Indus Towers reported a solid FY26, characterized by strong co-location additions and network expansion. Total revenue reached INR 325 billion, a 7.9% year-on-year increase. Despite geopolitical headwinds and maintenance costs, the company delivered an industry-best uptime of 99.977% in Q4 FY26. Driven by improved cash flow visibility, the Board has recommended a final dividend of INR 14 per share, reflecting a commitment to rewarding shareholders while maintaining a disciplined capital allocation strategy.
Financial Highlights
For the full financial year 2026, Indus Towers demonstrated resilient operational and financial performance. The company reported INR 325 billion in gross revenue, marking a 7.9% growth compared to the previous year. Core revenues similarly saw a 9% year-on-year increase to INR 209 billion. The company concluded Q4 FY26 with total revenue of INR 81 billion, representing a 4.8% growth on a year-on-year basis, primarily supported by healthy co-location demand.
Operational Achievements
Indus Towers expanded its infrastructure footprint significantly during the year, adding approximately 15,200 towers and 22,500 co-locations. By the end of FY26, the total portfolio reached 442,000 sites. The company maintained a stable industry-leading tenancy ratio of 1.62. Furthermore, sustainability remains a key pillar; the company successfully provided solar access to 28,000 sites over the last two years, contributing to a 7% year-on-year reduction in diesel consumption during Q4 FY26.
Strategic Outlook and Africa Expansion
The company is actively pursuing its long-term growth strategy through an entry into the African market. Initial progress is steady, with operating licenses secured in Zambia and regulatory approvals in the final stages for Uganda and Nigeria. While geopolitical developments have introduced some supply-side constraints, the company is mitigating these through proactive planning. Indus Towers remains focused on digital and AI-led transformation to enhance operational efficiency, with over 85% of sites now digitally connected.
Shareholder Returns
Reflecting on significant free cash flow generation of INR 37.6 billion for FY26, the Board of Directors has recommended a final dividend of INR 14 per share. Management emphasized that the company aims for a steady and progressive dividend distribution policy, balanced against the need for growth-oriented capital expenditure and maintaining healthy debt levels.
Source: BSE
