Who are Indus Towers's main competitors?

Named competitors: American Tower Corp (AMT), Summit Digitel Infrastructure (private or unlisted), GTL Infrastructure (private or unlisted), ATC Telecom Infrastructure (private or unlisted). The cockpit's measured peer set (sector in the same market, nearest in size) also includes SBI Funds Management (SBIFUNDS.NS), Indian Railway Finance (IRFC.NS), Power Finance (PFC.NS), Aditya Birla Capital (ABCAPITAL.NS), Canara Bank (CANBK.NS), HDFC Asset Management (HDFCAMC.NS).

Is Indus Towers expensive compared with its peers?

On forward p/e it trades at 13.7× against a peer median of 15.7×, 9th cheapest of 19 in its peer set.

How has Indus Towers stock performed?

Over six months to 6 Nov 2026 the shares returned -4.9% against -6.5% for the median peer; over one year +4.0%.

← CockpitCompetitor Analysis › INDUSTOWER.NS Indus TowersOpen in the cockpit ↗

Indus TowersINDUSTOWER.NSCompetitor analysis, valuation and peers

India · INR·Financials›Real Estate Development

India's largest telecom tower company, leasing passive infrastructure (towers, power) to mobile network operators.

≈ India's American Tower / Crown CastleMomentum neutral 56

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$10.7B

US dollars, full cap

Free float

49%

of shares outstanding

$/day

$19.7M

20-day average traded

Fwd P/E

13.7×

forward earnings

ROIC−WACC

n/a

WACC 12.4%

Hurdle

n/a

no reverse DCF

Next earnings

87 days

1 Feb 2027

Close · INR₹383.10

1D0.0%

1W+1.3%

1M-0.5%

3M-0.1%

6M-4.9%

YTD-8.5%

1Y+4.0%

ATR %2.6%

Beta0.81

52w lowhigh20.4% off high

What Indus Towers does

India's largest telecom tower company, leasing passive infrastructure (towers, power) to mobile network operators.

Charges operators a monthly rent for each tenant on a tower plus a pass-through of the diesel and electricity cost of running it, so adding another operator to a tower brings in rent at little extra cost. It was formed in 2020 by the merger of Bharti Infratel and Indus Towers, and Bharti Airtel is the largest shareholder.

In one line: India's American Tower / Crown Castle.

Products and services

Tower colocation/leasing
Power and backup infrastructure
In-building solutions

Customers

Bharti Airtel
Vodafone Idea
Reliance Jio

Where it sits in the supply chain

Telecom infrastructure
Passive tower infrastructure
Tower leasing (tenancy)

What could go right

5G rollout driving new tenancy
Rural tower additions

What could go wrong

Customer concentration (Vodafone Idea credit risk)
Tenancy ratio plateau

Moat: narrow (scale, installed base, switching costs). Large installed tower base with multi-year tenancy contracts; costly for operators to relocate.

Headquarters: Gurugram, India · Founded: 2007 · Employees: 10,777

Named competitors

American Tower Corp AMT
Summit Digitel Infrastructure private or unlisted
GTL Infrastructure private or unlisted
ATC Telecom Infrastructure private or unlisted

Indus Towers at a glance

Size Indus Towers (INDUSTOWER.NS) is an India Financials company (Real Estate Development) with a market value of $10.7B, the 117th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹383.10 on 6 Nov 2026.

Performance Over six months the shares fell 4.9%, against -6.5% for the median peer and 0.0% for the India market (cap-weighted) — 10th highest of 20 in its peer set.

Growth Revenue grew 5.3% over the last twelve months (peer median +12.2%); the operating margin is 32.1% (peer median 42.7%).

Valuation It trades at 13.7× forward earnings against a peer median of 15.7× (9th cheapest of 19).

Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Indus Towers against the median of its 20 peers (local-currency closes).

Indus Towers financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹332B	₹325B	₹301B	₹286B	₹284B
Revenue growth	—	+8%	+5%	+1%	—
Gross profit	₹126B	₹112B	₹102B	₹94.1B	₹105B
EBITDA	₹181B	₹180B	₹208B	₹147B	₹97.7B
Net income	₹71.1B	₹71.4B	₹99.3B	₹60.4B	₹20.4B
Free cash flow	n/a	₹55.5B	₹129B	₹28.5B	₹39.7B
Capital expenditure	n/a	₹86.3B	₹67.8B	₹89.5B	₹36.2B
Total debt	₹221B	₹211B	₹212B	₹205B	₹192B

Quarterly statements and history in the cockpit →

Indus Towers competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Indus Towers is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Indus Towers is the large dot.

Indus Towers competitors and peer comparison

Head to head with its named competitors (INDUSTOWER.NS vs AMT)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Indus Towers INDUSTOWER.NS	$10.7B	-5%	+5%	32%	13.7×	n/a
American Tower AMT	$87.6B	+8%	+5%	44%	27.8×	n/a

How Indus Towers compares with its peers

Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Indus Towers against its 20 peers (data as of 6 Nov 2026)
Measure	INDUSTOWER.NS	Peer median	Rank in peer set
1-month return	-0.5%	+3.9%	4th lowest of 21
6-month return	-4.9%	-6.5%	10th highest of 20
Distance from 52-week high	-20.4%	-19.4%	9th lowest of 21
Revenue growth (TTM)	+5.3%	+12.2%	8th lowest of 21
Operating margin	32.1%	42.7%	7th lowest of 21
Forward P/E	13.7×	15.7×	9th cheapest of 19

Peer table

Peer set: Sector in the same market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Indus Towers INDUSTOWER.NS	India	$10.7B	-5%	+5%	32%	13.7×	n/a	n/a
SBI Funds Management SBIFUNDS.NS	India	$10.8B	n/a	+21%	89%	31.1×	n/a	n/a
Indian Railway Finance IRFC.NS	India	$11.1B	-25%	+13%	25%	11.7×	n/a	n/a
Power Finance PFC.NS	India	$11.5B	-28%	+4%	52%	5.6×	n/a	n/a
Aditya Birla Capital ABCAPITAL.NS	India	$11.5B	+8%	+24%	15%	21.7×	n/a	n/a
Canara Bank CANBK.NS	India	$11.8B	-10%	-7%	44%	5.6×	n/a	n/a
HDFC Asset Management HDFCAMC.NS	India	$12.0B	-7%	+12%	80%	35.5×	n/a	n/a
Multi Commodity Exchange of India MCX.NS	India	$9.51B	+16%	+122%	79%	50.8×	n/a	n/a
Muthoot Finance MUTHOOTFIN.NS	India	$12.2B	-20%	+47%	49%	10.1×	n/a	n/a
One 97 Communications PAYTM.NS	India	$12.2B	+50%	+24%	2%	94.4×	n/a	n/a
IDBI Bank IDBI.NS	India	$9.04B	+5%	+3%	54%	n/a	n/a	n/a
Indian Bank INDIANB.NS	India	$12.9B	+5%	+12%	42%	8.7×	n/a	n/a
HDFC Life Insurance HDFCLIFE.NS	India	$13.0B	-10%	+19%	2%	54.9×	n/a	n/a
Bajaj Holdings & Investment BAJAJHLDNG.NS	India	$13.0B	+4%	-14%	80%	n/a	n/a	n/a
Federal Bank Ltd. (India) FEDERALBNK.NS	India	$8.81B	+14%	+11%	39%	15.7×	n/a	n/a
ICICI Lombard General Insurance ICICIGI.NS	India	$8.80B	-11%	+14%	12%	29.7×	n/a	n/a
Bank of Baroda BANKBARODA.NS	India	$13.7B	-7%	+8%	37%	6.8×	n/a	n/a
REC RECLTD.NS	India	$8.27B	-18%	-3%	35%	4.9×	n/a	n/a
Union Bank of India UNIONBANK.NS	India	$15.1B	+12%	0%	46%	6.8×	n/a	n/a
IndusInd Bank INDUSINDBK.NS	India	$7.48B	-4%	-2%	16%	15.6×	n/a	n/a
ICICI Prudential Asset Management ICICIAMC.NS	India	$15.4B	-11%	+22%	73%	39.2×	n/a	n/a

Questions

Who are Indus Towers's main competitors?: Named competitors: American Tower Corp (AMT), Summit Digitel Infrastructure (private or unlisted), GTL Infrastructure (private or unlisted), ATC Telecom Infrastructure (private or unlisted). The cockpit's measured peer set (sector in the same market, nearest in size) also includes SBI Funds Management (SBIFUNDS.NS), Indian Railway Finance (IRFC.NS), Power Finance (PFC.NS), Aditya Birla Capital (ABCAPITAL.NS), Canara Bank (CANBK.NS), HDFC Asset Management (HDFCAMC.NS).
Is Indus Towers expensive compared with its peers?: On forward p/e it trades at 13.7× against a peer median of 15.7×, 9th cheapest of 19 in its peer set.
How has Indus Towers stock performed?: Over six months to 6 Nov 2026 the shares returned -4.9% against -6.5% for the median peer; over one year +4.0%.