Executive Summary
Indus Towers Ltd reported Q3FY26 revenues of ₹8,146 crore, up 7.94% YoY, but consolidated net profit plunged 55.63% to ₹1,776 crore due to sharp expense escalation and prior-year high base effects. Revenue growth from colocation expansion and 5G rollout was offset by normalized margins post-AGR adjustments.
Revenue & Growth
Revenues increased to ₹8,146 crore from ₹7,547 crore YoY, driven by 7.9% operational growth and tenant additions. Total expenses surged 143.78% YoY to ₹5,880 crore, reflecting normalized provisioning after Q3FY25’s exceptional AGR relief impact.
Profitability & Margins
Consolidated net profit declined 55.63% YoY to ₹1,776 crore from ₹4,003 crore, with EBITDA falling 35.6% to ₹4,509 crore at 55.3% margins (down from 92.7%). Basic EPS dropped 55.64% to ₹6.73 from ₹15.17; sequential PAT down 3.45%.
Balance-Sheet Highlights
Fixed assets rose to ₹29,446 crore from ₹26,663 crore YoY, supporting tower infrastructure capex. Current assets of ₹12,930 crore exceeded liabilities of ₹9,787 crore, maintaining liquidity; FY25 operating cash flow hit ₹19,645 crore.
Cash Flow / Liquidity
Strong historical cash generation continues; 9M FY26 net profit at ₹53,520 million despite 34.4% YoY decline from elevated base.
Key Ratios / Metrics
Operating margin normalized to 54.85%; PAT margin at 21.8%. 9M revenue up 8.9% to ₹243,921 million amid African market entry (Nigeria, Uganda) and UAE subsidiaries.