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On 6 Nov 2026, Indus Towers was priced at ₹383.10, or 14.2× trailing earnings, against an industry P/E of 18.5×, and the shares are 20% below their 52-week high. It earns ROCE of 18% and ROE of 19%, and sales and net profit grew 4.6% and 52% a year over 3 years. Its dividend yield is 3.6%, and debt is 0.56× equity. It is a large-cap company with a market cap of ₹1.0 lakh crore, ranked 3rd of 20 Telecom Services companies by market cap; the shares fell 2.4% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹382.15
Day high
₹383.65
Day low
₹378.05
Prev. close
₹383.20
Volume
19.3 L

Health check

3 good · 3 fair
  • ReturnsAhead

    −2.4% over a year, better than 6 of 7 peers.

  • Price tagCheaper

    P/E 14.2 vs industry 18.5.

  • GrowthSteady

    Sales +4.6%, profit +51.8% a year over 3 years.

  • ProfitabilityAverage

    ROCE 18.4% vs peer median 17.7%.

  • Balance sheetFair

    Debt 0.56× equity, interest covered 6.2×, Piotroski 6 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Telecom Services

19 listed peers. Screen the industry

Large cap

₹1.0L Cr, #3 of 20 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Sep 2026: sales ₹33,193 Cr · profit ₹7,116 Cr
Market cap
₹1.0L Cr
Large cap
P/E
14.2
Industry 18.5
Price to book
2.56
Peers 3.27
Dividend yield
3.65%
ROE
18.8%
Peers 20.2%
ROCE
18.4%
Peers 17.7%
Debt to equity
0.56
Debt ₹21,988 Cr
EPS (TTM)
₹26.95
Face value ₹10
OPM (TTM)
54.6%
Net margin 21.4%
Sales growth
+4.0%
Latest quarter vs a year ago
Profit growth
−2.4%
Latest quarter vs a year ago
Price to sales
3.04
EV/EBITDA 7.9

Strengths and risks

Strengths

  • Return on equity of 18.8%.
  • Dividend yield of 3.65%.
  • Net margin of 21.4%.
  • Positive operating cash flow in each of the last 4 years.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About Indus Towers

Indus Towers Limited, a telecom infrastructure company, engages in the operation and maintenance of wireless communication towers and related infrastructures for telecommunication service providers in India, Nigeria, Uganda, and Zambia. It offers ground base towers, smart poles, and rooftop towers; and energy supply to telecom equipment, as well as engages in site acquisition from state governments, military, establishments, educational institutions,…

Headquarters
Gurugram
Employees
3,891
Sector
Communication Services
ISIN
INE121J01017
Website
industowers.com

Price range

52 weeks

₹355.55₹481.50

Today

₹378.05₹383.65
Avg volume (3M)
49.8 L
1-year return
minus 2.4%
From 52-week high
minus 20.4%

Analyst consensus

24 analysts
HoldMean target ₹431.42 plus 12.6%

Target range, with today’s price

Low ₹325.00High ₹565.00

Consensus from Yahoo Finance. Not a recommendation.

Peers · Telecom Services

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
BHARTIARTLBharti Airtel2,107.20plus 2.45%13,15,37141.512.116.7%57.1%1.0014.9%minus 2.7%
IDEAVodafone Idea12.76minus 1.01%1,38,2463.717.136.9%42.7%–2.1%plus 37.0%
INDUSTOWERIndus Towers383.10minus 0.03%1,01,06114.26.418.4%54.6%0.564.6%minus 2.4%
BHARTIHEXABharti Hexacom1,664.40minus 2.01%83,22042.317.321.1%52.9%0.8612.4%minus 9.3%
TATACOMMTata Communications1,704.80minus 0.52%48,60144.112.315.3%19.9%3.7111.6%minus 10.1%
TTMLTata Teleservices (Maharashtra)39.77plus 12.57%7,77526.043.1–55.0%–1.5%minus 36.3%
RAILTELRailtel Corporation Of India241.05minus 0.16%7,73622.811.018.7%14.6%0.0329.8%minus 33.7%
ROUTEROUTE MOBILE451.50minus 1.66%2,8458.13.012.5%7.7%0.017.3%minus 35.5%
Median of 7 peers–−0.52%48,60126.012.317.7%42.7%0.8611.6%−10.1%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
8,0588,1468,1018,4318,516
3,6683,6383,6373,9103,883
4,3904,5094,4644,5214,633
54.5%55.3%55.1%53.6%54.4%
123197208206177
475487469486455
1,7041,7981,8381,8941,944
2,3342,4202,3652,3472,411
25.6%26.6%24.2%25.6%25.6%
1,7371,7761,7931,7461,793
6.596.736.806.626.80

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+4.6%
Profit CAGR 3Y
+51.8%
EPS CAGR 3Y
+52.9%
ROE
18.8%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
28,38228,60130,12332,493
–+0.8%+5.3%+7.9%
18,49813,8079,19014,438
9,88414,79420,93318,055
34.8%51.7%69.5%55.6%
2121,016206151
1,6701,8121,8341,863
5,4416,1606,4907,220
−226285340475
2,7598,12213,1549,598
26.1%25.7%24.5%25.6%
2,0406,0369,9327,145
–+195.9%+64.5%minus 28.1%
7.5722.4037.3127.09

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
2,6952,6952,6382,638
18,41524,34429,86037,008
19,18520,53121,15621,127
6,2788,2989,51610,544
46,57255,86863,17071,316
32,72739,72844,91950,115
367441577649
–2.8–10.4
29863.13,1365,853
13,18015,63314,53914,689
46,57255,86863,17071,316

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
7,90511,58219,64515,684
−1,730−7,546−10,911−10,198
−7,133−3,995−8,648−5,588
−95840.786.6−102
−3,623−8,953−6,784−8,626
4,2822,62912,8617,058
−2,964–––

Shareholding pattern

Source: NSE filings
51.3%
promoters
  • Promoters51.26%
  • Public48.74%
  • Employee trusts0.01%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202651.26%48.74%0.00
30 Jun 202651.26%48.71%0.00
31 Mar 202651.26%48.71%plus 0.23
31 Dec 202551.03%48.93%0.00
30 Sep 202551.03%48.93%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you