Indus Towers Q2 Results October 27, 2026: Profit Dips 2.5% to ₹1,793 Crore as Tower Base Grows

Indus Towers Q2 results came in on Tuesday evening, October 27, 2026, and the headline is a small miss on profit hiding a business that is still adding towers and tenants. Consolidated net profit for the July-September quarter slipped 2.5% year-on-year to ₹1,793 crore, against ₹1,839 crore a year earlier, according to the company’s press release filed with the NSE. Revenue rose 4.0% to ₹8,516 crore from ₹8,188 crore.

So why did profit fall when sales grew? Mostly because last year’s quarter had a cushion this one didn’t.

Indus Towers Q2 results: the key numbers

• Revenue: ₹8,516 crore, up 4.0% from ₹8,188 crore.
• EBITDA: ₹4,633 crore, up just 0.4% from ₹4,613 crore.
• EBITDA margin: 54.4%, down from 56.3% a year ago, as CNBC-TV18 reported.
• Net profit: ₹1,793 crore, down 2.5%.
• Return on capital employed: 19.1%, against 26.3% a year earlier.

The company flagged that the September 2025 quarter included a ₹195 crore write-back of provisions for doubtful receivables, helped by collections of old overdue dues. That one-off flattered the base quarter, which goes a long way to explaining why EBITDA and profit look flat to negative year-on-year. It also shows up in returns: pre-tax return on equity fell to 25.3% from 38.4%, and post-tax ROE to 18.8% from 29.0%.

Towers and tenants kept growing

The operating side tells a steadier story. The macro tower base reached 2,70,480 at the end of September, up 5.6% year-on-year, or 14,406 towers more than a year ago. In the quarter alone Indus added 2,869 towers. Co-locations, which count each operator installation on a tower, rose 5.9% to 4,40,153, with 7,903 added during the quarter.

Because tenants grew faster than towers, the closing sharing factor improved to 1.63 from 1.62. Managing director and CEO Prachur Sah said the better tenancy ratio shows the company is “capturing a substantial share of customers’ incremental rollouts”.

There is a catch, though. Sharing revenue per tower per month slipped 2.0% to ₹66,532, and revenue per sharing operator fell 1.6% to ₹41,036. More tenants, each paying a little less. That gap is why revenue grew slower than the tenancy count.

Cash flow and what to watch

For the India business, operating free cash flow (EBITDA after capex and lease repayments, excluding other income) rose 6.5% to ₹1,107 crore, while EBIT fell 4.3% to ₹2,652 crore, the filing shows. Sah also said initial rollouts in Africa are progressing as planned, with momentum expected to build in the second half of the year.

The results landed after market hours. Indus Towers shares had closed at ₹384.05 on the BSE, down 0.51%, CNBC-TV18 noted, so October 28 is the first session to price in the numbers. Moneycontrol’s report carries the same headline figures.

The question for us is simple: once the write-back base effect fades next year, can tenancy additions push EBITDA growth back above revenue growth? Our explainer on EBIT margin in results shows why that operating line matters more than headline profit, and our guide on how to analyse quarterly results walks through separating one-offs from the core business.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.