Indus Towers Ltd.

NSE: INDUSTOWER · Telecommunication

₹383.10-0.03%06 Nov 2026

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Instant answers about Indus Towers Ltd. — computed from its filings, no language model

Market cap₹1,01,066 cr

Current price₹383.10

High / Low₹478 / ₹360

P/E14.2

P/B2.56

Book value₹149.6

ROE18.0%

ROCE28.2%

Debt / equity0.03

Dividend yield—

EPS (TTM)₹26.94

Face value₹10

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 8 periods

	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	6,826	6,743	13,954	27,717	28,382	28,601	30,123	32,493
EBITDA	3,112	3,558	7,179	14,901	9,669	14,557	20,650	18,155
Operating margin	45.6%	52.8%	51.4%	53.8%	34.1%	50.9%	68.6%	55.9%
Interest	-388	-2	637	1,497	1,454	735	1,440	1,893
Depreciation	1,066	1,282	2,848	5,325	5,324	6,060	6,402	7,141
Profit before tax	2,536	2,407	3,891	8,431	2,759	8,122	13,154	9,598
Tax	1,059	489	978	2,058	719	2,086	3,222	2,453
Net profit	2,494	3,299	3,779	0	2,040	6,036	9,932	7,145
EPS ₹	13.49	17.84	17.52	23.65	7.57	22.40	37.31	27.09
Operating cash flow	—	—	—	9,121	7,905	11,582	19,645	15,684
Capex	—	—	—	3,285	3,623	8,953	6,784	8,626
Dividend paid	—	—	—	0	2,964	0	0	0
Total assets	18,084	19,754	44,944	47,968	46,572	55,868	63,170	71,316
Equity	15,664	13,542	15,877	22,150	21,110	27,039	32,498	39,646

Quarterly performance

last 33 quarters · ₹ crore

showing latest 8 of 33 periods

	SEP '18	DEC '18	MAR '19	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	1,720	1,733	1,676	1,725	1,668	1,667	1,682	1,635	1,766	4,061	6,492	6,797	6,876	6,927	7,116	6,897	7,967	6,765	6,753	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	8,516
Operating profit	770	822	755	923	906	866	863	833	907	2,027	3,412	3,517	3,623	3,699	4,062	2,262	2,811	1,163	3,433	3,480	3,422	3,584	4,072	4,504	4,864	6,958	4,324	4,350	4,659	4,551	4,517	4,605	4,703
Operating margin	44.7%	47.4%	45.1%	53.5%	54.3%	52.0%	51.3%	50.9%	51.3%	49.9%	52.6%	51.7%	52.7%	53.4%	57.1%	32.8%	35.3%	17.2%	50.8%	49.2%	48.0%	49.8%	56.6%	61.0%	65.2%	92.2%	56.0%	54.0%	56.9%	55.9%	55.8%	54.6%	55.2%
Other income	20	26	19	53	20	17	39	16	22	81	77	57	93	94	109	92	63	90	116	56	97	99	108	56	114	84	92	85	83	154	155	121	106
Interest	-100	-119	-82	-34	-4	20	16	14	29	233	362	377	366	379	375	372	392	354	336	352	246	11	127	408	418	255	360	396	462	487	469	486	455
Depreciation	270	265	255	313	313	310	346	298	305	913	1,332	1,320	1,316	1,324	1,365	1,339	1,307	1,358	1,320	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	1,944
Profit before tax	620	702	601	697	617	554	540	537	596	962	1,796	1,877	2,033	2,089	2,431	643	1,175	-952	1,893	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	2,411
Tax	259	271	257	74	140	140	135	135	151	259	432	462	475	518	603	166	303	-244	494	462	452	536	636	666	757	1,216	584	597	639	644	572	602	618
Net profit	600	649	608	887	964	799	650	704	733	979	1,364	1,415	1,558	1,571	0	477	872	0	1,399	1,348	1,295	1,540	1,853	1,926	0	4,003	1,779	1,737	1,839	1,776	1,793	1,746	1,793
EPS ₹	3.24	3.51	3.29	4.80	5.21	4.32	3.51	3.81	3.96	4.94	5.06	5.25	5.79	5.83	6.79	1.77	3.24	-2.63	5.19	5.00	4.81	5.72	6.88	7.15	8.30	15.18	6.75	6.59	6.97	6.73	6.80	6.62	6.80
Revenue YoY	—	—	—	—	-3.0%	-3.8%	0.4%	-5.2%	5.9%	143.6%	285.9%	315.6%	289.3%	70.6%	9.6%	1.5%	15.9%	-2.3%	-5.1%	2.6%	-10.5%	6.4%	6.5%	4.3%	4.7%	4.8%	7.4%	9.1%	9.7%	7.9%	4.8%	4.6%	4.0%
Profit YoY	—	—	—	—	60.6%	23.0%	6.9%	-20.7%	-24.0%	22.6%	110.0%	101.2%	112.7%	60.4%	-100.0%	-66.3%	-44.1%	-100.0%	—	182.4%	48.5%	—	32.4%	42.9%	-100.0%	159.9%	-4.0%	-9.8%	—	-55.6%	0.8%	0.5%	-2.5%

Earlier results (standalone, Dec '12 – Jun '18)

₹ crore · from BSE, before the NSE XBRL filings begin

Indus Towers Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

	FY14†	FY15†	FY16†	FY17†	FY18†
Revenue	4,999	5,389	5,596	6,085	6,618
Operating profit	2,086	2,394	2,516	2,871	3,524
Operating margin	41.7%	44.4%	45.0%	47.2%	53.3%
Other income	522	1,995	639	1,022	1,096
Interest	58	9	0	654	188
Depreciation	1,101	1,122	1,170	1,166	1,180
Profit before tax	1,497	3,274	1,984	3,336	3,227
Tax	407	548	661	631	813
Net profit	1,090	2,725	1,323	2,705	2,414

Quarters

showing latest 8 of 23 periods

	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†
Revenue	1,148	1,163	1,193	1,234	1,278	1,294	1,323	1,369	1,359	1,337	1,388	1,386	1,403	1,419	1,453	1,496	1,530	1,605	1,593	1,658	1,695	1,672	1,696
Operating profit	461	468	490	503	539	554	569	583	608	633	616	606	626	669	661	689	706	816	984	913	797	829	940
Operating margin	40.1%	40.3%	41.0%	40.8%	42.2%	42.9%	43.0%	42.6%	44.7%	47.4%	44.4%	43.7%	44.6%	47.1%	45.5%	46.0%	46.1%	50.8%	61.8%	55.1%	47.0%	49.6%	55.4%
Other income	53	115	353	25	43	100	1,023	348	85	539	190	175	118	156	967	19	18	19	1,015	15	20	46	1,162
Interest	0	0	0	34	18	6	6	1	1	1	0	0	0	0	176	306	148	23	101	62	12	12	87
Depreciation	288	279	304	274	264	259	274	276	285	288	286	291	295	298	288	288	293	297	295	300	293	292	277
Profit before tax	225	307	538	220	336	402	1,325	657	409	883	520	490	449	526	1,516	726	578	515	1,603	567	512	545	1,739
Tax	74	114	97	72	108	130	118	130	135	166	182	170	153	154	39	191	210	190	205	203	195	210	221
Net profit	152	194	441	148	228	273	1,207	527	274	717	338	319	295	371	1,477	535	368	325	1,398	364	317	335	1,518
EPS ₹	0.86	1.03	2.34	0.79	1.21	1.44	6.39	2.79	1.45	3.79	1.78	1.68	1.56	1.96	7.79	2.86	1.99	1.76	7.56	1.97	1.71	1.81	8.21
Revenue YoY	—	—	—	—	11.3%	11.3%	10.9%	11.0%	6.4%	3.3%	4.9%	1.2%	3.2%	6.1%	4.7%	8.0%	9.0%	13.1%	9.7%	10.8%	10.8%	4.1%	6.4%
Profit YoY	—	—	—	—	50.2%	40.6%	173.5%	255.5%	20.3%	163.1%	-72.0%	-39.5%	7.8%	-48.2%	337.5%	67.7%	24.6%	-12.5%	-5.3%	-32.0%	-13.8%	3.0%	8.6%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 30 periods

	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	17.5%	19.8%	20.8%	24.4%	23.0%	21.3%	22.6%	23.8%	28.3%	33.5%	37.2%	20.5%	16.3%	14.3%	6.6%	13.0%	17.1%	17.1%	23.6%	22.3%	24.5%	18.7%	27.4%	23.7%	23.1%	25.9%	19.8%	18.0%	18.0%	18.0%
ROCE	14.6%	15.2%	15.1%	15.1%	14.4%	14.4%	18.3%	18.8%	25.9%	33.3%	38.6%	35.9%	31.4%	29.6%	18.1%	16.3%	20.8%	19.6%	28.7%	28.3%	30.9%	34.3%	44.8%	42.0%	41.2%	36.9%	30.1%	28.1%	28.4%	28.2%
Net margin	40.0%	45.7%	48.3%	48.9%	46.8%	42.7%	33.5%	27.1%	23.5%	21.9%	21.8%	16.4%	13.0%	10.1%	4.7%	9.7%	12.7%	14.6%	19.8%	21.1%	22.9%	18.2%	26.3%	25.6%	24.4%	29.7%	22.2%	22.0%	21.8%	21.4%
EBITDA margin	47.7%	50.1%	51.2%	52.8%	52.1%	51.4%	50.6%	51.4%	51.6%	51.9%	52.6%	53.8%	49.1%	44.4%	35.8%	34.1%	38.1%	41.5%	49.4%	50.9%	53.9%	58.2%	68.9%	68.6%	66.5%	64.4%	55.7%	55.6%	55.8%	55.4%
Debt / equity	0.00	0.00	0.00	0.18	0.18	0.18	0.18	0.51	0.51	0.51	0.51	0.25	0.25	0.30	0.30	0.22	0.22	0.24	0.24	0.16	0.16	0.14	0.14	0.07	0.07	0.04	0.04	0.02	0.02	0.03
Interest coverage	-6.84	-9.97	-23.83	-1202.50	49.96	29.36	10.05	7.11	6.23	5.98	6.25	6.63	5.82	5.17	3.21	2.90	3.74	4.49	8.97	12.04	12.24	11.53	12.00	10.13	10.03	9.41	6.63	6.29	6.05	6.03
Asset turnover	0.38	0.38	0.37	0.34	0.34	0.34	0.46	0.31	0.43	0.54	0.60	0.58	0.58	0.61	0.61	0.61	0.61	0.53	0.54	0.51	0.52	0.50	0.51	0.48	0.49	0.47	0.48	0.46	0.46	0.46

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 18 periods

	MAR '14‡	MAR '15‡	MAR '16‡	MAR '17‡	MAR '18‡	MAR '19‡	MAR '20‡	MAR '21‡	MAR '22‡	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	1,889	1,894	1,897	1,850	1,850	1,850	1,850	2,695	2,695	2,695	2,695	2,695	2,695	2,638	2,638	2,638	2,638	2,638
Other equity / reserves	15,859	15,126	16,345	13,650	15,115	13,815	11,693	13,182	19,456	17,780	18,415	21,004	24,344	25,761	29,860	33,462	37,008	36,825
Total equity	17,749	17,020	18,242	15,499	16,964	15,664	13,542	15,877	22,150	20,475	21,110	23,699	27,039	28,399	32,498	36,101	39,646	39,463
Borrowings	—	1,713	0	278	0	6	2,418	8,164	5,487	6,041	4,713	5,790	4,312	3,951	2,262	1,481	921	1,094
Current liabilities	2,421	5,069	1,417	4,574	1,816	1,774	3,826	13,951	8,827	10,682	8,163	10,238	10,156	10,575	9,787	9,704	9,003	9,892
Non-current liabilities	2,179	5,065	1,044	868	899	646	2,385	15,116	16,990	15,879	17,300	18,219	18,672	19,398	20,885	21,387	22,668	23,391
Total assets	22,348	27,155	20,703	20,941	19,680	18,084	19,754	44,944	47,968	47,036	46,572	52,155	55,868	58,372	63,170	67,191	71,316	72,746
Property, plant & equipment	6,683	14,792	6,056	5,781	5,584	5,320	5,070	21,582	20,870	31,479	32,360	34,955	39,287	41,660	44,342	46,871	49,466	51,140
Capital work-in-progress	52	226	70	58	110	104	54	274	179	220	355	586	422	392	567	623	630	854
Investments	3,367	5,882	10,059	11,172	12,327	10,842	11,170	2,271	1,652	278	276	275	3	268	1,486	2,929	4,316	4,423
Inventories	—	—	—	—	—	—	—	—	—	0	0	0	0	0	8	20	27	55
Receivables	277	353	196	300	275	545	367	3,828	7,059	6,499	4,869	6,186	6,451	5,629	4,768	4,852	4,939	4,794
Cash & equivalents	47	912	2,013	2,250	31	0	145	14	980	33	22	74	63	26	150	21	47	144

Cash flow

annual · ₹ crore · line = free cash flow

showing latest 5 of 12 periods

	FY15‡	FY16‡	FY17‡	FY18‡	FY19‡	FY20‡	FY21‡	FY22	FY23	FY24	FY25	FY26
Cash from operations	3,990	1,912	2,866	3,469	2,042	2,315	7,481	9,121	7,905	11,582	19,645	15,684
Cash from investing	-937	1,548	-237	-1,855	2,718	-1,012	1,798	-2,174	-1,730	-7,546	-10,910	-10,198
Cash from financing	-3,188	-1,453	-2,671	-3,555	-4,796	-1,185	-9,377	-5,982	-7,133	-3,996	-8,648	-5,588
Capex	2,078	906	1,009	1,072	948	830	2,118	3,285	3,623	8,953	6,784	8,626
Free cash flow	1,911	1,005	1,857	2,397	1,094	1,485	5,363	5,836	4,282	2,629	12,861	7,058
Dividends paid	1,682	1,233	555	2,958	3,977	2,570	5,985	0	2,964	0	0	0

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹51,140 cr70%

CWIP

₹854 cr1%

Investments

₹4,423 cr6%

Inventories

₹55 cr0%

Receivables

₹4,794 cr7%

Cash & equivalents

₹144 cr0%

Other assets

₹11,336 cr16%

Peer comparison

largest in Telecommunication · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Bharti Airtel Ltd.	13,15,061	2,107.20	42.4	8.32	19.6%
Vodafone Idea Ltd.	1,38,246	12.76	3.7	—	—
Indus Towers Ltd.	1,01,066	383.10	14.2	2.56	18.0%
Bharti Hexacom Ltd.	83,220	1,664.40	42.3	11.38	26.9%
Tata Communications Ltd.	48,602	1,704.80	44.0	14.29	32.5%
Sterlite Technologies Ltd.	37,075	719.90	48.2	8.16	16.9%
HFCL Ltd.	32,239	210.66	37.2	5.71	15.4%
ITI Ltd.	23,961	248.85	—	12.57	-5.9%
Tata Teleservices (Maharashtra) Ltd.	7,775	39.77	26.0	—	—
Railtel Corporation Of India Ltd.	7,736	241.05	22.9	3.28	14.3%

StoxGud checklist: Bullish setup · 8/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-0.5%

6 months-4.9%

1 year+0.5%

3Y CAGR+27.5%

5Y CAGR+5.7%

10Y CAGR+0.8%

50-day avg₹379.33

200-day avg₹408.73

RSI (14)50

Compare Indus Towers Ltd. with

Bharti Airtel vs Indus Towers Vodafone Idea vs Indus Towers Indus Towers vs Bharti Hexacom Indus Towers vs Tata Communications Indus Towers vs Sterlite Technologies

FAQs

What is the share price of Indus Towers Ltd.?

Indus Towers Ltd. (INDUSTOWER) closed at ₹383.10 on NSE on 06 Nov 2026.

What is the market cap of Indus Towers Ltd.?

₹1,01,066 crore at the latest close.

What is the P/E ratio of Indus Towers Ltd.?

14.2, on trailing-twelve-month earnings from its filings.

How fast is Indus Towers Ltd. growing?

Indus Towers Ltd.: revenue has compounded at 4.6% a year over three years; net profit at 51.9% a year. Latest-quarter revenue is up 4.0% year on year, profit down 2.5%.

How profitable is Indus Towers Ltd.?

On a trailing-twelve-month basis return on equity is 18.0%, return on capital employed 28.2%, operating margin 55.4%, net margin 21.4%.

How much debt does Indus Towers Ltd. have?

Indus Towers Ltd. is debt-free: debt to equity is 0.03 with borrowings of ₹1,094 cr against cash of ₹144 cr (balance sheet of 2026-09-30). Operating profit covers interest 6.0 times.

Financials parsed from Indus Towers Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from SEP '18, annual from FY19, balance sheet from Mar '14. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.