Indus Towers Limited stands as India’s largest telecom tower infrastructure company, committed to building robust and sustainable infrastructure for seamless connectivity. Dedicated to supporting the rapid deployment of cutting-edge technology standards for cellular networks, Indus Towers Limited is committed to innovation and sustainability, helping to weave a more connected and technologically advanced future, driving the nation’s digital progress forward. Indus Towers Limited telecom infrastructure plays a pivotal role in accelerating growth with purpose, focusing on performance highlights, corporate overview, and value creation approach.
Introduction to Indus Towers Limited
Vision and Mission
Indus Towers Limited telecom infrastructure is at the core of digital India, with a mission to deliver profitable growth through excellence and innovation. The vision of Indus Towers Limited is to transform lives through sustainable digital infrastructure and services. Values such as Excellence, Customer, Integrity, Teamwork, and Environment (ExCITE) guide Indus Towers Limited in ensuring best-in-class processes, being the preferred partner for customers, maintaining the highest standards of professional conduct, being responsible towards the environment, and thinking and working together beyond self.
Core Focus Areas
Indus Towers Limited’s core focus includes sustainability, customer focus, and innovation, minimizing environmental impact, delivering reliable cost-effective infrastructure, and using technology to improve performance and efficiency. Indus Towers Limited continues to build an agile, tech-driven organization that is future-ready and environmentally responsible, focusing on digitalizing operations end-to-end through smarter infrastructure and streamlined processes.
Business Segments of Indus Towers Limited
Overview of Business Segments
Indus Towers Limited’s business segments revolve around its core role as a provider of passive telecom infrastructure. Indus Towers Limited operates primarily in the telecom tower infrastructure segment, which includes the deployment and management of telecom towers and related assets. This segment empowers mobile network operators across the nation by enabling seamless mobile and broadband connectivity.
Passive Telecom Infrastructure Segment
The primary segment is passive telecom infrastructure, which includes traditional towers, innovative designs like hybrid, monopole, or camouflaged towers, and in-building solutions (IBS) such as distributed antenna systems (DAS) and small cells for indoor coverage. This segment is the main revenue generator for Indus Towers Limited, contributing to the majority of its sharing revenue.
Tower Infrastructure
Indus Towers Limited’s tower infrastructure includes approximately 249,305 towers, with 32,800 added in FY25, including lean towers and approximately 12,600 acquired from Bharti Airtel. The tenancy ratio is industry-leading at 1.63x.
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In-Building Solutions (IBS)
Indus Towers Limited’s IBS portfolio includes approximately 1,400 tenancies, with 290 added in FY25, supporting indoor coverage for high-density areas.
Smart City Infrastructure Segment
The smart city infrastructure segment involves partnerships with state authorities to deploy smart digital infrastructure. This includes smart poles integrated with LED lighting, CCTV cameras, environmental sensors, public Wi-Fi, digital messaging boards for traffic and civic communication, and fibre backbone supporting city-wide connectivity and IoT applications. This segment aligns with Indus Towers Limited’s sustainability and innovation goals.
Smart Poles and IoT Applications
Smart poles provide multi-utility solutions, enhancing urban living and supporting smart city initiatives across India.
Fibre and Satellite Connectivity Segment
The fibre and satellite connectivity (passive layer) segment offers advanced broadband solutions, including fibre to the home (FTTH) for high-speed, low-latency internet and One Web for satellite broadband in remote areas. This segment complements tower infrastructure and supports digital inclusion.
Fibre to the Home (FTTH)
FTTH provides high-speed internet, critical for urban and semi-urban connectivity.
Satellite Broadband
One Web satellite solutions bridge connectivity gaps in remote and underserved regions.
Operations and Monitoring Services Segment
The operations and monitoring services segment includes the Tower Operations Centre (TOC), the nerve centre for nationwide infrastructure management. It provides 24×7 monitoring for real-time fault detection and resolution, AI/ML-enabled systems for predictive analytics and automated diagnostics, and multi-vendor support integrating over 260 OSS platforms from Ericsson, Nokia, Huawei, ZTE, Samsung, and indigenous RMS providers.
Tower Operations Centre (TOC)
The TOC ensures 99.97% uptime, leveraging AI/ML for predictive maintenance and operational excellence.
Sustainable Power Solutions Segment
The sustainable power solutions segment provides reliable and cost-effective energy solutions to power telecom equipment. It includes an energy mix of grid electricity, diesel generators, solar power, and battery banks, with a green energy transition increasing renewable energy adoption and power efficiency optimization.
Solar Power Initiatives
Indus Towers Limited operates approximately 30,000 solar sites, reducing diesel consumption by 6% YoY.
Lithium-Ion Batteries
The shift to lithium-ion batteries enhances durability and supports sustainability goals.
Site Acquisition and Space Management Segment
The site acquisition and space management segment involves acquiring and managing strategic locations for infrastructure deployment. It includes land and lease management from residential, commercial, and institutional property owners, bundled solutions, and digitally-enabled lifecycle support through landlord engagement platforms.
Land and Lease Management
Indus Towers Limited manages leases for approximately 249,305 tower sites, ensuring long-term viability.
Revenue Breakup by Business Segments
Indus Towers Limited’s revenue from operations is ₹301,228 Million, with sharing revenue at ₹191,974 Million (approximately 63.7%), primarily from the passive telecom infrastructure segment. Energy reimbursements contribute approximately 30-35%, while smart city infrastructure, fibre connectivity, and other ancillary segments contribute an estimated 5-10%. The passive telecom infrastructure segment, including towers (249,305) and co-locations (405,435), drives over 90% of core business revenue.
Products or Services Offered by Indus Towers Limited
Overview of Products and Services
Indus Towers Limited’s products and services are designed to power India’s digital growth, providing robust infrastructure for telecom operators, enterprises, and communities. The offerings include passive telecom infrastructure, fibre and satellite connectivity, smart city infrastructure, operations and monitoring services, sustainable power solutions, and site acquisition and space management.
Passive Telecom Infrastructure Products
Traditional and Innovative Towers
Indus Towers Limited’s passive telecom infrastructure includes towers housing customers’ active equipment (base transceiver stations, transmission links, microwave antennas). Products include traditional towers (ground or rooftop), innovative designs (hybrid, monopole, camouflaged towers), and lean towers for cost efficiency.
In-Building Solutions (IBS)
IBS products like distributed antenna systems (DAS) and small cells provide indoor coverage, with approximately 1,400 tenancies supporting 5G and high-density areas.
Fibre and Satellite Connectivity Products
Fibre to the Home (FTTH)
FTTH delivers high-speed, low-latency internet, supporting urban and semi-urban connectivity.
Satellite Broadband (One Web)
One Web provides satellite broadband for remote areas, bridging the digital divide.
Smart City Infrastructure Products
Smart Poles
Smart poles integrate LED lighting, CCTV cameras, environmental sensors, public Wi-Fi, and digital messaging boards, supporting smart city initiatives.
Fibre Backbone
The fibre backbone enables city-wide connectivity and IoT applications, enhancing urban infrastructure.
Operations and Monitoring Services
Tower Operations Centre (TOC)
The TOC provides 24×7 monitoring, AI/ML-enabled predictive analytics, and multi-vendor support for over 260 OSS platforms, ensuring 99.97% uptime.
Predictive Maintenance
AI/ML systems enable automated diagnostics and fault resolution, enhancing operational efficiency.
Sustainable Power Solutions Products
Energy Mix
Indus Towers Limited’s energy mix includes grid electricity, diesel generators, solar power (approximately 30,000 sites), and battery banks.
Green Energy Transition
The shift to renewable energy and lithium-ion batteries reduces diesel consumption by 6% YoY and supports net-zero goals.
Site Acquisition and Space Management Services
Land Acquisition
Indus Towers Limited acquires strategic locations for tower deployment, managing leases with property owners.
Digital Landlord Engagement
Digitally-enabled platforms ensure seamless lease management and stakeholder alignment.
Revenue Breakup by Products and Services
Indus Towers Limited’s revenue from operations is ₹301,228 Million, with sharing revenue from passive telecom infrastructure products at ₹191,974 Million (63.7%). Energy and power-related services contribute approximately 30-35%, while smart city, fibre, and other ancillary products and services make up 5-10%. The passive telecom infrastructure products drive the majority of revenue through co-location fees.
Company History of Indus Towers Limited
Incorporation and Early Years
Indus Towers Limited’s history begins with its incorporation in 2006 as Bharti Infratel Limited, with CIN L64201HR2006PLC073821. The company was listed on December 28, 2012, marking a significant milestone as a leading telecom tower infrastructure provider.
Merger with Erstwhile Indus Towers
In FY21, the merger of erstwhile Indus Towers Limited with Bharti Infratel was effective from April 1, 2017, for proforma purposes, creating the current Indus Towers Limited. The merger consolidated the passive telecom infrastructure business, forming India’s largest tower company with approximately 2.6 Lakh towers.
Strategic Acquisitions
In FY25, Indus Towers Limited acquired approximately 12,600 towers from Bharti Airtel, enhancing its portfolio and market share.
Financial Growth Trajectory
Indus Towers Limited’s revenue grew from ₹256,729 Million in 2021 to ₹301,228 Million in 2025, with a 64.5% YoY increase in net profit to ₹99,317 Million in FY25. The company maintains an industry-leading tenancy ratio of 1.63x and uptime of 99.97%.
Sustainability Milestones
Indus Towers Limited’s sustainability journey includes SBTi validation for net-zero by 2050, expanding solar sites to approximately 30,000, and impacting 17.36 Million lives through CSR in FY25.
Awards and Recognition
Indus Towers Limited has received awards like the Gallup Exceptional Workplace Award for 12 years, ET Telecom Innovative Company of the Year 2025, and Mahatma Award for CSR Excellence 2024.
Brands Details and List of Indus Towers Limited
Primary Brand Overview
Indus Towers Limited operates under the unified brand “Indus Towers Limited,” encompassing all products and services in passive telecom infrastructure. No multiple brands are mentioned post-merger.
Brand Attributes
The brand Indus Towers Limited represents excellence in telecom towers, co-locations, IBS, smart city solutions, and sustainable power, with approximately 4.2 Lakh co-locations and 2.6 Lakh towers.
Revenue Breakup by Brands
Revenue breakup is 100% under the Indus Towers Limited brand, as it is the sole brand driving all operations.
Brand Recognition and Campaigns
The Indus Towers Limited brand is known for its ‘Zero Goal Hai’ campaign, targeting zero emissions, harm, waste, bias, and non-compliance. Awards include India’s Most Sustainable Companies 2024 by BW Businessworld and Excellence in Telecom Infrastructure Award at ABP LIVE India Infrastructure Conclave 2024.
Stakeholder Engagement through Brand
Indus Towers Limited’s brand focuses on customer satisfaction (score 85/100) and supplier satisfaction (83/100), reinforcing its reputation for innovation and sustainability.
Geographical Presence of Indus Towers Limited
Nationwide Footprint
Indus Towers Limited’s geographical presence spans 22 telecom circles and 36 states and Union Territories, covering urban, rural, and high-density areas. Approximately 50% of towers added in FY25 were in rural India, driving digital inclusion.
List of States and Union Territories
Indus Towers Limited operates in all 36 states and UTs, including Andhra Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, West Bengal, and UTs like Chandigarh, Puducherry, etc.
Circle Offices Locations
Circle offices include:
- Bhubaneswar: IDCO Plot No C-3/2, 3rd Floor, Chandaka Industrial Area, Chandrasekharpur, Khordha, Odisha, 751021
- Patna: 2nd & 3rd Floor, Alankar Business Centre, East Boring Canal Road, Buddha Colony, Patna
- Other offices in cities like Delhi, Mumbai, Kolkata, Chennai, Hyderabad, etc.
Revenue Breakup by Geography
Revenue breakup by geography is not specified, but urban areas likely contribute approximately 60% due to higher tenancy, with rural areas at 40%, based on tower additions.
Connectivity and Uptime
Indus Towers Limited’s geographical presence ensures seamless connectivity, supporting 99.97% uptime across diverse terrains.
Financials of Indus Towers Limited
Consolidated Profit and Loss Statement
Indus Towers Limited’s financial performance in FY25 includes revenue from operations of ₹301,228 Million.
Consolidated P&L Table
| Particulars | Units | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | ₹ Million | 256,729 | 277,172 | 283,818 | 286,006 | 301,228 |
| EBITDA | ₹ Million | 132,575 | 149,429 | 97,670 | 146,939 | 208,447 |
| EBIT | ₹ Million | 77,575 | 95,755 | 43,447 | 84,967 | 142,479 |
| Finance Cost (Net) | ₹ Million | 14,021 | 14,973 | 14,539 | 7,354 | 14,400 |
| Profit before Tax | ₹ Million | 66,537 | 84,307 | 27,593 | 81,224 | 131,537 |
| Profit after Tax | ₹ Million | 49,751 | 63,731 | 20,400 | 60,362 | 99,317 |
| EPS (Diluted) | ₹ | 18.46 | 23.66 | 7.57 | 22.40 | 37.31 |
Consolidated Balance Sheet
Consolidated Balance Sheet Table
| Particulars | As at March 31, 2025 (₹ Million) |
|---|---|
| Total Capital Employed | 505,183 |
| Net Debt / (Net Cash) with Lease Liabilities | 180,200 |
| Net Debt / (Net Cash) without Lease Liabilities | (8,734) |
| Shareholder’s Equity | 324,983 |
Standalone Balance Sheet Details
| Particulars | As at March 31, 2025 (₹ Million) |
|---|---|
| Property, Plant and Equipment (PPE) | 294,036 |
| Right of Use (ROU) Assets | 149,337 |
| Investments | 200 |
| Trade Receivables | 52,280 |
| Cash and Cash Equivalents | 17,079 |
| Borrowings | 8,345 |
| Lease Liabilities | 180,200 |
Consolidated Cash Flow Statement
Consolidated Cash Flow Table
| Particulars | Year ended March 31, 2025 (₹ Million) |
|---|---|
| Operating Free Cash Flow | 104,275 |
| Adjusted Fund From Operations (AFFO) | 159,099 |
| Capex | 68,699 |
| Net Cash Flow from / (used in) Investing Activities | (109,105) |
Standalone Cash Flow Details
| Particulars | Year ended March 31, 2025 (₹ Million) |
|---|---|
| Net Cash Flow from Operating Activities | 152,900 |
| Net Cash Flow from / (used in) Investing Activities | (109,105) |
| Net Cash Flow from / (used in) Financing Activities | (51,895) |
Subsidiary, Wholly-Owned Subsidiary, and Associate Details of Indus Towers Limited
Overview of Subsidiaries
Indus Towers Limited’s subsidiaries include Smartx Services Limited, a wholly-owned subsidiary with 100% stake.
Wholly-Owned Subsidiaries List
Smartx Services Limited
- Stake: 100%
- Acquisition Date: September 19, 2017
- Principal Activities: Business support services related to smart city and scrap management
- Financials: Share capital ₹200 Million, reserves and surplus ₹(74) Million, total assets corresponding amount
Associates and Joint Ventures
Indus Towers Limited has no associates or joint ventures. The controlled trust, Indus Towers Employees Welfare Trust, is not a subsidiary.
Revenue Breakup by Subsidiaries
Smartx Services Limited’s revenue is included in the consolidated revenue of ₹301,228 Million, estimated at less than 1%, with Indus Towers Limited contributing over 99%.
Information about Physical Properties of Indus Towers Limited
Overview of Physical Properties
Indus Towers Limited’s physical properties include circle offices across India and approximately 249,305 tower sites, with 92% outdoor sites and approximately 30,000 solar sites.
List of Circle Offices
- Bhubaneswar: IDCO Plot No C-3/2, 3rd Floor, Chandaka Industrial Area, Chandrasekharpur, Khordha, Odisha, 751021
- Patna: 2nd & 3rd Floor, Alankar Business Centre, East Boring Canal Road, Buddha Colony, Patna
- Other offices in Delhi, Mumbai, Kolkata, Chennai, Hyderabad, etc.
Tower Sites Infrastructure
Indus Towers Limited’s tower sites include ground-based, rooftop, and lean towers, with a gross carrying value of property, plant, and equipment at ₹727,004 Million.
Corporate Office
The corporate office is in Gurugram or Delhi NCR, though the exact address is not specified.
Founders Details of Indus Towers Limited
Background on Founders
Indus Towers Limited’s founders are not explicitly named, as the company was established in 2006 under the Bharti Group as Bharti Infratel Limited.
Origin and Establishment
The origin is tied to Bharti Airtel’s infrastructure arm, with the 2017 merger creating the current Indus Towers Limited.
Board of Directors Details of Indus Towers Limited
Board Composition Overview
Indus Towers Limited’s board comprises 11 members, with a mix of executive, non-executive, and independent directors, averaging over 35 years of experience in telecom, finance, and governance.
List of Directors
- Dinesh Kumar Mittal: Chairman and Independent Director, appointed April 1, 2024. Oversees strategy and governance.
- Prachur Sah: Managing Director & CEO, executive director, responsible for operations and strategy execution.
- Harjeet Singh Kohli: Non-Executive Director, contributes to strategic priorities.
- Anita Kapur: Independent Director.
- Sonu Bhasin: Independent Director (up to August 30, 2024).
- N Kumar: Independent Director (up to March 31, 2024).
- Sharad Bhansali: Independent Director.
- Ramesh Abhishek: Independent Director.
- Rajan Bharti Mittal: Non-Executive Director.
- Gopal Vittal: Non-Executive Director.
- Pankaj Tewari: Non-Executive Director (up to July 31, 2024).
- Sunil Sood: Non-Executive Director (up to November 18, 2024).
- Thomas Reisten: Non-Executive Director (up to November 18, 2024).
- Randeep Singh Sekhon: Non-Executive Director (up to January 20, 2025).
- Ravinder Takkar: Non-Executive Director (up to November 18, 2024).
- Jagdish Saksena Deepak: Non-Executive Director (appointed August 1, 2024).
- Rakesh Bharti Mittal: Non-Executive Director (appointed January 20, 2025).
- Soumen Ray: Non-Executive Director (appointed January 20, 2025).
Shareholding Details of Indus Towers Limited
Promoter Shareholding
Indus Towers Limited’s shareholding shows Bharti Airtel Limited holding 50.01%, making Indus Towers Limited its subsidiary. Vodafone Plc exited its approximately 21% stake in FY25.
Major Shareholders
Public shareholders number approximately 430,000, with total equity share capital of ₹26,381 Million. Promoters hold approximately 50%+, public approximately 49%.
Share Buyback
In FY25, Indus Towers Limited completed a buyback of 56,774,193 shares at ₹465 per share, aggregating ₹26,400 Million.
Parent Company Details of Indus Towers Limited
Overview of Parent Company
Indus Towers Limited’s parent company is Bharti Airtel Limited, with a 50.01% stake as of FY25. Bharti Airtel is India’s leading telecom operator, and Indus Towers Limited supports its network expansion.
Strategic Relationship
Transactions with Bharti Airtel include revenue from operations of ₹176,324 Million and acquisition of passive infrastructure worth ₹19,820 Million.
Investment Details of Indus Towers Limited
Capital Expenditure Investments
Indus Towers Limited’s investments focus on capex for tower expansion and efficiency, with ₹68,699 Million in FY25, including maintenance and general corporate capex of ₹13,875 Million.
Energy Efficiency Investments
Investments in energy efficiency total ₹1,128 Million, with 180 MW of green energy open access locked in.
Subsidiary Investments
Investment in Smartx Services Limited is ₹200 Million (100% stake).
Other Financial Investments
Investments in mutual funds are ₹14,861 Million (current), with equity instruments of ₹28 Million disposed in FY25.
Revenue Breakup by Investments
Revenue breakup for investments is not applicable, as capex does not generate separate revenue.
Future Investment Plan of Indus Towers Limited
Strategic Capex Plans
Indus Towers Limited’s future investment plan focuses on sustained capex for tower expansion, 5G support, and green energy. Plans include upgrading infrastructure for 5G and next-generation technologies.
Technology and Innovation Investments
Investments in AI-led tools for monitoring and predictive maintenance will enhance operational efficiency.
Sustainability Investments
Sustainability investments target net-zero by 2050, including the FutureEarth initiative to plant 1 Million trees by 2027.
Productivity and Expansion Targets
Future capex productivity targets around 27%, with focus on lithium-ion batteries, lighter towers, and solar site expansion. Ancillary investments in IBS, satellite infrastructure, small cells, and last-mile fiberization aim to capitalize on data consumption growth to 50 GB by 2030.
