Indus Towers Limited (INDUSTOWER.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+104.5%

₹808.67

vs ₹395.45 price

Levered DCF

₹679.82

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.87

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.44×	9.45×	14.07×	18.89×	9.39×	13.98×	8.97×	27.18×
P/B	2.78×	2.92×	3.14×	1.83×	2.7×	3.33×	2.55×	4.67×
P/S	3.39×	3.15×	2.97×	1.36×	2.16×	3.79×	5.12×	9.93×
EV / EBITDA	7.05×	5.4×	6.55×	5.85×	5.12×	8.82×	7.22×	14.52×
Gross margin	38.4%	62.0%	61.0%	62.7%	63.0%	63.1%	64.9%	57.4%
Operating margin	33.3%	47.9%	30.2%	15.7%	34.7%	31.6%	34.6%	32.1%
Net margin	22.0%	33.0%	21.1%	7.2%	23.0%	27.1%	48.9%	36.5%
Current ratio	1.72×	1.32×	1.03×	1.07×	1.39×	0.69×	1.27×	2.41×
Debt / equity	0.53×	0.65×	0.76×	0.91×	0.89×	1.36×	0.34×	0×
Interest coverage	5.72×	8.69×	4.76×	2.66×	6.68×	5.28×	6.98×	41.7×
Dividend yield	0.0%	0.0%	0.0%	7.7%	0.0%	11.3%	9.0%	5.9%
Payout ratio	0.0%	0.0%	0.0%	145.3%	0.0%	158.4%	93.9%	159.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.0%	30.6%	22.3%	9.7%	28.8%	23.8%	24.4%	17.2%
Return on invested capital	12.2%	18.8%	12.6%	7.7%	16.4%	8.8%	10.9%	10.0%
Return on assets	10.0%	15.7%	10.8%	4.4%	13.3%	8.4%	16.4%	14.6%
Free cash flow yield	5.0%	13.5%	3.1%	11.1%	9.8%	10.1%	4.3%	3.2%
Earnings yield	6.5%	10.5%	7.1%	5.3%	10.7%	7.1%	9.6%	3.7%
Enterprise value	₹1.3T	₹1.2T	₹1.1T	₹576.9B	₹785.8B	₹744.2B	₹390B	₹678B
Net debt / EBITDA	1.13×	0.98×	1.27×	1.94×	1.22×	2.55×	0.83×	0×
Cash conversion cycle (days)	7	-20	8	21	-11	-53	-657	-450