Macro Towers
264,500
+6.1% YoY
Total macro towers at end of Q4 FY26, up from ~249,300 a year ago.
INDUSTOWERS
Other
15 May 2026
Indus Towers Limited — Q4 FY26
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).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Collocations
428,000
+5.6% YoY
Total collocations, reflecting strong network expansion by customers.
Tenancy Ratio
1.62
flat YoY
Industry-leading tenancy ratio, stable for the past five quarters.
5G BTS Installed Base
531,000
N/A
Installed base of 5G BTSs, supporting incremental capacity and loading revenue.
Management Guidance
Healthy order book for India tower deployments
Management indicated a strong order book for the coming quarters, though supply chain disruptions may temper near-term growth.
growthAfrica rollout to begin within 6 months
Zambia license secured; Uganda and Nigeria in final regulatory stages. Initial tower deployments expected soon.
expansionSteady and progressive dividend distribution
Board aims to follow a steady and progressive dividend policy, distributing free cash flow subject to working capital needs.
otherKey Risks
Supply chain disruptions from geopolitical tensions
War in West Asia has caused tower availability issues and input cost inflation, potentially delaying deployments.
medium · management_commentaryCustomer contract non-renewal risk
Analyst raised concern about a major customer's expired contracts not being renewed; management acknowledged but said impact is small.
medium · analyst_questionAging portfolio driving higher maintenance costs
Q4 saw higher network maintenance costs due to aging towers, though management termed it seasonal rather than structural.
low · data_observationNotable 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.