Indus Towers’ profit declined 2.5% in the September quarter even as revenue and its network footprint expanded, with expenses rising more quickly than sales, the company’s audited results show.
Consolidated profit was ₹17,928 million for the quarter ended Sept. 30, 2026, compared with ₹18,393 million a year earlier. Revenue from operations reached ₹85,156 million, up from ₹81,882 million in the year-ago quarter.
The audited statement recorded an expense subtotal of ₹38,826 million, compared with ₹35,755 million a year earlier. Indus said cash collected on overdue accounts contributed to a ₹1.95 billion reversal of doubtful-receivables provisions in Q2 FY26.
The company counted 270,480 towers and 440,153 co-locations at quarter-end, increases of 5.6% and 5.9%, respectively. Its tenancy ratio, which reflects the number of customer placements sharing each tower on average, was 1.63, up from 1.62 a year earlier.
Indus’ report presents shared tower leases as a lower-cost option for mobile operators than building sites independently. It says sharing can make infrastructure use more efficient and help lower telecom service costs. The report traces the spread of sharing in India over the past decade to operators’ cost-cutting efforts, lower tariffs and restrictions on tower installation.
In its India performance summary, operating free cash flow rose 6.5% to ₹1,107 crore. Adjusted Fund from Operations (AFFO), a company-defined non-Ind AS measure, fell 0.5% to ₹3,023 crore. Managing Director and CEO Prachur Sah pointed to “sustained customer demand,” co-location growth and cash generation in describing the quarter.
Indus Towers was among the companies in EconoTimes’ Q2 board-review roundup. The company’s results calendar lists Feb. 1, 2027, as the meeting date for the quarter ended Dec. 31, 2026.
