Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep - Indus Towers Limited has informed regarding schedule of Analyst/ Institutional Investors' Meeting
Source: Bse
Indus Towers Limited (INDUSTOWER)
Mid CapTelecom stocks · Mid cap · NSE
Indus Towers Limited is a leading provider of passive telecom infrastructure in India, owning and operating towers and related infrastructure. The company is expanding into Africa and focuses on operational efficiency, cost reduction, and sustainability through green energy solutions.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result28 Jul, 12:52 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Telecom P/E 28.1 (n=16)
Technical timing lens
Trend score and candlestick chart
45NeutralMACD +
Stock trend: 45
Sector RS: —
Telecom FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INDUSTOWERD candles · FIT view-4.9%Latest close ₹382.40 on 2026-10-19
Bar
-0.2%
RSI
53
MACD hist
0.74
52W pos
23%
2026-10-19O ₹383.00H ₹390.90L ₹379.80C ₹382.40Vol 46.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INDUSTOWERNifty TelecommunicationsNifty 500
- INDUSTOWER
- -4.9%
- Nifty 500
- -5.6%
- Nifty Telecommunications
- +3.9%
- Vs Nifty 500
- +0.7 pp
Chart stats
19 Oct 2026- From 52W high
- -20.6%
- 52W range position
- 31%
- ATR (14)
- 2.5%
- Volume vs 20D
- 1.08x
- Avg traded value
- ₹164 Cr
- 20D price channel
- ₹355.6 - ₹392.3
₹481.5
₹337.8 - ₹481.5
₹9.7
Latest completed session
20-session average
27.1% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED73
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad12
Revenue +4.6% · PAT +0.5% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model+68.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 12/100margin compression · Rev +5% YoY · PAT +1% YoY
Filed 27 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,431 Cr | +4.6% | +4.1% |
| EBITDA | ₹4,478 Cr | +2.0% | +1.2% |
| Operating margin | 53.0% | -100 bps | -200 bps |
| PAT | ₹1,746 Cr | +0.5% | -2.6% |
| PAT margin | 20.7% | -85 bps | -142 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.10
- P/B
- 2.55
- EV/EBITDA
- 4.82
- Market Cap
- 100672.00Cr
Profitability
- ROE
- 18.60%
- ROCE
- 19.50%
- ROA
- 10.03%
- Dividend Y
- 3.67%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- 47.00%
Balance Sheet
- Debt/Equity
- 0.53
- Interest Coverage
- 11.86×
- Altman Z
- 4.13
- Book Value
- 150.00
Cash Flow
- FCF Yield
- 4.74%
- FCF Positive Y
- 11/5
- OCF
- 15684.00 Cr
- EPS TTM
- 27.12
Shareholding
- Promoter Hold
- 51.26%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 32.5k+7.9% vs prev
Net Profit
₹ CrLatest: 7,146+0.2% vs prev
Return on Equity
%Latest: 18.0-17.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 53. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 53 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 21% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
59
RS percentile
Stage 4 Downtrend
1M return
+1.7%
3M return
-4.9%
6M return
-6.3%
1Y return
-0.9%
RS 1D
-2
RS 20D
+16
Sector rank
#7
Industry rank
-
Stage evidence
- Price is 4.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price above
200-DMA
price below
Sector
improving
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 113.62+0.80%
RS vs Nifty 500114
Valuation & peers
U-Score 73 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 73 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation18/30
Growth20/25
Quality12/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
73
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
73/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 4.7%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 68.7%.
Main drags
- Valuation is weaker at 18/30; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Sector valuation model
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Primary lens
EV/EBITDA and debt-adjusted cash generation.
Secondary checks
ARPU growth, subscriber quality, spectrum liabilities, capex intensity.
Main risk check
High EBITDA can still be weak equity value if debt and capex absorb cash.
PE
14.1
PB
2.5
EV/EBITDA
4.8
ROE
18.6%
ROCE
19.5%
FCF Yield
4.7%
Debt/Equity
0.5
MoS
+68.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
73
Previous: 73
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+68.7%
Previous: +68.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
72
72
72
72
72
72
72
72
73
73
73
73
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹302.54
-26.4% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹1,220.4
+68.7% MoS
PEG
0.68
Comparable companies
Peers
Business-comparable peers in Telecom — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GTLINFRA
Small
GTL Infrastructure Limited
Telecom Infrastructure
match 58
47
—
—
+94%
FAIR VALUE
IDEA
Mid
Vodafone Idea Limited
Telecom Services
match 19
49
—
—
+92%
FAIR VALUE
TATACOMM
Mid
Tata Communications Limited
Telecom Services
match 16
37
41.0
32.6%
-710%
WATCHLIST
BHARTIHEXA
Large
Bharti Hexacom Limited
Telecom Services
match 15
59
43.9
26.0%
-6%
FAIR VALUE
RAILTEL
Large
Railtel Corporation Of India Limited
Telecom
match 8
67
21.7
17.1%
+45%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T07:54:18.973Z
Management commentary snapshot
Indus Towers reports strong FY26 operational performance with healthy co-location and tower additions, driving 9% YoY core revenue growth. Q4 FY26 revenue up 4.8% YoY, but EBITDA growth muted by one-offs and higher maintenance. Board recommends INR 14/share dividend.
Strong operational additions and customer network expansion in FY26, coupled with dividend resumption, indicate a robust core business. While Q4 financials were impacted by one-offs and maintenance, management's focus on efficiency and Africa expansion provides future visibility. Geopolitical supply chain risks bear watching.
Growth engines
5G Network Densification
Rising data demand and network densification are driving the need for incremental capacity on existing infrastructure, supporting sustained loading-led revenue growth.
Customer Network Expansion
Strong co-location additions during the quarter driven by a pickup in customer network expansion and ability to capture a major share of rollouts.
Africa Expansion
Making steady progress on Africa foray with key operational and structural building blocks largely in place; rollouts expected to begin soon and ramp up progressively.
Non-Tower Segment Growth
Achieved leadership position in the IBS space in Q4; DAS business saw a pickup with increased deployments in metros, tunnels and highways.
Capacity and execution
Macro Tower Additions (FY26)
On a full year basis, tower additions were around 15,200.
Co-location Additions (FY26)
On a full year basis, co-location additions were around 22,500.
Sites with Solar Access
Added close to 2,500 sites with solar access during Q4 FY26, taking the overall sites to about 42,400.
Tailwinds
Government RoW Incentives
Ministry of Finance introduced incentive-linked schemes with INR 4,000 crores allocation to states to align with RoW rules 2024, expected to accelerate approvals.
Green Energy Open Access Policy
Green Energy Open Access policy has now been operationalized across all states, reinforcing the sector's transition towards cleaner energy sources and expected to help reduce energy costs.
Improved Major Customer Financials
A gradual improvement in the financial position of a major customer, aided by Government support, provides visibility of strong business momentum.
Robust Data Consumption
India's data consumption momentum remains robust, with total data consumption and average monthly data usage per user growing by 29% and 21% YoY, respectively.
Headwinds
Geopolitical Supply-Side Disruptions
Geopolitical developments due to the war in West Asia have created near-term supply-side disruptions impacting tower availability, deployment timelines and cost structures.
Risk radar
Customer Contract Non-Renewal
Certain tenancies of a major customer have expired; management is working to provide stickiness and mitigate risk through portfolio resiliency.
Aging Tower Portfolio Maintenance
Sequential decline in EBITDA partially due to higher network costs, which increased primarily due to higher maintenance activities on aging and growing tower portfolio.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY reflects underlying business growth and long-term trends in tower and co-location additions, while QoQ highlights sequential momentum, seasonal impacts on energy costs, and short-term operational efficiency.
Sector KPIs management disclosed
Macro Tower Base
Total macro towers stood at around 264,500 at end of Q4 FY26, a 6.1% YoY growth.
Co-location Base
Total co-locations stood at around 428,000 at end of Q4 FY26, a 5.6% YoY growth.
Tenancy Ratio
Industry-leading tenancy ratio was stable at 1.62 in Q4 FY26.
5G BTS Installed Base
The installed base of 5G BTSs now stands at close to 531,000.
Management forward view
Commitment to Shareholder Payouts
The Board has recommended a final dividend of INR 14 per share, reflecting commitment towards returning cash to shareholders, with an endeavor to follow a steady and progressive distribution.
Healthy Order Book
Company has a very healthy order book, primarily on the India side, and continues to see growth-oriented capex going forward.
Africa Strategy
Long-term strategy in Africa is to create differentiation through better cost per tower, delivering better SLA, uptime and higher energy efficiency to be a major player.
Digital & AI Transformation
FY26 marked a step-up in digital and AI-led transformation, with over 85% of sites digitally connected and AI/ML capabilities for proactive outage identification and resolution.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Africa Rollout Pace | Secured operating license in Zambia, in last stages of regulatory approvals in Uganda and Nigeria; initial orders in place. | Commencement and ramp-up of tower deployments and customer additions in target African markets. |
| Tenancy Ratio Trend | Stable at 1.62 in Q4 FY26, after some decline in prior years. | Improvement in tenancy ratio as the 'second customer' expands network and adds co-locations on existing towers. |
| Energy Cost Optimization | Energy margins at negative 3.6% in Q4 FY26 compared to negative 5.2% YoY; diesel consumption reduced 7% YoY. | Continued structural reduction in diesel dependence and deployment of energy-efficient solutions to improve energy cost profile. |
| Impact of Geopolitical Disruptions | Near-term supply-side disruptions impacting tower availability, deployment timelines, and cost structures. | Effectiveness of mitigating actions and resolution of geopolitical situation to ease supply chain constraints. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 81st percentile within Telecom. Main check: results consistency is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
90 docs text-extracted · 34 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Telecom: 81st pctile, median 66 · Mid: 35th pctile, median 76
Evidence depth
Financial-only
90 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.7%.
- ▸11 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE trend is -3.8%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 39%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indus Towers Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 (LODR)- ESG Ratings 1 Sep - Indus Towers received ESG ratings: Crisil 63 Strong, SES 72.1 in FY26.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 18 Jul - CRISIL reaffirmed Indus Towers’ AAA/Stable and A1+ ratings; ₹750 crore bond rating withdrawn after redemption.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jun - Indus Towers Limited has informed regarding Newspaper advertisement pertaining to Notice of Postal Ballot/ E-voting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jun - Indus Towers Limited has informed regarding Newspaper Publication of Notice for transferring Equity Shares of the Company to the Demat Account of Investor Education and …
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.