Indus Towers Ltd

₹ 410 -0.95%

30 Apr - close price

industowers.com BSE: 534816 NSE: INDUSTOWER

About

Indus Towers Limited is engaged in the business of object of, inter-alia, setting up, operating and maintaining wireless communication towers.^[1]

Key Points

Business Overview
Indus Towers is a provider of tower and related infrastructure sharing services. It is one of the largest telecom tower companies in India based on the number of towers and co-locations operated by the Company. It provides access to its towers, primarily to wireless telecommunication service providers, on a shared basis under long-term contracts. ^[1]

Website BSE NSE

Market Cap ₹ 1,08,151 Cr.
Current Price ₹ 410
High / Low ₹ 482 / 313
Stock P/E 15.2
Book Value ₹ 150
Dividend Yield 0.00 %
ROCE 19.4 %
ROE 19.8 %
Face Value ₹ 10.0

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Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 25.1%

Cons

Promoter holding has decreased over last 3 years: -17.7%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Telecommunication Telecommunication Telecom - Services Telecom - Infrastructure

Part of BSE 500 BSE 100 BSE 200 BSE Dollex 200 BSE Teck Nifty 500 Nifty Midcap 100 BSE Dollex 100 Nifty Infrastructure Nifty Midcap 50 Nifty 200 BSE Telecommunication BSE SENSEX Next 50 Nifty Midcap Liquid 15 BSE 100 ESG Index (INR) BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty Midcap Select Nifty Total Market Nifty500 Shariah Nifty500 Multicap Infrastructure 50:30:20 Nifty Midcap150 Momentum 50 BSE Focused Midcap BSE 200 Equal Weight Nifty Midsmallcap400 Momentum Quality 100 Nifty MidSmall IT & Telecom Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE India 150 BSE India Sector Leaders BSE 1000 Nifty India FPI 150 Nifty India Infrastructure & Logistics

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	6,753	7,076	7,132	7,199	7,193	7,383	7,465	7,547	7,727	8,058	8,188	8,146	8,101
	3,321	3,596	3,711	3,615	3,122	2,879	2,603	593	3,407	3,712	3,620	3,681	3,683
Operating Profit	3,432	3,480	3,422	3,584	4,071	4,504	4,862	6,954	4,320	4,346	4,568	4,465	4,418
OPM %	51%	49%	48%	50%	57%	61%	65%	92%	56%	54%	56%	55%	55%
	116	56	97	99	108	56	114	84	92	85	83	154	156
Interest	336	352	246	11	127	408	418	255	360	396	376	403	376
Depreciation	1,320	1,372	1,525	1,595	1,564	1,560	1,580	1,568	1,692	1,704	1,800	1,798	1,837
Profit before tax	1,893	1,813	1,747	2,077	2,489	2,592	2,979	5,216	2,360	2,331	2,475	2,418	2,360
Tax %	26%	26%	26%	26%	26%	26%	25%	23%	25%	26%	26%	27%	24%
	1,399	1,351	1,295	1,541	1,853	1,926	2,222	3,997	1,776	1,734	1,837	1,774	1,789
EPS in Rs	5.19	5.01	4.81	5.72	6.88	7.15	8.42	15.15	6.73	6.57	6.96	6.73	6.78
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,389	5,558	6,085	6,618	6,822	6,738	13,951	27,708	28,382	28,601	30,123	32,493
	2,995	3,070	3,260	3,462	3,708	3,181	6,773	12,820	18,713	14,044	9,482	14,696
Operating Profit	2,394	2,488	2,825	3,156	3,114	3,557	7,178	14,888	9,669	14,557	20,641	17,797
OPM %	44%	45%	46%	48%	46%	53%	51%	54%	34%	51%	69%	55%
	1,995	572	1,716	1,297	1,668	466	816	458	85	1,490	764	477
Interest	-6	33	39	46	53	333	835	1,602	1,670	1,864	1,858	1,551
Depreciation	1,122	1,155	1,166	1,180	1,064	1,277	2,843	5,320	5,322	6,056	6,400	7,139
Profit before tax	3,274	1,872	3,336	3,227	3,665	2,412	4,316	8,424	2,762	8,127	13,147	9,584
Tax %	17%	29%	19%	25%	24%	28%	23%	24%	26%	26%	25%	26%
	2,725	1,327	2,705	2,414	2,779	1,747	3,338	6,367	2,043	6,041	9,922	7,135
EPS in Rs	14.39	7.00	14.62	13.05	15.02	9.44	12.39	23.63	7.58	22.42	37.61	27.04
Dividend Payout %	76%	43%	109%	107%	100%	111%	162%	47%	0%	0%	0%	52%

Compounded Sales Growth
10 Years:	19%
5 Years:	18%
3 Years:	5%
TTM:	8%

Compounded Profit Growth
10 Years:	21%
5 Years:	18%
3 Years:	50%
TTM:	-26%

Stock Price CAGR
10 Years:	1%
5 Years:	10%
3 Years:	39%
1 Year:	8%

Return on Equity
10 Years:	20%
5 Years:	24%
3 Years:	25%
Last Year:	20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	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	1,850	2,695	2,695	2,695	2,695	2,638	2,638
Reserves	16,070	17,033	14,388	15,876	13,815	12,031	13,202	19,481	18,440	24,379	29,899	37,041
	0	0	278	0	6	4,608	21,560	19,726	19,185	20,531	21,156	21,127
	4,258	2,252	4,947	2,479	2,414	1,583	7,490	6,087	6,276	8,296	9,518	10,548
Total Liabilities	22,222	21,182	21,463	20,204	18,084	20,072	44,947	47,988	46,595	55,901	63,210	71,354
	6,470	6,063	5,791	5,589	5,325	6,679	31,770	31,814	32,373	39,294	44,375	49,512
CWIP	68	70	58	100	104	53	271	177	354	422	567	623
Investments	11,924	10,486	11,666	12,830	10,842	11,492	2,286	1,667	291	23	1,506	4,336
	3,759	4,562	3,947	1,685	1,813	1,847	10,619	14,330	13,577	16,163	16,762	16,883
Total Assets	22,222	21,182	21,463	20,204	18,084	20,072	44,947	47,988	46,595	55,901	63,210	71,354

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,721	1,980	1,915	2,471	2,042	2,305	7,477	9,112	7,907	11,583	19,638	15,665
	1,076	1,476	718	-855	2,718	-1,009	1,804	-2,182	-1,739	-7,565	-10,925	-10,237
	-2,838	-1,453	-2,671	-3,556	-4,796	-1,179	-9,381	-5,964	-7,126	-3,982	-8,622	-5,554
Net Cash Flow	-41	2,003	-38	-1,940	-36	117	-99	967	-958	36	91	-127
Free Cash Flow	781	1,112	1,010	1,532	1,220	1,577	5,527	6,239	4,739	3,137	13,381	7,774
CFO/OP	93%	107%	96%	104%	92%	80%	119%	74%	105%	92%	104%	99%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	23	13	18	15	29	20	100	93	63	82	58	55
Inventory Days
Days Payable
Cash Conversion Cycle	23	13	18	15	29	20	100	93	63	82	58	55
Working Capital Days	-137	-39	-194	-39	-24	-148	-173	11	3	4	-2	56
ROCE %	17%	8%	16%	20%	20%	14%	18%	25%	11%	22%	29%	19%

Insights

In beta

Mar 2015

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Mar 2022

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Mar 2025

Sharing Revenue per Sharing Operator p.m.
Rs

xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
									xx,xxx	xx,xxx
									xx.xx

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Closing Tenancy Ratio (Sharing Factor)
Times

Total Co-locations
Nos

Total Macro Towers
Nos

Number of Solar Sites
Nos

Network Uptime
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	68.99%	68.99%	68.99%	68.99%	52.01%	53.01%	50.00%	50.00%	50.00%	51.03%	51.03%	51.26%
	23.94%	21.41%	20.71%	16.40%	23.15%	24.19%	26.15%	26.42%	27.51%	26.21%	25.92%	25.10%
	4.51%	6.69%	7.08%	9.90%	16.97%	16.99%	17.79%	18.41%	18.16%	18.24%	18.95%	19.68%
	2.53%	2.90%	3.18%	4.68%	7.82%	5.81%	6.01%	5.12%	4.28%	4.47%	4.05%	3.93%
	0.02%	0.01%	0.04%	0.04%	0.03%	0.01%	0.04%	0.03%	0.03%	0.04%	0.04%	0.04%
No. of Shareholders	2,71,679	2,64,674	2,67,108	3,10,694	4,06,689	4,25,876	4,41,036	4,21,427	3,66,757	3,80,788	3,48,339	3,35,735

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	61.65%	53.51%	53.51%	53.51%	69.85%	67.49%	68.99%	68.99%	50.00%	51.26%
	34.34%	42.96%	43.90%	42.03%	27.08%	28.23%	26.62%	16.40%	26.42%	25.10%
	1.71%	2.28%	1.58%	3.58%	2.43%	2.93%	2.47%	9.90%	18.41%	19.68%
	2.26%	1.20%	0.97%	0.83%	0.64%	1.33%	1.89%	4.68%	5.12%	3.93%
	0.05%	0.04%	0.03%	0.04%	0.01%	0.02%	0.03%	0.04%	0.03%	0.04%
No. of Shareholders	39,145	34,776	34,789	51,099	81,890	1,97,782	2,58,997	3,10,694	4,21,427	3,35,735

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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