# Indus Towers (INDUSTOWER) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/industower

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹383.1
- Change: -0.03%
- As of: 2026-11-06
- 1D return: -0.03%
- 5D return: +1.27%
- 1M return: +2.71%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

As of 2026-11-06, INDUSTOWER trades at ₹383.10, reflecting a complex technical environment where short-term price structure conflicts with longer-term momentum. On the daily chart, the stock is positioned above its 20-period and 50-period moving averages but remains below the 200-period SMA and Supertrend, signaling mixed directional bias. The Daily ADX of 10.32 indicates weak trend strength, while the monthly ADX of 34.76 suggests an established underlying trend. Price action shows two consecutive downward gaps on 2026-10-27 and 2026-10-28 (-1.0% and -3.2% respectively), yet a Hammer pattern formed on 2026-11-06 hints at potential near-term stabilization. Participation was notably high on the latest date despite minimal price change (-0.0%), suggesting indecision or accumulation/distribution dynamics without clear direction. The stock sits in the upper-middle of its 50-day range (+62.7%) but near the lower end of its 252-day range (+21.9%). Key resistance lies at ₹385.62 (pivot, +0.66%) and support at ₹382.88 (low, -0.06%). Annualized volatility stands at +28.5%, with a current drawdown of -19.8% from available highs.

- Trend Conflict: Daily indicators show price above short-term MAs (20/50) but below long-term (200) and Supertrend, while Monthly trend remains bullish with strong ADX (34.76).
- Price Structure: Recent downward gaps on 2026-10-27 (-1.0%) and 2026-10-28 (-3.2%) contrast with a Hammer formation on 2026-11-06; high participation noted on the latter date.
- Key Levels: Immediate resistance at ₹385.62 (+0.66%) and support at ₹382.88 (-0.06%); broader support exists at ₹377.23 (-1.53%).
- Risk Metrics: Current drawdown is -19.8% from highs; annualized volatility is +28.5%; ATR percent is 2.65%.

- Hammer
- Evening Star
- Inside Bar
- Harami
- Outside Bar

### News Context

Indus Towers reported a significant operational milestone on November 4, 2026, becoming the first passive telecom infrastructure company in India to deploy 50,000 solar-powered sites. The company has set a target to expand this network to 100,000 sites and is exploring replication of this model in international markets, including Africa. This expansion aligns with broader industry trends where tower operators are increasing solar adoption to mitigate rising energy costs and enhance sustainability. Concurrently, as of September 2026, Indus Towers was identified by Economic Times as one of six stocks seeing a gradual rise in mutual fund holdings for four consecutive quarters since September 2025, indicating sustained institutional interest despite a broader market slump driven by geopolitical tensions and inflationary pressures.

- Operational Milestone: As of November 4, 2026, Indus Towers deployed 50,000 solar-powered telecom sites, aiming for 100,000 total sites.
- Strategic Expansion: The company is exploring the replication of its solar infrastructure model in international markets such as Africa.
- Institutional Interest: Mutual funds have increased holdings in Indus Towers for four consecutive quarters ending September 2026, amid broader market volatility.

- [Indus Towers deploys 50,000 solar-powered telecom sites in India, targets 100,000](https://www.thehindubusinessline.com/info-tech/indus-towers-expands-solar-network-to-50000-telecom-sites-eyes-100000-milestone/article71664673.ece)
- [Telecom infra company Indus Towers steps up solar adoption amid energy costs and sustainability pressures](https://news.webindia123.com/news/Articles/Business/20261104/4515687.html)
- [Most wanted stocks 2026: 6 stocks mutual funds are buying even as markets slump](https://economictimes.indiatimes.com/mf/analysis/most-wanted-stocks-2026-6-stocks-mutual-funds-are-buying-even-as-markets-slump/articleshow/135444961.cms)
- [Most wanted stocks 2026: 6 stocks mutual funds are buying even as markets slump - The Economic Times](https://economictimes.indiatimes.com/wealth/invest/most-wanted-stocks-2026-6-stocks-mutual-funds-are-buying-even-as-markets-slump/articleshow/135386027.cms)

### Official Filings

Indus Towers Limited has disclosed its Q2 and H1 FY2026 performance, reporting revenue of ₹85.2 billion and profit after tax of ₹17.9 billion for the quarter ended September 30, 2026. The company added approximately 2,900 macro towers and 7,900 co-locations during the period, bringing the total macro-tower base to approximately 270,500 and the co-location base to approximately 440,200 (including leaner sites). The tenancy ratio improved marginally from 1.62 to 1.63, while free cash flow stood at ₹14 billion. Management noted that deployment has begun in Zambia and Uganda, with Nigeria planned for the current quarter.

In parallel administrative updates, KFin Technologies Limited will shift its Corporate Office effective December 1, 2026, moving from Hyderabad to Kokapet, Serilingampally; the filing clarifies there is no change to the RTA's Registered Office address. Additionally, company officials are scheduled to attend investor conferences, including the CLSA 29th India Forum on November 16, 2026, and the Avendus Spark INDX 2026 conference on November 17, 2026.

- Q2 Revenue: ₹85.2 billion; PAT: ₹17.9 billion; Free Cash Flow: ₹14 billion
- Infrastructure Growth: Macro tower base reached ~270,500; Co-location base ~440,200; Tenancy ratio improved to 1.63
- Geographic Expansion: Active deployments in Zambia and Uganda; Nigeria deployment planned for the current quarter
- RTA Office Shift: KFin Technologies moves corporate office to Kokapet, Serilingampally effective December 1, 2026 (no change to registered office)

- [Indus Towers Limited has informed the Exchange regarding Schedule of Analyst/ Institutional Investors' Meeting |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026183844_InvestorCallSchedule04112026CLSA.pdf)
- [INDUS TOWERS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261104_184501965.xml)
- [Indus Towers Limited has informed the Exchange regarding Schedule of Analyst/ Institutional Investors' Meeting |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026184750_InvestorCallSchedule04112026Avendus.pdf)
- [INDUS TOWERS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261104_185354183.xml)
- [Indus Towers Limited has informed the Exchange regarding shifting of Corporate Office of Registrar and Share Transfer Agent of the Company |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026190450_SERTAAddressChange04112026.pdf)
- [Indus Towers Limited has informed the Exchange regarding Transcripts of the Earnings Call on the Company's performance for the second quarter (Q2) and half year ended September 30, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_02112026141040_SEECTranscriptsIndus02112026.pdf)
- [INDUS TOWERS LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261102_142535693.xml)
- [Indus Towers Limited has informed the Exchange regarding schedule of Analyst/ Institutional Investors' Meeting |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_30102026163414_InvestorCallSchedule30102026.pdf)
- [INDUS TOWERS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261030_165015352.xml)
- [Indus Towers Limited has informed the Exchange regarding the link of Audio Recording of the Earnings Call on the Company's performance for the second quarter (Q2) and half year ended September 30, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_28102026194015_SEECRecordingsIndus28102026.pdf)

### Fundamentals

Indus Towers demonstrates a trajectory of top-line resilience paired with margin compression and declining profitability. In Q2 FY2026-27, revenue from operations rose sequentially to ₹8,516 crore, driven by a 4% year-on-year sales growth over the trailing twelve months (TTM). However, operating profit declined from ₹20,650 crore in FY2025 to ₹17,813 crore in FY2026, reflecting pressure on margins as expenses grew alongside revenues. Net profit fell significantly from ₹9,932 crore in FY2025 to ₹7,145 crore in FY2026, with EPS dropping from ₹37.65 to ₹27.08.

Earnings quality remains robust, evidenced by a CFO/EBITDA ratio of 99% in FY2026 and a cash conversion cycle that improved to 55 days by March 2026. The balance sheet shows steady asset expansion, with fixed assets increasing to ₹51,222 crore and borrowings rising modestly to ₹22,059 crore by September 2026. While return on capital employed (ROCE) dipped to 19% in FY2026 from 29% in FY2025, it remains above historical averages. Institutional interest has shifted, with DIIs increasing their stake to 22.93% in September 2026, while promoter holding stabilized around 51%.

The primary financial checkpoint is whether sequential operating profit growth of ₹64 crore in Q2 can sustain against rising depreciation costs (₹1,944 crore in Sep 2026) and finance costs, which decreased slightly to ₹455 crore in Q2.

- Revenue Growth vs. Profit Decline: TTM sales grew 5%, but net profit fell 28% YoY (FY25 to FY26), compressing margins despite strong cash generation (CFO/EBITDA at 99%).
- Balance Sheet Expansion: Fixed assets increased to ₹51,222 crore (Sep 2026) and borrowings rose to ₹22,059 crore; ROCE declined to 19% from 29% in FY2025.
- Cash Position Improvement: Cash and cash equivalents surged to ₹144 crore as of September 2026, up from ₹21 crore a year prior, supporting liquidity amid higher capex.
- Ownership Shift: DII holdings rose to 22.93% in September 2026, while FII stakes contracted to 21.71%, indicating a rotation in institutional investor sentiment.

### Bull Case

Indus Towers presents a conditional upside case driven by sustained institutional accumulation and strategic infrastructure upgrades, despite near-term bearish technical momentum. Mutual funds have increased holdings in the stock for four consecutive quarters ending September 2026, identifying it as one of six 'most wanted' stocks resilient amid broader market slumps. This consistent buying pressure suggests long-term capital confidence in the company's fundamentals. Operationally, Indus Towers has deployed 50,000 solar-powered telecom sites, targeting an expansion to 100,000, which positions the firm as a leader in sustainable infrastructure and potentially reduces long-term energy costs. While the daily trend is bearish with a current price of ₹383.10 and a year-to-date return of -12.1%, the monthly timeframe remains bullish. The constructive narrative hinges on whether this institutional support and operational efficiency can translate into price recovery once short-term technical pressures subside.

- Institutional Confidence: Mutual fund holdings rose for four consecutive quarters through September 2026, highlighting the stock as a resilient pick during market downturns.
- Sustainable Infrastructure Scale: Deployed 50,000 solar-powered sites with a target of 100,000, establishing a global benchmark in passive telecom infrastructure sustainability.
- Technical Divergence: Monthly trend remains bullish while daily and weekly trends are bearish, indicating potential medium-term strength against short-term weakness.
- Price Context: Trading at ₹383.10 with a market cap of approximately ₹1.01 trillion, currently facing a year-to-date decline of -12.1%.

- [Indus Towers deploys 50,000 solar-powered telecom sites in India, targets 100,000](https://www.thehindubusinessline.com/info-tech/indus-towers-expands-solar-network-to-50000-telecom-sites-eyes-100000-milestone/article71664673.ece)
- [Telecom infra company Indus Towers steps up solar adoption amid energy costs and sustainability pressures](https://news.webindia123.com/news/Articles/Business/20261104/4515687.html)
- [Most wanted stocks 2026: 6 stocks mutual funds are buying even as markets slump](https://economictimes.indiatimes.com/mf/analysis/most-wanted-stocks-2026-6-stocks-mutual-funds-are-buying-even-as-markets-slump/articleshow/135444961.cms)
- [Most wanted stocks 2026: 6 stocks mutual funds are buying even as markets slump - The Economic Times](https://economictimes.indiatimes.com/wealth/invest/most-wanted-stocks-2026-6-stocks-mutual-funds-are-buying-even-as-markets-slump/articleshow/135386027.cms)
- [Indus Towers Limited has informed the Exchange regarding Schedule of Analyst/ Institutional Investors' Meeting |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026183844_InvestorCallSchedule04112026CLSA.pdf)
- [INDUS TOWERS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261104_184501965.xml)
- [Indus Towers Limited has informed the Exchange regarding Schedule of Analyst/ Institutional Investors' Meeting |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026184750_InvestorCallSchedule04112026Avendus.pdf)
- [INDUS TOWERS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261104_185354183.xml)
- [Indus Towers Limited has informed the Exchange regarding shifting of Corporate Office of Registrar and Share Transfer Agent of the Company |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026190450_SERTAAddressChange04112026.pdf)
- [Indus Towers Limited has informed the Exchange regarding Transcripts of the Earnings Call on the Company's performance for the second quarter (Q2) and half year ended September 30, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_02112026141040_SEECTranscriptsIndus02112026.pdf)

### Bear Case

Indus Towers faces near-term technical weakness and significant underperformance relative to its recent history. As of 6 November 2026, the stock trades at ₹383.10, reflecting a year-to-date decline of -12.1% and a six-month return of -6.2%. The daily trend is bearish, with the Supertrend indicator signaling downside pressure and an Average Directional Index (ADX) of 10.32 indicating low momentum despite the directional bias. The stock is currently in a drawdown of -19.8%, approaching its maximum historical drawdown of -24.6%, which suggests elevated volatility risk with an annualized volatility of +28.5%. While mutual fund holdings have risen for four consecutive quarters since September 2025, this institutional accumulation occurs against a backdrop of broader market slumps and geopolitical tensions. Immediate resistance is tight at ₹385.62 (0.66% above), while support sits closely at ₹382.88, leaving limited buffer against further erosion.

- -12.1% YTD and -6.2% over six months performance indicates sustained price weakness.
- Daily Supertrend is bearish; ADX of 10.32 shows weak trend strength despite directional signal.
- Current drawdown of -19.8% is nearing the maximum drawdown level of -24.6%.
- Tight resistance at ₹385.62 offers minimal upside buffer from the current close of ₹383.10.

- [Indus Towers deploys 50,000 solar-powered telecom sites in India, targets 100,000](https://www.thehindubusinessline.com/info-tech/indus-towers-expands-solar-network-to-50000-telecom-sites-eyes-100000-milestone/article71664673.ece)
- [Telecom infra company Indus Towers steps up solar adoption amid energy costs and sustainability pressures](https://news.webindia123.com/news/Articles/Business/20261104/4515687.html)
- [Most wanted stocks 2026: 6 stocks mutual funds are buying even as markets slump](https://economictimes.indiatimes.com/mf/analysis/most-wanted-stocks-2026-6-stocks-mutual-funds-are-buying-even-as-markets-slump/articleshow/135444961.cms)
- [Most wanted stocks 2026: 6 stocks mutual funds are buying even as markets slump - The Economic Times](https://economictimes.indiatimes.com/wealth/invest/most-wanted-stocks-2026-6-stocks-mutual-funds-are-buying-even-as-markets-slump/articleshow/135386027.cms)
- [Indus Towers Limited has informed the Exchange regarding Schedule of Analyst/ Institutional Investors' Meeting |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026183844_InvestorCallSchedule04112026CLSA.pdf)
- [INDUS TOWERS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261104_184501965.xml)
- [Indus Towers Limited has informed the Exchange regarding Schedule of Analyst/ Institutional Investors' Meeting |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026184750_InvestorCallSchedule04112026Avendus.pdf)
- [INDUS TOWERS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261104_185354183.xml)
- [Indus Towers Limited has informed the Exchange regarding shifting of Corporate Office of Registrar and Share Transfer Agent of the Company |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026190450_SERTAAddressChange04112026.pdf)
- [Indus Towers Limited has informed the Exchange regarding Transcripts of the Earnings Call on the Company's performance for the second quarter (Q2) and half year ended September 30, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_02112026141040_SEECTranscriptsIndus02112026.pdf)

### FAQs

**What recent operational milestone has Indus Towers achieved regarding its infrastructure sustainability?**

Indus Towers has deployed 50,000 solar-powered telecom sites in India, becoming the first passive telecom infrastructure company to reach this scale. The company targets expanding this network to 100,000 sites and is exploring replication of the model in international markets like Africa.

**How have mutual fund holdings for Indus Towers changed recently, and what is the market context?**

Mutual funds have shown a gradual rise in holdings for Indus Towers for four consecutive quarters since September 2025. This accumulation occurred amid a broader market slump driven by geopolitical tensions, inflationary pressures, and hawkish monetary policy shifts.

**What investor engagement events are scheduled for Indus Towers in November 2026?**

Company officials will attend two institutional investor meets: the CLSA 29th India Forum on Monday, November 16, 2026, and the Avendus Spark INDX 2026 conference on Tuesday, November 17, 2026. Both events are held in person in Mumbai.

**What is the current technical trend and price performance for Indus Towers as of November 6, 2026?**

The stock closed at ₹383.10 with a daily supertrend indicating bearish momentum. Year-to-date returns stand at -12.1%, while the 1-year return is -3.8%. Key resistance levels are near ₹385.62 and ₹388.98, with support at ₹382.88 and ₹377.23.

- [Indus Towers deploys 50,000 solar-powered telecom sites in India, targets 100,000](https://www.thehindubusinessline.com/info-tech/indus-towers-expands-solar-network-to-50000-telecom-sites-eyes-100000-milestone/article71664673.ece)
- [Telecom infra company Indus Towers steps up solar adoption amid energy costs and sustainability pressures](https://news.webindia123.com/news/Articles/Business/20261104/4515687.html)
- [Most wanted stocks 2026: 6 stocks mutual funds are buying even as markets slump](https://economictimes.indiatimes.com/mf/analysis/most-wanted-stocks-2026-6-stocks-mutual-funds-are-buying-even-as-markets-slump/articleshow/135444961.cms)
- [Most wanted stocks 2026: 6 stocks mutual funds are buying even as markets slump - The Economic Times](https://economictimes.indiatimes.com/wealth/invest/most-wanted-stocks-2026-6-stocks-mutual-funds-are-buying-even-as-markets-slump/articleshow/135386027.cms)
- [Indus Towers Limited has informed the Exchange regarding Schedule of Analyst/ Institutional Investors' Meeting |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026183844_InvestorCallSchedule04112026CLSA.pdf)
- [INDUS TOWERS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261104_184501965.xml)
- [Indus Towers Limited has informed the Exchange regarding Schedule of Analyst/ Institutional Investors' Meeting |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026184750_InvestorCallSchedule04112026Avendus.pdf)
- [INDUS TOWERS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261104_185354183.xml)
- [Indus Towers Limited has informed the Exchange regarding shifting of Corporate Office of Registrar and Share Transfer Agent of the Company |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026190450_SERTAAddressChange04112026.pdf)
- [Indus Towers Limited has informed the Exchange regarding Transcripts of the Earnings Call on the Company's performance for the second quarter (Q2) and half year ended September 30, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_02112026141040_SEECTranscriptsIndus02112026.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹385.62
- Risk regime: Price Risk Requires Attention

### Support levels
- 382.875
- 353.25
- 338.48125

### Resistance levels
- 388.975
- 390.5535263061523
- 398.95

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.03% |
| return_10 | +0.82% |
| return_1m | -1.54% |
| return_1y | -3.82% |
| return_20 | +2.71% |
| return_3m | -0.05% |
| return_5 | +1.27% |
| return_6m | -6.17% |
| return_since_start | +11.38% |
| return_ytd | -12.09% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -24.65% |
| annualized_volatility | +28.47% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Indus Towers Limited FY2026-27 Q2: Revenue Rises 4% YoY, Profit Slips

Indus Towers’ consolidated revenue from operations increased 1.0% quarter on quarter and 4.0% year on year to ₹8,516 crore in Q2 FY2026-27. Profit before tax rose 2.7% from Q1 to ₹2,411 crore but remained 2.7% below Q2 FY2025-26; net profit was ₹1,793 crore, down 2.5% year on year. Expenses were nearly flat sequentially but 7.2% higher year on year.

## Revenue and expenses

Revenue from operations has risen for three consecutive quarters, from ₹8,101 crore in Q4 FY2025-26 to ₹8,431 crore in Q1 FY2026-27 and ₹8,516 crore in Q2. Total income, including ₹106 crore of other income, was ₹8,622 crore, up 0.8% from ₹8,552 crore in Q1.

Expenses were ₹6,211 crore, little changed from ₹6,205 crore in Q1, but up 7.2% from ₹5,793 crore in Q2 FY2025-26. Q2 expenses included depreciation and amortisation of ₹1,944 crore and employee benefit expense of ₹231 crore.

## Profit and finance costs

Profit before tax increased to ₹2,411 crore from ₹2,347 crore in Q1, while finance costs fell 6.4% sequentially to ₹455 crore from ₹486 crore. Against Q2 FY2025-26, profit before tax was lower than ₹2,478 crore.

Net profit was ₹1,793 crore, compared with ₹1,746 crore in Q1 and ₹1,839 crore a year earlier. Basic EPS was ₹6.80, up from ₹6.62 in Q1 but below ₹6.97 in Q2 FY2025-26.

## Tax expense

Total tax expense increased to ₹618 crore from ₹602 crore in Q1. Current tax declined to ₹464 crore from ₹558 crore, while deferred tax rose to ₹154 crore from ₹44 crore. Net deferred tax liabilities stood at ₹967 crore at 30 September 2026.

## Asset base and balance sheet

Total assets rose to ₹72,746 crore at 30 September 2026 from ₹71,316 crore at 31 March 2026. Property, plant and equipment increased to ₹51,140 crore from ₹49,466 crore, and capital work in progress rose to ₹854 crore from ₹630 crore.

Equity was ₹39,463 crore, down from ₹39,646 crore at 31 March 2026. Noncurrent financial liabilities increased to ₹18,569 crore from ₹17,934 crore, while current borrowings rose to ₹1,094 crore from ₹921 crore. Comprehensive income for Q2 was ₹1,790 crore, including other comprehensive loss of ₹2.6 crore.

## Key Takeaway

Q2 delivered sequential revenue and profit growth, with finance costs lower and total expenses broadly stable. The year-on-year picture was weaker: expenses grew while profit before tax, net profit and EPS declined, even as the asset base and reported financial liabilities increased from their 31 March 2026 levels.

### Ratios

## Shareholding pattern

- Quarter: FY2026-Q3
- As of: 2025-12-31
- Promoter holding: +51.03%
- FII holding: +25.92%
- DII holding: +18.95%
- Mutual fund holding: +14.03%
- Retail holding: +2.09%
- Promoter pledged: +0.00%

### Major reported shareholders

- Bharti Airtel Limited — +51.03% (Bodies Corporate)
- SBI ARBITRAGE OPPORTUNITIES FUND — +3.54%
- KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK SPECIAL OP — +1.68%
- LIFE INSURANCE CORPORATION OF INDIA — +1.61%
- DSP REGULAR SAVINGS FUND — +1.13%
- MIRAE ASSET INFRASTRUCTURE FUND — +1.04%
- NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA BAL — +1.00%

## Official filings

- 2026-11-04 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026183844_InvestorCallSchedule04112026CLSA.pdf)
- 2026-11-04 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261104_184501965.xml)
- 2026-11-04 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026184750_InvestorCallSchedule04112026Avendus.pdf)
- 2026-11-04 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261104_185354183.xml)
- 2026-11-04 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_04112026190450_SERTAAddressChange04112026.pdf)
- 2026-11-02 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_02112026141040_SEECTranscriptsIndus02112026.pdf)
- 2026-11-02 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261102_142535693.xml)
- 2026-10-30 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_30102026163414_InvestorCallSchedule30102026.pdf)
- 2026-10-30 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261030_165015352.xml)
- 2026-10-28 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_28102026194015_SEECRecordingsIndus28102026.pdf)
- 2026-10-28 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_6258_WebXMLFile_20261028_194624700.xml)
- 2026-10-27 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_27102026183157_SEOutcome27102026.pdf)
- 2026-10-27 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_27102026184812_SEQuarterlyReport27102026.pdf)
- 2026-10-27 — Press Release: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_27102026190204_SEPressRelease27102026.pdf)
- 2026-10-27 — Financial Results Filing: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1747196_27102026073313_WEB.xml)
- 2026-10-27 — Financial Results Filing: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1747197_27102026073349_WEB.xml)
- 2026-10-21 — Shareholding Disclosure: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1743312_21102026061216_WEB.xml)
- 2026-10-16 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_16102026192910_SEEarningsCallIndus16102026.pdf)
- 2026-10-13 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_13102026125237_SEReg74Indus13102026.pdf)
- 2026-10-08 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_08102026155652_NewspaperAdIEPFIndus08102026.pdf)
- 2026-10-05 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_6258_WebXMLFile_20261005_190152185.xml)
- 2026-10-05 — Board Meeting Notice: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_05102026185545_SEBMIntimationIndus05102026.pdf)
- 2026-10-05 — Board Meeting Notice: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_6258_WebXMLFile_20261005_190152185.xml)
- 2026-09-23 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BHARTIINFRATEL_23092026142051_SETradingWindowIndusQ2FY27.pdf)
- 2026-09-23 — Generic Announcement: Indus Towers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_6258_WebXMLFile_20260923_154252643.xml)

## News and market events

- 2026-11-06 — BUSINESSTODAY: **Bharti Airtel shares: Citi remains bullish after strong Q2 despite elevated churn; Rs 299 plan restored** — Citi Research maintained a 'Buy' rating on Bharti Airtel with a target price of Rs 2,230, citing better-than-expected revenue and EBITDA growth in its India mobile business for Q2 FY27 despite elevated subscriber churn. The brokerage noted that stronger average revenue per user accretion offset the impact of lower net additions following the temporary withdrawal and subsequent restoration of the entry-level Rs 299 prepaid plan. While highlighting strong performance in the enterprise segment and steady cash flow generation, Citi flagged risks including competitive intensity, potential tariff hi — [Source](https://www.businesstoday.in/markets/stocks/story/bharti-airtel-shares-citi-remains-bullish-after-strong-q2-despite-elevated-churn-rs-299-plan-restored-566253-2026-11-06)
- 2026-11-04 — The Hindu: **Indus Towers deploys 50,000 solar-powered telecom sites in India, targets 100,000** — Indus Towers has become the first passive telecom infrastructure company to deploy 50,000 solar-powered sites in India, aiming for a global benchmark in sustainable infrastructure. The company plans to expand its solar network to 100,000 sites and is exploring replication of this model in international markets like Africa. — [Source](https://www.thehindubusinessline.com/info-tech/indus-towers-expands-solar-network-to-50000-telecom-sites-eyes-100000-milestone/article71664673.ece)
- 2026-11-04 — NEWS.WEBINDIA123.COM: **Telecom infra company Indus Towers steps up solar adoption amid energy costs and sustainability pressures** — Telecom tower operators, including Indus Towers, are increasingly adopting solar energy to power their infrastructure. This shift aims to reduce dependence on conventional energy sources, improve energy security, and move towards more sustainable operations amid rising energy costs. — [Source](https://news.webindia123.com/news/Articles/Business/20261104/4515687.html)
- 2026-11-02 — Economic Times: **Most wanted stocks 2026: 6 stocks mutual funds are buying even as markets slump** — Six stocks including KFin Technologies, Rainbow Children’s Medicare, Indus Towers, Timken India, SBI Cards & Payment Services, and Mahindra & Mahindra have seen a gradual rise in mutual fund holdings for four consecutive quarters since September 2025. This investment activity occurs amid a broader market slump driven by geopolitical tensions, inflationary pressures, and hawkish monetary policy shifts. — [Source](https://economictimes.indiatimes.com/mf/analysis/most-wanted-stocks-2026-6-stocks-mutual-funds-are-buying-even-as-markets-slump/articleshow/135444961.cms)
- 2026-11-02 — Economic Times: **Most wanted stocks 2026: 6 stocks mutual funds are buying even as markets slump - The Economic Times** — Economic Times identified six stocks with consistently rising mutual fund holdings over the past four quarters as of September 2026, highlighting them as resilient picks amid a broader market slump. — [Source](https://economictimes.indiatimes.com/wealth/invest/most-wanted-stocks-2026-6-stocks-mutual-funds-are-buying-even-as-markets-slump/articleshow/135386027.cms)
- 2026-10-29 — Economic Times: **Indus Towers starts earning revenue from Africa expansion** — Indus Towers has started generating revenue from telecom towers deployed in Zambia and Uganda during the September quarter and plans to begin deployment in Nigeria in the current quarter. The company validated its initial capital expenditure per tower against planned levels, though it has withheld specific metrics as the portfolio has not yet reached scale. — [Source](https://economictimes.indiatimes.com/industry/telecom/telecom-news/indus-towers-starts-earning-revenue-from-africa-expansion/articleshow/135307296.cms)
- 2026-10-29 — MONEYCONTROL: **Neutral Indus Towers; target of Rs 410: Motilal Oswal** — Motilal Oswal has assigned a neutral rating to Indus Towers with a price target of Rs 410. — [Source](https://www.moneycontrol.com/news/business/neutral-indus-towers-target-of-rs-410-motilal-oswal-14063395.html)
- 2026-10-29 — MONEYCONTROL: **Indus Towers: Nomura maintains 'Buy', raises target price to Rs 510 on strong tenancy additions** — Indus Towers: Nomura maintains 'Buy', raises target price to Rs 510 on strong tenancy additions Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio Platforms Share Price Kiren Rijiju MLC Election Results Moon Rise Time Today Silver Price Nagpur MLC Election Result Amazon Layoffs US Fed Rates Varanasi MLC Polls News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold M — [Source](https://www.moneycontrol.com/news/business/stocks/indus-towers-nomura-maintains-buy-raises-target-price-to-rs-510-on-strong-tenancy-additions-14063300.html)
- 2026-10-27 — Economic Times: **Indus Towers Q2 Results: Net profit slips 2.5% to Rs 1,793 crore** — Indus Towers reported a 2.5% decline in consolidated net profit for the second quarter ended September 30. The company experienced a 4% increase in consolidated revenue, while EBITDA saw a slight rise of 0.4%. Tower and co-location bases grew by 5.6% and 5.9%, respectively, contributing to improved performance. Strong customer demand and cash generation were highlighted as key growth drivers. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/indus-towers-q2-results-net-profit-slips-2-5-to-rs-1793-crore/articleshow/135240759.cms)
- 2026-10-27 — CNBC-TV18: **Indus Towers Q2 Results: Net profit declines but revenue up 4%; EBITDA margin narrows 190 bps** — Indus Towers reported a 2.5% year-on-year decline in Q2 FY27 net profit to ₹1,793 crore, while revenue grew 4% to ₹8,516 crore. EBITDA edged up to ₹4,633 crore, but the margin narrowed to 54.4% from 56.3%. The tower base expanded 5.6% to 2,70,480, while returns on equity and capital employed declined year-on-year. — [Source](https://www.cnbctv18.com/market/stocks/indus-towers-share-price-q2-results-net-profit-declines-but-revenue-up-4-ebitda-margin-narrows-190-bps-20020613.htm)
- 2026-10-27 — MONEYCONTROL: **Indus Towers Q2 net profit falls 2.5% to Rs 1,793 crore, EBITDA rises 0.4% to Rs 4,633 crore** — Indus Towers Q2 net profit falls 2.5% to Rs 1,793 crore, EBITDA rises 0.4% to Rs 4,633 crore Indus Towers Q2 net profit falls 2.5% to Rs 1,793 crore, EBITDA rises 0.4% to Rs 4,633 crore Consolidated EBITDA rose 0.4% year-on-year to Rs 4,633 crore, against Rs 4,613 crore a year ago, while revenue increased 4% to Rs 8,516 crore from Rs 8,188 crore in the year-ago period. — [Source](https://www.moneycontrol.com/news/telecom/indus-towers-q2-net-profit-falls-2-5-to-rs-1-793-crore-ebitda-rises-0-4-to-rs-4-633-crore-14061487.html)
- 2026-10-27 — FEEDS: **Q2 Results Live: L&T, Maruti Suzuki, Tata Steel, Cipla, SBI Life, Bajaj Auto, Indus Towers, Waaree Energies In Focus** — From infrastructure and autos to pharma and financials, more than 50 companies will announce Q2 results today, keeping investors on their toes. — [Source](https://www.ndtvprofit.com/markets/q2-results-live-updates-l-t-maruti-suzuki-tata-steel-cipla-sbi-life-bajaj-auto-indus-towers-waaree-energies-among-56-companies-to-announce-earnings-to-12241083)
- 2026-10-27 — Mint: **Q2 results 2026 today, schedule: L&T, Maruti Suzuki - 100 more firms to declare quarterly earnings; Oct 27 Tue list** — Q2 results 2026 today, schedule: Key companies announcing their quarterly earnings today include Larsen & Toubro (L&T), Maruti Suzuki, Bajaj Auto, Tata Steel, Cipla, Tata Capital, Indus Towers, Mazagon Dock Shipbuilders. — [Source](https://www.livemint.com/market/stock-market-news/q2-results-2026-today-schedule-l-t-maruti-suzuki-tat-53-more-firms-to-declare-quarterly-earnings-oct-22-tue-lis-11793066756896.html)
- 2026-10-27 — CNBC-TV18: **Q2 Results LIVE Updates: Six Nifty 50 stocks including Maruti, Bajaj Auto report today; Paytm reacts** — Q2 Results LIVE Updates: Six Nifty 50 components, including Maruti Suzuki, Bajaj Auto, L&T, Cipla, will be reporting their September quarter results, along with names like ACC, PG Electroplast, Mazagon Dock and Indus Towers. Watch this space for all the LIVE Q2 result updates. — [Source](https://www.cnbctv18.com/market/q2-results-live-updates-bajaj-auto-maruti-lt-tata-steel-cipla-sbi-life-acc-indus-towers-maz-dock-pg-electroplast-sail-tata-cap-vedanta-isl-share-price-liveblog-20019855.htm)
- 2026-10-27 — Mint: **Top stocks to watch today:  L&T, Maruti Suzuki, Paytm, REC shares in focus on Tuesday, 27 Oct | Full list** — Top stocks to watch today: Larsen & Toubro, Maruti Suzuki, Paytm, DCM Shriram, Tata Consumer among shares in focus on Tuesday. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-l-t-maruti-suzuki-paytm-rec-shares-in-focus-on-tuesday-27-oct-full-list-11793064919143.html)
- 2026-10-23 — Mint: **Top telecom shares to buy: Bharti Airtel, Vodafone Idea, Indus Towers by Ambit Capital with new stock target price** — Ambit Capital expects telecom stocks to benefit from tariff hikes, rising data use and digital infrastructure growth. It named Bharti Airtel its top pick and maintained BUY ratings on Airtel, Indus Towers, Vodafone Idea and Bharti Hexacom, while flagging execution and regulatory risks. — [Source](https://www.livemint.com/market/stock-market-news/top-telecom-shares-to-buy-bharti-airtel-vodafone-idea-indus-towers-by-ambit-capital-with-new-stock-target-price-11792743892509.html)
- 2026-10-22 — BUSINESSTODAY: **Airtel, Vodafone Idea, Indus Towers: Check fresh targets for Telecom stocks amid Jio Platforms IPO** — Ambit said India’s telecom sector remains resilient, retaining its expectation of a 15 per cent tariff increase in December 2026, followed by a 12 per cent rise every two years over the next decade. — [Source](https://www.businesstoday.in/markets/stocks/story/airtel-vodafone-idea-indus-towers-check-fresh-targets-for-telecom-stocks-amid-jio-platforms-ipo-563087-2026-10-22)
- 2026-10-17 — Mint: **Parag Parikh Flexi Cap Fund cash falls to 9.77% after Rajeev Thakkar's ‘single-digit’ outlook: Where is the money going? | Mint** — Parag Parikh Flexi Cap Fund has nearly halved its cash allocation in six months, signalling a shift towards deploying money in select opportunities. With cash levels falling below 10%, the fund’s latest portfolio reveals where it is increasing exposure and how its returns compare with the benchmark. — [Source](https://www.livemint.com/money/personal-finance/parag-parikh-flexi-cap-fund-cash-falls-to-9-77-after-rajeev-thakkars-single-digit-outlook-where-is-the-money-going-11792227464975.html)
- 2026-09-30 — CNBC-TV18: **Indus Towers shares gain as it inks MoU with HEG arm for energy storage solutions** — Earlier this month, Replus Engitech had received orders from Indus Towers worth ₹217.56 crore for the supply of lithium-ion battery banks. The orders are to be executed on or before March 31, 2027. The deadline could be extended if mutually agreed upon by both parties. — [Source](https://www.cnbctv18.com/market/indus-towers-share-price-mou-heg-advanced-materials-energy-storage-solutions-telecom-infra-20001634.htm)
- 2026-09-30 — Economic Times: **FIIs dump telecom for 8th straight month, outflows cross Rs 32,000 crore. Are stocks set for rebound?** — Foreign portfolio investors have dumped Indian telecom stocks for the eighth consecutive month, pulling out over Rs 32,000 crore in CY26. Heavy 5G capex, delayed tariff hikes, and legal dues weigh on cash flows, leaving market participants questioning if a stock rebound is near. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/fiis-dump-telecom-for-8th-straight-month-outflows-cross-rs-32000-crore-are-stocks-set-for-rebound/articleshow/134578716.cms)
- 2026-09-28 — Mint: **Top 2 stocks to buy or sell tomorrow: Laurus Labs, Indus Towers by Chandan Taparia - Check stop-loss, targets** — ndian stock markets fell sharply on Monday, with the BSE Sensex down 1,124.02 points (1.52%) and the NSE Nifty down 360.25 points (1.56%). Rising crude oil prices and geopolitical uncertainty weighed on investor sentiment, affecting most sectors negatively. — [Source](https://www.livemint.com/market/stock-market-news/top-2-stocks-to-buy-or-sell-tomorrow-laurus-labs-indus-towers-by-chandan-taparia-check-stop-loss-targets-11790594465913.html)
- 2026-09-21 — Economic Times: **HEG shares rally 5% after receiving Rs 217.56 crore order from Indus Towers for lithium-ion battery banks** — HEG shares rose sharply on Monday after subsidiary Replus Engitech received a Rs 217.56 crore order from Indus Towers for lithium-ion battery banks. The order is to be executed by March 31, 2027. The development comes as HEG progresses with its demerger into separate graphite electrodes and advanced materials businesses. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/heg-shares-rally-5-after-receiving-rs-217-56-crore-order-from-indus-towers-for-lithium-ion-battery-banks/articleshow/134380584.cms)
- 2026-09-21 — BUSINESS: **Indus Towers Ltd Falls 2.21%** — Indus Towers Ltd has added 0.39% over last one month compared to 0.37% gain in BSE Telecommunication index and 3.88% drop in the SENSEX — [Source](https://www.business-standard.com/markets/capital-market-news/indus-towers-ltd-falls-2-21-126092100187_1.html)
- 2026-09-21 — MONEYCONTROL: **Buzzing Stocks: Nibe surges 8% on Naval Group MoU; VIP Industries gains on ₹500-cr fundraise** — Buzzing Stocks — [Source](https://www.moneycontrol.com/news/business/stocks/buzzing-stocks-nibe-surges-8-on-naval-group-mou-vip-industries-gains-on-500-cr-fundraise-14030711.html)
- 2026-09-20 — CNBC-TV18: **Stocks to Watch for September 21: Lenskart, Maruti Suzuki, NMDC, Mazagon Dock and more** — From Maruti Suzuki India launching automatic S-CNG variants of the Swift, Dzire and Baleno to NMDC targeting net-zero operational emissions by 2047, here are the stocks to track ahead of Monday’s trading session. — [Source](https://www.cnbctv18.com/photos/market/stocks-to-watch-for-september-21-lenskart-maruti-suzuki-nmdc-mazagon-dock-share-price-19993899.htm)

## Business profile

**Strategic vision:** Owns, builds, and operates telecom tower infrastructure.

### Business segments
- **Tower Infrastructure Operations:** Indus Towers rents tower space to telecom operators under long-term managed service agreements, builds new towers, and provides site management, power supply, and maintenance services.

### Competitive strengths
- Extensive network of passive telecom infrastructure.

## Related stocks

- [Bharti Hexacom Limited (Telecom)](https://faxioms.com/stocks/bhartihexa) — -2.38%
- [Vodafone Idea Limited (Telecom)](https://faxioms.com/stocks/idea) — -1.01%
- [Bharti Airtel Limited (Telecom)](https://faxioms.com/stocks/bhartiartl) — +2.45%
- [HFCL Limited (Telecom)](https://faxioms.com/stocks/hfcl) — -6.62%
- [ITI Limited (Telecom)](https://faxioms.com/stocks/iti) — -0.66%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/industower
Markdown representation: https://faxioms.com/stocks/industower?render=md