Altius Telecom Infrastructure Trust

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.

Altius Telecom Infrastructure Trust trades at ₹172, in a confirmed uptrend and 99 weeks into that stage. That is +9.4% against its own 200-day average. It sits at 100% of a 52-week range of ₹148 to ₹172. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (5 weeks and counting).

Today the stock is in a confirmed uptrend — week 99 of stage 2, confirmed. At ₹172 it trades +9.4% versus its 200-day average and sits at 100% of its 52-week range (₹148–₹172).

Against the market, two honest reads. Cumulative: over the last 3.0 years the stock moved +11% while the NIFTY 500 moved +37% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (5 weeks and counting; last ahead the week of 2026-07-10) — 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.

Story check

Altius Telecom Infrastructure Trust's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: POST_ACQUISITION_NORMALIZATION. Still open: VIL holds ~17% subscriber market share and is a meaningful tower tenant; financial distress or network rationalization would reduce tenancy fill rates and compress NDCF.

Our read, 17 May 2026. India's only listed tower InvIT — a yield instrument wearing a compounder's clothes, priced at a discount to fair-value NAV while 5G densification structurally raises the floor.

From the numbers. PE at 42nd percentile — not compressed, not extended. For an InvIT, the more relevant metric is yield (6.9% trailing) and price-to-NAV (169 vs 170.77 NAV — essentially at par). FII holding jumped from 0% to 26.47% in…

From the price. Price stage 2, week 99 — above its 200-day line, relative strength falling.

From the research. India's only listed tower InvIT — a yield instrument wearing a compounder's clothes, priced at a discount to fair-value NAV while 5G densification structurally raises the floor.

🚨 Where they disagree. PE at 42nd percentile — not compressed, not extended. For an InvIT, the more relevant metric is yield (6.9% trailing) and price-to-NAV (169 vs 170.77 NAV — essentially at par). FII holding jumped from 0% to 26.47% in the March 2026 quarter, confirming institutional recognition. PE is 'RIDING_WAVE' per the internal system — the earnings inflection is PAT-driven from Elevar consolidation, not a sentiment re-rating.

What is proven. India's only listed tower InvIT — a yield instrument wearing a compounder's clothes, priced at a discount to fair-value NAV while 5G densification structurally raises the floor.

What is not proven yet. VIL holds ~17% subscriber market share and is a meaningful tower tenant; financial distress or network rationalization would reduce tenancy fill rates and compress NDCF.

The test written in advance. VIL (Vodafone Idea) financial distress — tenant loss risk — VIL (Vodafone Idea) financial distress — tenant loss risk VIL quarterly subscriber loss rate and ARPU trajectory; any reports of network de-commissioning by the next result.

The test written in advance. Organic leasing deceleration — Q4 FY26 revenue grew only 0.8% YoY — Organic leasing deceleration — Q4 FY26 revenue grew only 0.8% YoY Q1 FY27 adjusted revenue and tenancy count; tenancy ratio improvement toward 1.3x by the next result.

The test written in advance. High leverage — ₹448 Bn gross debt with 29% floating rate exposure — High leverage — ₹448 Bn gross debt with 29% floating rate exposure RBI rate trajectory; floating-to-fixed conversion pace by the next result.

Lever 6 · Order-book wins — BUILDING. India macro tower tenancies projected to grow from 928k (Dec-25) to 1,294k by Mar-31 — a 39% uplift over 5 years; Altius at 1.2x vs Indus 1.66x has the most room to absorb incremental co-locations. What proves it keeps working: 5G Tenancy Densification. It stops working if VIL quarterly subscriber loss rate and ARPU trajectory; any reports of network de-commissioning.

Lever 7 · Consolidation — BUILDING. ₹66 Bn of floating-rate bank debt refinanced into fixed-rate NCDs at declining yields since Mar-24; cost of debt fell from 8.61% to 8.09% over FY26; ₹44 Bn of bank maturities due in next 3 years offer continued refinancing runway. What proves it keeps working: Interest Cost Reduction via Debt Refinancing. It stops working if VIL quarterly subscriber loss rate and ARPU trajectory; any reports of network de-commissioning.

Lever 14 · A bigger market to sell into — BUILDING. Long-term MSAs with built-in contractual escalation clauses provide automatic revenue growth independent of leasing activity — the InvIT's baseline return engine. What proves it keeps working: Contractual Revenue Escalations. It stops working if VIL quarterly subscriber loss rate and ARPU trajectory; any reports of network de-commissioning.

Lever 8 · Demerger or value unlock — BUILDING. Integration of Elevar (ATC India, ~76k towers) completed by Mar-25 — one unified Altius platform; operational cost synergies and cross-sell of IBS/small cell services to Elevar tenant base are early-stage. What proves it keeps working: Elevar Integration Synergies. It stops working if VIL quarterly subscriber loss rate and ARPU trajectory; any reports of network de-commissioning.

Sources: our stock research file (17 May 2026) · quarterly results through Jun 26. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Altius Telecom Infrastructure Trust reported ₹6,025 Cr of revenue in the Jun 26 quarter, −0.1% year on year. Over 6 years it has compounded at 21.6% a year. The last full year, FY26, came in at ₹24,165 Cr. The last four reported quarters add to ₹24,160 Cr.

Why this happened. 5G mobile subscription share is projected to grow from 31% in Q3 FY26 to 65% by FY30. Data consumption per user is on track to double from 26 GB/month (Q3 FY26) to 53 GB by FY30. Both metrics drive tower densification — more base stations per geography, higher co-location at existing towers. Altius with 258k sites and a 1.2x tenancy ratio has headroom below the industry benchmark, making it a direct beneficiary of incremental site leasing. Each 0.1x improvement in tenancy ratio across 258k towers is approximately 25,000 new revenue-generating tenancies.

FY26 revenue came in at ₹24,165 Cr (+24.2% on the year), capping 6 years at 21.6% compound. The latest quarter (Jun 26) printed ₹6,025 Cr, −0.1% year on year.

Pace check: the last four quarters averaged +13.2% growth against the decade's 21.6% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +9.8% over the last 4 quarters against +33.4%/yr over the last 8 — rolling over; TTM profit +52.3% vs +11.0%/yr — accelerating.

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.

Altius Telecom Infrastructure Trust's operating margin is 42.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 35.0% to 41.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 42.0%, +1.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 35.0%–41.0%, and FY26's 41.0% is the top of that band — a record year.

Why the margin moved: operating margin went +1.7 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Altius Telecom Infrastructure Trust earned ₹375 Cr of net profit in the Jun 26 quarter, +65.2% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹1,107 Cr. That is 6.2% of the quarter's revenue. The same quarter a year earlier earned ₹227 Cr.

Jun 26 profit was ₹375 Cr, +65.2% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹1,107 Cr (+31.8%).

Why profit moved: revenue contributed −0.1% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +54.0% vs revenue +13.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

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 742% of Altius Telecom Infrastructure Trust's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹9,851 Cr of operating cash against ₹1,107 Cr of profit. After ₹1,937 Cr of capital spending, ₹7,914 Cr was left as free cash.

FY26: operating cash of ₹9,851 Cr against reported profit of ₹1,107 Cr, leaving free cash of ₹7,914 Cr after ₹1,937 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 742% 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 742%: the cash cycle stretched 21 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 3.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

Altius Telecom Infrastructure Trust's cash conversion cycle runs 22 days in FY26, up from 1 days in FY21. Capital spending ran ₹30,854 Cr over the last 3 years. At FY26 sales of ₹24,165 Cr each day of that cycle holds about ₹66.2 Cr, so roughly ₹1,457 Cr sits inside the business at any moment.

FY26: debtors at 22 days (an asset-light business — no inventory to speak of) — for a full cycle of 22 days, looser than FY21's 1.

In money terms: at FY26 sales of ₹24,165 Cr, each day of the cycle holds about ₹66.2 Cr — so the 22-day loop keeps roughly ₹1,457 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹30,854 Cr over the last 3 fiscal years against ₹9,775 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹142 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.

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.

Altius Telecom Infrastructure Trust earns a ROCE of 9% in FY26. That is up from a trough of 3% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 4.6% net margin on 0.33× asset turns.

FY26 ROCE is 9%, recovered from a FY21 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 4.6% net margin × 0.33× asset turns × 6.41× balance-sheet leverage ≈ 9.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Altius Telecom Infrastructure Trust carries ₹52,667 Cr of borrowings against ₹11,466 Cr of equity in FY26, a debt-to-equity of 4.59. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹18,196 Cr to ₹52,667 Cr. Capital spending ran ₹30,854 Cr across the last 3 of those years.

FY26: borrowings of ₹52,667 Cr against equity of ₹11,466 Cr — a debt-to-equity of 4.59. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹18,196 Cr to ₹52,667 Cr while capital spending ran ₹30,854 Cr in just the last 3 — part of the build-out is riding on borrowed money.

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.

No holder of Altius Telecom Infrastructure Trust moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

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.

Altius Telecom Infrastructure Trust: 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.

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.

Altius Telecom Infrastructure Trust trades at 41.3× P/E, near the bottom of its own range — cheaper only 16% of the time. Its long-run median P/E is 48.8×, measured across 3.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Why this happened. Elevar Digitel (formerly ATC India) brought a different tenant mix versus Summit Digitel's Jio-heavy base. Integration created a more diversified revenue stream. Synergies from shared O&M, energy procurement, and overhead reduction are early-stage but directionally supportive. The Elevar WACC at 12.03% versus Summit's 8.79% suggests Elevar's risk profile is still being priced higher — as integration matures and cash flows stabilize, this differential should narrow, supporting a higher blended NAV.

Today's P/E of 41.3× is near the bottom of its own range — cheaper only 16% of the time, against a long-run median of 48.8× measured over 3.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +31.5% against a +16.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +3.4%/yr price move, ~+15.8%/yr came from earnings growth and ~−12.4 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 low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Turning around 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).

Altius Telecom Infrastructure Trust reads as turning around on its fundamental arc. Turning around — profit growth swung from −23.8% at the trough to +52.3%, a 5-quarter improving streak, ROCE lifting at 9.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

52.4/100 — rank 2 of 9 in Infrastructure Investment Trusts · 52% evidence confidence

Altius Telecom Infrastructure Trust scores 52.4 out of 100 against the 9 companies it is compared with in Infrastructure Investment Trusts, ranking 2. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 21.5 + 13.4 + 6.4 + 11.1 = 52.4. 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 ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

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