Indus Towers Ltd

₹ 383 3.80%

12 Aug - 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 ₹ 1,01,147 Cr.
Current Price ₹ 383
High / Low ₹ 482 / 313
Stock P/E 14.1
Book Value ₹ 150
Dividend Yield 3.65 %
ROCE 19.5 %
ROE 18.6 %
Face Value ₹ 10.0

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Pros

Stock is providing a good dividend yield of 3.65%.

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 Nifty MidSmallcap400 50:50

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	7,076	7,132	7,199	7,193	7,383	7,465	7,547	7,727	8,058	8,188	8,146	8,101	8,431
	3,596	3,711	3,615	3,122	2,879	2,602	589	3,332	3,668	3,616	3,678	3,677	3,953
Operating Profit	3,480	3,422	3,584	4,072	4,504	4,864	6,958	4,395	4,390	4,572	4,468	4,424	4,478
OPM %	49%	48%	50%	57%	61%	65%	92%	57%	54%	56%	55%	55%	53%
	56	97	99	108	56	114	84	92	85	83	154	155	121
Interest	352	246	11	127	408	418	255	431	437	376	404	376	358
Depreciation	1,374	1,526	1,596	1,564	1,560	1,580	1,568	1,693	1,704	1,801	1,798	1,838	1,894
Profit before tax	1,810	1,747	2,076	2,489	2,592	2,980	5,219	2,363	2,334	2,478	2,420	2,365	2,347
Tax %	26%	26%	26%	26%	26%	25%	23%	25%	26%	26%	27%	24%	26%
	1,348	1,295	1,540	1,853	1,926	2,224	4,003	1,779	1,737	1,839	1,776	1,793	1,746
EPS in Rs	5.00	4.80	5.72	6.88	7.15	8.43	15.17	6.74	6.58	6.97	6.73	6.80	6.62
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	11,668	5,558	6,085	6,621	6,826	6,743	13,954	27,717	28,382	28,601	30,123	32,493	32,867
	6,664	3,070	3,260	3,464	3,714	3,185	6,775	12,816	18,713	14,044	9,473	14,680	14,925
Operating Profit	5,004	2,488	2,825	3,157	3,112	3,558	7,179	14,901	9,669	14,557	20,650	17,813	17,942
OPM %	43%	45%	46%	48%	46%	53%	51%	54%	34%	51%	69%	55%	55%
	522	1,679	1,960	1,599	1,559	1,846	1,262	458	85	1,490	764	818	513
Interest	290	33	39	46	53	335	836	1,603	1,670	1,864	1,858	1,893	1,513
Depreciation	2,185	1,155	1,166	1,180	1,066	1,282	2,848	5,325	5,324	6,060	6,402	7,141	7,330
Profit before tax	3,052	2,979	3,580	3,529	3,553	3,788	4,757	8,431	2,759	8,122	13,154	9,598	9,611
Tax %	35%	25%	23%	29%	30%	13%	21%	24%	26%	26%	24%	26%
	1,992	2,247	2,747	2,494	2,494	3,299	3,779	6,373	2,040	6,036	9,932	7,145	7,154
EPS in Rs	10.52	11.85	14.85	13.48	13.48	17.83	14.02	23.65	7.57	22.40	37.65	27.08	27.12
Dividend Payout %	105%	25%	108%	104%	111%	59%	143%	47%	0%	0%	0%	52%

Compounded Sales Growth
10 Years:	19%
5 Years:	18%
3 Years:	5%
TTM:	7%

Compounded Profit Growth
10 Years:	13%
5 Years:	13%
3 Years:	47%
TTM:	-27%

Stock Price CAGR
10 Years:	0%
5 Years:	12%
3 Years:	31%
1 Year:	14%

Return on Equity
10 Years:	21%
5 Years:	23%
3 Years:	25%
Last Year:	19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	15,126	16,345	13,650	15,115	12,682	11,693	13,182	19,456	18,415	24,344	29,860	37,008
	2,582	0	278	0	6	4,627	21,576	19,726	19,185	20,531	21,156	21,127
	7,552	2,461	5,163	2,661	2,577	1,584	7,491	6,091	6,278	8,298	9,514	10,543
Total Liabilities	27,155	20,703	20,941	19,625	17,115	19,754	44,944	47,968	46,572	55,868	63,168	71,315
	14,812	6,063	5,794	5,595	5,332	6,714	31,800	31,826	32,384	39,300	44,380	49,514
CWIP	226	70	58	110	118	54	274	179	355	422	567	630
Investments	5,882	10,059	11,172	12,327	9,906	11,170	2,271	1,652	276	3	1,486	4,316
	6,234	4,511	3,916	1,593	1,759	1,815	10,598	14,311	13,559	16,143	16,735	16,855
Total Assets	27,155	20,703	20,941	19,625	17,115	19,754	44,944	47,968	46,572	55,868	63,168	71,315

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,990	1,912	2,866	3,469	3,159	2,315	7,481	9,121	7,905	11,582	19,645	15,684
	-937	1,548	-237	-1,855	1,600	-1,012	1,798	-2,174	-1,730	-7,546	-10,910	-10,198
	-3,188	-1,453	-2,671	-3,555	-4,795	-1,185	-9,377	-5,982	-7,133	-3,995	-8,648	-5,588
Net Cash Flow	-136	2,007	-42	-1,940	-36	118	-98	966	-958	41	87	-102
Free Cash Flow	2,175	1,113	1,960	2,521	2,329	1,586	5,529	6,252	4,737	3,136	13,388	7,786
CFO/OP	97%	105%	130%	136%	128%	80%	119%	74%	105%	92%	104%	99%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	11	13	18	15	29	20	100	93	63	82	58	55
Inventory Days
Days Payable
Cash Conversion Cycle	11	13	18	15	29	20	100	93	63	82	58	55
Working Capital Days	-106	-42	-207	-41	-24	-149	-173	11	3	3	-2	7
ROCE %	15%	14%	18%	23%	21%	23%	19%	25%	11%	22%	29%	19%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Closing Sharing Factor (Tenancy Ratio)
Times

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

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Macro Co-locations
Nos

Macro Towers
Nos

Sharing Revenue per Sharing Operator per month
Rs

Sharing Revenue per Tower per month
Rs

Solar Sites (Clean Energy)
Nos

Network Uptime
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	68.99%	68.99%	68.99%	52.01%	53.01%	50.00%	50.00%	50.00%	51.03%	51.03%	51.26%	51.26%
	21.41%	20.71%	16.40%	23.15%	24.19%	26.15%	26.42%	27.51%	26.21%	25.92%	25.10%	23.20%
	6.69%	7.08%	9.90%	16.97%	16.99%	17.79%	18.41%	18.16%	18.24%	18.95%	19.68%	21.42%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%
	2.90%	3.18%	4.68%	7.82%	5.81%	6.01%	5.12%	4.28%	4.47%	4.05%	3.93%	4.05%
	0.01%	0.04%	0.04%	0.03%	0.01%	0.04%	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%
No. of Shareholders	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	3,41,960

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	61.65%	53.51%	53.51%	53.51%	69.85%	67.49%	68.99%	68.99%	50.00%	51.26%	51.26%
	34.34%	42.96%	43.90%	42.03%	27.08%	28.23%	26.62%	16.40%	26.42%	25.10%	23.20%
	1.71%	2.28%	1.58%	3.58%	2.43%	2.93%	2.47%	9.90%	18.41%	19.68%	21.42%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%
	2.26%	1.20%	0.97%	0.83%	0.64%	1.33%	1.89%	4.68%	5.12%	3.93%	4.05%
	0.05%	0.04%	0.03%	0.04%	0.01%	0.02%	0.03%	0.04%	0.03%	0.04%	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	3,41,960

* 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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