Overview

Detailed Summary

Indus Towers Limited, formerly Bharti Infratel Limited, manages and operates a robust telecom tower infrastructure network across India, providing tower sharing services to all major telecom operators.
The company is deeply involved in aiding the roll-out and densification of 5G networks, showcasing significant revenue potential from increased tower deployments and tenancy ratios.
It is integrating digital and AI capabilities across its operations to improve efficiency, operational control, and customer service, illustrating a commitment to advanced technological adoption.
The company's strategic focus on green energy, with significant reductions in diesel usage and renewable energy implementations, positions it as a leader in sustainable telecom infrastructure practices.
Focused on strategic growth, Indus Towers is leveraging its expansive network and strong market position to maintain substantial market share amidst increasing competition.

Sector: Telecom Equipment & Infra Services
Industry: Transmisson Line Towers / Equipment
Market Cap: 1,16,699 Cr
Volatility: Moderate Risk
P/E Ratio: 16.4
Industry P/E: 17.3
PEG Ratio: 2.0
P/B Ratio: 3.2
52W High: 481.55
52W Low: 312.60

Sales CAGR

1Y: 5.32%
3Y: 2.82%
5Y: 34.92%
10Y: 20.66%

Profit CAGR

1Y: 64.54%
3Y: 15.94%
5Y: 41.54%
10Y: 25.05%

ROE

TTM: 25.92%
3Y: 22.33%
5Y: 23.73%
10Y: 20.99%

ROCE

TTM: 23.69%
3Y: 21.40%
5Y: 21.70%
10Y: 21.54%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INDUSTOWER	444.00	1,16,699 Cr	16.42	3.23	0.00	25.92	23.69	10.61
KPIL	1127.10	19,151 Cr	23.05	2.75	0.80	11.79	13.44	3.09
KEC	543.45	14,467 Cr	21.24	2.56	1.01	12.11	14.03	2.88
VIKRAN	63.71	1,640 Cr	14.65	1.41	0.00	7.43	12.67	3.73
GTLINFRA	1.10	1,409 Cr	-0.44	0.00	0.00	13.86	-3.84	-16.82
JYOTISTRUC	11.24	1,340 Cr	25.60	2.64	0.00	8.72	1.73	1.70
SARTELE	198.55	935 Cr	11.52	1.15	0.00	7.55	8.48	6.36

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	7,133	7,199	7,193	7,383	7,465	7,547	7,727	8,058	8,188	8,146
Expenses	3,711	3,615	3,122	2,879	2,602	589	3,332	3,668	3,616	3,678
Operating Profit	3,422	3,584	4,072	4,504	4,864	6,958	4,395	4,390	4,572	4,468
OPM %	47.97	49.78	56.60	61.01	65.15	92.19	56.88	54.48	55.84	54.85
Other Income	97	99	109	56	114	84	92	85	83	154
Interest	246	11	127	408	418	255	431	437	376	404
Depreciation	1,526	1,596	1,565	1,561	1,580	1,569	1,693	1,704	1,801	1,798
Profit Before Tax	1,747	2,077	2,489	2,592	2,980	5,219	2,363	2,334	2,478	2,420
Tax %	25.88	25.81	25.55	25.69	25.39	23.29	24.71	25.58	25.79	26.62
Net Profit	1,295	1,541	1,853	1,926	2,224	4,003	1,779	1,737	1,839	1,776
EPS in Rs	4.90	5.84	7.03	7.30	8.30	15.17	6.75	6.59	6.97	6.73

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	6,085	6,621	6,826	6,743	13,954	27,717	28,382	28,601	30,123	30,797
Expenses	3,260	3,464	3,714	3,185	6,775	12,817	18,713	14,044	9,473	10,190
Operating Profit	2,825	3,157	3,112	3,558	7,179	14,901	9,669	14,557	20,650	20,607
OPM %	46.43	47.68	45.59	52.76	51.45	53.76	34.07	50.90	68.55	66.91
Other Income	1,960	1,599	1,559	1,846	1,262	459	85	1,490	764	375
Interest	39	47	53	335	836	1,603	1,670	1,864	1,858	1,540
Depreciation	1,166	1,180	1,066	1,282	2,848	5,325	5,324	6,060	6,402	6,546
Profit Before Tax	3,580	3,529	3,553	3,788	4,757	8,431	2,759	8,122	13,154	12,896
Tax %	23.26	29.34	29.81	12.91	20.56	24.41	26.07	25.68	24.50	24.45
Net Profit	2,747	2,494	2,494	3,299	3,779	6,373	2,040	6,036	9,932	9,743
EPS in Rs	10.38	9.45	9.45	12.51	15.66	24.17	7.73	22.88	37.52	27.04
Dividend Payout %	108.64	103.80	111.22	58.86	114.87	46.51	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1,897	1,850	1,850	1,850	1,850	2,695	2,695	2,695	2,695	2,638
Reserves	16,345	13,650	15,115	12,682	11,693	13,182	19,456	18,415	24,344	29,860
Borrowings	0.00	279	0.00	5.70	4,627	20,382	17,532	17,646	20,531	21,156
Other Liabilities	2,461	5,163	2,715	2,593	1,584	8,684	8,285	7,817	8,298	9,516
Total Liabilities	20,703	20,941	19,680	17,131	19,754	44,944	47,968	46,572	55,868	63,170
Fixed Assets	6,063	5,794	5,595	5,332	6,714	31,800	31,826	32,384	39,300	44,380
CWIP	70	59	110	118	55	274	179	355	422	567
Investments	10,059	11,172	12,327	9,906	11,170	2,271	1,652	276	2.80	1,486
Other Assets	4,511	3,916	1,648	1,775	1,815	10,599	14,311	13,559	16,143	16,737
Total Assets	20,703	20,941	19,680	17,131	19,754	44,944	47,968	46,572	55,868	63,170

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1,912	2,866	3,469	3,159	2,315	7,481	9,121	7,905	11,582	19,645
Cash from Investing Activity	1,548	-237	-1,855	1,600	-1,012	1,798	-2,174	-1,730	-7,546	-10,911
Cash from Financing Activity	-1,453	-2,671	-3,555	-4,795	-1,185	-9,377	-5,982	-7,133	-3,996	-8,648
Net Cash Flow	2,007	-42	-1,941	-36	117	-98	966	-958	41	87

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	69.01%	69.01%	69.01%	69.02%	69.02%	52.03%	53.01%	50.02%	50.02%	50.02%	51.05%	51.05%
FIIs	26.64%	23.94%	21.41%	20.72%	16.40%	23.16%	24.19%	26.16%	26.43%	27.52%	26.21%	25.93%
DIIs	2.46%	4.52%	6.70%	7.08%	9.90%	16.99%	16.99%	17.81%	18.42%	18.18%	18.25%	18.96%
Public	1.89%	2.53%	2.89%	3.17%	4.68%	7.82%	5.81%	6.01%	5.13%	4.28%	4.48%	4.05%
Total Shareholders	2,58,997	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

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