MarketFriction

Indus Towers Ltd

NSE INDUSTOWER · BSE 534816 · Telecom - Infrastructure
₹376.25 +0.82%
NSE close2026-10-01
52 week range337.80 - 481.50
Market cap₹96,966 Cr.
P/E13.6
IPO 2012 · +71% since Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150Nifty Midcap SelectNifty Infrastructure No price band Delivery 55.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales7,1327,1997,1937,3837,4657,5477,7278,0588,1888,1468,1018,431
Expenses3,7113,6153,1222,8792,6025893,3323,6683,6163,6783,6773,953
Operating Profit3,4223,5844,0724,5044,8646,9584,3954,3904,5724,4684,4244,478
OPM %48%50%57%61%65%92%57%54%56%55%55%53%
Other Income97991085611484928583154155121
Interest24611127408418255431437376404376358
Depreciation1,5261,5961,5641,5601,5801,5681,6931,7041,8011,7981,8381,894
Profit before tax1,7472,0762,4892,5922,9805,2192,3632,3342,4782,4202,3652,347
Tax %26%26%26%26%25%23%25%26%26%27%24%26%
Net Profit1,2951,5401,8531,9262,2244,0031,7791,7371,8391,7761,7931,746
EPS in Rs4.805.726.887.158.4315.176.746.586.976.736.806.62
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5,5586,0856,6216,8266,74313,95427,71728,38228,60130,12332,49332,867
Expenses3,0703,2603,4643,7143,1856,77512,81618,71314,0449,47314,68014,925
Operating Profit2,4882,8253,1573,1123,5587,17914,9019,66914,55720,65017,81317,942
OPM %45%46%48%46%53%51%54%34%51%69%55%55%
Other Income1,6791,9601,5991,5591,8461,262458851,490764818513
Interest333946533358361,6031,6701,8641,8581,8931,513
Depreciation1,1551,1661,1801,0661,2822,8485,3255,3246,0606,4027,1417,330
Profit before tax2,9793,5803,5293,5533,7884,7578,4312,7598,12213,1549,5989,611
Tax %25%23%29%30%13%21%24%26%26%24%26%
Net Profit2,2472,7472,4942,4943,2993,7796,3732,0406,0369,9327,1457,154
EPS in Rs11.8514.8513.4813.4817.8314.0223.657.5722.4037.6527.0827.12
Dividend Payout %25%108%104%111%59%143%47%0%0%0%52%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth19%18%5%7%
Compounded Profit Growth13%13%47%-27%
Stock Price CAGR0%3%24%7%
Return on Equity21%23%25%19%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1,8941,8971,8501,8501,8501,8502,6952,6952,6952,6952,6382,638
Reserves15,12616,34513,65015,11512,68211,69313,18219,45618,41524,34429,86037,008
Borrowings2,5820278064,62721,57619,72619,18520,53121,15621,127
Other Liabilities7,5522,4615,1632,6612,5771,5847,4916,0916,2788,2989,51410,543
Total Liabilities27,15520,70320,94119,62517,11519,75444,94447,96846,57255,86863,16871,315
Fixed Assets14,8126,0635,7945,5955,3326,71431,80031,82632,38439,30044,38049,514
CWIP226705811011854274179355422567630
Investments5,88210,05911,17212,3279,90611,1702,2711,65227631,4864,316
Other Assets6,2344,5113,9161,5931,7591,81510,59814,31113,55916,14316,73516,855
Total Assets27,15520,70320,94119,62517,11519,75444,94447,96846,57255,86863,16871,315
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity3,9901,9122,8663,4693,1592,3157,4819,1217,90511,58219,64515,684
Cash from Investing Activity-9371,548-237-1,8551,600-1,0121,798-2,174-1,730-7,546-10,910-10,198
Cash from Financing Activity-3,188-1,453-2,671-3,555-4,795-1,185-9,377-5,982-7,133-3,995-8,648-5,588
Net Cash Flow-1362,007-42-1,940-36118-98966-9584187-102
Free Cash Flow2,1751,1131,9602,5212,3291,5865,5296,2524,7373,13613,3887,786
CFO/OP97%105%130%136%128%80%119%74%105%92%104%99%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1113181529201009363825855
Inventory Days
Days Payable
Cash Conversion Cycle1113181529201009363825855
Working Capital Days-106-42-207-41-24-149-1731133-27
ROCE %15%14%18%23%21%23%19%25%11%22%29%19%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters68.99%68.99%68.99%52.01%53.01%50.00%50.00%50.00%51.03%51.03%51.26%51.26%
FIIs21.41%20.71%16.40%23.15%24.19%26.15%26.42%27.51%26.21%25.92%25.10%23.20%
DIIs6.69%7.08%9.90%16.97%16.99%17.79%18.41%18.16%18.24%18.95%19.68%21.42%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.04%
Public2.90%3.18%4.68%7.82%5.81%6.01%5.12%4.28%4.47%4.05%3.93%4.05%
Others0.01%0.04%0.04%0.03%0.01%0.04%0.03%0.03%0.04%0.04%0.04%0.04%
No. of Shareholders2,64,6742,67,1083,10,6944,06,6894,25,8764,41,0364,21,4273,66,7573,80,7883,48,3393,35,7353,41,960

Fundamentals

Market Cap₹ 96,966 Cr.
Current Price₹ 368
Stock P/E13.6
Book Value₹ 150
ROCE19.5 %
ROE18.6 %
Dividend Yield3.81 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)7%
Compounded Profit Growth (TTM)-27%
Consolidated figures.
Valuation
Market capRs 99,261 Cr
Enterprise valueRs 118,835 Cr
P/E (TTM)13.88x
Price to book2.50x
Price to sales3.02x
EV / EBITDA6.44x
EV / EBIT10.68x
EV / sales3.62x
Price to cash flow6.33x
Earnings yield7.21%
Dividend yield3.72%
P/E, 3-year average12.44x
P/B, 3-year average2.80x
P/E, 5-year average13.12x
P/B, 5-year average2.59x
Profitability
Operating margin (excl. other income)54.82%
Operating margin (incl. other income)57.34%
EBITDA margin56.15%
Pre-tax margin29.24%
Net profit margin21.77%
Net margin, latest quarter20.71%
ROE19.81%
ROCE20.08%
ROA10.63%
ROE, 3-year average26.08%
ROCE, 3-year average24.16%
ROA, 3-year average13.03%
ROE, 5-year average24.24%
ROCE, 5-year average21.71%
ROA, 5-year average11.43%
ROIC (approx.)13.98%
Tax rate25.56%
Other income / net worth2.06%
Growth
Sales growth (latest year)7.87%
Profit growth (latest year)-28.06%
Sales CAGR, 3 years4.61%
Sales CAGR, 5 years18.42%
Profit CAGR, 3 years51.86%
Profit CAGR, 5 years13.59%
Sales growth QoQ4.07%
Profit growth QoQ-2.63%
Sales growth YoY (latest quarter)4.64%
Profit growth YoY (latest quarter)0.52%
Per share
EPS (TTM)Rs 27.12
EPS (latest year)Rs 27.08
EPS (latest quarter)Rs 6.62
EPS, 3-year averageRs 29.04
EPS, 5-year averageRs 23.67
Book value per shareRs 150.28
Sales per shareRs 124.58
Cash flow per shareRs 59.45
Free cash flow per shareRs 29.51
Dividend per share (latest year)Rs 14.00
Dividend per share, 3-year averageRs 14.00
Dividend per share, 5-year averageRs 12.50
Dividends
Dividend payout51.69%
Dividend payout, 3-year average51.69%
Dividend payout, 5-year average49.10%
Efficiency
Asset turnover0.46x
Fixed asset turnover0.66x
Inventory turnover502.69x
Inventory days1 days
Debtor days55 days
Debtors turnover6.58x
Cash conversion cycle55 days
Working capital days7 days
Leverage
Total debtRs 21,127 Cr
Cash and bankRs 1,552 Cr
Net debtRs 19,575 Cr
Debt to equity0.53x
Net debt / EBITDA1.06x
Interest coverage7.35x
Current ratio (filing 2026-03-31)1.72x
Quick ratio (filing 2026-03-31)1.72x
Trade payables (filing 2026-03-31)Rs 2,672 Cr
Owners' fund to total sources55.59%
Debt to assets29.62%
Cash flow
Cash from Operating Activity (latest year)Rs 15,684 Cr
Cash from Investing Activity (latest year)Rs -10,198 Cr
Cash from Financing Activity (latest year)Rs -5,588 Cr
Net Cash Flow (latest year)Rs -102 Cr
Free cash flow (latest year)Rs 7,786 Cr
FCFE (approx.: FCF + change in debt)Rs 7,757 Cr
Cash from ops / profit, 5 years2.03x
Sales to cash flow2.07x
Statement figures
Net sales (TTM)Rs 32,867 Cr
Net sales (latest year)Rs 32,493 Cr
Sales (latest quarter)Rs 8,431 Cr
Operating profit excl. other income (latest year)Rs 17,813 Cr
Operating profit (latest quarter)Rs 4,478 Cr
Other income (TTM)Rs 513 Cr
EBITDA (TTM)Rs 18,455 Cr
PBDT (TTM)Rs 16,942 Cr
Profit before tax (TTM)Rs 9,611 Cr
Tax (latest year)Rs 2,453 Cr
Net profit (TTM)Rs 7,154 Cr
Net profit (latest year)Rs 7,145 Cr
Net profit (latest quarter)Rs 1,746 Cr
Depreciation (TTM)Rs 7,330 Cr
Depreciation (latest quarter)Rs 1,894 Cr
Interest (TTM)Rs 1,513 Cr
Cost of goods sold (latest year)Rs 13,472 Cr
Total expenditure (latest year)Rs 14,680 Cr
Total income (latest year)Rs 33,312 Cr
Share capitalRs 2,638 Cr
ReservesRs 37,008 Cr
Shareholders' fundsRs 39,646 Cr
Total assetsRs 71,315 Cr
Net blockRs 49,514 Cr
Capital work in progressRs 630 Cr
InvestmentsRs 4,316 Cr
ReceivablesRs 4,939 Cr
InventoryRs 27 Cr
Other liabilitiesRs 10,543 Cr
Shares outstanding (crore)263.82
Ownership
Promoter holding51.26% (+1.26 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 13.9 is at the 22th percentile of its own 9.4-year range (median 18.4, low 5.9, high 45.9).
P/B 2.50 is at the 17th percentile (median 3.69).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodINDUSTOWERNifty 50Difference
1 week-0.9%-2.8% +1.8 pts
1 month+0.3%-6.8% +7.1 pts
3 months-1.8%-7.6% +5.8 pts
6 months-10.0%+0.4% -10.4 pts
1 year+5.6%-9.9% +15.5 pts
2 years-6.8%-13.6% +6.8 pts
3 years+96.3%+14.2% +82.1 pts
5 years+19.2%+27.9% -8.7 pts
280 mutual fund schemes hold about ₹18,238 Cr. Over three months 97 bought more and 71 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Contra Fund2.62%1,249 +1%
Kotak Multi Cap Fund2.96%868 -7%
SBI Balanced Advantage Fund1.95%825 +32%
Nippon India Growth Mid Cap Fund1.34%700 -5%
Kotak Arbitrage Fund(M0.81%609 +28%
SBI Large & Midcap Fund1.30%549 -2%
Kotak Flexi Cap Fund0.90%505 +0%
Kotak Flexi Cap Fund0.90%503 +0%
Quant Mid Cap Fund5.95%479 +7%
Tata Value Fund(Div Trig Opt B-10%)Pay4.41%381 -1%
Kotak Equity Savings Fund(M3.45%368 +6%
SBI Midcap Fund1.49%365 -0%
SBI Midcap Fund1.49%363 -0%
360 ONE Focused Fund5.00%340 -1%
Tata Arbitrage Fund1.33%333 +36%
Kotak Multi Asset Allocation Fund2.17%332 -5%
SBI Arbitrage Fund0.68%319 +51%
SBI Multi Asset Allocation Fund(A1.52%319 -7%
DSP Large & Mid Cap Fund1.70%313 -2%
Aditya Birla SL Arbitrage Fund1.14%310 +2%
DSP Midcap Fund1.34%281 -3%
Edelweiss Arbitrage Fund1.71%254 +18%
DSP ELSS Tax Saver Fund1.51%252 +0%
SBI Large Cap Fundd0.45%250 +1%
Edelweiss Mid Cap Fund1.17%234 -10%

Red flags

F-score 5 of 8
lookAuditor change Auditor change 2026-03-10: Indus Towers Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-09-10INDUS TOWERS EMPLOYEES WELFARE TRUOtherbuy750,000Rs 26.22 CrMarket Purchase
2024-12-05INDUS TOWERS EMPLOYEES WELFARE TRUOtherbuy715,000Rs 25.76 CrMarket Purchase
2023-12-21Indus Towers Employee Welfare TrusOtherbuy711,000Rs 12.96 CrMarket Purchase
2023-02-06Indus Towers Employee Welfare TrusOtherbuy525,000Rs 7.47 CrMarket Purchase
2022-02-24Euro Pacific Securities LtdPromoterssell63,552,590Rs 1441.66 CrMarket Sale
2022-02-23Euro Pacific Securities LtdPromotersother63,552,590Rs 1596.44 CrRevokation of Pledge
2021-12-17Indus Towers Employee Welfare TrusOtherbuy270,000Rs 7.07 CrMarket Purchase
2021-11-18Prime Metals LtdPromotersother112,055,285Rs 3186.85 CrPledge Creation
2021-11-18Trans Crystal LtdPromotersother74,891,274Rs 2129.91 CrPledge Creation
2021-11-18CCII (Mauritius), Inc.Promotersother22,873,771Rs 650.53 CrPledge Creation
2021-11-18Al-Amin Investments LtdPromotersother41,639,742Rs 1184.23 CrPledge Creation
2021-11-18Vodafone Telecommunications (IndiaPromotersother83,280,998Rs 2368.51 CrPledge Creation
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹8,431 Cr +4.6% vs Jun 2025. Net profit ₹1,746 Cr +0.5%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-10Dividend - Rs 14 Per Share
2024-08-09Buy Back
2022-05-13Interim Dividend - Rs 11 Per Share
2021-02-08 Interim Dividend - Rs 17.82 Per Share
2020-08-05 Interim Dividend - Rs 2.30 Per Share
2020-05-05 Interim Dividend - Rs 4.10 Per Share
2019-12-19 Interim Dividend - Rs 2.75 Per Share
2019-08-22 Interim Dividend - Rs 3.65 Per Share
2019-05-07 Interim Dividend - Rs 7.50 Per Share
2018-11-01 Interim Dividend - Rs 7.50 Per Sh
2018-07-19 Dividend- Rs 14 Per Share
2017-07-20 Dividend - Rs 4 Per Share
2017-03-31 Interm Dividend Rs 12/- Per Share
2016-08-09 Dividend - Rs 3/- Per Share
2016-06-15 Buy-Back Of Shares
2015-08-03Annual General Meeting/ Dividend - Rs 6.50/- Per Share
2014-07-24Annual General Meeting + Dividend - Rs.4.40/- Per Share + Interim Dividend Rs 4.50/- Per Share(Purpose Revised)
2013-06-20Annual General Meeting And Dividend Rs.3/- Per Share
DateTypeWhat it says
2026-09-18Credit RatingCredit Rating
2026-09-10Concall / analyst meetSchedule of Analyst/ Institutional Investors Meeting
2026-09-03Concall / analyst meetSchedule of Analyst/ Institutional Investors Meeting
2026-09-01General UpdatesESG Ratings
2026-08-21Shareholder meetingVoting Results and Scrutinizer Report pertaining to 20th Annual General Meeting
2026-08-19Shareholder meetingProceedings of 20th Annual General Meeting
2026-08-10Concall / analyst meetSchedule of Analyst/ Institutional Investors Meeting
2026-08-03Concall / analyst meetTranscripts of the Earnings Call on the Company s performance for the first quarter (Q1) ended June 30, 2026
2026-07-31Director changeChange in Director(s) of the company.
2026-07-31Shareholder meetingVoting Results.
2026-07-28Record DateRecord Date for payment of Final Dividend on Equity Shares for the financial year 2025-26
2026-07-28General UpdatesBusiness Responsibility and Sustainability Report for the Financial Year 2025-26
2026-07-28Shareholder meetingNotice of 20th Annual General Meeting
2026-07-28Concall / analyst meetThe link of Audio Recording of the Earnings Call on the Companys performance for the first quarter (Q1) ended June 30, 2026
2026-07-27ESOP grantGrant of stock options
2026-07-27General UpdatesQuarterly Report for the first quarter (Q1) ended June 30, 2026
2026-07-27Press ReleaseA Press Release dated July 27, 2026, titled "Press Release w.r.t. Audited Financial Results for the first quarter (Q1) ended June 30, 2026
2026-07-27Board meeting outcomeOutcome of Board Meeting pertaining to the financial results for the first quarter (Q1) ended June 30, 2026.
2026-07-20Concall / analyst meetSummary of Events pertaining to the Earnings Call on the Company s performance for the first quarter (Q1) ended June 30, 2026
2026-07-18Credit RatingCredit Rating
2026-07-10AppointmentAppointment of Abhishek Maheshwari as Chief Financial Officer of the company w.e.f. August 19, 2026.
2026-06-29Shareholder meetingNotice of Postal Ballot/ E-voting
2026-06-05Disclosure under SEBI TakeovIndus Towers Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substant...
2026-06-05Disclosure under SEBI TakeovIndus Towers Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substant...
2026-05-25Concall / analyst meetSchedule of Analyst/ Institutional Investors Meeting.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.68
Max pain (expiry 2026-10-27)375
Largest call open interest at380
Largest put open interest at340
Implied volatility, at the money25.8%
Underlying at snapshot376.25
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-307,464
2026-09-295,428
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-02-06CESTATBHARTI INFRATEL LIMITED ---VS.--- DGCEI ADJUDICATION CELL
2020-01-23CESTATBHARTI INFRATEL LTD ---VS.--- DGCEI ADJUDICATION CELL
2019-12-09CESTATBHARTI INFRATEL LIMITED ---VS.--- DGCEI ADJUDICATION CELL
2019-11-28CESTATBHARTI INFRATEL LTD ---VS.--- DGCEI ADJUDICATION CELL
2019-10-07CESTATBHARTI INFRATEL LIMITED ---VS.--- DGCEI ADJUDICATION CELL
2019-09-03CESTATBHARTI INFRATEL LTD ---VS.--- DGCEI ADJUDICATION CELL
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Indus Towers Ltd?

Indus Towers Ltd (INDUSTOWER) has a market capitalisation of Rs 96,966 Cr. at the 2026-10-01 close.

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

Indus Towers Ltd trades at a P/E of 13.6 on trailing twelve-month profit, at the 2026-10-01 close.

What were Indus Towers Ltd's latest quarterly results?

In the Jun 2026 quarter, Indus Towers Ltd sales was Rs 8,431 Cr (+4.6% vs Jun 2025) and net profit was Rs 1,746 Cr.

What is the 52-week high and low of Indus Towers Ltd?

The 52-week high is Rs 481.50 and the 52-week low is Rs 337.80.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03