Indus Towers Ltd (INDUSTOWER) — share price & stock analysis

Market cap

₹1,02,585 Cr

P/E

14.4×

ROE

19.8%

vs own 10-yr valuation

40th pctile

Book value / share

₹150

EPS (TTM)

₹27.0

10-yr median P/E

15.6×

Revenue (FY26)

₹32,493 Cr

Profit after tax (FY26)

₹7,145 Cr

Weinstein stage

Stage 3 (3 weeks)

Data as of

1 July 2026

3 of the 6 things we track are currently moving the right way — most of the dashboard is turning up.

Where the levels actually stand: ROCE 19% — decent; debt moderate (0.53× equity); margins mid-band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

The business grew faster than the stock

Since Mar 2016, earnings per share grew 128% while the stock is up 1%. The business has outrun its own share price.pricettm_eps

When profits grow faster than the price, the stock quietly gets cheaper while doing better — the market hasn’t fully caught up.

Today’s P/E of 14.4× is the middle of its own range against its own 10-year history (40th percentile) — neither a bargain nor a stretch, by its own standards.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (15.6×).

The uptrend is stalling — the price is topping out

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 3: topping — 3 weeks so far, confirmed.stage

Stage 3 is where uptrends go to die or rest — the price chops sideways while the average flattens. The next decisive move sets the story.stage

Trailing NIFTY 500 for 3 weeks — relative strength is the market’s live opinion, and right now it is against it.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

A lumpy ride — no clean trend in profits

Over 12 years, sales went from ₹10,827 Cr to ₹32,493 Cr (about 10% a year), and profit from ₹1,518 Cr to ₹7,145 Cr.revenuenet_profit

Sales have gone quiet — growth has stalled

Mar 26 sales were ₹8,101 Cr, up 5% on the same quarter last year.revenue

That makes 10 quarters of growth in a row — this is a trend, not a blip.revenue

Margins are compressing — 57% → 55% in a year

Of every ₹100 of sales, the company keeps ₹54.6 as operating profit (a year ago it kept ₹56.9).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 34.1% in FY23 and has been rebuilt to 54.8% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin barely moved (63% → 64%), so the change came from running costs — overheads are growing faster than sales.gpm_pctopm_pct

Profit is treading water

Mar 26 profit after tax was ₹1,793 Cr, up 1% year on year.net_profit

The profits are real — they turn into cash

Over the last 5 profitable years, the business reported ₹31,526 Cr of profit and collected ₹63,937 Cr of operating cash — about 203% conversion.operating_cash_flownet_profit

When cash tracks profit this closely, the earnings need no asterisk.

The cash cycle is stable

One rupee now takes about 55 days to go out the door as materials and come back as collected cash.cash_conversion_cycle

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹15,320 Cr (FY14) to ₹49,514 Cr, with another ₹630 Cr of capacity under construction right now.fixed_assetscwip

The build is self-funded: the last 3 years' investing outflow (₹28,654 Cr) fits inside the operating cash the business generated (₹46,911 Cr).investing_cash_flowoperating_cash_flow

Debt is present but comfortable

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹53 — total borrowings have grown from ₹3,342 Cr to ₹21,127 Cr over the window.borrowings

Every ₹100 kept in the business earns ₹19 — decent, not special

Return on capital employed is 19.0% (a year ago: 29.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Institutions sold for years — and have been buying back since

Promoters hold 51.3%, essentially unchanged. Foreign funds own 25.1%, domestic funds 19.7%.promoters_pctfiis_pctdiis_pct

Foreign funds tell the real story: they sold from 23.9% down to 16.4% (Mar 24), and have been buying back since — now 25.1%. A completed round trip like that usually means the doubts got answered.fiis_pct

Strong on the data — worth the deeper look if the story keeps its promises

The numbers lean positive, and the price hasn’t fully caught up with the improvement.

Biggest worry: free cash flow falling (₹8,735 Cr → ₹5,486 Cr).operating_cash_flow

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data