cycle-49-45-28-215653553-233420-103493
OCF / EBITDA %60.8%74.6%101.5%65.1%104.2%61.2%81.8%79.6%95.1%86.4%
OCF / EBITDA % (3 years)——76.1%79.0%93.5%73.8%77.2%73.1%87.2%87.9%
Debt / equity0.02—0.00040.180.440.250.220.160.070.02
Current ratio1.074.192.411.270.691.391.071.031.321.72
Net debt / EBITDA-0.42-0.0066—0.640.970.300.490.290.100.05