Indus Towers share price
NSE: INDUSTOWERBSE: 534816Telecom - ServicesLarge Cap
Share price at the NSE close on 29 Oct 2026. Previous close ₹373.00.
29 Oct: open ₹374.00, high ₹384.00, low ₹370.00
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹1,01,305 Cr92nd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 14.25
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 2.57
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 3.65%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 18.8%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 26.9%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.03
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 38,33,34455.0% delivered
About Indus Towers
Indus Towers Limited deploys, owns and operates telecom towers and their passive infrastructure (the structure, shelter, power supply and batteries that carry an operator's radio equipment) across India.1 It leases space on these towers to mobile operators, who share them, under long-term contracts.1 Its customers include all major telecom operators in India: Bharti Airtel, Vodafone Idea, Reliance Jio and BSNL.2 It is based in Gurugram, Haryana.3
It operates in all 22 telecom circles, the service areas into which India's mobile market is divided.1 Besides ground and rooftop towers, it offers in-building solutions (antenna systems and small cells that carry mobile signal indoors) and powers operators' equipment from the grid, diesel generators, solar power and batteries.4 It also builds ground stations for satellite broadband operators, including OneWeb, Amazon and Starlink.5
The company was incorporated on 30 Nov 2006.6 It later merged with the earlier Indus Towers, a tower-sharing joint venture of Bharti Airtel, Vodafone India and Idea Cellular incorporated in November 2007; the merger was made effective on 19 Nov 2020.7 On 24 Mar 2025 it completed the purchase of Bharti Airtel's passive infrastructure business, which brought in 10,093 macro towers.89
Bharti Airtel is the promoter and holding company, with about 51.26% of the shares at the end of June 2026.108 The Vodafone group sold its remaining stake of about 3.00% on 5 Dec 2024, and the stock exchanges approved its reclassification from promoter to public shareholder in May 2025.11
Indus Towers key points
Results
- In the quarter to Jun 2026, gross revenue rose 4.6% to ₹84.3 billion and profit after tax rose 0.5% to ₹17.5 billion, year on year; capital expenditure was ₹17,188 million and free cash flow (cash left after operating costs and capital spending) ₹14,362 million.121314
- EBITDA (earnings before interest, tax, depreciation and amortisation) was ₹45,246 million in the quarter; the company said that, adjusted for write-backs of about ₹0.9 billion a year earlier, EBITDA grew 5.2% and profit after tax 4.8% year on year.141516
- Consolidated revenue for the year to Mar 2026 rose 7.9% to ₹324,931 million, while EBITDA fell 14% to ₹179,756 million and net profit fell 28% to ₹71,449 million.17
- The company said results a year earlier were lifted by roughly ₹51 billion of overdue payments cleared by a major customer; adjusted for this, EBITDA rose 11.4% and profit after tax 13.0% in the year to Mar 2026.18
Market position
- The company describes itself as one of the largest telecom tower companies in India by the number of towers and co-locations it operates.19
Tower portfolio
- At the end of June 2026 it owned and operated 267,611 towers with 432,250 co-locations (one operator's equipment on one tower), an average sharing factor (co-locations per tower) of 1.62, plus 14,024 co-locations on lean towers (smaller fixed-height structures that fill coverage gaps).2021
- It added a net 15,209 macro (full-size) towers and 22,579 co-locations in the year to Mar 2026, and almost 3,100 macro towers and 4,200 co-locations in the quarter to Jun 2026.2223
- On its earnings call of 28 Jul 2026, the company said it had a firm order book (orders received but not yet delivered) for the next 3 to 4 quarters, combining network expansion and operators moving tenancies to its towers.2425
Revenue mix
Customers and partners
- Services it rendered to Bharti Airtel came to ₹195,831 million including GST in the year to Mar 2026.29
- Its master service agreements (framework contracts with each operator) with large operators run for 10 years with annual price escalation clauses; the estimated weighted average remaining life of its service contracts was 6.0 years at the end of June 2026.302031
Energy at sites
- Power and fuel was its largest expense: ₹31,953 million out of total expenses of ₹39,065 million in the quarter to Jun 2026.21
- It ran about 46,048 solar-powered sites at the end of June 2026, and diesel consumption at its sites fell 13% year on year in the quarter to Jun 2026.3233
- Under its green energy open access and net metering programmes, it has contracted about 180 MW of renewable capacity, about 8.3 MW of it commissioned, and holds 26% of a JSW solar power company that supplies it under a captive model.3435
Africa expansion
- On its earnings call of 28 Jul 2026, the company said it had received approvals and operating licences in Nigeria, Uganda and Zambia and orders from its anchor customer (first committed tenant), Airtel Africa, and was on track to begin rollouts within that calendar year.363738
- Its step-down subsidiaries (companies it owns through other subsidiaries) were incorporated in Nigeria and Zambia on 15 Jan 2026 and in Uganda on 20 Jan 2026 to pursue telecom infrastructure there.394035
- On its earnings call of 28 Jul 2026, the company said it expects Africa investments to be largely debt-funded, with moderate capex in the first 1 or 2 years, and that the Board is committed to distributing free cash flow, though it decides each distribution.4142
Recent events
- On 17 Jul 2026 CRISIL reaffirmed its AAA/Stable rating (the top grade for ability to repay) on the company's long-term bank loans and ₹1,000 crore bond; ICRA had upgraded its long-term rating to AAA (Stable) on 27 Nov 2025.4344
- Chief Financial Officer Vikas Poddar resigned on 21 May 2026 with effect from 18 Aug 2026, and the board appointed Abhishek Maheshwari as CFO from 19 Aug 2026.45
- On 30 Apr 2026 the board recommended a final dividend of ₹14 per share for the year to Mar 2026, subject to approval at the annual general meeting of 19 Aug 2026; the company's documents give no outcome.4647
- On 28 Apr 2026 it incorporated Indus Towers Global Ventures IFSC Limited in GIFT City, Gujarat, a wholly owned subsidiary intended to hold its overseas subsidiaries and run treasury operations; as of 27 Jul 2026 it was awaiting regulatory approvals to start operations.4849
Last updated
All 49 sources, each with its page
- 1. Annual report, 28 Jul 2026, page 105
- 2. Annual report, 28 Jul 2026, page 84
- 3. Annual report, 28 Jul 2026, page 1
- 4. Annual report, 28 Jul 2026, page 8
- 5. Annual report, 28 Jul 2026, page 47
- 6. Investor presentation, 27 Jul 2026, page 37
- 7. Investor presentation, 27 Jul 2026, page 9
- 8. Investor presentation, 27 Jul 2026, page 10
- 9. Annual report, 28 Jul 2026, page 16
- 10. Annual report, 28 Jul 2026, page 250
- 11. Annual report, 28 Jul 2026, page 123
- 12. Earnings call, 28 Jul 2026, page 6
- 13. Earnings call, 28 Jul 2026, page 7
- 14. Investor presentation, 27 Jul 2026, page 16
- 15. Earnings call, 28 Jul 2026, page 6
- 16. Earnings call, 28 Jul 2026, page 7
- 17. Annual report, 28 Jul 2026, page 123
- 18. Annual report, 28 Jul 2026, page 14
- 19. Annual report, 28 Jul 2026, page 105
- 20. Investor presentation, 27 Jul 2026, page 9
- 21. Investor presentation, 27 Jul 2026, page 16
- 22. Annual report, 28 Jul 2026, page 15
- 23. Earnings call, 28 Jul 2026, page 4
- 24. Earnings call, 28 Jul 2026, page 12
- 25. Earnings call, 28 Jul 2026, page 9
- 26. Investor presentation, 27 Jul 2026, page 17
- 27. Investor presentation, 27 Jul 2026, page 32
- 28. Earnings call, 28 Jul 2026, page 6
- 29. Annual report, 28 Jul 2026, page 250
- 30. Annual report, 28 Jul 2026, page 12
- 31. Investor presentation, 27 Jul 2026, page 10
- 32. Investor presentation, 27 Jul 2026, page 11
- 33. Earnings call, 28 Jul 2026, page 4
- 34. Annual report, 28 Jul 2026, page 119
- 35. Annual report, 28 Jul 2026, page 106
- 36. Earnings call, 28 Jul 2026, page 6
- 37. Annual report, 28 Jul 2026, page 24
- 38. Earnings call, 28 Jul 2026, page 7
- 39. Exchange filing, 16 Jan 2026, page 1
- 40. Exchange filing, 20 Jan 2026, page 1
- 41. Earnings call, 28 Jul 2026, page 13
- 42. Earnings call, 28 Jul 2026, page 14
- 43. Exchange filing, 18 Jul 2026, page 1
- 44. Exchange filing, 27 Nov 2025, page 1
- 45. Investor presentation, 27 Jul 2026, page 15
- 46. Annual report, 28 Jul 2026, page 2
- 47. Annual report, 28 Jul 2026, page 1
- 48. Exchange filing, 29 Apr 2026, page 1
- 49. Investor presentation, 27 Jul 2026, page 15
Results
Consolidated; ₹ crore.Indus Towers quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +5.3%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- −24.1%
Quarter to Sep 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹8,516 Crup 1.00%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹1,793 Crup 2.69%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 21.1%
Revenue by quarter
Net profit by quarter, a loss in red
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,547 | 7,727 | 8,058 | 8,188 | 8,146 | 8,101 | 8,431 | 8,516 |
| Net profit | 4,003 | 1,779 | 1,737 | 1,839 | 1,776 | 1,793 | 1,746 | 1,793 |
| Net margin | 53.0% | 23.0% | 21.6% | 22.5% | 21.8% | 22.1% | 20.7% | 21.1% |
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹32,493 Crup 7.87%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹7,145 Crdown 28.06%
- Net margin
- 22.0%
Revenue by year
Net profit by year, a loss in red
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6,085 | 6,621 | 6,826 | 6,743 | 13,954 | 27,717 | 28,382 | 28,601 | 30,123 | 32,493 |
| Net profit | 2,747 | 2,494 | 2,494 | 3,299 | 3,779 | 6,373 | 2,040 | 6,036 | 9,932 | 7,145 |
| Net margin | 45.1% | 37.7% | 36.5% | 48.9% | 27.1% | 23.0% | 7.2% | 21.1% | 33.0% | 22.0% |
Business segments
In the year to Mar 2026 the company reports one business segment, Passive Infrastructure, which carries all its revenue.
Valuation
Today, against the company's own history.Indus Towers PE ratio and valuation
At or below today's level on 44% of 2,479 trading days over the last 10 years.
At or below today's level on 27% of 1,925 trading days since Oct 2018.
At or below today's level on 45% of 2,479 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +28.4% | −27.4% | +72.3% | 3.3% |
| 3 years | +44.1% | +53.0% | −6.5% | 1.1% |
| 5 years | +12.9% | +14.1% | −2.4% | 1.7% |
Mutual fund holdings
280 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 107 of the 141 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 3 more funds filed their first portfolio on record, holding it.All 280 funds holding Indus Towers
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 6
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 2
- AddedAdded. Funds that held more shares than at the end of the month before.
- 77
- CutCut. Funds that held fewer shares than at the end of the month before.
- 64
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 128
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 4
| Fund | |||
|---|---|---|---|
| 3,21,26,692 | 2.66% | ₹1,199.0 Cr | |
| 2,32,76,753 | 2.86% | ₹868.7 Cr | |
| 2,10,00,000 | 1.93% | ₹783.7 Cr | |
| 1,80,00,000 | 1.34% | ₹671.8 Cr | |
| 1,41,14,908 | 1.30% | ₹526.8 Cr | |
| 1,31,00,200 | 0.65% | ₹488.9 Cr | |
| 1,30,00,000 | 0.91% | ₹485.2 Cr | |
| 1,23,29,026 | 6.01% | ₹460.1 Cr | |
| 99,00,000 | 4.48% | ₹369.5 Cr | |
| 94,70,298 | 3.38% | ₹353.4 Cr |
Promoter and insider buying and selling
Trades made since 30 Oct 2025.Indus Towers insider trading
No promoter, director, key manager or employee bought or sold on the market.
- Promoters and promoter group: no market trade · 3 pledge filings of unclear kind
- Others: no market trade · 3 pledge filings of unclear kind
Indus Towers competitors and peers
Telecom - Infrastructure, 9 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Indus Towers in market cap.Telecommunication sector stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| 37,264 | 42.95 | 6.60 | +101.0% | +3,016.5% | 17.7% | 18.3% | 0.08% | |
| 3,089 | 10.04 | 1.40 | – | – | 13.9% | 13.9% | 0.00% | |
| 3,053 | – | – | – | – | – | – | 0.10% | |
| 1,281 | 1.18 | – | +1.4% | – | – | 85.6% | 0.00% | |
| 525 | 8.70 | 1.07 | – | – | 13.6% | 16.1% | 0.22% | |
| 407 | 5.66 | 0.43 | – | – | 7.9% | 7.6% | 0.00% | |
| 125 | 42.91 | 2.98 | – | – | 6.9% | – | 0.00% | |
| 29 | 0.80 | 0.20 | – | – | 29.1% | – | 0.00% |
Dividends
Per share, by the year it was paid for, and the latest payments.Indus Towers dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossary| Ex-date | Type | Per share |
|---|---|---|
| 10 Aug 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹14.00 |
| 13 May 2022 | Interim | ₹11.00 |
| 8 Feb 2021 | Interim | ₹17.82 |
| 5 Aug 2020 | Interim | ₹2.30 |
| 5 May 2020 | Interim | ₹4.10 |
| 19 Dec 2019 | Interim | ₹2.75 |
Latest announcements
Routine notices left out.Indus Towers announcements
Oct 2026
27 Oct · General Updates
Indus Towers share price by year
Each calendar year to 2025.Indus Towers share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 418.75 | +22.5% | 425.75 | 320.40 |
| 2024 | 341.80 | +71.7% | 458.50 | 202.15 |
| 2023 | 199.05 | +4.5% | 201.05 | 136.75 |
| 2022 | 190.45 | −23.3% | 275.95 | 182.85 |
| 2021 | 248.30 | +8.0% | 320.15 | 206.80 |
| 2020 | 229.90 | −9.0% | 254.45 | 124.05 |
| 2019 | 252.50 | −2.5% | 327.60 | 183.20 |
| 2018 | 259.00 | −31.6% | 379.05 | 249.20 |
| 2017 | 378.75 | +10.3% | 479.20 | 284.25 |
| 2016 | 343.45 | −19.8% | 430.05 | 322.00 |
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 379.00 | 389.80 | 373.00 | 373.00 | 379.74 | 76,83,510 | 54.1% |
| 27 Oct 2026 | 383.90 | 386.40 | 380.60 | 385.30 | 383.49 | 46,31,562 | 51.0% |
| 26 Oct 2026 | 380.95 | 389.00 | 377.10 | 389.00 | 382.83 | 83,61,847 | 71.1% |
| 23 Oct 2026 | 385.15 | 385.15 | 376.80 | 380.00 | 379.81 | 86,58,804 | 67.7% |
| 22 Oct 2026 | 377.60 | 384.40 | 373.85 | 381.85 | 381.09 | 75,82,491 | 65.2% |
| 21 Oct 2026 | 382.00 | 386.70 | 376.80 | 379.00 | 379.66 | 33,62,335 | 61.2% |
| 19 Oct 2026 | 383.00 | 390.90 | 379.80 | 382.40 | 385.43 | 46,93,865 | 56.6% |
| 16 Oct 2026 | 381.60 | 385.25 | 379.95 | 383.30 | 383.32 | 17,81,767 | 55.4% |
| 15 Oct 2026 | 377.20 | 385.40 | 373.80 | 381.60 | 382.84 | 26,87,977 | 50.8% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Buyback and offer for sale history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 18 Mar 2020 | Price move | – | Between two trading sessions the price moved by a fifth or more. The Nifty 500 moved 5% or more the same way over the same sessions. Not adjusted for. |
Company details
- NSE symbol
- INDUSTOWER
- BSE code
- 534816
- ISIN
- INE121J01017
- Industry
- Telecom - Services
- Former symbols
- INFRATEL
- Website
- www.industowers.com
- CIN
- L64201HR2006PLC073821
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 2006
- Registered office
- Building No. 10, Tower A, 4th Floor, DLF Cyber City, Gurugram 122002, Haryana
- Share registrar
- KFin Technologies Ltd
- Keeps the register of shareholders and handles transfers and dividend payments