Indus Towers Limited — Investor Meet, 03-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Indus Towers reported Q2 FY26 revenue of 8,190 Cr (+9.7% YoY) and core rental revenue of 5,240 Cr (+11.3% YoY). Adjusted EBITDA rose 14.9% YoY to 4,610 Cr, with adjusted PAT up 18.6% YoY to 1,840 Cr. Energy margins were -4.8% due to extended monsoon season. Free cash flow stood at 300 Cr.

The company added 4,301 macro towers and 4,505 co-locations, expanding its base to ~256k towers and ~415k co-locations. Tenancy ratio held at 1.62. Management foresees robust growth in India for the next 3-4 quarters. Strategic entry into Africa (Nigeria, Uganda, Zambia) is planned, starting with organic growth leveraging an anchor customer. The board affirmed its commitment to shareholder distributions by year-end.