Indus Towers Ltd
Indus Towers Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹8,188Cr
- +9.7% YoY
- Net profit
- ₹1,839Cr
- −17.3% YoY
- Margin
- 56%
- −9 pp YoY
Guidance rank: #11 of 12 in Telecom - Services
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The short version
Strong tower additions continue, supporting robust financial performance. Indus Towers expects robust growth in tower additions and tenancies over the next 3 to 4 quarters, maintaining or improving current momentum.
From Indus Towers Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Strong tower additions continue, supporting robust financial performance.
- Core revenues from rentals grew 11.3% YoY, driven by tower additions and acquisitions.
- Order book remains strong for the next 3-4 quarters with confident growth outlook in India.
- Layer additions and upgrade capex continue across multiple customers.
- Expansion into Africa with anchor customers offers a new high-growth market opportunity.
- Focus on organic growth in Africa initially, with inorganic expansion considered if right opportunities arise.
- Market share gains expected through execution excellence and value creation.
- Sustained data growth and rising 5G adoption underpin demand for passive infrastructure.
2 more points from Indus Towers Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Indus Towers is focusing on capex related to both maintenance (tower strengthening, battery transitions to lithium-ion) and growth (new towers, 5G upgrades, additional battery banks, energy initiatives).
- Growth capex is driven by customer demand, including upgrades like solar and energy efficiency projects.
- They are investing in Africa (Nigeria, Uganda, Zambia) as part of a long-term strategic expansion, initially through organic tower additions with potential inorganic expansion considered later.
- Africa capex will be funded using a mix of debt and equity, leveraging their balance sheet and available leverage headroom; exact investment amounts and timelines are still being finalized.
2 more points from Indus Towers Ltd's call on capex
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Top-ranked in Telecom - Services
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Indus Towers Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Indus Towers has a strong order book for the next 3 to 4 quarters in the India business.
- Q2 saw strong tower additions despite a slowdown in tenancy from a major customer, with tenancy expected to pick up in coming quarters.
- The company plans to maintain or improve the momentum of tower additions based on past performance.
- The Africa expansion is in the initial phase, with detailed sizing and strategy to be firmed up over the next 3 to 6 months.
Indus Towers Ltd — Quarterly revenue & net profit
Indus Towers Ltd Q2 FY26 results — key figures
| ₹ Cr | Q2 FY26 | Q2 FY25 | YoY | Q1 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 8,188 | 7,465 | +9.7% | 8,058 | +1.6% |
| Operating profit (EBITDA) | 4,572 | 4,864 | -6% | 4,390 | +4.1% |
| Operating margin | 56% | 65% | -9 pp | 54% | +2 pp |
| Profit before tax | 2,478 | 2,980 | -16.8% | 2,334 | +6.2% |
| Net profit (PAT) | 1,839 | 2,224 | -17.3% | 1,737 | +5.9% |
| EPS (₹) | 6.97 | 8.43 | -17.3% | 6.58 | +5.9% |
Source: reported quarterly figures (Screener), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹8.5K Cr, net profit ₹1.8K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Indus Towers's management said in earlier quarters
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Indus Towers Ltd Q2 FY26 results?
Strong tower additions continue, supporting robust financial performance. Indus Towers expects robust growth in tower additions and tenancies over the next 3 to 4 quarters, maintaining or improving current momentum.
What is Indus Towers Ltd share price analysis?
Indus Towers Ltd currently shows a neutral. The stock trades at a P/E of 14.2 with a market cap of ₹101,398 Cr. Investors should review the full earnings analysis for detailed insights.
Is Indus Towers Ltd planning capital expenditure?
Indus Towers is focusing on capex related to both maintenance (tower strengthening, battery transitions to lithium-ion) and growth (new towers, 5G upgrades, additional battery banks, energy initiatives).
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.