Indus Towers (INDUSTOWER) Q4 2025 earnings summary

Executive summary

• Achieved record tower and tenancy additions, maintaining a leading market share in customer portfolios.

• Cleared INR 51 billion in overdue receivables from a major customer, significantly improving cash flows.

• Acquired approximately 12,600 towers from Bharti Airtel, expanding the portfolio and enabling further sharing opportunities.

• Demonstrated operational excellence during large-scale events and challenging conditions, with high network uptime.

• Tower base expanded to 249,305 with 405,435 co-locations; average sharing factor at 1.64.

Financial highlights

• FY25 gross revenues: INR 301 billion, up 5.3% year-on-year; Q4 revenues: INR 77.3 billion, up 7.4% year-on-year.

• FY25 reported EBITDA: INR 208.4 billion, up 41.9% year-on-year; Q4 EBITDA: INR 44 billion, up 7.1% year-on-year.

• FY25 profit after tax: INR 99.3 billion, up 64.5% year-on-year; Q4 profit after tax: INR 17.8 billion, down 4% year-on-year.

• Operating free cash flow for FY25 was INR 104.3 billion, up 472% year-on-year; Q4 OFCF was INR 12.6 billion, up 72.9% year-on-year.

• Capex for FY25 was INR 68.7 billion, down 29.2% year-on-year; Q4 capex was INR 22.4 billion.

Outlook and guidance

• Positioned to benefit from ongoing 5G rollouts, rising data consumption, and industry consolidation.

• Expect continued strong tower and tenancy growth, with a focus on both organic and inorganic expansion.

• Board-formed committee to assess modalities for shareholder cash distribution, including dividend, buyback, or bonus.

• Management expects continued momentum, leveraging network expansion and strategic opportunities.

• Industry developments and customer engagement, including recovery of major customer overdues, support a positive outlook.