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Revenue
₹8,190 Cr
verified against source
Revenue YoY
9.7%
reported change
EBITDA
₹4,610 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indus Towers delivered a steady Q2 FY26 with revenue of INR 81.9 billion (+9.7% YoY) driven by robust tower additions of 4,301 and core rental growth of 11.3% YoY. EBITDA margin contracted 940bps YoY to 56.3% due to higher diesel costs from prolonged monsoons and one-off write-backs in the base quarter; adjusted EBITDA grew 14.9% YoY. PAT stood at INR 18.4 billion (-17.3% YoY). The company announced a strategic foray into Africa (Nigeria, Uganda, Zambia) with an anchor customer, aiming to replicate its low-cost operating model. Management guided for continued strong tower additions in India over the next 3-4 quarters and reiterated commitment to shareholder distribution by Q4 FY26. Key risk: execution and currency volatility in the new Africa expansion.
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Guidance to track
- Management indicated a robust order book and expects to maintain or improve the momentum of tower additions seen in Q2.
- Initial organic expansion in Nigeria, Uganda, and Zambia with anchor customer; CapEx funded through leverage.
- Board will consider cash distribution to shareholders by end of financial year, subject to clarity on Vodafone Idea AGR.
Risks flagged
- Africa foray involves currency volatility, regulatory hurdles, and higher cost structures; management acknowledged risks but provided limited mitigation details.
- Prolonged monsoons and poor grid availability increased diesel consumption, worsening energy margins to -4.8%.
- Dividend resumption is contingent on clarity around Vodafone Idea's AGR; any delay could push back shareholder returns.
- Analyst raised concern about bunched-up renewals from Jio; management did not provide specific mitigation strategy.
Key quotes
- We added 4,301 macro towers and 4,505 corresponding colocations during the quarter, translating into a year-on-year growth of 11.5% and 9.6%, respectively.
- Adjusted for the write-backs, EBITDA was up 14.9% year-on-year and 2.4% quarter on quarter.
- We intend to replicate Indus Towers' proven operating model by building high-quality, cost-efficient infrastructure tailored to local conditions while ensuring best-in-class service reliability for our customers.
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