Indus Towers logo

Indus Towers share price

NSE: INDUSTOWERBSE: 534816Telecom - ServicesLarge Cap

Indus Towers Limited · Formerly Bharti Infratel · Face value ₹10 · Listed Dec 2012
Last close ₹384.00up ₹11.00 (2.95%)BSE ₹382.50

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

52-week range of traded prices to 29 Oct 2026
₹355.55Low, 28 Sep 2026₹481.50High, 19 Feb 2026
Market cap
₹1,01,305 Cr92nd largest listed
P/E
14.25
P/B
2.57
Dividend yield
3.65%
ROE
18.8%
ROCE
26.9%
Debt to equity
0.03
Volume, NSE
38,33,34455.0% delivered

Indus Towers share price chart

Daily closes since Dec 2012, adjusted for splits and bonuses

+0.8%over a year · Nifty 500 −8.4%

ResultsDividend20-session average 49,88,470 shares a day, 58.2% 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

  • Sharing revenue, the rent operators pay (total revenue excluding energy reimbursements, what operators repay for power and fuel at sites), was 64% of revenue in the quarter to Jun 2026; core revenue from rental rose 5.2% year on year to ₹53.7 billion.262728

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. 1. Annual report, 28 Jul 2026, page 105
  2. 2. Annual report, 28 Jul 2026, page 84
  3. 3. Annual report, 28 Jul 2026, page 1
  4. 4. Annual report, 28 Jul 2026, page 8
  5. 5. Annual report, 28 Jul 2026, page 47
  6. 6. Investor presentation, 27 Jul 2026, page 37
  7. 7. Investor presentation, 27 Jul 2026, page 9
  8. 8. Investor presentation, 27 Jul 2026, page 10
  9. 9. Annual report, 28 Jul 2026, page 16
  10. 10. Annual report, 28 Jul 2026, page 250
  11. 11. Annual report, 28 Jul 2026, page 123
  12. 12. Earnings call, 28 Jul 2026, page 6
  13. 13. Earnings call, 28 Jul 2026, page 7
  14. 14. Investor presentation, 27 Jul 2026, page 16
  15. 15. Earnings call, 28 Jul 2026, page 6
  16. 16. Earnings call, 28 Jul 2026, page 7
  17. 17. Annual report, 28 Jul 2026, page 123
  18. 18. Annual report, 28 Jul 2026, page 14
  19. 19. Annual report, 28 Jul 2026, page 105
  20. 20. Investor presentation, 27 Jul 2026, page 9
  21. 21. Investor presentation, 27 Jul 2026, page 16
  22. 22. Annual report, 28 Jul 2026, page 15
  23. 23. Earnings call, 28 Jul 2026, page 4
  24. 24. Earnings call, 28 Jul 2026, page 12
  25. 25. Earnings call, 28 Jul 2026, page 9
  26. 26. Investor presentation, 27 Jul 2026, page 17
  27. 27. Investor presentation, 27 Jul 2026, page 32
  28. 28. Earnings call, 28 Jul 2026, page 6
  29. 29. Annual report, 28 Jul 2026, page 250
  30. 30. Annual report, 28 Jul 2026, page 12
  31. 31. Investor presentation, 27 Jul 2026, page 10
  32. 32. Investor presentation, 27 Jul 2026, page 11
  33. 33. Earnings call, 28 Jul 2026, page 4
  34. 34. Annual report, 28 Jul 2026, page 119
  35. 35. Annual report, 28 Jul 2026, page 106
  36. 36. Earnings call, 28 Jul 2026, page 6
  37. 37. Annual report, 28 Jul 2026, page 24
  38. 38. Earnings call, 28 Jul 2026, page 7
  39. 39. Exchange filing, 16 Jan 2026, page 1
  40. 40. Exchange filing, 20 Jan 2026, page 1
  41. 41. Earnings call, 28 Jul 2026, page 13
  42. 42. Earnings call, 28 Jul 2026, page 14
  43. 43. Exchange filing, 18 Jul 2026, page 1
  44. 44. Exchange filing, 27 Nov 2025, page 1
  45. 45. Investor presentation, 27 Jul 2026, page 15
  46. 46. Annual report, 28 Jul 2026, page 2
  47. 47. Annual report, 28 Jul 2026, page 1
  48. 48. Exchange filing, 29 Apr 2026, page 1
  49. 49. Investor presentation, 27 Jul 2026, page 15

Results

Consolidated; ₹ crore.Indus Towers quarterly results

Revenue growth, 12 months
+5.3%
Net profit growth, 12 months
−24.1%

Quarter to Sep 2026, against the quarter before

Revenue
₹8,516 Crup 1.00%
Net profit
₹1,793 Crup 2.69%
Net margin
21.1%

Revenue by quarter

₹7,547 CrDec 24₹7,727 CrMar 25₹8,058 CrJun 25₹8,188 CrSep 25₹8,146 CrDec 25₹8,101 CrMar 26₹8,431 CrJun 26₹8,516 CrSep 26
Peak revenue ₹8,516 Cr, quarter to Sep 2026; lowest ₹7,547 Cr, quarter to Dec 2024

Net profit by quarter, a loss in red

₹4,003 CrDec 24₹1,779 CrMar 25₹1,737 CrJun 25₹1,839 CrSep 25₹1,776 CrDec 25₹1,793 CrMar 26₹1,746 CrJun 26₹1,793 CrSep 26
₹ croreDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue7,5477,7278,0588,1888,1468,1018,4318,516
Net profit4,0031,7791,7371,8391,7761,7931,7461,793
Net margin53.0%23.0%21.6%22.5%21.8%22.1%20.7%21.1%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

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

Price to earnings

At or below today's level on 44% of 2,479 trading days over the last 10 years.

LowestHighest
Its median15.06Industry median8.70
Price to book

At or below today's level on 27% of 1,925 trading days since Oct 2018.

LowestHighest
Its median3.07Industry median1.24
Dividend yield

At or below today's level on 45% of 2,479 trading days over the last 10 years.

LowestHighest
Its median4.03%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend 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%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 3 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the year to Mar 2023.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Indus Towers shareholding pattern

Shareholding by group

  • Promoters51.26%
  • Foreign institutions21.72%
  • Indian institutions22.97%
  • Individuals and others4.05%
  • Employee trusts0.01%
Holder
BHARTI AIRTEL LIMITEDPromoter51.26%
LIFE INSURANCE CORPORATION OF INDIAInsurance companies1.61%
LAZARD EMERGING MARKETS EQUITY PORTFOLIOForeign portfolio investors, category I1.20%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters unchanged, foreign institutions −1.48 pts, Indian institutions +1.52 pts, mutual funds +1.80 pts.

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 time
6
Bought again
2
Added
77
Cut
64
Held unchanged
128
Sold out
4
Fund
SBI Mutual Fund logoSBI Contra FundSBI Mutual Fund3,21,26,6922.66%₹1,199.0 Cr
Kotak Mahindra Mutual Fund logoKotak Multi Cap FundKotak Mahindra Mutual Fund2,32,76,7532.86%₹868.7 Cr
SBI Mutual Fund logoSBI Balanced Advantage FundSBI Mutual Fund2,10,00,0001.93%₹783.7 Cr
Nippon India Mutual Fund logoNippon India Growth Mid Cap FundNippon India Mutual Fund1,80,00,0001.34%₹671.8 Cr
SBI Mutual Fund logoSBI Large & Midcap FundSBI Mutual Fund1,41,14,9081.30%₹526.8 Cr
Kotak Mahindra Mutual Fund logoKotak Arbitrage FundKotak Mahindra Mutual Fund1,31,00,2000.65%₹488.9 Cr
Kotak Mahindra Mutual Fund logoKotak Flexi Cap FundKotak Mahindra Mutual Fund1,30,00,0000.91%₹485.2 Cr
quant Mutual Fund logoquant Mid Cap Fundquant Mutual Fund1,23,29,0266.01%₹460.1 Cr
Tata Mutual Fund logoTata Value FundTata Mutual Fund99,00,0004.48%₹369.5 Cr
Kotak Mahindra Mutual Fund logoKotak Equity Savings FundKotak Mahindra Mutual Fund94,70,2983.38%₹353.4 Cr
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

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
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

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

Return on equity across, P/E up, size is market cap
Company
HFCL logoHFCLHFCL37,26442.956.60+101.0%+3,016.5%17.7%18.3%0.08%
Pace Digitek logoPace DigitekPACEDIGITK3,08910.041.40––13.9%13.9%0.00%
Bondada Engineering logoBondada EngineeringBONDADA3,053––––––0.10%
GTL Infrastructure logoGTL InfrastructureGTLINFRA1,2811.18–+1.4%––85.6%0.00%
Suyog Telematics logoSuyog TelematicsSUYOG5258.701.07––13.6%16.1%0.22%
Sar Televenture logoSar TeleventureSARTELE4075.660.43––7.9%7.6%0.00%
Rama Telecom logoRama TelecomRTL12542.912.98––6.9%–0.00%
Kore Digital logoKore DigitalKDL290.800.20––29.1%–0.00%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

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

16Mar 1714Mar 1815Mar 1911Mar 2020Mar 2111Mar 22Mar 23Mar 24Mar 2514Mar 26
Highest ₹20.12 a share, year to Mar 2021.
Ex-dateTypePer share
10 Aug 2026Final₹14.00
13 May 2022Interim₹11.00
8 Feb 2021Interim₹17.82
5 Aug 2020Interim₹2.30
5 May 2020Interim₹4.10
19 Dec 2019Interim₹2.75
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Indus Towers announcements

Indus Towers share price by year

Each calendar year to 2025.Indus Towers share price history

YearClose at year endChangeHighest closeLowest close
2025418.75+22.5%425.75320.40
2024341.80+71.7%458.50202.15
2023199.05+4.5%201.05136.75
2022190.45−23.3%275.95182.85
2021248.30+8.0%320.15206.80
2020229.90−9.0%254.45124.05
2019252.50−2.5%327.60183.20
2018259.00−31.6%379.05249.20
2017378.75+10.3%479.20284.25
2016343.45−19.8%430.05322.00
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
28 Oct 2026379.00389.80373.00373.00379.7476,83,51054.1%
27 Oct 2026383.90386.40380.60385.30383.4946,31,56251.0%
26 Oct 2026380.95389.00377.10389.00382.8383,61,84771.1%
23 Oct 2026385.15385.15376.80380.00379.8186,58,80467.7%
22 Oct 2026377.60384.40373.85381.85381.0975,82,49165.2%
21 Oct 2026382.00386.70376.80379.00379.6633,62,33561.2%
19 Oct 2026383.00390.90379.80382.40385.4346,93,86556.6%
16 Oct 2026381.60385.25379.95383.30383.3217,81,76755.4%
15 Oct 2026377.20385.40373.80381.60382.8426,87,97750.8%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Buyback and offer for sale history

Ex-dateEventPrice factorWhat happened
18 Mar 2020Price 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.
Each event is noted and not adjusted for.

Company details

Chairperson
Dinesh Kumar Mittal
At the end of the quarter to Jun 2026
Managing director and CEO
Prachur Sah
At the end of the quarter to Jun 2026
NSE symbol
INDUSTOWER
BSE code
534816
ISIN
INE121J01017
Industry
Telecom - Services
Former symbols
INFRATEL
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