Financial Performance (Q1 FY27)

  • Consolidated Revenue: ₹71.09 crore (₹71.09 million)
  • EBITDA: ₹42.0 crore with a margin of 59.3%
  • PBT: ₹19.5 crore
  • Net Profit: ₹14.5 crore with a PAT margin of 20%
  • EPS: ₹12.37
  • Revenue Per Tower: Approximately ₹31,000-₹31,500 (excluding electricity reimbursement)

Accounting Policy Change

Effective April 1, 2026, the company changed its accounting policy to include electricity reimbursement in the top line as required by the GST department. This resulted in a restated EBITDA margin comparison (previously ~70% without electricity costs).

Operational Highlights

  • Tower Portfolio: 6,103 towers with 7,468 tenancies as of June 30, 2026
  • Tenant Mix: Airtel (48.1%), Vodafone Idea (27%), Jio (22.6%), BSNL (2.3%)
  • New Tenancies: Added 150 tenancies (95 towers) from Vodafone Idea in June 2026
  • Current Order Book: 700+ tenancies from Vodafone Idea in progress

Strategic Initiatives & Growth Outlook

  • Vodafone Idea Rollout: Target of 3,000 incremental tenancies in FY27, with 80% expected to be new towers (anchor tenancies) and 20% shared tenancies. Full revenue benefit expected in FY28.
  • Zinc Battery Initiative: Partnering with GBB Batteries to launch zinc batteries in September 2026 to counter rising lithium battery costs (current price: ₹48,000 for 100H vs. zinc at ₹33,000). Benefits include fire resistance, Made in India sourcing, and significant CapEx savings.
  • BSNL Opportunity: Cautious approach despite BSNL's announced ₹77,000 crore CapEx plan for 200,000 sites over 5 years. Awaiting resolution of Tejas equipment issues and confirmed billing before committing to rollout.
  • Funding Position: Sufficient internal accruals for current rollout plans; may consider fundraising if additional large orders materialize.

Management Commentary

  • Confident in achieving 3,000 tenancy target from Vodafone Idea based on current order flow and execution capacity.
  • Targeting quarterly revenue of ₹100 crore by Q4 FY27 and annual revenue of ₹400 crore.
  • Maintaining PAT margins around 20-21% (excluding one-time VI reversal impact in prior year).
  • Aiming to increase tenancy ratio from current 1.2x to 1.8x by FY29 through macro-site focus.