Indus Towers Ltd (INDUSTOWER) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+3.64%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 23.2%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 18.6%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹383.59

200-Day DMA ● Overlay

₹355.76

14-Day RSI ● Overlay

64.7 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹99,261 Cr

Mid cap

Stock P/E (TTM) Valuation

13.9x

Price / EPS

Book Value (₹) Assets

₹150.0

P/B: 2.5x

ROE (%) Quality

18.6%

Net Profit / Equity

ROCE (%) Efficiency

19.5%

EBIT / Capital

Dividend Yield Yield

3.72%

Face Value: ₹10

Debt / Equity Solvency

0.53x

Manageable

EPS (TTM) Per Share

₹27.07

Trailing 12M

OPM (%) Spread

55.0%

EBITDA Margin

Free Cash Flow Cash

₹7,786 Cr

CFO - Capex

About Indus Towers Ltd

Indus Towers Ltd (INDUSTOWER) is a leading Indian enterprise operating in the Telecommunications sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 39.6% × Turnover: 0.85x × Leverage: 1.53x = ROE: 18.6%

✓ Company Strengths (Pros)

• Delivers solid shareholder returns with an ROE of 18.6%.
• Trading at an attractive valuation with a conservative P/E of 13.9x.

⚠ Key Considerations & Risks (Cons)

• Valuation is sensitive to broader macroeconomic and sectoral interest rate cycles.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹32,867 Cr

Latest PAT

₹7,154 Cr

EPS (TTM)

₹27.07

OPM %

55.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹7,076 Cr	₹7,132 Cr	₹7,199 Cr	₹7,193 Cr	₹7,383 Cr	₹7,465 Cr	₹7,547 Cr	₹7,727 Cr	₹8,058 Cr	₹8,188 Cr	₹8,146 Cr	₹8,101 Cr	₹8,431 Cr
Operating Profit (EBITDA)	₹3,480 Cr	₹3,422 Cr	₹3,584 Cr	₹4,072 Cr	₹4,504 Cr	₹4,864 Cr	₹6,958 Cr	₹4,395 Cr	₹4,390 Cr	₹4,572 Cr	₹4,468 Cr	₹4,424 Cr	₹4,478 Cr
OPM %	49.0%	48.0%	50.0%	57.0%	61.0%	65.0%	92.0%	57.0%	54.0%	56.0%	55.0%	55.0%	53.0%
Interest Expense	₹352.00 Cr	₹246.00 Cr	₹11.00 Cr	₹127.00 Cr	₹408.00 Cr	₹418.00 Cr	₹255.00 Cr	₹431.00 Cr	₹437.00 Cr	₹376.00 Cr	₹404.00 Cr	₹376.00 Cr	₹358.00 Cr
Depreciation	₹1,374 Cr	₹1,526 Cr	₹1,596 Cr	₹1,564 Cr	₹1,560 Cr	₹1,580 Cr	₹1,568 Cr	₹1,693 Cr	₹1,704 Cr	₹1,801 Cr	₹1,798 Cr	₹1,838 Cr	₹1,894 Cr
Profit before Tax (PBT)	₹1,810 Cr	₹1,747 Cr	₹2,076 Cr	₹2,489 Cr	₹2,592 Cr	₹2,980 Cr	₹5,219 Cr	₹2,363 Cr	₹2,334 Cr	₹2,478 Cr	₹2,420 Cr	₹2,365 Cr	₹2,347 Cr
Net Profit (PAT)	₹1,348 Cr	₹1,295 Cr	₹1,540 Cr	₹1,853 Cr	₹1,926 Cr	₹2,224 Cr	₹4,003 Cr	₹1,779 Cr	₹1,737 Cr	₹1,839 Cr	₹1,776 Cr	₹1,793 Cr	₹1,746 Cr
EPS in ₹	₹5.00	₹4.80	₹5.72	₹6.88	₹7.15	₹8.43	₹15.17	₹6.74	₹6.58	₹6.97	₹6.73	₹6.80	₹6.62

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹11,668 Cr	₹5,558 Cr	₹6,085 Cr	₹6,621 Cr	₹6,826 Cr	₹6,743 Cr	₹13,954 Cr	₹27,717 Cr	₹28,382 Cr	₹28,601 Cr	₹30,123 Cr	₹32,493 Cr	₹32,867 Cr
Expenses	₹6,664 Cr	₹3,070 Cr	₹3,260 Cr	₹3,464 Cr	₹3,714 Cr	₹3,185 Cr	₹6,775 Cr	₹12,816 Cr	₹18,713 Cr	₹14,044 Cr	₹9,473 Cr	₹14,680 Cr	₹14,925 Cr
Operating Profit	₹5,004 Cr	₹2,488 Cr	₹2,825 Cr	₹3,157 Cr	₹3,112 Cr	₹3,558 Cr	₹7,179 Cr	₹14,901 Cr	₹9,669 Cr	₹14,557 Cr	₹20,650 Cr	₹17,813 Cr	₹17,942 Cr
OPM %	43%	45%	46%	48%	46%	53%	51%	54%	34%	51%	69%	55%	55%
Interest	₹290.00 Cr	₹33.00 Cr	₹39.00 Cr	₹46.00 Cr	₹53.00 Cr	₹335.00 Cr	₹836.00 Cr	₹1,603 Cr	₹1,670 Cr	₹1,864 Cr	₹1,858 Cr	₹1,893 Cr	₹1,513 Cr
Depreciation	₹2,185 Cr	₹1,155 Cr	₹1,166 Cr	₹1,180 Cr	₹1,066 Cr	₹1,282 Cr	₹2,848 Cr	₹5,325 Cr	₹5,324 Cr	₹6,060 Cr	₹6,402 Cr	₹7,141 Cr	₹7,330 Cr
Profit before Tax	₹3,052 Cr	₹2,979 Cr	₹3,580 Cr	₹3,529 Cr	₹3,553 Cr	₹3,788 Cr	₹4,757 Cr	₹8,431 Cr	₹2,759 Cr	₹8,122 Cr	₹13,154 Cr	₹9,598 Cr	₹9,611 Cr
Net Profit	₹1,992 Cr	₹2,247 Cr	₹2,747 Cr	₹2,494 Cr	₹2,494 Cr	₹3,299 Cr	₹3,779 Cr	₹6,373 Cr	₹2,040 Cr	₹6,036 Cr	₹9,932 Cr	₹7,145 Cr	₹7,154 Cr
EPS in Rs	10.52	11.85	14.85	13.48	13.48	17.83	14.02	23.65	7.57	22.40	37.65	27.08	27.12

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹1,894 Cr	₹1,897 Cr	₹1,850 Cr	₹1,850 Cr	₹1,850 Cr	₹1,850 Cr	₹2,695 Cr	₹2,695 Cr	₹2,695 Cr	₹2,695 Cr	₹2,638 Cr	₹2,638 Cr
Reserves & Surplus	₹15,126 Cr	₹16,345 Cr	₹13,650 Cr	₹15,115 Cr	₹12,682 Cr	₹11,693 Cr	₹13,182 Cr	₹19,456 Cr	₹18,415 Cr	₹24,344 Cr	₹29,860 Cr	₹37,008 Cr
Borrowings (Debt)	₹2,582 Cr	₹0 Cr	₹278.00 Cr	₹0 Cr	₹6.00 Cr	₹4,627 Cr	₹21,576 Cr	₹19,726 Cr	₹19,185 Cr	₹20,531 Cr	₹21,156 Cr	₹21,127 Cr
Total Liabilities	₹27,155 Cr	₹20,703 Cr	₹20,941 Cr	₹19,625 Cr	₹17,115 Cr	₹19,754 Cr	₹44,944 Cr	₹47,968 Cr	₹46,572 Cr	₹55,868 Cr	₹63,168 Cr	₹71,315 Cr
Fixed Assets	₹14,812 Cr	₹6,063 Cr	₹5,794 Cr	₹5,595 Cr	₹5,332 Cr	₹6,714 Cr	₹31,800 Cr	₹31,826 Cr	₹32,384 Cr	₹39,300 Cr	₹44,380 Cr	₹49,514 Cr
Total Assets	₹27,155 Cr	₹20,703 Cr	₹20,941 Cr	₹19,625 Cr	₹17,115 Cr	₹19,754 Cr	₹44,944 Cr	₹47,968 Cr	₹46,572 Cr	₹55,868 Cr	₹63,168 Cr	₹71,315 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹3,990 Cr	₹1,912 Cr	₹2,866 Cr	₹3,469 Cr	₹3,159 Cr	₹2,315 Cr	₹7,481 Cr	₹9,121 Cr	₹7,905 Cr	₹11,582 Cr	₹19,645 Cr	₹15,684 Cr
Cash from Investing (CFI)	-₹937.00 Cr	₹1,548 Cr	-₹237.00 Cr	-₹1,855 Cr	₹1,600 Cr	-₹1,012 Cr	₹1,798 Cr	-₹2,174 Cr	-₹1,730 Cr	-₹7,546 Cr	-₹10,910 Cr	-₹10,198 Cr
Cash from Financing (CFF)	-₹3,188 Cr	-₹1,453 Cr	-₹2,671 Cr	-₹3,555 Cr	-₹4,795 Cr	-₹1,185 Cr	-₹9,377 Cr	-₹5,982 Cr	-₹7,133 Cr	-₹3,995 Cr	-₹8,648 Cr	-₹5,588 Cr
Free Cash Flow (FCF)	₹2,175 Cr	₹1,113 Cr	₹1,960 Cr	₹2,521 Cr	₹2,329 Cr	₹1,586 Cr	₹5,529 Cr	₹6,252 Cr	₹4,737 Cr	₹3,136 Cr	₹13,388 Cr	₹7,786 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	11	13	18	15	29	20	100	93	63	82	58	55
Inventory Days	0	0	0	0	0	0	0	0	0	0	0	0
Cash Conversion Cycle (Days)	11	13	18	15	29	20	100	93	63	82	58	55
ROCE %	15%	14%	18%	23%	21%	23%	19%	25%	11%	22%	29%	19%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹413.43 • Fairly Valued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹397.50

DCF Fair Value

₹413.43

Graham Number

₹302.26

Margin of Safety

-8.6%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹413.43

Fairly Valued (Margin: -8.6%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹402	₹399	₹395	₹392
10%	₹410	₹406	₹402	₹399
12%	₹417	₹413	₹410	₹406
14%	₹425	₹421	₹417	₹413

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹413	Undervalued
Benjamin Graham Number	₹302	Market Priced
Historical Sector P/E	₹596	Discounted
EV / EBITDA Multiplier	₹417	In-Line
Free Cash Flow Yield Model	₹390	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 8/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

8 / 9 Pass

Altman Z-Score

4.25 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.53x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 55.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

51.26%

FIIs (Foreign)

23.20%

DIIs (Domestic)

21.42%

Government

0.15%

Public / Retail

4.05%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	68.99%	68.99%	68.99%	52.01%	53.01%	50.00%	50.00%	50.00%	51.03%	51.03%	51.26%	51.26%
+ FIIs (Foreign Portfolio)	21.41%	20.71%	16.40%	23.15%	24.19%	26.15%	26.42%	27.51%	26.21%	25.92%	25.10%	23.20%
+ DIIs (Mutual Funds / Insurance)	6.69%	7.08%	9.90%	16.97%	16.99%	17.79%	18.41%	18.16%	18.24%	18.95%	19.68%	21.42%
+ Public (Retail & HNIs)	2.90%	3.18%	4.68%	7.82%	5.81%	6.01%	5.12%	4.28%	4.47%	4.05%	3.93%	4.05%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Telecommunications.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

INDUSTOWER Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

INDUSTOWER Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

INDUSTOWER Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹508.80

Accelerated market share capture in Telecommunications, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹445.20

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 14x P/E.

🐻 Bear Case (15%) -12.0%

₹349.80

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Telecommunications)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:43 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Indus Towers Ltd (INDUSTOWER)	Target Stock	₹397.50	+3.64%	13.9x	18.6%	19.5%	0.53	₹99,261 Cr
Bharti Airtel Ltd (BHARTIARTL)	5G Mobile Networks & Fiber Broadband	₹2,109.00	+1.78%	34.8x	20.3%	17.6%	1.31	₹10.87 Lakh Cr
Vodafone Idea Ltd (IDEA)	Telecom Cellular Services	₹12.88	+1.66%	N/A	N/A	-1.7%	4.85	₹1.37 Lakh Cr
Tata Communications Ltd (TATACOMM)	Subsea Fiber & Cloud Connectivity	₹1,744.00	+2.56%	45.5x	32.6%	14.6%	3.55	₹47,331 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:43:39 IST	✓ Live Sync
Financial Statements (10Y)	Indus Towers Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Indus Towers Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Indus Towers Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Telecommunications)

Metric Explainer

Stock DNA Methodology

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