More Stories

Informist, Sunday, Jul. 26, 2026

 

By Shakshi Jain

 

NEW DELHI – Indus Towers Ltd. is expected to post sequentially flat consolidated net profit for the June quarter over a moderate rise in revenues due to lower average revenue per tower and per tenant, according to brokerages. The rise in revenues will ride on the back of new tower rollouts and co-locations.

 

The telecommunications infrastructure provider's consolidated net profit for the reporting quarter is estimated at INR 17.96 billion, according to the average of estimates from seven brokerages. While unchanged from the trailing quarter, the bottom-line growth will be 3.4% on year. The bottom-line estimates range from INR 17.03 billion from JM Financial Institutional Securities Pvt. Ltd. to INR 19.12 billion from 360 ONE Capital Market Pvt. Ltd.

 

The company's consolidated revenues for the quarter are expected to go up 3.5% sequentially and a shade over 4% on year to INR 83.83 billion, as per the estimates. The highest top-line estimate is INR 87.02 billion from 360 ONE Capital and the lowest is INR 82.48 billion from Centrum Broking Ltd. Indus Towers had reported a consolidated net profit of INR 17.93 billion for the March quarter on revenues of INR 81.01 billion.

 

Indus Towers is expected to have added 2,500–3,500 towers during the June quarter, driven by parent Bharti Airtel Ltd.'s continued rural expansion and Vodafone Idea Ltd.'s rollouts. Tower rollouts were slightly affected by supply-chain disruption because of constrained gas supply for tower fabrication on account of the war in West Asia, JM Financial said. The net tenancy additions for the reporting quarter are expected to be between 4,330 and 5,500, according to estimates from four brokerages. 

 

Nomura Equity Research estimates revenue per tower per month at INR 65,898 for the quarter and revenue per tenant per month at INR 40,678. "Both likely declined (about) 1% q-q (quarter-on-quarter), reflecting the dilutive mix of new site additions," it said.

 

In the March quarter, the company had net added 4,892 macro towers and 6,192 macro co-locations. Co-location is the practice of mounting telecom antennas of multiple carriers or operators on the same tower. Net tenancy addition is the change in the number of telecom companies or tenants using a tower over a specific period, calculated as new leases minus exits.

 

The earnings before interest, tax, depreciation, and amortisation of Indus Towers are expected to grow 1.3% sequentially and almost 3% on year to INR 45.21 billion, as per the average of six estimates. The company will announce its June quarter earnings Monday. Market participants await the management commentary on demand visibility and the foray in Africa.

 

Friday, shares of Indus Towers ended at INR 394.60 apiece on the National Stock Exchange, up over 1% from Thursday. The stock is down nearly 4% since the company reported its March-quarter results and over 18% from its 52-week high of INR 481.50, recorded on Feb. 19.

 

Of the six research recommendations on Indus Towers available with Informist, three have a "buy" or equivalent recommendation on the stock, two say "sell", and one has a "hold" or equivalent call. The average target price for the "buy" recommendations is INR 522 per share, over 32% higher than the current market price.

 

Following are the Apr-Jun earnings estimates for Indus Towers from seven brokerages, in descending order of the estimate of net profit, in INR billion:

 

Broking Firm	Net Sales	Net Profit	EBITDA
360 ONE Capital Market Pvt. Ltd.	87.02	19.20
Motilal Oswal Financial Services Ltd.	84.20	18.50	45.60
Nomura Equity Research	82.50	18.00	45.40
Kotak Securities Ltd.	82.82	17.92	44.61
Elara Securities (India) Pvt. Ltd.	84.39	17.55	45.69
Centrum Broking Ltd.	82.48	17.50	44.91
JM Financial Institutional Securities Pvt. Ltd.	83.42	17.03	45.05
Average	83.83	17.96	45.21

 

End

 

Edited by Shubhayan Bhattacharya

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (11) 4220-1000

 

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.