Indus Towers Limited, based in Gurugram, Haryana, is a premier Indian telecommunications infrastructure provider, delivering passive infrastructure services to mobile network operators and other wireless service providers. The company was founded in November 2007 by Bharti Infratel (a subsidiary of Bharti Airtel), Vodafone Essar, and Idea Cellular to offer shared telecom infrastructure on a non-discriminatory basis. On November 19, 2020, Bharti Infratel merged with Indus Towers, creating one of the largest mobile tower infrastructure operators worldwide. Post-merger, Bharti Airtel holds a 36.73% stake, Vodafone Group owns 28.12%, and Providence Equity possesses 3.1% of the company.
Indus Towers boasts over 192,874 towers and 342,831 co-locations, with a presence in all 22 telecom circles in India. It has achieved 289,000 tenancies, setting a global precedent in the telecom tower industry. With the widest coverage in India, Indus Towers serves major clients including Airtel, Bharti Hexacom, Jio, and Vi. The company’s extensive infrastructure and strategic partnerships position it as a key player in the telecommunications sector, supporting the growth and connectivity needs of India’s mobile network operators.
History of Indus Towers Limited
Indus Towers Limited, founded in November 2007 by Bharti Infratel, Vodafone Essar, and Idea Cellular, aimed to merge their passive infrastructure assets across 16 telecom circles to provide shared telecom infrastructure to operators on a non-discriminatory basis. Initially, Bharti Infratel and Vodafone Group each held a 42% stake, Vodafone Idea held 11.15%, and Providence Equity held 4.85%. In 2017, Bharti Infratel sought to acquire a 53% stake in Indus Towers from Vodacom Group and Vodafone Idea, but Vodafone considered floating their stake instead. By April 2018, Bharti Airtel (Bharti Infratel’s parent company), Vodafone Group, and Vodafone Idea agreed to merge Bharti Infratel with Indus Towers, valuing the latter at $10 billion. The merger, completed on November 19, 2020, faced several delays and approvals but ultimately made Indus Towers one of the world’s largest telecom tower infrastructure operators. Post-merger, Bharti Airtel held 36.73%, Vodafone Group 28.12%, Providence Equity 3.1%, and public shares 35.2%. On June 19, 2024, Vodafone Group Plc sold an 18% stake in Indus Towers for Rs 15,300 crore to clear a substantial portion of its $1.8 billion borrowings, marking a significant development in Indus Towers’ growth trajectory.
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | |
| Promoters + | 68.99% | 68.99% | 68.99% | 68.99% | 52.01% |
| FIIs + | 23.94% | 21.41% | 20.71% | 16.40% | 23.15% |
| DIIs + | 4.51% | 6.69% | 7.08% | 9.90% | 16.97% |
| Public + | 2.53% | 2.90% | 3.18% | 4.68% | 7.82% |
| Others + | 0.02% | 0.01% | 0.04% | 0.04% | 0.03% |
| No. of Shareholders | 2,71,679 | 2,64,674 | 2,67,108 | 3,10,694 | 4,06,689 |
From June 2023 to June 2024, Indus Towers Limited experienced notable changes in its shareholding patterns. The promoters maintained a stable 68.99% stake until March 2024, when it significantly dropped to 52.01% by June 2024. Foreign Institutional Investors (FIIs) saw fluctuations, starting at 23.94% in June 2023, dipping to 16.40% in March 2024, and then rising to 23.15% by June 2024. Domestic Institutional Investors (DIIs) steadily increased their holdings from 4.51% in June 2023 to 16.97% in June 2024. The public shareholding also grew from 2.53% in June 2023 to 7.82% by June 2024, indicating increased retail investor interest. The category of ‘Others’ remained relatively insignificant, fluctuating slightly around 0.01% to 0.04%. Additionally, the number of shareholders expanded substantially from 271,679 in June 2023 to 406,689 by June 2024, reflecting growing investor engagement and interest in Indus Towers Limited.
Below are the trading platforms that you can use to purchase Indus Towers Ltd shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| August 2024 | 455.55 | 396.13 |
| September 2024 | 473.78 | 411.98 |
| October 2024 | 464.49 | 403.90 |
| November 2024 | 483.07 | 420.06 |
| December 2024 | 487.90 | 424.26 |
In 2024, Indus Towers Ltd’s stock prices are anticipated to exhibit a consistent upward trend. In August 2024, the maximum and minimum prices are expected to be ₹455.55 and ₹396.13, respectively. The trend continues in September 2024, with projected prices of ₹473.78 and ₹411.98. In October 2024, the stock prices are forecasted to reach a maximum of ₹464.49 and a minimum of ₹403.90. By November 2024, the prices are expected to rise further, with the maximum at ₹483.07 and the minimum at ₹420.06. Finally, in December 2024, Indus Towers Ltd’s stock prices are projected to peak at ₹487.90 and ₹424.26, demonstrating a strong finish for the year.
| When | Maximum Price | Minimum Price |
| January 2025 | 492.78 | 379.06 |
| February 2025 | 497.75 | 382.89 |
| March 2025 | 508.21 | 390.93 |
| April 2025 | 503.17 | 387.06 |
| May 2025 | 488.52 | 375.78 |
| June 2025 | 510.50 | 392.69 |
| July 2025 | 500.49 | 384.99 |
| August 2025 | 515.97 | 396.90 |
| September 2025 | 522.16 | 401.66 |
| October 2025 | 535.74 | 412.11 |
| November 2025 | 549.13 | 422.41 |
| December 2025 | 573.84 | 441.42 |
In 2025, Indus Towers Ltd share prices are expected to fluctuate each month. In January, the maximum price is anticipated to be ₹492.78, with a minimum of ₹379.06. February’s prices are likely to range between ₹497.75 and ₹382.89, while March could see prices from ₹508.21 to ₹390.93. April’s expected prices are ₹503.17 and ₹387.06, and May could see a range from ₹488.52 to ₹375.78. June’s prices are projected to vary between ₹510.50 and ₹392.69. In July, the share prices might range from ₹500.49 to ₹384.99, and August is expected to see prices between ₹515.97 and ₹396.90. September could witness prices from ₹522.16 to ₹401.66. October’s prices are anticipated to range from ₹535.74 to ₹412.11, while November’s prices might be between ₹549.13 and ₹422.41. Finally, December 2025 could see prices peaking at ₹573.84 and dipping to ₹441.42.
| When | Maximum Price | Minimum Price |
| January 2026 | 591.06 | 454.66 |
| February 2026 | 576.28 | 443.29 |
| March 2026 | 587.81 | 452.16 |
| April 2026 | 599.80 | 461.39 |
| May 2026 | 593.87 | 456.82 |
| June 2026 | 608.71 | 468.24 |
| July 2026 | 596.78 | 459.06 |
| August 2026 | 615.23 | 473.26 |
| September 2026 | 627.54 | 482.72 |
| October 2026 | 643.85 | 495.27 |
| November 2026 | 659.95 | 507.65 |
| December 2026 | 676.45 | 520.35 |
| When | Maximum Price | Minimum Price |
| January 2027 | 683.21 | 525.55 |
| February 2027 | 700.73 | 539.02 |
| March 2027 | 728.06 | 560.05 |
| April 2027 | 713.78 | 549.07 |
| May 2027 | 693.00 | 533.07 |
| June 2027 | 724.18 | 557.06 |
| July 2027 | 709.98 | 546.14 |
| August 2027 | 731.94 | 563.03 |
| September 2027 | 757.56 | 582.74 |
| October 2027 | 777.25 | 597.89 |
| November 2027 | 796.68 | 612.83 |
| December 2027 | 816.60 | 628.15 |
| When | Maximum Price | Minimum Price |
| January 2028 | 832.93 | 640.72 |
| February 2028 | 854.29 | 657.15 |
| March 2028 | 887.61 | 682.78 |
| April 2028 | 870.20 | 669.39 |
| May 2028 | 844.86 | 649.89 |
| June 2028 | 882.88 | 679.14 |
| July 2028 | 865.57 | 665.82 |
| August 2028 | 892.34 | 686.41 |
| September 2028 | 923.57 | 710.44 |
| October 2028 | 947.58 | 728.91 |
| November 2028 | 971.27 | 747.13 |
| December 2028 | 995.55 | 765.81 |
| When | Maximum Price | Minimum Price |
| January 2029 | 1,015.46 | 781.12 |
| February 2029 | 1,041.50 | 801.15 |
| March 2029 | 1,082.12 | 832.40 |
| April 2029 | 1,060.90 | 816.08 |
| May 2029 | 1,030.00 | 792.31 |
| June 2029 | 1,076.35 | 827.96 |
| July 2029 | 1,055.25 | 811.73 |
| August 2029 | 1,087.88 | 836.83 |
| September 2029 | 1,125.96 | 866.12 |
| October 2029 | 1,155.23 | 888.64 |
| November 2029 | 1,184.11 | 910.86 |
| December 2029 | 1,213.72 | 933.63 |
| When | Maximum Price | Minimum Price |
| January 2030 | 1,237.99 | 952.30 |
| February 2030 | 1,269.73 | 976.72 |
| March 2030 | 1,319.25 | 1,014.81 |
| April 2030 | 1,293.39 | 994.91 |
| May 2030 | 1,255.71 | 965.93 |
| June 2030 | 1,312.22 | 1,009.40 |
| July 2030 | 1,286.49 | 989.61 |
| August 2030 | 1,326.28 | 1,020.22 |
| September 2030 | 1,372.70 | 1,055.92 |
| October 2030 | 1,408.39 | 1,083.38 |
| November 2030 | 1,443.60 | 1,110.46 |
| December 2030 | 1,479.69 | 1,138.22 |
In 2030, Indus Towers Ltd share prices are expected to fluctuate each month. In January, the maximum price is anticipated to be ₹1,237.99, with a minimum of ₹952.30. February’s prices are likely to range between ₹1,269.73 and ₹976.72, while March could see prices from ₹1,319.25 to ₹1,014.81. April’s expected prices are ₹1,293.39 and ₹994.91, and May could see a range from ₹1,255.71 to ₹965.93. June’s prices are projected to vary between ₹1,312.22 and ₹1,009.40. In July, the share prices might range from ₹1,286.49 to ₹989.61, and August is expected to see prices between ₹1,326.28 and ₹1,020.22. September could witness prices from ₹1,372.70 to ₹1,055.92. October’s prices are anticipated to range from ₹1,408.39 to ₹1,083.38, while November’s prices might be between ₹1,443.60 and ₹1,110.46. Finally, December 2030 could see prices peaking at ₹1,479.69 and dipping to ₹1,138.22.
Financial Condition of Indus Towers Ltd
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
| Sales + | 6,743 | 13,954 | 27,717 | 28,382 | 28,601 |
| Expenses + | 3,185 | 6,775 | 12,816 | 18,713 | 14,044 |
| Operating Profit | 3,558 | 7,179 | 14,901 | 9,669 | 14,557 |
| OPM % | 53% | 51% | 54% | 34% | 51% |
| Other Income + | 1,846 | 1,262 | 458 | 85 | 361 |
| Interest | 335 | 836 | 1,603 | 1,670 | 735 |
| Depreciation | 1,282 | 2,848 | 5,325 | 5,324 | 6,060 |
| Profit before tax | 3,788 | 4,757 | 8,431 | 2,759 | 8,122 |
| Tax % | 13% | 21% | 24% | 26% | 26% |
| Net Profit + | 3,299 | 3,779 | 6,373 | 2,040 | 6,036 |
| EPS in Rs | 17.83 | 14.02 | 23.65 | 7.57 | 22.4 |
| Dividend Payout % | 59% | 143% | 47% | 0% | 0% |
Between March 2020 and March 2024, Indus Towers Limited exhibited substantial financial growth and fluctuations. Sales revenue increased steadily, beginning at ₹6,743 crore in March 2020 and reaching ₹28,601 crore by March 2024. Despite this growth, expenses also rose significantly, from ₹3,185 crore in March 2020 to ₹14,044 crore in March 2024. Operating profit showed a consistent upward trend until March 2022, peaking at ₹14,901 crore, but experienced a dip to ₹9,669 crore in March 2023 before recovering to ₹14,557 crore in March 2024. The Operating Profit Margin (OPM) percentage fluctuated, reaching a high of 54% in March 2022 and dropping to 34% in March 2023, then stabilizing at 51% in March 2024.
Other income saw a significant decline, from ₹1,846 crore in March 2020 to ₹361 crore in March 2024. Interest expenses increased from ₹335 crore in March 2020 to ₹1,670 crore in March 2023 before reducing to ₹735 crore in March 2024. Depreciation costs rose consistently, from ₹1,282 crore in March 2020 to ₹6,060 crore in March 2024. Profit before tax followed a similar pattern, peaking at ₹8,431 crore in March 2022, dropping to ₹2,759 crore in March 2023, and then rising to ₹8,122 crore in March 2024.
The effective tax rate varied, starting at 13% in March 2020 and stabilizing at 26% from March 2023 onwards. Net profit mirrored the fluctuations in profit before tax, with a peak of ₹6,373 crore in March 2022, a drop to ₹2,040 crore in March 2023, and a recovery to ₹6,036 crore in March 2024. Earnings per share (EPS) followed this trend, reaching ₹23.65 in March 2022, decreasing to ₹7.57 in March 2023, and then rising to ₹22.4 in March 2024. Dividend payout percentage varied widely, with a high of 143% in March 2021 and no dividends paid out in March 2023 and March 2024.
FAQS
As of July 28th, 2024, the share price of Indus Towers Ltd is around INR ₹445.
Based on various market analyses and expert opinions, the expected share price target of Indus Towers Ltd by 2024 is around INR 487.90.
As per our analysis, Indus Towers Ltd in 2025 is expected to trade between ₹375.78 to ₹573.84.
As per our analysis, Indus Towers Ltd share price target for 2030 would be somewhere between ₹952.30 and ₹1,479.69.
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Conclusion
In conclusion, Indus Towers Limited has shown robust financial growth and resilience, reflecting its strong market position and operational efficiency. From March 2020 to March 2024, the company’s sales revenue surged from ₹6,743 crore to ₹28,601 crore, and operating profits, despite some fluctuations, reached ₹14,557 crore in March 2024. The net profit recovered impressively to ₹6,036 crore in March 2024, with an EPS of ₹22.4. With a projected share price range of ₹952.30 to ₹1,479.69 by 2030, Indus Towers is well-poised for continued success, supported by its extensive infrastructure and strategic partnerships with major clients like Airtel, Bharti Hexacom, Jio, and Vi, solidifying its role in India’s telecommunications expansion.
What did we learn?
- 1 History of Indus Towers Limited
- 2 Shareholding patterns of Indus Towers Ltd
- 3 How to Purchase Indus Towers Ltd Shares in India?
- 4 Indus Towers Ltd Share Price Target 2024, 2025 to 2030
- 4.1 Indus Towers Ltd Share Price Target 2024
- 4.2 Indus Towers Ltd Share Price Prediction 2025
- 4.3 Indus Towers Ltd Share Price Target 2026
- 4.4 Indus Towers Ltd Share Price Prediction 2027
- 4.5 Indus Towers Ltd Share Price Target 2028
- 4.6 Indus Towers Ltd Share Price Target 2029
- 4.7 Indus Towers Ltd Share Price Prediction 2030
- 5 Financial Condition of Indus Towers Ltd
- 6 FAQS
- 7 Conclusion
