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Revenue
₹8,100 Cr
verified against source
Revenue YoY
4.8%
reported change
EBITDA
₹4,460 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indus Towers delivered a steady Q4 FY26 with revenue of ₹8,100 crore (+4.8% YoY) and EBITDA of ₹4,460 crore (55.1% margin). Core rental revenue grew 5.4% YoY, driven by 6,192 net collocation additions and a tower base of 264,500. PAT was ₹1,790 crore (+0.8% YoY), with normalized EBITDA up 4.5% YoY excluding one-offs. The board recommended a final dividend of ₹14 per share, distributing full-year free cash flow. Key drivers include strong customer network expansion, cost optimization (diesel consumption down 7% YoY), and improved energy margins (-3.6% vs -5.2% last year). Guidance points to a healthy order book, though supply chain disruptions from geopolitical tensions pose near-term risks. Africa expansion is progressing, with Zambia license secured and initial deployments expected within six months. Risk: potential churn from a major customer's non-renewal of expired contracts, though management downplays impact.
Colored figures show movement against the previous available record.
Guidance to track
- Management indicated a strong order book for the coming quarters, though supply chain disruptions may temper near-term growth.
- Zambia license secured; Uganda and Nigeria in final regulatory stages. Initial tower deployments expected soon.
- Board aims to follow a steady and progressive dividend policy, distributing free cash flow subject to working capital needs.
Risks flagged
- War in West Asia has caused tower availability issues and input cost inflation, potentially delaying deployments.
- Analyst raised concern about a major customer's expired contracts not being renewed; management acknowledged but said impact is small.
- Q4 saw higher network maintenance costs due to aging towers, though management termed it seasonal rather than structural.
Key quotes
- The board evaluated the FCF situation and the debt levels that we want to maintain and decided accordingly to distribute the FCF of FY26 and as I mentioned the endeavor will remain to follow steady and progressive distribution going forward.
- I think the stability is a good thing and going forward as the second customer comes on board we might actually see some improvement also.
- We are in a very dynamic situation right and basically given the current situation the current debt levels etc. I think the board has fully considered all aspects and finally decided to distribute dividends to the extent of about 37-38 billion.
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