Date: July 27, 2026

Financial Results (Standalone & Consolidated)

Consolidated Results for Q1 FY2026 (Quarter Ended June 30, 2026):

  • Revenue from Operations: ₹84,311 million (4.6% YoY growth from ₹80,576 million in Q1 FY2025)
  • Other Income: ₹1,212 million (42.4% YoY growth from ₹851 million)
  • Total Income: ₹85,523 million
  • EBITDA: ₹45,246 million (3.1% YoY growth from ₹43,901 million)
  • EBITDA Margin: 53.7% (vs 54.5% in Q1 FY2025)
  • EBIT: ₹25,885 million (-2.1% YoY from ₹26,452 million)
  • Finance Cost (Net): ₹3,579 million (-9.7% YoY from ₹3,965 million)
  • Profit Before Tax: ₹23,518 million (0.8% YoY growth from ₹23,338 million)
  • Tax Expense: ₹6,028 million (1.0% YoY growth from ₹5,970 million)
  • Profit After Tax: ₹17,490 million (0.7% YoY growth from ₹17,368 million)
  • Basic EPS: ₹6.62 (vs ₹6.59 in Q1 FY2025)
  • Diluted EPS: ₹6.62 (vs ₹6.58 in Q1 FY2025)

Operating Expenses Breakdown:

  • Cost of materials consumed: ₹26 million
  • Power and fuel: ₹31,953 million
  • Employee benefit expenses: ₹2,140 million
  • Repairs and maintenance: ₹3,714 million
  • Other expenses: ₹1,232 million
  • Total Expenses: ₹39,065 million

Cash Flow and Investments:

  • Capital Expenditure: ₹17,188 million (-11.8% YoY from ₹19,477 million)
  • Operating Free Cash Flow: ₹17,813 million (23.4% YoY growth from ₹14,436 million)
  • Adjusted Fund From Operations (AFFO): ₹29,874 million (5.2% YoY growth from ₹28,400 million)
  • Free Cash Flow: ₹14,362 million (-8.3% YoY from ₹15,657 million)
  • Cumulative Investments: ₹815,209 million (8.5% YoY growth from ₹751,164 million)

Balance Sheet Position (as of June 30, 2026):

  • Total Assets: ₹737,323 million
  • Shareholder's Equity: ₹413,833 million
  • Non-current liabilities: ₹230,396 million
  • Current liabilities: ₹93,094 million
  • Net Debt with Lease Liabilities: ₹141,522 million
  • Net Cash without Lease Liabilities: ₹(64,038) million

KMP / Board Changes

Resignations:

  • Mr. Gopal Vittal, Non-Executive Non-Independent Director, resigned effective April 30, 2026 due to professional commitments
  • Mr. Jagdish Saxena Deepak, Non-Executive Non-Independent Director, resigned effective April 30, 2026 due to professional commitments
  • Mr. Vikas Poddar, Chief Financial Officer, tendered resignation on May 21, 2026 to pursue opportunities outside the Company, effective August 18, 2026

Appointments:

  • Mr. Randeep Singh Sekhon appointed as Non-Executive Non-Independent Director effective May 1, 2026 (subject to shareholder approval)
  • Mr. Abhishek Maheshwari appointed as Chief Financial Officer effective August 19, 2026

Operational Highlights

Tower Infrastructure:

  • Macro Towers: 267,611 as of June 30, 2026
  • Macro Co-locations: 432,250 as of June 30, 2026
  • Net macro co-locations added during quarter: 4,236
  • Exits during quarter: 358
  • Average sharing factor: 1.62 per tower
  • Lean co-locations: 14,024 (decrease of 20 during quarter)

Key Operational Metrics:

  • Sharing Revenue per Tower per month: ₹66,416
  • Sharing Revenue per Sharing Operator per month: ₹41,082
  • Average Residual Service Contract Period: 6.00 years
  • Minimum Lease Payment Receivable: ₹1,205,745 million

Human Resources:

  • Total on-roll employees: 3,783
  • Number of towers per employee: 71
  • Personnel cost per employee per month: ₹188,264
  • Gross revenue per employee per month: ₹7,417,173

Strategic Updates

Subsidiary Formation:

  • Incorporated a wholly owned subsidiary in Gujarat International Finance Tec-City (GIFT City) on April 28, 2026
  • Intended to serve as investment holding company for overseas subsidiaries and undertake treasury operations
  • Currently obtaining regulatory approvals to commence operations under IFSC framework

Industry Developments:

  • Total mobile wireless subscriber base stood at 1,277.0 million as of May 31, 2026
  • Total installed 5G BTSs in country: approximately 563,000
  • 5G subscription base: ~427 million by end of March 2026
  • Telecommunications Right of Way (RoW) Rules, 2024 implemented across India

Customer Updates:

  • Bharti Airtel launched Priority Postpaid service leveraging 5G slicing technology
  • Vodafone Idea AGR dues reassessed at ₹64,046 crore as of December 31, 2025, with extended payment timeline
  • Vodafone Idea raised ₹1,182.5 crore through warrant allotment to promoter group company

Other Disclosures

Shareholding Pattern (as of June 30, 2026):

  • Promoter & Promoter Group: 51.26%
  • Public Shareholding: 48.71%
  • Institutions: 44.65%
  • Non-Institutions: 4.06%
  • Non-promoter Non-public shareholding: 0.04% (Indus Towers Employees Welfare Trust)

Market Data:

  • Closing Market Price (NSE as of June 30, 2026): ₹391.70 per share
  • Market Capitalization: ₹1,033 billion
  • Book Value Per Equity Share: ₹156.85
  • PE Ratio: 14.44 times
  • Enterprise Value/EBITDA: 6.49 times