Elevated maintenance capex due to aging towers and battery upgrades
Maintenance capex spiked in H1 CY25 due to tower strengthening and transition to lithium-ion batteries, which may persist for 3-4 years.
INDUSTOWER / Q1-FY26 / risks
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Indus Towers · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Persistent negative energy margins
Energy margins remained negative at -4% due to diesel consumption and reconciliation issues with DISCOMs, with no structural solution in near term.
Cash distribution uncertainty
Board deferred dividend/distribution decision to year-end, citing evolving industry landscape and inorganic opportunities, creating uncertainty for shareholders.