Indus Towers Q3 FY26 – Revenue Up, Profits Under Pressure

Indus Towers reported modest growth in revenue in the December 2025 quarter, but profitability declined sharply due to higher costs and margin pressure. • Sales: ↑ 8% YoY to ₹8,146 crore (vs ₹7,547 crore in Dec 2024) • EBIDT: ↓ 36% YoY to ₹4,468 crore (vs ₹6,958 crore) • Net Profit: ↓ 56% YoY to ₹1,776 crore (vs ₹4,003 crore) • EPS: ↓ 56% YoY to ₹6.73 (vs ₹15.17) At a price of ₹432, market cap ₹1,13,876 crore, and PE 16.0, Indus Towers reflects mixed performance. While the core business continues to grow steadily, the sharp drop in profits indicates short-term margin stress. Recovery in earnings will depend on cost control, tenancy additions, and stabilization in receivables from telecom operators.