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Indus Towers Limited
(INDUSTOWER)
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Rating:63Neutral
Price Target:
₹421.00
▲(6.74% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid profitability and an improving balance sheet, partially offset by weaker and volatile free cash flow conversion. Technicals are neutral-to-slightly bearish with price below key longer-term moving averages and a negative MACD, while valuation looks reasonable on a ~14.4 P/E but lacks dividend yield support.
Positive Factors
Strong Profitability
Sustained healthy margins indicate that Indus Towers retains meaningful operating profitability in its shared infrastructure model, supporting resilience as telecom operators expand network capacity and use existing tower assets.
Negative Factors
Weak Free Cash Flow Conversion
Low and volatile conversion from earnings to free cash flow suggests substantial capital needs or working-capital demands. This can limit cash available for balance-sheet strengthening, shareholder returns, or expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
Sustained healthy margins indicate that Indus Towers retains meaningful operating profitability in its shared infrastructure model, supporting resilience as telecom operators expand network capacity and use existing tower assets.
Read all positive factors
Indus Towers Limited (INDUSTOWER) vs. iShares MSCI India ETF (INDA)
Market Cap
₹978.58B
Dividend Yield3.78%
Average Volume (3M)247.09K
Price to Earnings (P/E)13.6
Beta (1Y)0.83
Revenue Growth6.72%
EPS Growth-26.31%
CountryIN
Employees3,783
SectorGeneral
Sector StrengthN/A
IndustryTelecommunications Services
Share Statistics
EPS (TTM)27.12
Shares Outstanding2,638,162,800
10 Day Avg. Volume236,443
30 Day Avg. Volume247,092
Financial Highlights & Ratios
PEG Ratio-0.56
Price to Book (P/B)2.78
Price to Sales (P/S)3.39
P/FCF Ratio19.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)28.1
Revenue Forecast (FY)₹344.72B
Indus Towers Limited Business Overview & Revenue Model
Company Description
Indus Towers Limited specializes in the creation, ongoing operation, and maintenance of infrastructure critical for wireless communication networks. The firm provides vital infrastructure services to various telecommunications companies and other ...
How the Company Makes Money
Indus Towers makes money mainly by leasing access to its telecom tower sites and associated passive infrastructure to telecom service providers under long-term, recurring arrangements. Its core revenue stream is site-sharing rentals/fees charged t...
Indus Towers Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
59
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 328.67B | 324.93B | 301.23B | 286.01B | 283.82B | 277.17B |
| Gross Profit | 145.51B | 124.69B | 186.74B | 174.51B | 177.91B | 174.51B |
| EBITDA | 188.45B | 186.32B | 212.61B | 158.48B | 96.23B | 153.00B |
| Net Income | 71.54B | 71.45B | 99.32B | 60.36B | 20.40B | 63.73B |
Balance Sheet | ||||||
| Total Assets | 737.32B | 713.16B | 631.70B | 558.68B | 465.72B | 479.68B |
| Cash, Cash Equivalents and Short-Term Investments | 116.37B | 58.58B | 72.26B | 631.00M | 2.98B | 26.32B |
| Total Debt | 214.32B | 211.27B | 211.56B | 205.31B | 191.85B | 197.26B |
| Total Liabilities | 323.49B | 316.70B | 306.72B | 288.29B | 254.63B | 258.17B |
| Stockholders Equity | 413.83B | 396.46B | 324.98B | 270.39B | 211.09B | 221.50B |
Cash Flow | ||||||
| Free Cash Flow | 68.59B | 55.48B | 128.61B | 26.29B | 42.82B | 58.36B |
| Operating Cash Flow | 155.13B | 141.74B | 196.45B | 115.82B | 79.05B | 91.21B |
| Investing Cash Flow | -104.86B | -103.95B | -109.11B | -75.46B | -17.30B | -21.74B |
| Financing Cash Flow | -48.74B | -38.80B | -86.48B | -39.95B | -71.33B | -59.82B |
Indus Towers Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | ₹799.50B | 44.30 | ― | 0.78% | 7.87% | 32.75% | |
63 Neutral | ₹978.58B | 13.60 | ― | ― | 6.72% | -26.31% | |
60 Neutral | ₹92.06B | 26.04 | ― | 0.99% | 20.85% | 9.07% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹1.15B | 0.13 | ― | ― | -7.25% | ― | |
50 Neutral | ₹1.52T | 4.89 | ― | ― | 3.30% | ― | |
49 Neutral | ₹473.30B | 50.54 | ― | 1.39% | 8.12% | -33.60% |
* General Sector Average
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Indus Towers Limited
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8.62%
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Indus Towers Limited Corporate Events
Indus Towers Shareholders Approve Appointment of Director via Postal Ballot
Jul 31, 2026
Indus Towers Limited has announced the outcome of a postal ballot and e-voting process conducted among its shareholders, confirming that an ordinary resolution for board changes has been passed with the requisite majority. The company disclosed de...
Indus Towers shareholders approve appointment of new director via postal ballot
Jul 31, 2026
Indus Towers Limited has announced a change in its board following a postal ballot and e-voting process conducted among its more than 340,000 shareholders. The company, a major telecom tower infrastructure provider, used the remote voting mechanis...
Indus Towers Sets Virtual 20th AGM, Streamlines E-Voting and Shareholder Access
Jul 29, 2026
Indus Towers Limited has announced that its 20th Annual General Meeting will be held on August 19, 2026 via video conferencing and other audio-visual means, with National Securities Depository Limited providing remote and on-the-day e-voting facil...
Indus Towers Sets Date for 20th AGM and Proposes ₹14 Final Dividend
Jul 28, 2026
Indus Towers Limited has scheduled its 20th Annual General Meeting for August 19, 2026, to be conducted via video conferencing and other audio-visual means in line with MCA and SEBI guidelines. The company has circulated the AGM notice, Integrated...
Indus Towers Sets August AGM and Proposes ₹14 Dividend for FY 2025-26
Jul 28, 2026
Indus Towers Limited has scheduled its 20th Annual General Meeting for August 19, 2026, to be held via video conferencing in line with guidance from corporate and securities regulators. The company has circulated the AGM notice, integrated annual ...
Indus Towers Sets August 10 Record Date for FY26 Final Dividend
Jul 28, 2026
Indus Towers Limited has announced the record date of August 10, 2026 for determining shareholders eligible to receive its proposed final dividend for the financial year 2025-26. The final dividend of ₹14 per fully paid-up equity share with ...
Indus Towers Publishes Audio Recording of Q1 2026 Earnings Call
Jul 28, 2026
Indus Towers Limited has notified stock exchanges that it has made available an audio recording of its earnings call discussing the company’s performance for the first quarter ended June 30, 2026. The recording, hosted on the company’s...
Indus Towers Sets 20th AGM as Virtual Meeting, Details Published in Leading Dailies
Jul 27, 2026
Indus Towers Limited has announced that its 20th Annual General Meeting will be held on 19 August 2026 at 2:30 p.m. IST via video conferencing and other audio-visual means, in line with regulatory guidance from the Ministry of Corporate Affairs an...
Indus Towers Grants Over 813,000 Performance-Based ESOPs to Strengthen Talent Alignment
Jul 27, 2026
Indus Towers Limited has approved a fresh grant of 813,968 performance-based stock options to 144 eligible employees under its Employee Stock Option Scheme 2014, in line with SEBI’s share-based employee benefit regulations. The options, each...
Indus Towers Seeks Shareholder Nod for Appointment of New Director via E-Voting
Jun 29, 2026
Indus Towers Limited has launched a postal ballot and e-voting process to seek shareholder approval for the appointment of Mr. Randeep Singh Sekhon as a director, who will be liable to retire by rotation under standard corporate governance norms. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.