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Revenue
₹8,060 Cr
verified against source
Revenue YoY
9.1%
reported change
EBITDA
₹4,390 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Indus Towers reported a mixed Q1 FY26. Revenue grew 9.1% YoY to INR 80.6B, driven by strong co-location additions (5,568, +9.7% YoY) and tower additions (2,468, +11.4% YoY). However, EBITDA declined 3.4% YoY to INR 43.9B, with margin contracting 710bps to 54.5%, impacted by higher diesel consumption due to early monsoon and one-time write-backs in the base quarter. PAT fell 9.8% YoY to INR 17.4B. Management highlighted robust order book visibility for 4-6 quarters and expects tower additions to remain strong. Key risks include elevated maintenance capex due to aging infrastructure and battery upgrades, and persistent negative energy margins (-4%) despite improvement. The board decided to conserve cash, deferring dividend/distribution decisions to year-end, citing evolving industry landscape and inorganic growth opportunities.
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Guidance to track
- Management expects strong tower additions for the full year based on current order book visibility across all customers.
- The board will review the decision to conserve cash and consider reinstating distributions by the end of the financial year.
- Management aims to improve energy margins through solar deployment, lithium-ion batteries, and smart meters, though no specific target given.
Risks flagged
- Maintenance capex spiked in H1 CY25 due to tower strengthening and transition to lithium-ion batteries, which may persist for 3-4 years.
- Energy margins remained negative at -4% due to diesel consumption and reconciliation issues with DISCOMs, with no structural solution in near term.
- Board deferred dividend/distribution decision to year-end, citing evolving industry landscape and inorganic opportunities, creating uncertainty for shareholders.
Key quotes
- The board on recommendation of the committee has decided to conserve cash in the short term. This decision has been made after due consideration of a variety of contextual factors, which include the evolving industry landscape, stability of our customers, along with the elevated CapEx for the company, and inorganic growth opportunities.
- Adjusted for the write-backs and common control accounting impact of the acquisition, our EBITDA grew 13.6% year-on-year and 0.6% quarter-on-quarter.
- We have a strong order book. As I said, the tower rollout will remain robust for the next few, at least we have visibility to the next four to six quarters, it will remain robust.
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