Altius Telecom Infrastructure Trust (543225) Q1 25/26 earnings summary

Executive summary

• The Trust completed its quarterly valuation as required due to consolidated borrowings exceeding 49% of asset value, with the fair enterprise value of all SPVs as of June 30, 2025, totaling ₹894,605 million, up from ₹860,871 million as of March 31, 2025.

• No material changes in business operations or corporate structure of the SPVs occurred during the quarter; the main change was a revision in WACC due to updated beta and cost of debt inputs.

• The Trust’s portfolio includes five SPVs: Summit Digitel, Elevar Digitel, Crest Digitel, Roam Digitel, and Crest Virtual Network, with Summit and Elevar being the largest contributors to enterprise value.

Financial highlights

• Summit Digitel’s fair enterprise value is ₹626,325 million, Elevar Digitel’s is ₹248,371 million, and Crest Digitel’s is ₹19,811 million; RDIPL and CVNPL are valued at cost approach due to pre-operational status.

• The Trust’s consolidated net distributable cash flows for the quarter were ₹12,130 million, with a total distribution of ₹11,955 million to unitholders (₹2.75 per unit as return on capital and ₹1.17 per unit as return of capital).

• Revenue from operations for the quarter was ₹60,300 million, with EBITDA margin at 41% and net profit margin at 4%.

• Net profit for the quarter was ₹2,267 million, with basic and diluted earnings per unit at ₹0.74.

Outlook and guidance

• The Trust expects continued stable cash flows due to long-term Master Service Agreements with anchor tenants and ongoing demand for telecom infrastructure, especially with 5G rollout and network densification.

• Management projects further tenancy growth and margin accretion, particularly from Elevar’s metro presence and Crest’s expansion in urban properties.