Indus Towers (INDUSTOWER) Q1 26/27 earnings summary

Executive summary

• Healthy rollout momentum with strong network expansion and movement of expired tenancy portfolios, leading to significant tenancy growth and market share gains.

• Robust operational performance, including resilience in challenging conditions and high network uptime of 99.955%.

• Continued focus on sustainability, with solar access expanded to 46,000 sites and a 13% year-on-year reduction in diesel consumption.

• Africa expansion on track, with regulatory approvals and rollouts set to commence in Nigeria, Uganda, and Zambia.

• Audited consolidated and standalone financial results for Q1 ended June 30, 2026, were approved by the Board on July 27, 2026.

Financial highlights

• Gross revenues grew 4.6% year-on-year to INR 84.3 billion; core rental revenues up 5.2% year-on-year to INR 53.7 billion.

• Consolidated revenue from operations for Q1 FY27 was Rs. 84,311 million, up from Rs. 80,576 million in Q1 FY26.

• Reported EBITDA increased 3.0% year-on-year to INR 45.2 billion; adjusted EBITDA up 5.2% year-on-year after excluding prior year write-backs.

• Profit after tax rose 0.5% year-on-year to INR 17.5 billion; adjusted PAT up 4.8% year-on-year.

• Earnings per share (EPS) for Q1 FY27 stood at Rs. 6.62 (basic and diluted), compared to Rs. 6.59 in Q1 FY26.

Outlook and guidance

• Strong order book visibility for the next three to four quarters, driven by both network expansion and tenancy movements.

• Supply chain disruptions from earlier in the year have been resolved, with no expected constraints on tower supplies in the near term.

• Africa rollouts to begin next quarter, with financial and operational disclosures to follow as the business scales.

• Management continues to monitor the financial condition of a large customer, with expectations of receivables recovery in the normal course of business.