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Indus Towers Q2 FY27 Share Price & Earnings Call Analysis

₹384.00+2.95% today
Market cap
₹1.01L Cr
P/E
14.18
ROE
18.61%
PEG
0.31
Price to sales
3.09
Debt to equity
0.53
52W high / low
₹478 / ₹360
Sales growth (5Y)
18.42%
EBITDA margin
54.59%
Net profit margin
20.66%
Promoter holding
51.26%
Sales (last year)
₹32,867 Cr

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

Guidance scorecard · Q2 FY27 call

What Indus Towers Ltd's management guided
and where it ranks in Telecom - Services

#11of 12 in
Telecom - Services
Revenue0–10%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

0–10%
  • Order book remains robust with firm visibility for the next 3 to 4 quarters, supporting steady growth.
  • Execution may vary quarterly due to factors like monsoon but overall delivery is expected to continue strong.
  • Customer network expansion activities remain healthy, with steady tower and colocation additions (6.3% and 5.1% YoY in Q1 FY27).
  • Tenancy growth is expected to outpace tower additions, leading to increased operating leverage.
  • Revenue growth remains linked to tower and colocation expansion, partly offset by renewal discounts and revenue equalization.
  • Indus Towers anticipates sustained investments driven by rising data consumption, 5G deployment, and network densification needs.

2 more points from Indus Towers Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Indus Towers Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Maintenance capex has doubled recently, driven primarily by the transition from lead acid to lithium-ion batteries, which will continue for some time before moderating.
  • Investments in energy efficiency include replacing diesel generators and batteries, with a long-term strategy to eliminate diesel dependence by redesigning sites.
  • Capex related to Africa expansion is expected to be moderate, largely debt-funded, and unlikely to impact India's free cash flow or dividend distribution.
  • Internal platform launched for simplifying tower design and site planning to optimize capex.
  • Continued investments in renewable energy like solar deployments (installed base of 259 MW) and energy storage solutions.

2 more points from Indus Towers Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Indus Towers Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • The order book remains robust with firm visibility for the next 3 to 4 quarters.
  • The company has seen steady order inflows and delivered as per the order book in Q1.
  • The strong order book is independent of customer capital raising situations.
  • Network expansion and movement of existing expired tenancies contribute to the order book.
  • Any weakening or slowdown in the order book will be communicated promptly.
  • Initial Q1 tower manufacturing was slightly impacted due to geopolitical issues, now resolved.
  • Supply chain for towers is stable, though some recovery is expected in battery supplies from August.

2 more points from Indus Towers Ltd's call on the order book

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Full Q1 FY27 analysis
Full Telecom - Services ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Telecom - Services
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Indus Towers Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Telecom - Services companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹39,185 Cr68.4
240%+Flat₹3,509 Cr11.7
340%+Flat₹3,372 Cr15.5
420–40%Flat₹11.94L Cr38.2
520–40%Flat₹81,095 Cr43.9
620–40%Flat₹52,416 Cr41.4

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Financials of Indus Towers Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Indus Towers Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +68.99%68.99%52.01%53.01%50.00%50.00%50.00%51.03%51.03%51.26%51.26%51.26%
FIIs +20.71%16.40%23.15%24.19%26.15%26.42%27.51%26.21%25.92%25.10%23.20%21.71%
DIIs +7.08%9.90%16.97%16.99%17.79%18.41%18.16%18.24%18.95%19.68%21.42%22.93%
Government +0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.04%0.04%
Public +3.18%4.68%7.82%5.81%6.01%5.12%4.28%4.47%4.05%3.93%4.05%4.07%
Others +0.04%0.04%0.03%0.01%0.04%0.03%0.03%0.04%0.04%0.04%0.04%0.01%
No. of Shareholders2,67,1083,10,6944,06,6894,25,8764,41,0364,21,4273,66,7573,80,7883,48,3393,35,7353,41,9603,42,202

Financials of Indus Towers Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +7,1327,1997,1937,3837,4657,5477,7278,0588,1888,1468,1018,4318,516
Expenses +3,7113,6153,1222,8792,6025893,3323,6683,6163,6783,6773,9533,925
Operating Profit3,4223,5844,0724,5044,8646,9584,3954,3904,5724,4684,4244,4784,590
OPM %48%50%57%61%65%92%57%54%56%55%55%53%54%
Other Income +97991085611484928583154155121106
Interest24611127408418255431437376404376358342
Depreciation1,5261,5961,5641,5601,5801,5681,6931,7041,8011,7981,8381,8941,944
Profit before tax1,7472,0762,4892,5922,9805,2192,3632,3342,4782,4202,3652,3472,411
Tax %26%26%26%26%25%23%25%26%26%27%24%26%26%
Net Profit +1,2951,5401,8531,9262,2244,0031,7791,7371,8391,7761,7931,7461,793
EPS in Rs4.805.726.887.158.4315.176.746.586.976.736.806.626.80

Financials of Indus Towers Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +11,6685,5586,0856,6216,8266,74313,95427,71728,38228,60130,12332,49333,194
Expenses +6,6643,0703,2603,4643,7143,1856,77512,81618,71314,0449,47314,68015,234
Operating Profit5,0042,4882,8253,1573,1123,5587,17914,9019,66914,55720,65017,81317,960
OPM %43%45%46%48%46%53%51%54%34%51%69%55%54%
Other Income +5221,6791,9601,5991,5591,8461,262458851,490764818536
Interest290333946533358361,6031,6701,8641,8581,8931,479
Depreciation2,1851,1551,1661,1801,0661,2822,8485,3255,3246,0606,4027,1417,473
Profit before tax3,0522,9793,5803,5293,5533,7884,7578,4312,7598,12213,1549,5989,544
Tax %35%25%23%29%30%13%21%24%26%26%24%26%
Net Profit +1,9922,2472,7472,4942,4943,2993,7796,3732,0406,0369,9327,1457,107
EPS in Rs10.5211.8514.8513.4813.4817.8314.0223.657.5722.4037.6527.0826.95
Dividend Payout %105%25%108%104%111%59%143%47%0%0%0%52%

Financials of Indus Towers Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital1,8941,8971,8501,8501,8501,8502,6952,6952,6952,6952,6382,6382,638
Reserves15,12616,34513,65015,11512,68211,69313,18219,45618,41524,34429,86037,00836,825
Borrowings +2,5820278064,62721,57619,72619,18520,53121,15621,12722,059
Other Liabilities +7,5522,4615,1632,6612,5771,5847,4916,0916,2788,2989,51410,54311,224
Total Liabilities27,15520,70320,94119,62517,11519,75444,94447,96846,57255,86863,16871,31572,746
Fixed Assets +14,8126,0635,7945,5955,3326,71431,80031,82632,38439,30044,38049,51451,222
CWIP226705811011854274179355422567630854
Investments5,88210,05911,17212,3279,90611,1702,2711,65227631,4864,3164,423
Other Assets +6,2344,5113,9161,5931,7591,81510,59814,31113,55916,14316,73516,85516,246
Total Assets27,15520,70320,94119,62517,11519,75444,94447,96846,57255,86863,16871,31572,746

Financials of Indus Towers Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +3,9901,9122,8663,4693,1592,3157,4819,1217,90511,58219,64515,684
Cash from Investing Activity +-9371,548-237-1,8551,600-1,0121,798-2,174-1,730-7,546-10,910-10,198
Cash from Financing Activity +-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-1362,007-42-1,940-36118-98966-9584187-102
Free Cash Flow2,1751,1131,9602,5212,3291,5865,5296,2524,7373,13613,3887,786
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit97%105%130%136%128%80%119%74%105%92%104%99%

Financials of Indus Towers Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1113181529201009363825855
Inventory Days
Days Payable
Cash Conversion Cycle1113181529201009363825855
Working Capital Days-106-42-207-41-24-149-1731133-27
ROCE %15%14%18%23%21%23%19%25%11%22%29%19%

Guidance history

How Indus Towers Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →0–10%FlatPlanned—Rising
Q4 FY26 call →0–10%FlatPlanned—Rising
Q3 FY26 call →0–10%FlatPlannedPlannedRising
Q2 FY26 call →10–20%FlatPlannedPlannedRising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

53out of 100

Momentum score · price trend

53 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+0.8%61%
Last 6 months−6.3%42%
Last 3 months−2.3%60%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Indus Towers Ltd: 0.4 × 61 + 0.4 × 42 + 0.2 × 60 = 53.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Indus Towers Ltd's management said in earlier quarters

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