Date: October 27, 2026

Financial Results (Standalone & Consolidated)

Consolidated Performance Q2 FY27:

  • Revenue: ₹85,150 Mn, up 4.0% YoY (₹81,882 Mn in Q2 FY26)
  • EBITDA: ₹46,384 Mn, up 0.6% YoY (₹46,127 Mn in Q2 FY26)
  • EBITDA Margin: 54.5% vs 56.3% in Q2 FY26
  • EBIT: ₹26,521 Mn, down 4.3% YoY (₹27,713 Mn in Q2 FY26)
  • Profit Before Tax: ₹24,183 Mn, down 2.4% YoY (₹24,784 Mn in Q2 FY26)
  • Profit After Tax: ₹17,984 Mn, down 2.2% YoY (₹18,393 Mn in Q2 FY26)
  • EPS (Diluted): ₹6.80 vs ₹6.97 in Q2 FY26
  • Other Income: ₹1,062 Mn, up 28.1% YoY
  • Finance Cost (Net): ₹3,400 Mn, down 9.5% YoY
  • Tax Expense: ₹6,199 Mn, down 3.0% YoY

Half Year FY27 Performance:

  • Revenue: ₹169,461 Mn, up 4.3% YoY
  • EBITDA: ₹91,630 Mn, up 1.8% YoY
  • Profit After Tax: ₹35,472 Mn, down 0.8% YoY
  • EPS (Diluted): ₹13.42 vs ₹13.56 in H1 FY26

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

  • Total Equity: ₹394,741 Mn vs ₹396,476 Mn as of March 31, 2026
  • Share Capital: ₹26,381 Mn (unchanged)
  • Other Equity: ₹368,360 Mn vs ₹370,095 Mn as of March 31, 2026
  • Non-current Assets: ₹578,975 Mn vs ₹557,985 Mn as of March 31, 2026
  • Property, Plant & Equipment: ₹342,674 Mn vs ₹332,328 Mn as of March 31, 2026
  • Right of Use Assets: ₹168,312 Mn vs ₹162,331 Mn as of March 31, 2026
  • Current Assets: ₹147,520 Mn vs ₹155,189 Mn as of March 31, 2026
  • Total Liabilities: ₹331,754 Mn vs ₹316,698 Mn as of March 31, 2026

Cash Flow Statement Q2 FY27:

  • Cash from Operating Activities: ₹39,454 Mn
  • Cash from Investing Activities: ₹6,304 Mn
  • Cash from Financing Activities: ₹(46,744) Mn (primarily dividend payment)
  • Net Change in Cash: ₹(986) Mn

Dividend Declaration

  • Final dividend of ₹14 per equity share approved at AGM
  • Total dividend payout: ₹36,934 Mn (₹3,693.4 Crore)
  • Paid during the quarter ended September 30, 2026

KMP / Board Changes

  • Mr. Randeep Singh Sekhon appointed as Non-Executive Non-Independent Director effective May 1, 2026
  • Appointment approved by shareholders on July 29, 2026

Operating Highlights

Tower Infrastructure (as of September 30, 2026):

  • Total Towers: 270,480 (up 14,406 YoY)
  • Total Co-locations: 440,153 (up 24,436 YoY)
  • Average Sharing Factor: 1.62 times
  • Closing Sharing Factor: 1.63 times
  • Sharing Revenue per Tower per month: ₹66,532 (down 2.0% YoY)
  • Sharing Revenue per Sharing Operator per month: ₹41,036 (down 1.6% YoY)

Lean Portfolio:

  • Lean Co-locations: 14,037 (up 74 YoY)
  • Sharing Revenue per Sharing Operator per month: ₹16,867 (up 4.6% YoY)

Human Resources:

  • Total Employees: 3,891 (up 302 YoY)
  • Towers per Employee: 70
  • Personnel Cost per Employee per month: ₹195,378 (up 4.6% YoY)

Contract Visibility:

  • Average Residual Service Contract Period: 5.89 years
  • Minimum Lease Payment Receivable: ₹1,192,303 Mn

Capital Expenditure

  • Q2 FY27 Capex: ₹23,992 Mn (down 6.2% YoY)
  • Maintenance Capex: ₹4,829 Mn
  • Half Year FY27 Capex: ₹41,180 Mn (down 8.6% YoY)

Cash Flow Metrics

  • Operating Free Cash Flow: ₹11,067 Mn (up 6.5% YoY)
  • Adjusted Fund From Operations (AFFO): ₹30,230 Mn (down 0.5% YoY)
  • Free Cash Flow: ₹13,774 Mn (up 364.7% YoY)

Key Ratios

  • Return on Capital Employed (Pre-tax LTM): 19.2%
  • Return on Shareholder's Equity (Pre-tax LTM): 25.3%
  • Return on Shareholder's Equity (Post-tax LTM): 18.8%
  • Net Debt with Lease Liabilities to EBITDA (LTM): 0.97 times
  • Interest Coverage Ratio (LTM): 12.28 times

Shareholding Pattern (as of September 30, 2026)

  • Promoter & Promoter Group: 51.26% (1,352,208,904 shares)
  • Public Institutions: 44.69% (1,178,895,959 shares)
  • Public Non-Institutions: 4.05% (106,871,226 shares)
  • Non-promoter Non-public: 0.01% (186,668 shares held by Indus Towers Employees Welfare Trust)

Market Performance

  • Market Capitalization: ₹985 Bn
  • Enterprise Value: ₹1,160 Bn
  • EV/EBITDA: 6.40 times
  • P/E Ratio: 13.85 times
  • Book Value per Share: ₹149.59
  • Market Price/Book Value: 2.49 times

Strategic Initiatives

Energy Conservation:

  • 49,001 solar-powered sites operational
  • 73,244 low diesel consumption sites
  • Initiatives include reducing air-conditioner usage, Shut DG programs, energy efficiency enhancement
  • Deployment of Lithium batteries to replace VRLA

Industry Developments:

  • Total mobile wireless subscriber base: 1,300.0 Mn
  • 5G BTS installations: 593,244
  • 5G subscription base: 463.1 million (as of June 2026)
  • Government support for smart meter deployment on telecom towers