• Event Type: Earnings call discussing quarterly results and operational performance for Q2 and half year ended September 30, 2026.
  • Date and Time: The call was conducted on October 28, 2026 (specific time not mentioned in the transcript).
  • Purpose: Discussion of operational and financial performance for Q2 FY26, including growth metrics, energy management initiatives, Africa expansion progress, and ESG achievements.
  • Management Participants:
  • Mr. Prachur Sah – Managing Director and Chief Executive Officer
  • Mr. Abhishek Maheshwari – Chief Financial Officer
  • Mr. Dheeraj Agarwal – Head, Investor Relations
  • Financial Period Discussed: Second quarter (Q2) and half year ended September 30, 2026.
  • Key Financial Highlights:
  • Revenue: INR 85.2 billion (1% QoQ growth, 4% YoY growth)
  • Core Rental Revenue: INR 54.5 billion (1.3% QoQ growth, 3.9% YoY growth)
  • EBITDA: INR 46.3 billion (2.5% QoQ growth)
  • EBITDA Margin: 54.4% (80 bps improvement QoQ)
  • PAT: INR 17.9 billion (2.7% QoQ growth)
  • Free Cash Flow: INR 14 billion for the quarter
  • Return on Capital Employed: 25.3% (pre-tax, trailing 12 months)
  • Return on Equity: 19.2% (post-tax, trailing 12 months)
  • Operational Metrics:
  • Tower additions: ~2,900 (5.6% YoY growth)
  • Co-location additions: ~7,900 (5.9% YoY growth)
  • Total macro towers: ~270,500
  • Total co-locations: ~440,200 (including leaner sites: ~454,200)
  • Tenancy ratio: Improved from 1.62 to 1.63
  • Network uptime: 99.97% (improved from 99.955%)
  • Energy margin: -3.6% (improved from -4.6% in Q1 and -4.8% in Q2 last year)
  • Diesel consumption: Reduced by 11% YoY
  • Solar sites: ~49,000 (added ~3,000 in Q2)
  • Installed solar capacity: 297 MW (increased from 259 MW in Q1)
  • Strategic Updates:
  • Strong order book visibility with accelerating rollout activity expected to continue
  • Africa expansion progressing with initial deployments in Zambia and Uganda, Nigeria deployment to begin in current quarter
  • Continued focus on digital transformation with AI-native solutions enhancing operational efficiency
  • ESG rating improved from 57 to 63 by CRISIL
  • CSR initiatives impacted over 11 million lives in the quarter
  • Compliance Statement: The document is a transcript of the earnings call and does not contain specific UPSI disclosure language.

Additional Notes Section

  • The document includes the full transcript of the earnings call with analyst Q&A session.
  • Financial data was extensively disclosed including revenue, EBITDA, PAT, operational metrics, and specific growth percentages.
  • The transcript includes detailed discussions on energy management, Africa expansion, capital efficiency, and customer relationships.