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Revenue
₹8,150 Cr
verified against source
Revenue YoY
7.9%
reported change
EBITDA
₹4,510 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 solid Q3 FY26 with revenue of INR 81.5 billion, up 7.9% YoY, driven by strong colocation additions and a pickup in network expansion from a major customer. Core rental revenue grew 9.5% YoY to INR 52.7 billion. Reported EBITDA of INR 45.1 billion was down 35.6% YoY due to a high base from prior write-backs; adjusted EBITDA grew 13.5% YoY. PAT of INR 17.8 billion declined 55.6% YoY on a reported basis but rose 14.2% adjusted. The company added 3,548 towers and 6,105 colocations, with tenancy ratio stable at 1.62x. Management highlighted strong order book, digital transformation driving efficiency, and progress on Africa expansion. Key risk: moderation in customer CapEx could slow tower additions.
Colored figures show movement against the previous available record.
Guidance to track
- Board will evaluate dividend payout at the time of annual results, with commitment to shareholder distribution.
- Africa foray will be greenfield, with initial capital likely debt-funded at UAE or GIFT City level; no near-term impact on India cash flows.
- Growth CapEx driven by customer orders will sustain for next 2-3 years, then moderate as tower rollout slows.
Risks flagged
- If major customers reduce network expansion after current catch-up phase, tower and tenancy additions may decelerate.
- EBITDA margin benefited from seasonal energy cost reduction; management cautioned that longer-term view is needed.
- Late entry into competitive African markets with organic build may face slower ramp-up and uncertain returns.
Key quotes
- Our customer-centric approach, including the ability to deliver at scale with speed and precision, is helping us garner a larger share of our customers' incremental rollouts, as well as transition of their current sites.
- I think, when you talk about optimization, I guess you're basically implying leverage in the books, right? So currently, we are under-delivered, and there's a lot of headroom there. Given the right growth opportunity, we will certainly be open to leverage.
- I think the first priority is what is our right to win. I think the first thing is based on our learnings, extensive learnings in India, what kind of cost structure that we can do in terms of CapEx per tower, how we can operate the towers more efficiently when it comes to energy and O&M.
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