Indus Towers Limited (INDUSTOWER) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Indus Towers Limited stock ₹542, price ₹383, upside +41.5%, quality 55 out of 100. Rating: undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range ₹136.75 – ₹477.75 · fair‑value band ₹326.22 – ₹771.40 · the ₹383.20 price screens below the ₹542.32 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Indus Towers Limited, a telecom infrastructure company, engages in the operation and maintenance of wireless communication towers and related infrastructures for various telecom service providers in India, Nigeria, Uganda, and Zambia.
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It offers ground base towers, smart poles, rooftop tower, ground-based mast, microsites, fiberized connectivity solutions, feather sites, small cells, etc.; and energy supply to telecom equipment, as well as acquires the requisite space from residential and commercial property owners and landlords for placing passive infrastructure at strategic locations.
The company also provides smart digital infrastructure, which includes smart poles LED lights, CCTV cameras, variable digital messaging board, environment sensors, and city public Wi-Fi services, including fiber backbone.
In addition, it offers telecom infra and related services, and business support services and scrap handling for telecom. The company was formerly known as Bharti Infratel Limited and changed its name to Indus Towers Limited in December 2020.
Indus Towers Limited was incorporated in 2006 and is based in Gurugram, India. Indus Towers Limited operates as a subsidiary of Bharti Airtel Limited.
Stock analysis
Indus Towers Limited (INDUSTOWER) currently trades at ₹383.20, while our model-based Fair Value estimate is ₹542.32, implying the stock looks roughly 29% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹593.39 per share, and 20 of the 24 models we run sit above the ₹383.20 price.
Bear case: the Asset-Based group reads lowest at ₹100.57, and 4 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹326.22 (bear) to ₹771.40 (bull), the price of ₹383.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Indus Towers Limited reported revenue of ₹325B in FY2026 versus ₹277B in FY2022, a compound +4.1%/yr. Reported net income was ₹71.4B in FY2026, compounding +2.9%/yr from FY2022.
Key figures
Market cap ₹1.0T (≈ $10.7B) Large · P/E ratio 14.2 · P/S ratio 3.04 · EPS (TTM) ₹26.95 · Dividend yield 3.7% · Net margin 21.4% · Return on equity 18.8% · Return on assets (EBIT) 16.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 79 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at 42%, INDUSTOWER screens richer than that median.
Fair Value models
Bear₹326.22Fair Value ₹542.32Bull₹771.40
Price ₹383.20 · Upside +41.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹7.81 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+7.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.4%
Start year 2021 (pandemic). Over 10 years: +19.3% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.7%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+12.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.1%
Dividend (yield on the price)3.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.9.1% vs 10.0%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.32% → 33%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +4.2% a year for the price and +0.8% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 235 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside+41.5% · Above median
Profitability
Return on equity (12 months)18.8% · Top 25%
Return on assets10.0% · Top 25%
Net margin (12 months)21.4% · Top 25%
Operating margin (12 months)32.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)4.0% · Above median
Dividend yield (12 months)3.7% · Above median
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (12 months)14.2× · Cheaper than median
P/B2.55× · Pricier than median
P/S (12 months)3.04× · Priciest 25%
Price / free cash flow (fiscal year)18.2× · Pricier than median
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Is Indus Towers Limited (INDUSTOWER) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ₹542.32 versus a price of ₹383.20, about +42% upside (undervalued).
What is the fair value of INDUSTOWER?
Our model-based fair value for Indus Towers Limited is ₹542.32 (as of Nov 5, 2026), built from audited fundamentals. The current price: ₹383.20.
What is the quality score of INDUSTOWER?
Indus Towers Limited has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Indus Towers Limited (INDUSTOWER)?
Our model-based price target is the fair value of ₹542.32 (as of Nov 5, 2026) from 24 valuation models. Cautious scenario ₹326.22, optimistic scenario ₹771.40. It is a calculation from audited fundamentals, not an analyst target.
What is the Indus Towers Limited stock forecast for 2026?
Our models put fair value at ₹542.32, about +42% upside versus a price of ₹383.20 (undervalued). Cautious scenario ₹326.22, optimistic scenario ₹771.40. The calculation is refreshed regularly with new filings.
What is the revenue of Indus Towers Limited (INDUSTOWER)?
Indus Towers Limited reported trailing-twelve-month revenue of about ₹333B (latest available figure, as of Nov 5, 2026).
Does Indus Towers Limited pay a dividend?
Indus Towers Limited currently shows a dividend yield of 3.65% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Indus Towers Limited (INDUSTOWER)?
For today's price to be fair in a discounted-cash-flow model, Indus Towers Limited would have to grow free cash flow by +8.5 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.4 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of INDUSTOWER use?
Our models discount Indus Towers Limited at 10.4 %: a base by market capitalisation (large), damped by beta 0.18, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Indus Towers Limited that is +8.5 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Indus Towers Limited (INDUSTOWER) delivered so far?
Over the past 5 years revenue at Indus Towers Limited grew +18.4 % a year. The price currently implies +8.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Indus Towers Limited (INDUSTOWER) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Indus Towers Limited (+8.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Indus Towers Limited (INDUSTOWER)?
The free-cash-flow yield on the price is 5.49 %: that much free cash flow Indus Towers Limited produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Indus Towers Limited (INDUSTOWER)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Indus Towers Limited it is ₹542.32 per share (as of Nov 5, 2026), against a price of ₹383.20. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Indus Towers Limited stock overvalued or undervalued in 2026?
As of Nov 5, 2026, INDUSTOWER trades below its calculated fair value: price ₹383.20, fair value ₹542.32, a gap of about +42% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INDUSTOWER?
No. The price is what the market pays today (₹383.20); the fair value is what the company's own numbers justify (₹542.32). For Indus Towers Limited the two are ₹159.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is Indus Towers Limited worth?
The market values Indus Towers Limited at about ₹1.0T (market capitalisation, as of Nov 5, 2026). Per share that is ₹383.20; our models calculate a fair value of ₹542.32 per share.
What do the bullish and bearish scenarios say about INDUSTOWER?
Our models span a range for Indus Towers Limited: cautious scenario ₹326.22, base ₹542.32, optimistic ₹771.40 per share (as of Nov 5, 2026, price ₹383.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INDUSTOWER?
Indus Towers Limited trades at a price-to-earnings ratio of 14.2 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹542.32 is built from several models across several years. Other multiples: P/B 2.6, P/S 3.0, EV/EBITDA 6.6.
How solid is the balance sheet of Indus Towers Limited (INDUSTOWER)?
Balance-sheet figures for Indus Towers Limited (as of Nov 5, 2026): return on equity 18.8%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is INDUSTOWER from its 52-week high?
Indus Towers Limited trades at ₹383.20, about 20% below its 52-week high of ₹477.75 and 6% above the low of ₹360.00 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ₹542.32 is for.
Which stocks are comparable to Indus Towers Limited?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Indus Towers Limited stock attractive at the current price?
The data as of Nov 5, 2026: price ₹383.20, calculated fair value ₹542.32 (+42%), Quality Score 55/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INDUSTOWER calculated?
We run Indus Towers Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹542.32, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Indus Towers Limited currently trades 29% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Indus Towers Limited (INDUSTOWER)?
The closing price on Nov 5, 2026 was ₹383.20. Our model-based fair value is ₹542.32, about +42% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Indus Towers Limited right now?
Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (₹326.22 to ₹771.40) leaves room in how you read the outcome.
Where does the earnings growth of Indus Towers Limited (INDUSTOWER) come from?
Earnings per share at Indus Towers Limited grew +11.5 % a year from 2015 to 2026. Broken into its drivers: revenue per share +13.6 %, EBIT margin +4.4 %, tax rate +0.3 %, residual (interest, one-offs) −6.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Indus Towers Limited
How large is the market capitalisation of Indus Towers Limited (INDUSTOWER)?
The market capitalisation of Indus Towers Limited is ₹1.0T (≈ $10.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Indus Towers Limited (INDUSTOWER)?
The price-to-sales ratio of Indus Towers Limited is 3.04 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Indus Towers Limited (INDUSTOWER)?
Earnings per share at Indus Towers Limited are ₹26.95 (price ÷ EPS = P/E 14.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Indus Towers Limited (INDUSTOWER)?
The dividend yield of Indus Towers Limited is 3.7% (payout 51.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Indus Towers Limited (INDUSTOWER)?
The net margin of Indus Towers Limited is 21.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Indus Towers Limited (INDUSTOWER)?
The return on equity (ROE) of Indus Towers Limited is 18.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Indus Towers Limited (INDUSTOWER)?
On an EBIT basis the return on assets of Indus Towers Limited is 16.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Indus Towers Limited (INDUSTOWER)?
The operating margin of Indus Towers Limited is 32.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Indus Towers Limited (INDUSTOWER)?
Revenue at Indus Towers Limited is growing +4.0% versus a year earlier (3y avg +4.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Indus Towers Limited (INDUSTOWER)?
Earnings per share at Indus Towers Limited are growing −2.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Indus Towers Limited (INDUSTOWER) carry?
The net debt of Indus Towers Limited is ₹196B (fiscal year 2026, ≈ 3.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 5, 2026