Altius Telecom Infrastructure Trust (543225) Q2 25/26 earnings summary

Executive summary

• The Trust holds five SPVs: Summit, Elevar, Crest, Roam, and Crest Virtual Network, with a pan-India telecom tower portfolio exceeding 250,000 sites and strong tenancy ratios, supporting major telecom operators and digital initiatives.

• The September 2025 valuation exercise was conducted by an independent valuer using DCF for operational SPVs and cost approach for pre-operational entities, reflecting updated risk parameters and sector developments.

• Key changes this quarter include a reduction in Elevar's company-specific risk premium due to favorable legal and policy developments for a major telecom customer, resulting in a higher enterprise value for Elevar.

Financial highlights

• Consolidated fair enterprise value of SPVs as of September 30, 2025: INR 913,728 million (Summit: 626,184m; Elevar: 266,841m; Crest: 20,630m; RDIPL: -1m; CVNPL: 73m).

• Sensitivity analysis shows total EV ranges from INR 834,577m to INR 1,010,021m depending on WACC assumptions.

• Elevar's EV increased by INR 21,632m this quarter due to a reduction in risk premium from 3.5% to 2.0%.

Outlook and guidance

• The Trust expects continued stable cash flows from long-term MSAs, with growth in tenancy ratios driven by 4G/5G rollouts and digital infrastructure demand.

• Elevar is projected to be margin-accretive, with improved operational leverage and co-location upside.

• Crest anticipates revenue growth from expanding IBS and small cell deployments in urban and transit locations.