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Indus Towers
Indus Towers (INDUSTOWER) investor relations material
Indus Towers Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary3 Feb, 2026
Executive summary
Q3 FY26 saw strong colocation and tower additions, driven by increased network expansion from a major customer and improved operating environment.
Government actions on AGR dues and regulatory reforms are expected to support industry stability and future investments.
Strategic focus remains on market share, cost efficiency, network uptime, and sustainability, with digital transformation and ESG initiatives advancing.
Africa expansion is progressing with a greenfield, organic approach, and initial capital requirements to be debt-funded; new subsidiaries have been incorporated in the UAE and Africa, and an investment holding company approved in GIFT City, Gujarat.
Audited consolidated and standalone financial results for Q3 and nine months ended December 31, 2025, were approved by the Board and reviewed by the Audit & Risk Management Committee on February 2, 2026.
Financial highlights
Total revenue rose 7.9% year-on-year to INR 81.5 billion; core rental revenue up 9.5% year-on-year to INR 52.7 billion.
Consolidated revenue from operations for Q3 FY26 was Rs. 81,463 million, up from Rs. 75,474 million in Q3 FY25; nine-month revenue was Rs. 243,921 million, up from Rs. 223,957 million year-over-year.
Reported EBITDA fell 35.6% year-on-year to INR 45.1 billion, but adjusted EBITDA grew 13.5% year-on-year, excluding prior period write-backs.
Profit after tax declined 55.6% year-on-year to INR 17.8 billion; adjusted PAT up 14.2% year-on-year.
Free cash flow for the quarter was INR 7.9 billion, up from INR 3 billion in the previous quarter.
Outlook and guidance
Order book remains strong, with continued growth expected in towers, tenancies, and network upgrades.
CapEx is expected to remain elevated in the near term, driven by customer demand for upgrades and maintenance, but may ease over a 2-3 year horizon as growth moderates.
Board will reconsider dividend and payout options at year-end, factoring in recent regulatory changes and business clarity.
A major customer continues to pay monthly billings and is expected to meet obligations over the next 12 months, with management monitoring the situation closely.
Assess risk from large customer's financial health
Update on African market expansion strategy
Impact of NCD redemption on debt profile
Africa expansion funding strategy?
Timeline to achieve neutral energy margins?
CapEx intensity beyond next 2-3 years?
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Next Indus Towers earnings date
Q4 25/2627 Apr, 2026
Indus Towers
Next Indus Towers earnings date
Q4 25/2627 Apr, 2026
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Frequently asked questions
Indus Towers Ltd provides telecom tower infrastructure services to mobile network operators. Its portfolio includes installation, maintenance, and management of towers and other passive infrastructure across India. The company is headquartered in Gurugram, India, and its shares are listed on the NSE.
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