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Last Updated: April 2, 2026, 4:23 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 534816 | NSE: INDUSTOWER

Indus Towers Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹570.42Undervalued by 34.85%vs CMP ₹423.00

P/E (15.7) × ROE (32.5%) × BV (₹137.00) × DY (2.00%)

₹370.10Overvalued by 12.51%vs CMP ₹423.00
MoS: -14.3% (Negative)Confidence: 58/100 (Moderate)Models: 2 Under, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹585.8222%Under (+38.5%)
Graham NumberEarnings₹288.6016%Over (-31.8%)
Earnings PowerEarnings₹110.6711%Over (-73.8%)
DCFCash Flow₹253.2413%Over (-40.1%)
Net Asset ValueAssets₹136.767%Over (-67.7%)
EV/EBITDAEnterprise₹945.459%Under (+123.5%)
Earnings YieldEarnings₹270.207%Over (-36.1%)
ROCE CapitalReturns₹274.659%Over (-35.1%)
Revenue MultipleRevenue₹171.175%Over (-59.5%)
Consensus (9 models)₹370.10100%Overvalued
Key Drivers: Wide model spread (₹111–₹945) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 2.7%

*Investments are subject to market risks

Investment Snapshot

69
Indus Towers Ltd scores 69/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health76/100 · Strong
ROCE 29.0% ExcellentROE 32.5% ExcellentD/E 0.43 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 0.54% MF buyingPromoter holding at 51.0% Stable
Earnings Quality75/100 · Strong
OPM expanding (44% → 60%) ImprovingWorking capital: -2 days (improving) Efficient
Quarterly Momentum40/100 · Moderate
Revenue (4Q): +9% YoY GrowingProfit (4Q): -29% YoY DecliningOPM: 55.0% (down 37.0% YoY) Margin pressure
Industry Rank85/100 · Strong
P/E 15.7 vs industry 365.2 Cheaper than peersROCE 29.0% vs industry 16.3% Above peersROE 32.5% vs industry 15.7% Above peers3Y sales CAGR: 3% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:23 am

Market Cap 1,11,660 Cr.
Current Price 423
Intrinsic Value₹370.10
High / Low 482/313
Stock P/E15.7
Book Value 137
Dividend Yield0.00 %
ROCE29.0 %
ROE32.5 %
Face Value 10.0
PEG Ratio5.81

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Indus Towers Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Indus Towers Ltd 1,11,660 Cr. 423 482/31315.7 1370.00 %29.0 %32.5 % 10.0
ITI Ltd 24,593 Cr. 255 373/233 15.10.00 %1.33 %16.2 % 10.0
HFCL Ltd 11,092 Cr. 72.5 94.0/59.8214 27.00.14 %7.55 %4.42 % 1.00
Avantel Ltd 3,568 Cr. 134 215/90.3156 12.70.15 %37.0 %28.6 % 2.00
Optiemus Infracom Ltd 2,736 Cr. 308 713/28841.5 81.00.00 %14.4 %11.6 % 10.0
Industry Average15,704.10 Cr262.86365.1551.050.25%16.26%15.66%8.17

All Competitor Stocks of Indus Towers Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 6,7656,7537,0767,1327,1997,1937,3837,4657,5477,7278,0588,1888,146
Expenses 5,6023,3203,5963,7113,6153,1222,8792,6025893,3323,6683,6163,678
Operating Profit 1,1633,4333,4803,4223,5844,0724,5044,8646,9584,3954,3904,5724,468
OPM % 17%51%49%48%50%57%61%65%92%57%54%56%55%
Other Income -4031165697991085611484928583154
Interest 35433635224611127408418255431437376404
Depreciation 1,3581,3201,3741,5261,5961,5641,5601,5801,5681,6931,7041,8011,798
Profit before tax -9521,8931,8101,7472,0762,4892,5922,9805,2192,3632,3342,4782,420
Tax % -26%26%26%26%26%26%26%25%23%25%26%26%27%
Net Profit -7081,3991,3481,2951,5401,8531,9262,2244,0031,7791,7371,8391,776
EPS in Rs -2.635.195.004.805.726.887.158.4315.176.746.586.976.73

Last Updated: March 3, 2026, 11:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 2:45 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 10,82711,6685,5586,0856,6216,8266,74313,95427,71728,38228,60130,12332,119
Expenses 6,4276,6643,0703,2603,4643,7143,1856,77512,81618,71314,0449,47314,294
Operating Profit 4,4005,0042,4882,8253,1573,1123,5587,17914,9019,66914,55720,65017,825
OPM % 41%43%45%46%48%46%53%51%54%34%51%69%56%
Other Income 4495221,6791,9601,5991,5591,8461,262458851,490764414
Interest 400290333946533358361,6031,6701,8641,8581,647
Depreciation 2,1262,1851,1551,1661,1801,0661,2822,8485,3255,3246,0606,4026,996
Profit before tax 2,3233,0522,9793,5803,5293,5533,7884,7578,4312,7598,12213,1549,596
Tax % 35%35%25%23%29%30%13%21%24%26%26%24%
Net Profit 1,5181,9922,2472,7472,4942,4943,2993,7796,3732,0406,0369,9327,131
EPS in Rs 8.0310.5211.8514.8513.4813.4817.8314.0223.657.5722.4037.6527.02
Dividend Payout % 55%105%25%108%104%111%59%143%47%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)31.23%12.80%22.25%-9.21%0.00%32.28%14.55%68.64%-67.99%195.88%64.55%
Change in YoY Net Profit Growth (%)0.00%-18.42%9.45%-31.46%9.21%32.28%-17.73%54.09%-136.63%263.87%-131.34%

Indus Towers Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:10%
5 Years:35%
3 Years:3%
TTM:7%
Compounded Profit Growth
10 Years:19%
5 Years:26%
3 Years:16%
TTM:47%
Stock Price CAGR
10 Years:-2%
5 Years:9%
3 Years:17%
1 Year:-27%
Return on Equity
10 Years:21%
5 Years:25%
3 Years:23%
Last Year:33%

Last Updated: September 5, 2025, 3:01 pm

Balance Sheet

Last Updated: December 4, 2025, 2:39 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 1,8891,8941,8971,8501,8501,8501,8502,6952,6952,6952,6952,6382,638
Reserves 16,14915,12616,34513,65015,11512,68211,69313,18219,45618,41524,34429,86033,462
Borrowings 3,3422,5820278064,62721,57619,72619,18520,53121,15620,948
Other Liabilities 7,2557,5522,4615,1632,6612,5771,5847,4916,0916,2788,2989,51410,143
Total Liabilities 28,63627,15520,70320,94119,62517,11519,75444,94447,96846,57255,86863,16867,191
Fixed Assets 15,32014,8126,0635,7945,5955,3326,71431,80031,82632,38439,30044,38046,910
CWIP 153226705811011854274179355422567623
Investments 7,4805,88210,05911,17212,3279,90611,1702,2711,65227631,4862,929
Other Assets 5,6826,2344,5113,9161,5931,7591,81510,59814,31113,55916,14316,73516,729
Total Assets 28,63627,15520,70320,94119,62517,11519,75444,94447,96846,57255,86863,16867,191

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 3,9523,9901,9122,8663,4693,1592,3157,4819,1217,90511,58219,645
Cash from Investing Activity + -2,340-9371,548-237-1,8551,600-1,0121,798-2,174-1,730-7,546-10,910
Cash from Financing Activity + -1,500-3,188-1,453-2,671-3,555-4,795-1,185-9,377-5,982-7,133-3,995-8,648
Net Cash Flow 112-1362,007-42-1,940-36118-98966-9584187
Free Cash Flow 2,6212,1751,1131,9602,5212,3291,5865,5296,2524,7373,13613,388
CFO/OP 100%97%105%130%136%128%80%119%74%105%92%104%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow1.003.002.00-276.003.00-3.00-1.00-14.00-5.00-10.00-6.00-1.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1011131815292010093638258
Inventory Days
Days Payable
Cash Conversion Cycle 1011131815292010093638258
Working Capital Days -89-106-42-207-41-24-149-1731133-2
ROCE %12%15%14%18%23%21%23%19%25%11%22%29%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 68.99%68.99%68.99%68.99%68.99%52.01%53.01%50.00%50.00%50.00%51.03%51.03%
FIIs 26.62%23.94%21.41%20.71%16.40%23.15%24.19%26.15%26.42%27.51%26.21%25.92%
DIIs 2.47%4.51%6.69%7.08%9.90%16.97%16.99%17.79%18.41%18.16%18.24%18.95%
Public 1.89%2.53%2.90%3.18%4.68%7.82%5.81%6.01%5.12%4.28%4.47%4.05%
Others 0.03%0.02%0.01%0.04%0.04%0.03%0.01%0.04%0.03%0.03%0.04%0.04%
No. of Shareholders 2,58,9972,71,6792,64,6742,67,1083,10,6944,06,6894,25,8764,41,0364,21,4273,66,7573,80,7883,48,339

Shareholding Pattern Chart

No. of Shareholders

Indus Towers Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Multi Asset Allocation Fund 21,197 1.3 500005,000,0002026-03-23 08:17:24-99.58%
SBI Contra Fund 28,086,692 2.6 1277.825,286,6922026-03-24 01:19:5911.07%
Kotak Multicap Fund 18,561,353 3.54 844.4516,811,3532026-03-23 01:07:5410.41%
Nippon India Growth Mid Cap Fund 18,000,000 1.86 818.91N/AN/AN/A
SBI Multicap Fund 16,400,000 3.25 746.12N/AN/AN/A
SBI Large & Midcap Fund 14,114,908 1.66 642.16N/AN/AN/A
Kotak Flexicap Fund 13,000,000 1.04 591.44N/AN/AN/A
Tata Value Fund 9,528,707 4.94 433.519,708,7072026-03-12 02:50:13-1.85%
SBI Midcap Fund 9,393,514 1.85 427.3610,000,0002026-03-23 08:17:24-6.06%
SBI Balanced Advantage Fund 9,068,000 1.01 412.55N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 37.3122.407.5723.6517.52
Diluted EPS (Rs.) 37.3122.407.5723.6517.52
Cash EPS (Rs.) 61.9144.8827.3243.4121.38
Book Value[Excl.RevalReserv]/Share (Rs.) 123.19100.3378.3382.1958.91
Book Value[Incl.RevalReserv]/Share (Rs.) 123.19100.3378.3382.1958.91
Revenue From Operations / Share (Rs.) 114.18106.13105.32102.8551.78
PBDIT / Share (Rs.) 81.1755.3537.2256.9928.11
PBIT / Share (Rs.) 56.9032.8717.4637.2317.54
PBT / Share (Rs.) 49.8630.1410.2431.2814.44
Net Profit / Share (Rs.) 37.6522.407.5723.6510.81
NP After MI And SOA / Share (Rs.) 37.6522.407.5723.6514.02
PBDIT Margin (%) 71.0852.1535.3355.4154.28
PBIT Margin (%) 49.8330.9716.5836.2033.87
PBT Margin (%) 43.6628.399.7230.4127.88
Net Profit Margin (%) 32.9721.107.1822.9920.87
NP After MI And SOA Margin (%) 32.9721.107.1822.9927.08
Return on Networth / Equity (%) 30.5622.329.6628.7723.80
Return on Capital Employeed (%) 28.1219.3712.2525.6315.25
Return On Assets (%) 15.7210.804.3813.288.40
Long Term Debt / Equity (X) 0.000.050.110.100.09
Total Debt / Equity (X) 0.060.150.220.240.43
Asset Turnover Ratio (%) 0.500.550.600.590.43
Current Ratio (X) 1.321.031.071.390.69
Quick Ratio (X) 1.321.031.071.390.69
Dividend Payout Ratio (NP) (%) 0.000.000.000.00158.38
Dividend Payout Ratio (CP) (%) 0.000.000.000.0090.31
Earning Retention Ratio (%) 0.000.000.000.00-58.38
Cash Earning Retention Ratio (%) 0.000.000.000.009.69
Interest Coverage Ratio (X) 11.5320.296.909.589.06
Interest Coverage Ratio (Post Tax) (X) 6.359.212.744.974.48
Enterprise Value (Cr.) 88545.2282710.7143254.2264333.3873061.70
EV / Net Operating Revenue (X) 2.942.891.522.325.24
EV / EBITDA (X) 4.135.544.314.199.64
MarketCap / Net Operating Revenue (X) 2.932.741.362.164.74
Retention Ratios (%) 0.000.000.000.00-58.38
Price / BV (X) 2.712.901.832.704.16
Price / Net Operating Revenue (X) 2.932.741.362.164.74
EarningsYield 0.110.070.050.100.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Indus Towers Ltd. is a Public Limited Listed company incorporated on 30/11/2006 and has its registered office in the State of Haryana, India. Company's Corporate Identification Number(CIN) is L64201HR2006PLC073821 and registration number is 156038. Currently Company is involved in the business activities of Wireless telecommunications activities. Company's Total Operating Revenue is Rs. 30122.80 Cr. and Equity Capital is Rs. 2638.10 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Telecom EquipmentBuilding No. 10, Tower-A, Gurugram Haryana 122002Contact not found
Management
NamePosition Held
Mr. Dinesh Kumar MittalChairman & Ind.Director
Mr. Prachur SahManaging Director & CEO
Mr. Jagdish Saksena DeepakNon Executive Director
Mr. Harjeet Singh KohliNon Executive Director
Mr. Gopal VittalNon Executive Director
Mr. Rajan Bharti MittalNon Executive Director
Mr. Rakesh Bharti MittalNon Executive Director
Mr. Soumen RoyNon Executive Director
Mr. Ramesh AbhishekIndependent Director
Ms. Anita KapurIndependent Director
Mr. Sharad BhansaliIndependent Director

FAQ

What is the intrinsic value of Indus Towers Ltd and is it undervalued?

As of 14 April 2026, Indus Towers Ltd's intrinsic value is ₹370.10, which is 12.51% lower than the current market price of ₹423.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (32.5 %), book value (₹137), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Indus Towers Ltd?

Indus Towers Ltd is trading at ₹423.00 as of 14 April 2026, with a FY2026-2027 high of ₹482 and low of ₹313. The stock is currently in the middle of its 52-week range. Market cap stands at ₹1,11,660 Cr..

How does Indus Towers Ltd's P/E ratio compare to its industry?

Indus Towers Ltd has a P/E ratio of 15.7, which is below the industry average of 365.15. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Indus Towers Ltd financially healthy?

Key indicators for Indus Towers Ltd: ROCE of 29.0 % indicates efficient capital utilization; ROE of 32.5 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Indus Towers Ltd profitable and how is the profit trend?

Indus Towers Ltd reported a net profit of ₹9,932 Cr in Mar 2025 on revenue of ₹30,123 Cr. Compared to ₹6,373 Cr in Mar 2022, the net profit shows an improving trend.

Does Indus Towers Ltd pay dividends?

Indus Towers Ltd has a dividend yield of 0.00 % at the current price of ₹423.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Indus Towers Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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