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). 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.