INDUS TOWERS LIMITED (INDUSTOWER): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹383.55 latest close · +3.8% over the last 90 sessions

₹383.55 month-end · −0.8% over 12 months

₹383.55 month-end · +115.8% over 3 years

₹383.55 month-end · +36.2% since Jan '19

52-week range ₹355.55 to ₹464.05 · 1-year volatility 25.6%

Was the rally earned?

1 year3 years5 years

-1%share price, 1 yearRoughly flat

The share price was roughly flat over 1 year (-1%).
The share count barely moved.

Net profit growth-31 ptsNet profit fell about 27%, which lowers the price.

P/E change+30 ptsThe P/E rose from 10.5x to 14.1x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+116%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 192 points, but investors now pay less per rupee of profit (P/E 23.5x to 14.1x), which took 76 points back.
The share count fell 2%.

Net profit growth+189 ptsNet profit rose about 251%, which lifts the price.

P/E change-76 ptsThe P/E fell from 23.5x to 14.1x, which lowers the price.

Share count change+3 ptsShare count fell 2%, which lifts the price.

+40%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 78 points, but investors now pay less per rupee of profit (P/E 19.6x to 14.1x), which took 38 points back.
The share count fell 2%.

Net profit growth+76 ptsNet profit rose about 90%, which lifts the price.

P/E change-38 ptsThe P/E fell from 19.6x to 14.1x, which lowers the price.

Share count change+3 ptsShare count fell 2%, which lifts the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with TATA TELESERVICES MAHARASHTRA

How rough has the ride been?

Maximum drawdown-62.1%recovered 2024-04

1-year volatility25.6%annualised

Beta vs sector index0.733-year daily, correlation 0.44

Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-62.1% (2019-03 peak to 2020-03 low, recovered 2024-04)

-30.7% (2024-08 peak to 2024-11 low, recovered 2026-02)

-21.8% (2026-02 peak to 2026-09 low, not yet recovered)

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

14.1xP/E todayWithin its usual range

Against its own history53rd percentile

CheapestMedian 13.9xDearest

Usual range 8.3x to 22.2x since 2019-01.

Against Communications14.1x vs 42.0x

This company

14.1x

Sector median

42.0x

66% below the Communications median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianCommunications median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianCommunications median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianCommunications median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Communications is valued

Where does it rank among Communications peers?

Each cell is the company's percentile rank among its Communications peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE85th▼ 7 pts vs a year ago
Op. margin88th▼ 4 pts vs a year ago
Revenue growth57th▲ 14 pts vs a year ago
EPS growth43rd▼ 7 pts vs a year ago
Debt/equity ↓36th▼ 4 pts vs a year ago
Cash cycle ↓43rd▼ 19 pts vs a year ago
P/E ↓78th▼ 10 pts vs a year ago
12M momentum93rd▲ 14 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Communications sector page Watch it move against Communications in the Observatory

What is the price implying?

~13%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 16.0x, a holder earning 12%/yr needs earnings to grow about 12.8%/yr for 10 years, then trade at 15x.

Delivered11.1%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap+1.7 ptsimplied minus delivered

Rank496thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	14.3%	15.3%	16.3%
15x	11.8%	12.8%	13.8%
20x	8.6%	9.6%	10.5%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 12.8%/yr

Looking back

Jan 2020Price implied 9%/yr; EPS has since grown 11%/yr (7.0 yrs)
Jan 2021Price implied 4%/yr; EPS has since grown 7%/yr (6.0 yrs)
Jan 2022Price implied 12%/yr; EPS has since grown 14%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹383.55
P/E: 14.1x
ROCE: 19.0%
Market Cap: ₹1.01L cr
Revenue (TTM): ₹32866 cr
P/S: 3.1x
P/B: 2.6x
ROE: 18.1%
Operating Margin: 53.0%
Debt / Equity: 0.5x
Promoter Holding: 51.3%
12M Momentum: -0.8%

52-week range

₹355.55₹464.05

26% of the way from its 52-week low to its high

Price risk

1Y volatility

25.6%

Beta vs sector

1-year daily

0.47

Balance sheet & cash

Interest cover

operating profit ÷ interest

7.3x

Cash from profit, 3Y

operating cash flow ÷ net profit

2.03x

Share count, 1Y

unchanged

Are profits backed by cash?

6 of 6checks within rangeAll clear

Other income reliance5%Within range

Other income as a share of pre-tax profit (trailing twelve months): 5.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.03xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.03x (cash from operations ₹46,911 cr, net profit ₹23,113 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-8 daysWithin range

Debtor days are below the median of the previous three fiscal years by 8 days (55 vs 63). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, promoters trimmed 17.7 pts; DIIs added 14.7 pts; FIIs added 1.8 pts.
The number of shareholders rose from 2.6 lakh to 3.4 lakh (+29%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters69.0%51.3%-17.7 pts

FIIs21.4%23.2%+1.8 pts

DIIs6.7%21.4%+14.7 pts

Public and others2.9%4.0%+1.1 pts

Number of shareholders

3.4 lakhshareholders+29% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+2.0%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like INDUS TOWERS LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −17% to +23% vs the market, against −2% for all non-financial companies in the same months.
The gap against the base rate (+4.2%, 80% range −9.9% to +14.2%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median

+2.0%

All companies' median

−2.2%

Beat the market

52% vs 48%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
LUPIN Health Technology	Sep 2025	24x	21%	−13%	−20%	+6%
TORNTPOWER Utilities	Dec 2021	21x	13%	+74%	−8%	−14%
WIPRO Technology Services	Jun 2024	23x	17%	+32%	−5%	+3%
ZYDUSLIFE Health Technology	Feb 2020	14x	15%	−18%	−25%	+23%
ALKEM Health Technology	May 2023	24x	18%	+7%	−7%	0%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
VTL Process Industries	Mar 2020	5x	14%	−43%	−45%	+16%
HAL Electronic Technology	Apr 2020	8x	29%	−21%	−40%	+14%
PETRONET Utilities	Jul 2020	12x	28%	+5%	−14%	−44%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to INDUS TOWERS LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

JSW STEELJSWSTEEL

Non-Energy Minerals

62%similar

volatilityrevenue growth

LUPINLUPIN

Health Technology

58%similar

market caprevenue

NTPCNTPC

Utilities

56%similar

promoter holdingrevenue

ALKEM LABORATORIESALKEM

Health Technology

55%similar

market capvolatility

AUROBINDO PHARMAAUROPHARMA

Health Technology

53%similar

revenuemarket cap

BHARTI AIRTELBHARTIARTL

Communications

50%similar

operating marginEPS growth

BHARTI HEXACOMBHARTIHEXA

Communications

26%similar

operating marginmarket cap

TATA COMMUNICATIONSTATACOMM

Communications

13%similar

revenuemarket cap

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '22

2026
JunDividendStarted paying a dividend (payout 52% of profit).
MarResultsYear-on-year EPS growth turned negative.
MarPeer rankSlipped to the 3rd quartile of Communications on EPS growth (from the 2nd quartile).
FebPriceRegained the 2024-08 peak, 15 months after the low.
JanPriceVolume reached 5.1x its 50-day median on 2026-01-09; price +0.6% that day.
2025
SepPriceVolume reached 10.3x its 50-day median on 2025-09-03; price -1.6% that day.
JunInstitutionsFII + DII holding rose 3.6 pts over 2 quarters to 44.8%.
JunPeer rankSlipped to the 2nd quartile of Communications on EPS growth (from the top quartile).

Show 22 earlier events

2025
MarPromoterPromoter holding fell 3.0 pts to 50.0% (largest drop since 2024-09).
2024
DecPriceVolume reached 7.2x its 50-day median on 2024-12-05; price +1.8% that day.
NovPriceFell 31% from the Aug 2024 peak to the Nov 2024 low.
SepPromoterPromoter holding fell 17.0 pts to 52.0%.
SepInstitutionsFII + DII holding rose 13.8 pts over 1 quarter to 40.1%.
SepPriceVolume reached 7.8x its 50-day median on 2024-09-19; price -9.0% that day.
JunResultsYear-on-year EPS growth turned positive.
JunPeer rankMoved into the top quartile of Communications on ROCE (from the 2nd quartile).
JunPriceVolume reached 66.3x its 50-day median on 2024-06-19; price -3.1% that day.
AprPriceRegained the 2019-03 peak, 49 months after the low.
FebPriceVolume reached 17.0x its 50-day median on 2024-02-01; price -1.3% that day.
2023
DecPriceVolume reached 8.6x its 50-day median on 2023-12-29; price +7.0% that day.
JunResultsYear-on-year EPS growth turned negative.
JunValuationP/E crossed above the 90th percentile of its own history to date (20.9x).
JunPeer rankSlipped to the 2nd quartile of Communications on ROCE (from the top quartile).
JunDividendDividend payout cut from 47% to 0% of profit.
MayPriceVolume reached 23.8x its 50-day median on 2023-05-31; price -1.9% that day.
FebPriceVolume reached 18.3x its 50-day median on 2023-02-06; price +12.8% that day.
2022
AugPriceVolume reached 5.8x its 50-day median on 2022-08-03; price -5.9% that day.
JunResultsYear-on-year EPS growth turned positive.
JunValuationP/E fell below the 10th percentile of its own history to date (8.5x).
JunPeer rankMoved into the top quartile of Communications on EPS growth (from the 3rd quartile).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	14.1x	₹32866 cr	18.1%	19.0%	0.5x
2026-10	13.9x	₹32866 cr	18.0%	19.0%	0.5x
2026-09	13.8x	₹32866 cr	18.0%	19.0%	0.5x
2026-08	14.4x	₹32493 cr	18.0%	19.0%	0.5x
2026-07	13.9x	₹32493 cr	18.0%	19.0%	0.5x
2026-06	13.9x	₹32493 cr	18.0%	19.0%	0.5x
2026-05	15.8x	₹32119 cr	21.9%	29.0%	0.7x
2026-04	14.6x	₹32119 cr	21.9%	29.0%	0.7x
2026-03	14.9x	₹32119 cr	21.9%	29.0%	0.7x
2026-02	12.4x	₹31520 cr	28.8%	29.0%	0.7x
2026-01	12.1x	₹31520 cr	28.8%	29.0%	0.7x
2025-12	11.4x	₹31520 cr	28.8%	29.0%	0.7x
2025-11	10.5x	₹30797 cr	30.0%	29.0%	0.7x
2025-10	9.5x	₹30797 cr	30.0%	29.0%	0.7x
2025-09	9.0x	₹30797 cr	30.0%	29.0%	0.7x
2025-08	8.7x	₹30122 cr	30.6%	29.0%	0.7x
2025-07	9.3x	₹30122 cr	30.6%	29.0%	0.7x
2025-06	10.8x	₹30122 cr	30.6%	29.0%	0.7x
2025-05	9.8x	₹29588 cr	37.0%	22.0%	0.8x
2025-04	10.5x	₹29588 cr	37.0%	22.0%	0.8x
2025-03	8.6x	₹29588 cr	37.0%	22.0%	0.8x
2025-02	11.1x	₹29240 cr	27.9%	22.0%	0.8x
2025-01	11.9x	₹29240 cr	27.9%	22.0%	0.8x
2024-12	11.7x	₹29240 cr	27.9%	22.0%	0.8x
2024-11	13.7x	₹28907 cr	24.5%	22.0%	0.8x
2024-10	13.4x	₹28907 cr	24.5%	22.0%	0.8x
2024-09	15.4x	₹28907 cr	24.5%	22.0%	0.8x
2024-08	19.7x	₹28601 cr	22.3%	22.0%	0.8x
2024-07	18.6x	₹28601 cr	22.3%	22.0%	0.8x
2024-06	16.1x	₹28601 cr	22.3%	22.0%	0.8x
2024-05	44.3x	₹28382 cr	9.7%	11.0%	0.9x
2024-04	45.2x	₹28382 cr	9.7%	11.0%	0.9x
2024-03	37.1x	₹28382 cr	9.7%	11.0%	0.9x
2024-02	32.2x	₹28382 cr	9.7%	11.0%	0.9x
2024-01	28.3x	₹28382 cr	9.7%	11.0%	0.9x
2023-12	25.3x	₹28382 cr	9.7%	11.0%	0.9x
2023-11	23.5x	₹28382 cr	9.7%	11.0%	0.9x
2023-10	21.9x	₹28382 cr	9.7%	11.0%	0.9x
2023-09	24.4x	₹28382 cr	9.7%	11.0%	0.9x
2023-08	22.3x	₹28382 cr	9.7%	11.0%	0.9x
2023-07	21.9x	₹28382 cr	9.7%	11.0%	0.9x
2023-06	20.9x	₹28382 cr	9.7%	11.0%	0.9x
2023-05	6.3x	₹27717 cr	28.8%	25.0%	0.9x
2023-04	6.3x	₹27717 cr	28.8%	25.0%	0.9x
2023-03	5.8x	₹27717 cr	28.8%	25.0%	0.9x
2023-02	7.0x	₹27717 cr	28.8%	25.0%	0.9x
2023-01	6.2x	₹27717 cr	28.8%	25.0%	0.9x
2022-12	7.8x	₹27717 cr	28.8%	25.0%	0.9x
2022-11	8.2x	₹27717 cr	28.8%	25.0%	0.9x
2022-10	7.6x	₹27717 cr	28.8%	25.0%	0.9x
2022-09	8.0x	₹27717 cr	28.8%	25.0%	0.9x
2022-08	8.1x	₹27717 cr	28.8%	25.0%	0.9x
2022-07	9.1x	₹27717 cr	28.8%	25.0%	0.9x
2022-06	8.5x	₹27717 cr	28.8%	25.0%	0.9x
2022-05	13.9x	₹13954 cr	23.8%	19.0%	1.4x
2022-04	14.4x	₹13954 cr	23.8%	19.0%	1.4x
2022-03	15.3x	₹13954 cr	23.8%	19.0%	1.4x
2022-02	14.8x	₹13954 cr	23.8%	19.0%	1.4x
2022-01	17.4x	₹13954 cr	23.8%	19.0%	1.4x
2021-12	17.1x	₹13954 cr	23.8%	19.0%	1.4x

Older months are in the live observatory.

Methodology and data notes