Indus Towers Q2 FY27 Results: Consolidated Net Profit ₹1,793 Crore on Total Income of ₹8,622 Crore

Earnings
telecom infrastructure

Blacklitt Research27 October 20263 min read

Aerial view of a tall cellular telecom tower with antennas beside a farmhouse, equipment cabinets and fields — Wikideas1, via Wikimedia Commons (CC0). Illustrative image.

Indus Towers (NSE: INDUSTOWER) reported total income of ₹8,622 crore and a net profit of ₹1,793 crore on a consolidated basis for the quarter ended 30 Sep 2026, it said in a filing on 27 Oct 2026. Standalone total income was ₹8,621 crore and standalone net profit ₹1,799 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹8,621.80 crore, up 4.3% YoY and 0.8% QoQ
Net profit and EPS: ₹1,793 crore, down 2.5% YoY and up 2.7% QoQ; basic EPS ₹6.80
Finance costs: ₹454.60 crore, down from ₹485.50 crore in Q1 FY27

Standalone

The company on its own, without its subsidiaries

Total income: ₹8,621.20 crore, up 4.2% YoY and 0.8% QoQ
Net profit and EPS: ₹1,799 crore, down 2.1% YoY and up 3.0% QoQ; basic EPS ₹6.82
Final dividend: ₹14 per share for FY 2025-26, paid after the 19 Aug 2026 AGM

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	8,622	8,270	+4.3%	8,552	+0.8%
Revenue from operations	8,516	8,188	+4.0%	8,431	+1.0%
Other income	106	82	+29.7%	121	-12.4%
	1,793	1,839	-2.5%	1,746	+2.7%
Profit before tax	2,411	n/a	n/a	2,347	+2.7%
Finance costs	455	n/a	n/a	486	-6.4%
Depreciation	1,944	n/a	n/a	1,894	+2.7%
Tax expense	618	639	-3.2%	602	+2.8%
Net profit margin	20.79%	22.24%	-1.45 pp	20.41%	+0.38 pp
EPS, basic (₹)	6.80	6.97	-2.4%	6.62	+2.7%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Consolidated net profit fell 2.5% YoY while total income rose 4.3%. Revenue from operations rose 4.0%, and other income rose 29.7% to ₹106 crore, so the other-income line grew faster than the operating line but is small against it at 1.2% of total income.

Finance costs of ₹455 crore are 5.3% of total income this quarter, and the consolidated tax expense of ₹618.40 crore is 25.6% of profit before tax of ₹2,411.20 crore.

The filing's auditors, Deloitte Haskins & Sells LLP, gave an unmodified opinion. The filing says a large customer accounts for a significant part of revenue and receivables; the company says it expects to recover the related receivables and property, plant and equipment in the normal course of business, and the company does not recognise revenue equalisation income for that customer, citing the customer's financial condition.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	8,621	8,271	+4.2%	8,552	+0.8%
Revenue from operations	8,515	8,188	+4.0%	8,431	+1.0%
Other income	106	83	+28.1%	121	-12.4%
	1,799	1,837	-2.1%	1,745	+3.0%
Profit before tax	2,419	2,475	-2.3%	2,347	+3.0%
Finance costs	454	462	-1.9%	485	-6.5%
Depreciation	1,943	1,800	+7.9%	1,893	+2.7%
Tax expense	620	638	-2.9%	602	+3.0%
Net profit margin	20.86%	22.21%	-1.34 pp	20.41%	+0.45 pp
EPS, basic (₹)	6.82	6.96	-2.0%	6.62	+3.0%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit fell 2.1% YoY, less than the 2.3% fall in profit before tax, while total income rose 4.2%. Standalone profit before tax of ₹2,418.50 crore is 2.3% below the year-ago quarter, and depreciation rose 7.9% to ₹1,943 crore.

Standalone net profit is ₹6 crore above consolidated net profit this quarter. Standalone tax expense of ₹619.90 crore is 25.6% of profit before tax.

The filing says the company has a single reportable segment, wireless communication towers, and that the Employees Welfare Trust held 186,668 shares at 30 Sep 2026.

Inference

The filing says the board approved the results on 27 Oct 2026 after Audit Committee review, and that the company paid a final dividend of ₹14 per share for FY 2025-26, with ₹3,693 crore paid in the half year on a consolidated basis. Consolidated other equity stood at ₹368,252 million at 30 Sep 2026.

The filing does not state the name or outstanding amount of the large customer, the outcome of the AGR matter for that customer, or whether revenue equalisation income not recognised so far will be recognised later.

Reference: Original filing (PDF)

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Indus Towers Q2 FY27 Results: Consolidated Net Profit ₹1,793 Crore on Total Income of ₹8,622 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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