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Swing Capital

Indus Towers Ltd

NSE: INDUSTOWER BSE: 534816Telecom

Indus Towers Limited is engaged in the business of object of, inter-alia, setting up, operating and maintaining wireless communication towers.[1]

₹430
52W: ₹313 — ₹482
PE 15.9 · Book ₹150 · +187% vs book
Market Cap₹1,13,415 Cr
Stock P/E15.9Price to Earnings
ROCE19.4%Return on Capital
ROE19.8%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has a good return on equity (ROE) track record: 3 Years ROE 25.1%

Weaknesses

  • −Promoter holding has decreased over last 3 years: -17.7%

Shareholding Pattern

Promoters51.26%
FIIs25.1%
DIIs19.68%
Public3.93%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.01%53.01%▲1.050%▼3.050%50%51.03%▲1.051.03%51.26%▲0.2
FIIs23.15%24.19%▲1.026.15%▲2.026.42%▲0.327.51%▲1.126.21%▼1.325.92%▼0.325.1%▼0.8
DIIs16.97%16.99%▲0.017.79%▲0.818.41%▲0.618.16%▼0.318.24%▲0.118.95%▲0.719.68%▲0.7
Public7.82%5.81%▼2.06.01%▲0.25.12%▼0.94.28%▼0.84.47%▲0.24.05%▼0.43.93%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales7,1997,1937,3837,4657,5477,7278,0588,1888,1468,101
Expenses3,6153,1222,8792,6035933,4073,7123,6203,6813,683
Operating Profit3,5844,0714,5044,8626,9544,3204,3464,5684,4654,418
OPM %50%57%61%65%92%56%54%56%55%55%
Net Profit1,5411,8531,9262,2223,9971,7761,7341,8371,7741,789
EPS ₹5.726.887.158.4215.156.736.576.966.736.78

AI Insights

Revenue Trend

Mar 2026 revenue at ₹32,493Cr, up 7.9% YoY. OPM at 55%.

Debt Position

Borrowings at ₹21,127Cr. Debt-to-equity ratio: 0.57x. Moderate leverage.

Capex Cycle

CWIP at ₹623Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 19.68% (+15.17pp change). FIIs: 25.1% (+1.16pp change). Promoters hold 51.26%.

Margin & Efficiency

ROCE improving from 17% (Mar 2015) to 19% (Mar 2026). Working capital days: 56.

Valuation

PE 15.9x with 19.4% ROCE. Price is 187% above book value of ₹150. Dividend yield: 0%.

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