Indus Towers Ltd
INDUSTOWERIndus Towers Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: the price moved +0.0% in a year while annual EPS moved −28.1% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is topping out (5 weeks in) while the P/E sits at the 40th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +0.8% year on year, and 203% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Indus Towers Ltd trades at ₹404, losing momentum at the top and 5 weeks into that stage. That is −1.5% against its own 200-day average. It sits at 48% of a 52-week range of ₹337 to ₹474. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (19 weeks and counting).
Today the stock is losing momentum at the top — week 5 of stage 3, confirmed. At ₹404 it trades −1.5% versus its 200-day average and sits at 48% of its 52-week range (₹337–₹474).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +11% while the NIFTY 500 moved +280% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (19 weeks and counting; last ahead the week of 2026-04-10) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 40th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Indus Towers Ltd trades at 14.6× P/E, mid-range by its own standards (40th percentile). Its long-run median P/E is 15.6×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 14.6× is mid-range by its own standards (40th percentile), against a long-run median of 15.6× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved −28.1% against a +0.0% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +10.9%/yr price move, ~+15.0%/yr came from earnings growth and ~−4.1 pp from the multiple (compressing); over 10y, of the +1.3%/yr price move, ~+7.2%/yr came from earnings growth and ~−5.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Indus Towers Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −28.1% latest against +195.9% at its 12-quarter best), ROCE slipping at 19.3%. The read is built from 12 quarters across 4 curves, on full evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +7.9% | +4.6% | +18.4% | +19.3% |
| Profit | −28.1% | +51.9% | +13.6% | +12.3% |
| EPS | −28.1% | +52.9% | +14.1% | +8.6% |
| Share price | +0.0% | +35.1% | +10.9% | +1.3% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
51.1/100 — rank 9 of 18 in Telecom Services · 96% evidence confidence
Indus Towers Ltd scores 51.1 out of 100 against the 18 companies it is compared with in Telecom Services, ranking 9. Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
The four contributions add to the total exactly: 10.6 + 18 + 16.6 + 5.9 = 51.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Indus Towers Ltd reported ₹8,101 Cr of revenue in the Mar 26 quarter, +4.8% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 19.3% a year. The last full year, FY26, came in at ₹32,493 Cr. The last four reported quarters add to ₹32,493 Cr.
Indus Towers Ltd reported ₹8,101 Cr of revenue in the Mar 26 quarter, +4.8% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 19.3% a year. The last full year, FY26, came in at ₹32,493 Cr. The last four reported quarters add to ₹32,493 Cr.
FY26 revenue came in at ₹32,493 Cr (+7.9% on the year), capping 10 years at 19.3% compound. The latest quarter (Mar 26) printed ₹8,101 Cr, +4.8% year on year — the 10th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +7.9% growth against the decade's 19.3% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +7.9% over the last 4 quarters against +6.6%/yr over the last 8 — stabilising; TTM profit −28.1% vs +8.8%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 55.0% this quarter (−2.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Indus Towers Ltd's operating margin is 55.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 34.0% to 69.0%. The current quarter sits inside that band.
Indus Towers Ltd's operating margin is 55.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 34.0% to 69.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 55.0%, −2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 34.0%–69.0%.
🚨 Why the margin moved: operating margin went −2.3 pp year on year while gross margin went +0.9 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins slipped — did that reach the bottom line? Next: profit +0.8% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Indus Towers Ltd earned ₹1,793 Cr of net profit in the Mar 26 quarter, +0.8% year on year. Full-year FY26 profit was ₹7,145 Cr. The 10-year compound rate is 12.3%. That is 22.1% of the quarter's revenue. The same quarter a year earlier earned ₹1,779 Cr.
Indus Towers Ltd earned ₹1,793 Cr of net profit in the Mar 26 quarter, +0.8% year on year. Full-year FY26 profit was ₹7,145 Cr. The 10-year compound rate is 12.3%. That is 22.1% of the quarter's revenue. The same quarter a year earlier earned ₹1,779 Cr.
Mar 26 profit was ₹1,793 Cr, +0.8% year on year. On the full year, FY26 printed ₹7,145 Cr (−28.1%), and the 10-year compound rate is 12.3%.
Why profit moved: revenue contributed +4.8% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit −20.5% vs revenue +7.9%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit rose — but did the cash follow? Next: 203% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 203% of Indus Towers Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹15,684 Cr of operating cash against ₹7,145 Cr of profit. After ₹12,338 Cr of capital spending, ₹3,346 Cr was left as free cash.
FY26: operating cash of ₹15,684 Cr against reported profit of ₹7,145 Cr, leaving free cash of ₹3,346 Cr after ₹12,338 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 203% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 203%: the cash cycle tightened 45 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 1.9× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹37,008 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Indus Towers Ltd's cash conversion cycle runs 55 days in FY26, down from 100 days in FY21. Capital spending ran ₹37,008 Cr over the last 3 years. At FY26 sales of ₹32,493 Cr each day of that cycle holds about ₹89.0 Cr, so roughly ₹4,896 Cr sits inside the business at any moment.
FY26: debtors at 55 days (an asset-light business — no inventory to speak of) — for a full cycle of 55 days, tighter than FY21's 100.
In money terms: at FY26 sales of ₹32,493 Cr, each day of the cycle holds about ₹89.0 Cr — so the 55-day loop keeps roughly ₹4,896 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹37,008 Cr over the last 3 fiscal years against ₹19,603 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹630 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 19% and the ROIC − WACC spread is +2.6 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Indus Towers Ltd earns a ROCE of 19% in FY26. That is up from a trough of 11% in FY23. Return on invested capital clears the cost of that capital by +2.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 22.0% net margin on 0.46× asset turns.
FY26 ROCE is 19%, recovered from a FY23 trough of 11% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 22.0% net margin × 0.46× asset turns × 1.80× balance-sheet leverage ≈ 18.2% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 14.6% − 12.0% = a +2.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.53.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Indus Towers Ltd carries total debt of ₹21,127 Cr against shareholder equity of ₹39,646 Cr as of Mar 26, a debt-to-equity of 0.53. On the annual view that ratio went from 0.89 in FY22 to 0.53 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹21,127 Cr against shareholder equity of ₹39,646 Cr — a debt-to-equity of 0.53. On the annual view, debt-to-equity went from 0.89 (FY22) to 0.53 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 4.5 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 4.5 points of Indus Towers Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 21.4% of the company. Promoters moved −0.8 points over the same window, to 51.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +4.5 points over 8 quarters to 21.4%; Promoters: −0.8 points over 8 quarters to 51.3%; Foreign institutions: +0.1 points over 8 quarters to 23.2%.
Why the register moved: domestic institutions drove it (+4.5 points), absorbed on the other side by promoters (−0.8 points) — steady accumulation by institutions reading the same numbers this page reads.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Indus Towers Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Indus Towers Ltd this page | 14.6× | ₹1L Cr | Mixed | |||
| Bharti Airtel Ltd | 44.5× | ₹11.8L Cr | Mixed | |||
| Vodafone Idea Ltd | — | ₹1.4L Cr | No read | |||
| Bharti Hexacom Ltd | 47.3× | ₹80,380 Cr | Mixed | |||
| Tata Communications Ltd | 48.6× | ₹50,599 Cr | Deteriorating | |||
| HFCL Ltd | 52.6× | ₹30,130 Cr | Turning around | |||
| ITI Ltd | — | ₹26,501 Cr | No read | |||
| Tejas Networks Ltd | — | ₹8,817 Cr | No read | |||
| Tata Teleservices (Maharashtra) Ltd | — | ₹7,699 Cr | No read | |||
| Optiemus Infracom Ltd | 81.1× | ₹5,355 Cr | Mixed | |||
| NELCO Ltd | 357.0× | ₹2,129 Cr | Turning around | |||
| Mahanagar Telephone Nigam Ltd | — | ₹1,708 Cr | No read | |||
| GTL Infrastructure Ltd | — | ₹1,563 Cr | No read | |||
| Valiant Communications Ltd | 46.8× | ₹1,131 Cr | Consistent | |||
| Suyog Telematics Ltd | 15.8× | ₹996 Cr | Mixed | |||
| ADC India Communications Ltd | 51.6× | ₹977 Cr | Turning around | |||
| OnMobile Global Ltd | — | ₹646 Cr | No read | |||
| ADC India Communications Ltd | 32.3× | ₹594 Cr | No read | |||
| Sar Televenture Ltd | 8.2× | ₹587 Cr | No read |
Frequently asked questions
What is Indus Towers Ltd's share price today?
Indus Towers Ltd trades at ₹404, +0.0% over the past year. The company is valued at ₹1,04,102 Cr. The stock sits at 48% of its 52-week range of ₹337–₹474, −1.5% versus its 200-day average. On the tape, the price is topping out, 5 weeks in. — as of 24 July 2026.
What were Indus Towers Ltd's latest quarterly results?
Indus Towers Ltd reported revenue of ₹8,101 Cr and net profit of ₹1,793 Cr for the Mar 26 quarter. Revenue rose 4.8% and profit rose 0.8% year on year. Earnings per share were ₹6.80. The operating margin was 55.0%, 2.0 pp lower than a year earlier. — as of 24 July 2026.
What is Indus Towers Ltd's revenue?
Indus Towers Ltd reported revenue of ₹8,101 Cr in the Mar 26 quarter, +4.8% year on year. For the full FY26 fiscal year, revenue was ₹32,493 Cr (+7.9%). Over the last 10 years revenue compounded at 19.3% a year. — as of 24 July 2026.
What is Indus Towers Ltd's profit?
Indus Towers Ltd earned ₹1,793 Cr of net profit in the Mar 26 quarter, +0.8% year on year. Full-year FY26 profit was ₹7,145 Cr. The operating margin ran 55.0% in the latest quarter. — as of 24 July 2026.
What is Indus Towers Ltd's market cap?
Indus Towers Ltd's market capitalisation is ₹1,04,102 Cr at a share price of ₹404. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Indus Towers Ltd's P/E ratio?
Indus Towers Ltd trades at a P/E of 14.6×, at the 40th percentile of its own 10-year range, against a long-run median of 15.6×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Indus Towers Ltd pay a dividend?
Yes — Indus Towers Ltd's dividend payout was 52% of profit in FY26, and it recorded a payout in 10 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Indus Towers Ltd overvalued?
On its own history, Indus Towers Ltd looks mid-range against its own history: its P/E of 14.6× sits at the 40th percentile of its 10-year range (long-run median 15.6×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Indus Towers Ltd growing?
Yes — Indus Towers Ltd is growing: latest-quarter revenue +4.8% year on year, profit +0.8%, and the margin −2.0 pp at 55.0%. The 10-year compound rates are 19.3% (revenue) and 12.3% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Indus Towers Ltd performing?
Indus Towers Ltd is topping out, 5 weeks in. Its latest quarter's revenue rose 4.8% and profit rose 0.8% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 19 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Indus Towers Ltd in?
Deteriorating — profit and EPS growth are shrinking (profit growth −28.1% latest against +195.9% at its 12-quarter best), ROCE slipping at 19.3%. The read comes from the last 12 quarters of growth (revenue growth +7.9% latest, profit growth −28.1% latest, eps growth −27.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Indus Towers Ltd in an uptrend?
It is stalling — the price is topping out (week 5 of stage 3), trading −1.5% versus its 200-day average and at 48% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Indus Towers Ltd beating the market?
Not lately — on a trailing-13-week view Indus Towers Ltd is currently behind the NIFTY 500 (19 weeks and counting; last ahead the week of 2026-04-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +11% against the NIFTY 500's +280% — behind the index over the full window. — as of 24 July 2026.
Will Indus Towers Ltd's share price go up?
This page publishes no price forecast for Indus Towers Ltd. What it measures instead: the share price is ₹404, the price is topping out 5 weeks in. Its P/E of 14.6× sits at the 40th percentile of its own 10-year range. Direction is not something this site claims to know. — as of 24 July 2026.
Who owns Indus Towers Ltd?
Promoters hold 51.3% of Indus Towers Ltd, foreign institutions 23.2%, domestic institutions 21.4% and the public 4.0% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 4.5 points over 8 quarters. — as of 24 July 2026.
Does Indus Towers Ltd have too much debt?
It is moderate — Indus Towers Ltd's debt-to-equity is 0.53, and operating profit covers the interest bill 12×. FY26 borrowings were ₹21,127 Cr against equity of ₹39,646 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Indus Towers Ltd's capex?
Indus Towers Ltd spent ₹37,008 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹12,338 Cr, with ₹630 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Indus Towers Ltd's cash flow?
Indus Towers Ltd generated ₹15,684 Cr of operating cash flow in FY26 and ₹3,346 Cr of free cash flow after ₹12,338 Cr of capital spending. Reported profit that year was ₹7,145 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Indus Towers Ltd's profit real cash?
Yes — over the last 3 fiscal years, 203% of Indus Towers Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹15,684 Cr against reported profit of ₹7,145 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Indus Towers Ltd in its business cycle?
Indus Towers Ltd's FY26 operating margin was 55.0%, against a 13-year band of 34.0%–69.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 55.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Indus Towers Ltd story?
The sharpest disagreement: the price moved +0.0% in a year while annual EPS moved −28.1% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Indus Towers Ltd a stock worth studying right now?
This is not investment advice. The machine read: Indus Towers Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.