Indus Towers LimitedQuarter ended September 30, 2026 Results & Financial Update
Indus Towers Limited: Quarter ended September 30, 2026 consolidated results and company financials – revenue ₹8,515.60 Cr, PAT ₹1,792.80 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Find an answer
Ask this result
Chart · Market context
Indus Towers price & chart
Market price₹382.40
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Indus Towers Quarter ended September 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Indus Towers reported consolidated revenue of INR 8,515.6 crore for the quarter ended September 30, 2026, marking a 4.0% increase year-on-year from INR 8,188.2 crore and a 1.0% increase quarter-on-quarter from INR 8,431.1 crore.
Consolidated profit after tax stood at INR 1,792.8 crore, reflecting a 2.5% decrease year-on-year from INR 1,839.3 crore, while increasing 2.7% sequentially from INR 1,745.8 crore.
The year-on-year net profit comparison was impacted by a base effect from the corresponding quarter of the previous fiscal year, which included a write-back of INR 195 crore in provisions for doubtful receivables aided by collections against past overdues.
Operational performance was characterized by sustained customer demand, resulting in healthy co-location additions and an improvement in the closing sharing factor to 1.63 times from 1.62 times in the previous quarter.
Total tower base expanded to 270,480 towers, representing a 5.6% year-on-year increase with 2,869 net additions during the quarter, while the total co-location base reached 440,153 tenants following 7,903 net sequential additions.
Return metrics reflected normalization compared with the prior year period, with Pre-Tax Return on Equity at 25.3% versus 38.4% and Post-Tax Return on Equity at 18.8% versus 29.0%, alongside a Return on Capital Employed of 19.1% compared to 26.3% a year ago.
01 · Business model
What does Indus Towers do?
Indus Towers Limited is India's leading provider of passive telecom infrastructure, deploying, owning, and managing telecom towers and communication structures for mobile network operators.
The company's extensive portfolio spans all 22 telecommunication circles across India, serving all major wireless telecommunication service providers.
Indus Towers operates on a shared infrastructure model designed to reduce duplication of capital expenditure for telecommunications providers and enhance network rollout efficiency.
The business model focuses on continuous co-location additions, low-cost shared infrastructure, digital energy management, and pioneering green energy initiatives across its operational footprint.
02 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended September 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹8,515.60 Cr | ₹8,188.20 Cr | ₹8,431.10 Cr |
| Total income | ₹8,621.80 Cr | ₹8,271.10 Cr | ₹8,552.30 Cr |
| EBITDA | ₹4,739.20 Cr | ₹4,695.60 Cr | ₹4,642.00 Cr |
| Profit before tax | ₹2,411.20 Cr | ₹2,478.40 Cr | ₹2,347.40 Cr |
| Profit after tax | ₹1,792.80 Cr | ₹1,839.30 Cr | ₹1,745.80 Cr |
| EPS | ₹6.80 | ₹6.97 | ₹6.62 |
| EBITDA margin | 55.65% | 57.35% | 55.06% |
Financial interpretation
What the reported numbers mean
Profit after tax represented 21.1% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 28.3% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹106.20 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue growth was propelled by healthy co-location additions, lifting the closing sharing factor to 1.63 times and capturing a substantial share of customers' incremental rollouts.
Addition of 2,869 towers during the quarter brought the aggregate tower portfolio to 270,480 sites, expanding the addressable revenue-generating footprint.
What drove margins
Operating profitability comparison was influenced by the second quarter of the previous fiscal year benefiting from a INR 195 crore write-back in provisions for doubtful receivables.
04 · Demand, customers & order book
Where demand is coming from
Closing sharing factor improved sequentially to 1.63 times compared to 1.62 times in the preceding quarter, indicating higher tower utilization.
Macro co-locations reached 440,153 tenancies alongside 14,037 lean co-locations.
05 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
Maintained operational coverage across all 22 telecom circles in India.
Initial rollouts in Africa progressed as planned during the quarter, with operational momentum expected to build through the second half of the financial year.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total tower base reached 270,480 towers, up by 2,869 quarter-on-quarter and 14,406 year-on-year.
Total co-location base scaled to 440,153 sites, reflecting a sequential addition of 7,903 tenancies.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Advanced AI-led transformation and digital energy management initiatives to enhance operational efficiency and customer experience.
Progressed initial infrastructure rollouts in Africa as part of geographic diversification.
08 · Reported developments
What changed operationally
Achieved healthy co-location additions of 7,903 tenancies during the quarter, bringing the total base to 440,153.
Added 2,869 towers during the quarter to reach a total base of 270,480 towers.
09 · Pressure points & risks
What is not going smoothly
Return on Equity (Post-Tax) declined to 18.8% from 29.0% on a year-on-year basis, and ROCE eased to 19.1% from 26.3%, largely reflecting the high-base impact of prior-period provision write-backs.
10 · Items worth noticing
The line items that can distort a quick read
The comparative period (Q2 FY26) included a notable write-back of INR 195 crore in provisions for doubtful receivables, affecting year-on-year profitability comparisons.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Cash generation remained robust, supported by ongoing collections against past overdues from customers.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Executive Commentary on Growth
Managing Director and CEO Prachur Sah highlighted that improved tenancy ratios reinforce Indus Towers' position as the preferred infrastructure partner for wireless operators' incremental rollouts.
13 · Previous-quarter changes
What changed since the previous quarter
Added 7,903 co-locations quarter-on-quarter, improving the closing sharing factor from 1.62 times to 1.63 times.
Deployed 2,869 new towers during the quarter, up from 267,611 towers at the end of June 30, 2026.
14 · Key Q&A
The quarter, answered directly
What does Indus Towers do?
Indus Towers Limited is India's leading provider of passive telecom infrastructure, deploying, owning, and managing telecom towers and communication structures for mobile network operators.
What is the clearest takeaway from Quarter ended September 30, 2026?
Indus Towers reported consolidated revenue of INR 8,515.6 crore for the quarter ended September 30, 2026, marking a 4.0% increase year-on-year from INR 8,188.2 crore and a 1.0% increase quarter-on-quarter from INR 8,431.1 crore.
What drove revenue or demand?
Revenue growth was propelled by healthy co-location additions, lifting the closing sharing factor to 1.63 times and capturing a substantial share of customers' incremental rollouts.
What mattered most for margins or profitability?
Operating profitability comparison was influenced by the second quarter of the previous fiscal year benefiting from a INR 195 crore write-back in provisions for doubtful receivables.
What changed operationally beyond the headline numbers?
Total tower base reached 270,480 towers, up by 2,869 quarter-on-quarter and 14,406 year-on-year.
What are the main pressure points disclosed for the quarter?
Return on Equity (Post-Tax) declined to 18.8% from 29.0% on a year-on-year basis, and ROCE eased to 19.1% from 26.3%, largely reflecting the high-base impact of prior-period provision write-backs.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario operating profit₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Africa Rollout Progress: Execution pace and scaling of initial infrastructure rollouts in Africa through the second half of the fiscal year.
- 02
Tenancy Ratio Trajectory: Sustained recovery and expansion in closing sharing factors across the macro tower portfolio.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.