Indus Towers Ltd.Revenue ₹8,520 Cr, EBITDA margin 54.4%, tenancy 1.63

Indus Towers' Q2 FY27 call, held on 28 October 2026, reported revenue of ₹8,520 crore, up 4% from a year ago and 1% from Q1, with core rental revenue of ₹5,450 crore.

EBITDA was ₹4,630 crore at a 54.4% margin, up 80 basis points from Q1, and profit after tax was ₹1,790 crore. Free cash flow was ₹1,400 crore. The company added about 2,900 towers and 7,900 co-locations, lifting its tenancy ratio from 1.62 to 1.63, and said a major customer's rollouts have picked up. Energy margin improved to negative 3.6% as diesel use fell 11% on solar, lithium-ion batteries and digital fuel planning.

Management said its order book is strong for Q3 and the coming quarters but gave no numeric guidance, no update on renewal of one expired tower agreement, and no Africa tower counts or capex per tower. Towers in Zambia and Uganda are live, Nigeria starts this quarter and the ramp-up is planned for the second half. An analyst's suggestion of an InvIT structure, higher gearing or a buyback drew no reply on the call.