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INDUSTOWER.NS

Indus Towers Ltd.

Telecommunication
Price research

Price history

3Y window · 2023-09-25 to 2026-09-23

Start 2023-09-25 ₹179.35
End 2026-09-23 ₹384.80
Change over window +114.55%
Methodology

Price is the daily close from stored Kite history. The other metrics pair that daily price with the company's periodic filings — each fundamental (revenue, EPS, equity…) is held flat at its latest filed value between annual filings, so a ratio steps at each filing and moves daily only through its price term. A metric with no input on file for this company (e.g. EV/EBITDA for a bank, which has no EBIT) is shown as unavailable, never guessed. Share-count-based metrics use the latest diluted share count against split/bonus-adjusted prices.

Technical analysis

Technical indicators

Same window as the price chart above

These reflect only the stock's recent price and volume behavior — not the company's fundamentals — and are not a recommendation to buy or sell. Standard published parameters are used throughout (see each chart's own label); a company with too little stored price history for a given indicator's lookback window shows that plainly below rather than a garbage or misleading value.

Latest value of each line in the charted window
Methodology

MACD (12,26,9), Stochastic Oscillator (14,3) and Money Flow Index (14-day) each carry their own published reference lines/bands (20/80 for the oscillator readings) where one is standard. ADX includes +DI/-DI for direction alongside trend strength; a dashed line marks the commonly published 25 "trending market" reading. ATR is shown in raw rupees here; the price/volume preset screen (below, and on the Screener page) reports it as a % of price so it's comparable across stocks at different price levels. Computed from the same stored daily OHLCV history as the price chart above — no new data source.

Ratios as of FY2025-26 Annual filing · published 2026-04-30
Price (live) ₹382.10 INR fetched 2026-09-23 02:20
Fundamental analysis

Ratios

Calculated from this company's filed figures, and from the current price where a ratio needs one. Every ratio shows its source trace: the filed elements it reads and the arithmetic behind the result.

P/E

14.11

P/E = Price / EPS

Source trace FY2025-26 · Annual filing

P/E = Price / (ProfitOrLossAttributableToOwnersOfParent / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) → ₹382.10 / (₹71,449,000,000 / 2,638,100,000 shares) = ₹382.10 / ₹27.08 EPS

ROE

18.02%

ROE = Net Income / Shareholder Equity

Source trace FY2025-26 · Annual filing

ROE = ProfitOrLossAttributableToOwnersOfParent / EquityAttributableToOwnersOfParent → ₹71,449,000,000 / ₹396,456,000,000 = 18.02%

Debt/Equity

0.02

Debt/Equity = Total Debt / Shareholder Equity

Source trace FY2025-26 · Annual filing

Debt/Equity = BorrowingsCurrent + BorrowingsNoncurrent / EquityAttributableToOwnersOfParent → ₹9,209,000,000 / ₹396,456,000,000 = 0.02

Current Ratio

1.72

Current Ratio = Current Assets / Current Liabilities

Source trace FY2025-26 · Annual filing

Current Ratio = CurrentAssets / CurrentLiabilities → ₹155,184,000,000 / ₹90,030,000,000 = 1.72

ROCE

28.33%

ROCE = EBIT / (Shareholder Equity + Total Debt)

Source trace FY2025-26 · Annual filing

ROCE = ProfitBeforeExceptionalItemsAndTax + FinanceCosts / (EquityAttributableToOwnersOfParent + BorrowingsCurrent + BorrowingsNoncurrent) → ₹114,908,000,000 / (₹396,456,000,000 + ₹9,209,000,000) = 28.33%

Dividend Yield

0.00%

Dividend Yield = (Dividends Paid / Diluted Shares Outstanding) / Price

Qualification This is cash paid during the fiscal year, not a per-share rate declared for it (no such element exists in the filing data) — timing can straddle interim/final dividends across years, and pre-FY2020-21 figures may include the since-abolished Dividend Distribution Tax, reading higher than later years for that reason alone.

Source trace FY2025-26 · Annual filing

Dividend Yield = (|DividendsPaidClassifiedAsFinancingActivities| / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) / Price → (₹0 / 2,638,100,000 shares) / ₹382.10 = ₹0.00 / ₹382.10

Growth & quality

Growth & earnings trend

Computed from this company's stored annual filings. Each figure carries the filed values behind it as a tooltip.

Revenue CAGR · 3y 25.0%
Net profit CAGR · 3y 16.2%
Operating margin · FY2025-26 35.4%
ROCE · FY2025-26 28.3%

Revenue & Profit CAGR

Revenue (3y, 7.0y actual)
25.0%
Net Profit (3y)
16.2%
Revenue (5y, 7.0y actual)
25.0%
Net Profit (5y)
16.2%
Revenue (10y, 7.0y actual)
25.0%
Net Profit (10y)
16.2%

Operating Margin Trend

Expanding
FY2018-19
31.5%
FY2019-20
35.7%
FY2022-23
16.6%
FY2023-24
31.0%
FY2024-25
48.4%
FY2025-26
35.4%

ROCE Trajectory

FY2018-19
N/A
FY2019-20
N/A
FY2022-23
18.2%
FY2023-24
28.3%
FY2024-25
42.0%
FY2025-26
28.3%

Earnings Quality

No persistent gap detected

Net Profit CAGR 51.85% vs CFO CAGR 25.65% over 3.0y (2023-03-31 → 2026-03-31); most recent year: Net Profit -28.06% vs CFO -20.16%

Sector-Relative Percentile

Sector · Telecommunication
ROE 78th percentile Better than 7 of 9 sector peers (78th percentile).
ROCE 78th percentile Better than 7 of 9 sector peers (78th percentile).
Debt/Equity 67th percentile Better than 6 of 9 sector peers (67th percentile).
P/E 67th percentile Better than 6 of 9 sector peers (67th percentile).
Forensic accounting

Beneish M-Score

Eight year-over-year accounting indices (Beneish, 1999) computed for Indus Towers Ltd. across its two most recently stored annual filings. Read the disclosures below before anything past this paragraph.

This is not an accusation and not a finding that any manipulation occurred. Beneish's own paper is explicit that the score identifies companies whose accounting CHARACTERISTICS resemble those of a sample of past manipulators -- nothing more. StockProof never labels a company "manipulator", "red flag" or "suspicious", and never shows any list of companies ordered by this score. The eight components below -- factual statements about figures the company itself filed -- always come before the composite number, which is the inference, not the fact.

The M-Score is calibrated on 74 US-listed companies from 1982-1992 later found to have manipulated earnings (Beneish, M. D. (1999), "The Detection of Earnings Manipulation", Financial Analysts Journal 55(5)) -- not on any Indian company or era. Measured on StockProof's own Nifty 500 universe as of 2026-09-02, 13.6% of companies score above Beneish's own published cutoff. On any realistic base rate of actual earnings manipulation, that flag rate is overwhelmingly false positives, not overwhelmingly real ones.

No "Selling, General & Administrative Expense" element exists anywhere in NSE's filed data. The SGAI component below is approximated as Employee Benefit Expense + Other Expenses, divided by revenue -- a reasonable stand-in for a manufacturer, but for a services company this proxy is closer to the entire cost base than to SG&A specifically. This is disclosed because it is a genuine deviation from Beneish's published specification; its coefficient (-0.172) is the smallest of the eight, which bounds how far the approximation can move the composite.

This measures something different from a financial-distress score like Altman's Z-Score, and the two essentially never agree. Measured on StockProof's own 389-company overlap as of 2026-09-02: only 5 companies were flagged by both, an agreement rate (intersection ÷ union) of 6.2%, and a correlation between the two scores of +0.088 -- closely matching the independently measured +0.092 over 3,242 Malaysian-listed companies. A low Z-Score and a high M-Score are not corroborating each other; they are unrelated measurements.

Comparing FY2024-25FY2025-26

Index Value Beneish's own threshold Reading, vs. that threshold
DSRI — Days' Sales in Receivables Index 0.960 1.031 Below Beneish's published threshold
GMI — Gross Margin Index N/A 1.014 The derived gross margin for 2026-03-31 (100.0%) is a degenerate (≥95%) reading, typical of a services filer with little or no tagged material/inventory cost -- GMI is not computable, not clamped to a plausible range.
AQI — Asset Quality Index 0.951 1.039 Below Beneish's published threshold
SGI — Sales Growth Index 1.079 1.134 Below Beneish's published threshold
DEPI — Depreciation Index 1.000 1.077 Below Beneish's published threshold
SGAI — SG&A Index 1.403 1.041 Exceeds Beneish's published threshold
LVGI — Leverage Index 0.802 1.111 Below Beneish's published threshold
TATA — Total Accruals to Total Assets -0.120 0.018 Below Beneish's published threshold

Composite M-Score not computable — 1 of 8 indices could not be computed from the data on file (GMI), and the M-Score is a single weighted equation -- dropping a term would yield a different, uncalibrated score rather than a smaller valid one, so no composite is shown. The components that WERE computable are still shown individually below.

Financials

Quarterly trend

10 stored quarters

Revenue Net Profit Net Profit (loss quarter)
Metric (to shareholders basis) Q4 FY2023-24 Q1 FY2024-25 Q2 FY2024-25 Q3 FY2024-25 Q4 FY2024-25 Q1 FY2025-26 Q2 FY2025-26 Q3 FY2025-26 Q4 FY2025-26 Q1 FY2026-27 Source
Revenue ₹7,193.20 Cr. ₹7,383.00 Cr. ₹7,465.30 Cr. ₹7,547.40 Cr. ₹7,727.10 Cr. ₹8,057.60 Cr. ₹8,188.20 Cr. ₹8,146.30 Cr. ₹8,101.00 Cr. ₹8,431.10 Cr. RevenueFromOperations
Net Profit ₹1,853.10 Cr. ₹1,925.90 Cr. ₹2,223.50 Cr. ₹4,003.20 Cr. ₹1,779.10 Cr. ₹1,736.80 Cr. ₹1,839.30 Cr. ₹1,775.90 Cr. ₹1,792.90 Cr. ₹1,745.80 Cr. ProfitLossForPeriod
Basis

Primary figures are Revenue from Operations and Net Profit attributable to shareholders — the basis the ratios use. Where they differ, the companion Gross revenue (incl. inter-segment) and incl. minority net profit (the totals a news headline usually quotes) are shown beneath, each traceable to its own XBRL element. Quarters shown are however many are actually stored (up to 10).

Ownership

Shareholding pattern

Latest filing Jun 2026 · 12 filings on file

Promoter & Promoter Group
51.26%
Public
48.71%
Employee Trusts
0.04%
Promoter % Public %
Metric Dec 2023 Mar 2024 Jun 2024 Sep 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter & Promoter Group 69.00% 69.00% 52.01% 53.01% 53.01% 50.00% 50.00% 50.00% 51.03% 51.03% 51.26% 51.26%
Public 30.96% 30.97% 47.95% 46.98% 46.98% 49.96% 49.96% 49.96% 48.93% 48.93% 48.71% 48.71%
Employee Trusts 0.04% 0.04% 0.03% 0.01% 0.01% 0.04% 0.03% 0.03% 0.04% 0.04% 0.04% 0.04%
Source

Promoter vs. public shareholding, from NSE's own quarterly shareholding-pattern filings. This is the headline promoter/public split only — a further breakdown by FII/DII/mutual fund holders requires each filing's own detailed disclosure and isn't shown here.

Trading activity

Delivery volume

20 trading days shown

Latest (2026-09-23) 69.5%
Trailing 20-day average 56.3%
Date Traded Qty Delivery Qty Delivery %
2026-09-23 4979379 3461981 69.53%
2026-09-22 3537704 1968278 55.64%
2026-09-21 1695335 820191 48.38%
2026-09-18 4696284 3037338 64.68%
2026-09-17 3756136 2115299 56.32%
2026-09-16 4050806 2533778 62.55%
2026-09-15 3807593 2221802 58.35%
2026-09-11 16707001 6618823 41.12%
2026-09-10 4491149 2755812 61.36%
2026-09-09 1765333 961953 54.49%
2026-09-08 2490099 1604583 64.44%
2026-09-07 4311184 2065473 47.91%
2026-09-04 1578193 851663 53.96%
2026-09-03 4386555 2635013 60.07%
2026-09-02 2707843 1417417 52.34%
2026-09-01 5558555 1875101 33.73%
2026-08-31 5410734 3130873 57.86%
2026-08-28 1536497 620452 40.38%
2026-08-27 9414509 6900595 73.30%
2026-08-26 4874991 3396839 69.68%
Source

Delivery quantity/percentage from the NSE bhavcopy (DELIV_QTY/DELIV_PER) — the share of that day's traded volume that actually settled into a demat account, rather than being squared off intraday. A higher delivery percentage is commonly read as genuine accumulation/distribution rather than speculative same-day trading; this describes recent trading PATTERN, not the company itself, and is not a recommendation to buy or sell. A blank cell is a day NSE itself published no figure for, never a zero.

Insider trading activity

20 disclosures shown

Disclosed Person Category Type Mode Quantity Value (₹) Resulting stake Source
12 Sep 2025 INDUS TOWERS EMPLOYEES WELFARE TRUST Other Buy Market Purchase 750000 262173065 0.04% XBRL
10 Dec 2024 INDUS TOWERS EMPLOYEES WELFARE TRUST Other Buy Market Purchase 715000 257648027 0.04% XBRL
22 Dec 2023 Indus Towers Employee Welfare Trust Other Buy Market Purchase 711000 129613096 0.04% XBRL
08 Feb 2023 Indus Towers Employee Welfare Trust Other Buy Market Purchase 525000 74713216 0.03% XBRL
28 Feb 2022 Euro Pacific Securities Ltd Promoters Sell Market Sale 63552590 14416568213 5.23% XBRL
28 Feb 2022 Euro Pacific Securities Ltd Promoters Pledge Revoke Revokation of Pledge 63552590 15964410608 7.59% XBRL
22 Dec 2021 Indus Towers Employee Welfare Trust Other Buy Market Purchase 270000 70728910 0.03% XBRL
20 Nov 2021 Vodafone Telecommunications (India) Limited Promoters Pledge Pledge Creation 83280998 23685115831 3.09% XBRL
20 Nov 2021 Al-Amin Investments Ltd Promoters Pledge Pledge Creation 41639742 11842342625 1.55% XBRL
20 Nov 2021 CCII (Mauritius), Inc. Promoters Pledge Pledge Creation 22873771 6505300472 0.85% XBRL
20 Nov 2021 Trans Crystal Ltd Promoters Pledge Pledge Creation 74891274 21299078326 2.78% XBRL
20 Nov 2021 Prime Metals Ltd Promoters Pledge Pledge Creation 112055285 31868523054 4.16% XBRL
20 Nov 2021 Asian Telecommunication Investments (Mauritius) Limited Promoters Pledge Pledge Creation 50255070 14292541908 1.86% XBRL
20 Nov 2021 Mobilvest Promoters Pledge Pledge Creation 85894365 24428357406 3.19% XBRL
20 Nov 2021 Usha Martin Telematics Limited Promoters Pledge Pledge Creation 20302800 5774116320 0.75% XBRL
20 Nov 2021 Omega Telecom Holdings Private Limited Promoters Pledge Pledge Creation 62180258 17684065375 2.31% XBRL
20 Nov 2021 Euro Pacific Securities Ltd Promoters Pledge Pledge Creation 13790472 3922010237 7.59% XBRL
24 Jun 2021 Indus Towers Employee Welfare Trust Other Buy Market Purchase 340000 82521672 0.02% XBRL
08 Mar 2021 Euro Pacific Securities Ltd Promoters Pledge Pledge Creation 190657769 49161105737 7.59% XBRL
11 Feb 2021 Devendra Khanna Other Buy ESOP 22200 3591391 0.00% XBRL
About these disclosures

SEBI PIT (Prohibition of Insider Trading) Regulation 7 disclosures — designated persons (promoters, directors, KMPs, and their immediate relatives) reporting their own dealing in the company's securities, as NSE publishes them. Distinct from the SAST (Regulation 29 substantial-acquisition) filings on the market-wide SAST activity page. Public record only — this is descriptive disclosure data, not a signal, and is not a recommendation to buy or sell.

Filings & evidence

Source documents

FY2025-26 · Annual filing

The raw filing line items behind the figures on this page, and NSE's own filing document where NSE publishes one.

Source document — income statement (FY2025-26, raw filing line items)
Line itemFiled value
ProfitOrLossAttributableToOwnersOfParent71449000000.0
PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital2638100000.0
Source document — balance sheet (FY2025-26, raw filing line items)
Line itemFiled value
CurrentAssets155184000000.0
CurrentLiabilities90030000000.0
EquityAttributableToOwnersOfParent396456000000.0
BorrowingsCurrent + BorrowingsNoncurrent9209000000.0
Research notes

My notes