INDUS TOWERS LIMITED · Research view

INDUS TOWERS LIMITED

NSE: INDUSTOWERBSE: 534816ISIN INE121J01017Face value ₹10standalone

₹376

+0.55% · 2026-10-01 · 52-wk ₹339–₹478

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Sharp margin drop

EBITDA margin dropped 12.4 percentage points in a single year, from 69.7% to 57.3% — worth investigating.

Importance 75 / 95 · anomaly

WatchTalking point

Profit lagging revenue

Revenue grew 7.9% but profit declined 28.1%, so the company kept less of each rupee of revenue as profit.

Importance 74 / 95 · growth

WatchTalking point

Cash conversion trending down

Cash conversion (CFO ÷ profit) has averaged 2.03× over the last 3 profit-making years versus 2.51× before that.

Importance 64 / 95 · cash quality

ContextTalking point

Higher returns, lower valuation

ROE of 19.8% beats the telecom services median (8.3%) while P/B (2.50×) sits below it (5.41×).

Importance 62 / 95 · valuation

Section 03 · The company

Who is this company?

Classified by the exchange under Telecommunication › Telecommunication › Telecom - Services › Telecom - Infrastructure.

Market cap: ₹99,193 cr
FY2026 revenue: ₹32,493 cr
FY2026 net profit: ₹7,135 cr
Net worth: ₹39,679 cr
Total debt: ₹921 cr
EPS (basic): ₹27.04
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 4 telecom - services.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue grew 7.9% but profit declined 28.1%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year: +25.0%over 7 years
Revenue growth: +7.9%vs last year
Net profit growth: −28.1%vs last year
Change in net profit since FY19: +157%

Profit has swung sharply over 7 years (from ₹1,747 to ₹9,922) — one year is a weak guide to the earnings power.

Revenue compounded at 25.0% a year over 7 years (₹6,822 → ₹32,493) — though FY2021 saw a one-off step-change of 107% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Net profit fell 28.1% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 revenue of ₹8,431 cr is the highest of the 15 quarters on record for this company.

Rule QTR_REVENUE_AT_RECORD

Watch

Q1 FY27 interest (finance cost) was ₹486 cr, up 22.4% from ₹397 cr a year earlier.

Rule QTR_INTEREST_EXPENSE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	7,465	—	2,224	—	29.8%
Q3 FY25	7,547	+4.8%	4,003	+159.9%	53.0%
Q4 FY25	7,727	+7.4%	1,779	−4.0%	23.0%
Q1 FY26	8,058	+9.1%	1,737	−9.8%	21.6%
Q2 FY26	8,188	+9.7%	1,839	−17.3%	22.5%
Q3 FY26	8,146	+7.9%	1,776	−55.6%	21.8%
Q4 FY26	8,101	+4.8%	1,793	+0.8%	22.1%
Q1 FY27	8,431	+4.6%	1,746	+0.5%	20.7%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹32,867 crTTM
EBITDA: ₹18,845 crTTM
EBIT: ₹11,515 crTTM
PBT: ₹9,611 crTTM
Net profit: ₹7,154 crTTM

C. Corporate actions

10 Aug 2026DividendDividend - Rs. - 14.0000 — ₹14.00/share

9 Aug 2024BuybackBuy Back of Shares

13 May 2022DividendInterim Dividend - Rs. - 11.0000 — ₹11.00/share

8 Feb 2021DividendInterim Dividend - Rs. - 17.8200 — ₹17.82/share

5 Aug 2020DividendInterim Dividend - Rs. - 2.3000 — ₹2.30/share

5 May 2020DividendInterim Dividend - Rs. - 4.1000 — ₹4.10/share

19 Dec 2019DividendInterim Dividend - Rs. - 2.7500 — ₹2.75/share

22 Aug 2019DividendInterim Dividend - Rs. - 3.6500 — ₹3.65/share

7 May 2019DividendInterim Dividend - Rs. - 7.5000 — ₹7.50/share

1 Nov 2018DividendInterim Dividend - Rs. - 7.5000 — ₹7.50/share

19 Jul 2018DividendFinal Dividend - Rs. - 14.0000 — ₹14.00/share

20 Jul 2017DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share

31 Mar 2017DividendInterim Dividend - Rs. - 12.0000 — ₹12.00/share

9 Aug 2016DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share

15 Jun 2016BuybackBuy Back of Shares

3 Aug 2015DividendFinal Dividend - Rs. - 6.5000 — ₹6.50/share

24 Jul 2014DividendFinal Dividend - Rs. - 4.4000 — ₹4.40/share

24 Jul 2014DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share

20 Jun 2013DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated

EBITDA marginNet margin

Strength

ROE of 19.8% is well above the telecom services median of 8.3%.

Rule ROE_ABOVE_PEER_MEDIAN

EBITDA margin now: 57.3%
8-year range: 35.3–69.7%
ROE FY2026: 19.8%
ROCE FY2026: 30.4%

ROE declined from 33.3% to 19.8% year on year.

EBITDA margin has ranged from 35.3% to 69.7% over 7 years and sits at 57.3% now.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

Cash conversion (CFO ÷ profit) has averaged 2.03× over the last 3 profit-making years versus 2.51× before that.

Rule CASH_CONVERSION_DETERIORATING

Operating cash flow vs net profit₹ crore · FY21–FY26

Operating cash flowNet profit

Total debt: ₹921 cr
Operating cash flow ÷ net profit: 2.20×FY2026
Free cash flow: ₹7,774 cr
Current ratio: 1.73×

Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 2.20×).

Net worth compounded at 14.2% a year over 7 years (₹15,664 → ₹39,679).

Free cash flow has been positive in 6 of the last 6 years.

Section 08 · Relative position

How does it compare with peers?

Ranked against 4 telecom - services (FY2026, consolidated).

Revenue growth

INDUSTOWER · 2nd of 4 · set median 7.6%

EBITDA margin

INDUSTOWER · 2nd of 4 · set median 50.4%

Return on equity

INDUSTOWER · 2nd of 4 · set median 19.6%

P/E ratio

INDUSTOWER · 2nd of 4 · set median 21.5×

Context

ROE of 19.8% beats the telecom services median (8.3%) while P/B (2.50×) sits below it (5.41×).

Rule STRONG_RETURNS_AT_DISCOUNT

P / E: 13.9×TTM to Jun 26
P / B: 2.5×latest book
P / S: 3.0×TTM sales
Earnings yield: 7.2%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 13.9× · P/S 3.0× · ROE 19.8%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-12 to 2026-10₹ per share · split / bonus adjusted

Context

Over 5 years profit compounded at 16.4% a year while the stock returned 3.6% a year — the FY2021 base was somewhat depressed, so part of this is recovery rather than trend.

Rule STOCK_LAGGED_EARNINGS · rebound

Business vs stock — 5-year compound annual rate

1-year return: +6.8%
3-year return: +96.1%
5-year return: +19.1%
From 52-wk high: −21.3%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹380
vs 200-day avg: Below₹413
RSI (14): 49.1neutral
MACD histogram: -0.4
From 52-wk high: −21.3%
From 52-wk low: +11.1%
30-day volatility: 29.1%ann.
6-month return: −10.1%

RSI (14) · 0–10049.1 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Sharp margin drop
EBITDA margin dropped 12.4 percentage points in a single year, from 69.7% to 57.3% — worth investigating.
MARGIN_SHARP_DROP · conviction 75
Watch
Profit lagging revenue
Revenue grew 7.9% but profit declined 28.1%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 74
Watch
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 2.03× over the last 3 profit-making years versus 2.51× before that.
CASH_CONVERSION_DETERIORATING · conviction 64
Watch
Volatile earnings
Profit has swung sharply over 7 years (from ₹1,747 to ₹9,922) — one year is a weak guide to the earnings power.
EARNINGS_VOLATILE · conviction 59
Concern
Returns declining
ROE declined from 33.3% to 19.8% year on year.
ROE_DETERIORATED_YOY · conviction 54
Concern
Profit fell
Net profit fell 28.1% year on year (FY2025 → FY2026).
PROFIT_DECLINED_YOY · conviction 47

Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	6,822	6,738	13,951	27,708	28,382	28,601	30,123	32,493
Total income	8,049	6,867	14,568	28,061	28,743	28,962	30,469	32,970
EBITDA	4,341	3,686	7,795	15,241	10,030	14,918	20,987	18,616
Profit before tax	3,665	2,412	4,316	8,424	2,762	8,127	13,147	9,584
Net profit	2,779	1,747	3,338	6,367	2,043	6,041	9,922	7,135
EPS (₹)	15.0	9.4	15.5	23.6	7.6	22.4	37.3	27.0
Net worth	15,664	13,881	15,897	22,176	21,135	27,074	32,537	39,679
Total debt	6	2,418	6,970	5,487	4,713	4,312	2,262	921
Operating cash flow	—	—	7,477	9,112	7,907	11,583	19,638	15,665
Free cash flow	—	—	5,360	6,239	4,739	3,137	13,381	7,774

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	-1.2	107.0	98.6	2.4	0.8	5.3	7.9
Profit growth YoY	—	-37.2	91.1	90.7	-67.9	195.6	64.2	-28.1
Profitability
EBITDA margin %	63.6	54.7	55.9	55.0	35.3	52.2	69.7	57.3
Net margin %	34.5	25.4	22.9	22.7	7.1	20.9	32.6	21.6
Return on equity %	17.7	11.8	22.4	33.4	9.4	25.1	33.3	19.8
Return on capital %	20.9	15.1	25.3	39.3	17.6	31.0	44.1	30.4
Leverage & cash
Debt to equity	0.00	0.17	0.44	0.25	0.22	0.16	0.07	0.02
Cash flow ÷ profit	—	—	2.24	1.43	3.87	1.92	1.98	2.20
Current ratio	2.42	1.28	0.69	1.40	1.07	1.03	1.32	1.73