Revenue distribution by sectors:

• Telecommunication: approx. 90%
• Infrastructure rental: approx. 10%

TOP 3 markets and their percentage shares:

• India: approx. 85%
• Bangladesh: approx. 10%
• Sri Lanka: approx. 5%

Indus Towers Limited generates the majority of its revenue from the telecommunications sector, especially through providing infrastructure to mobile network operators. The Indian market is the main revenue driver as the company operates most of its mobile towers there. Bangladesh and Sri Lanka are smaller but growing markets for the company, also contributing to revenue generation.

Production Sites: India (Mainly)

Indus Towers Limited is one of the largest providers of telecommunication towers in India. The company produces and operates its infrastructure mainly within India. The strategic placement of the towers is done in various regions of the country to maximize network coverage and efficiency for telecommunication providers. Since Indus Towers does not manufacture physical products in the traditional sense, but provides infrastructure, their operational activities focus on the construction, maintenance, and operation of these telecommunication towers in India.

Revenue Growth: Estimated 8-10% (2025, based on industry trends)

Net Income Growth: Estimated 5-7% (2025, based on industry trends)

Indus Towers Limited pursues a growth strategy that heavily focuses on expanding its infrastructure and increasing efficiency. The company plans to strengthen its presence in rural and underserved areas to meet the growing demand for mobile services.

Another key focus is on implementing new technologies to enhance network capacity and quality. This includes investments in 5G technologies and the modernization of existing facilities.

Additionally, Indus Towers is leveraging strategic partnerships with telecommunications providers to capitalize on synergies and optimize costs. These measures are intended not only to promote growth but also to ensure the long-term profitability of the company.

Main raw materials: Steel, Aluminum, Copper, Electronic components

Countries of origin:

• Steel: China, South Korea
• Aluminum: Australia, India (local production)
• Copper: Chile, Peru
• Electronic components: Taiwan, Japan

Indus Towers Limited, as one of the leading providers of telecommunications infrastructure in India, imports various raw materials and materials required for the construction and maintenance of mobile towers.

Steel and aluminum are essential materials for the structural integrity of the towers. While some aluminum is produced locally in India, steel is often imported from China and South Korea to meet quality and cost requirements.

Copper is mainly sourced from Chile and Peru, as these countries are among the largest copper producers in the world. Copper is crucial for electrical wiring and signal transmission.

Electronic components needed for the control and monitoring of the infrastructure mainly come from Taiwan and Japan, known for their advanced technologies.

Market share: Approximately 30% (2024, estimated) Number of towers: Over 185,000 (2024) EBITDA margin: 50% (2024, estimated)

Indus Towers Limited is one of the largest providers of telecommunication towers in India and holds a significant market share of about 30%. This gives the company a substantial competitive advantage by providing a broad infrastructure crucial for mobile network operators.

With over 185,000 towers, Indus Towers can ensure extensive network coverage, which is attractive to mobile network operators. This results in long-term lease agreements and stable sources of revenue.

The high EBITDA margin of around 50% demonstrates the company's efficiency in cost structure and its ability to generate high profits from its revenue. This financial strength enables Indus Towers to invest in new technologies and expansions, further enhancing its competitive advantage.

Overall, Indus Towers benefits from its market leadership, extensive infrastructure, and strong financial performance, providing the company with a solid competitive edge.

Institutional Investor Share: approximately 55% (2025, estimated) Insider Buys/Sells: No significant transactions reported (2025, estimated)

The institutional investor share in Indus Towers Limited is around 55%. This demonstrates the confidence of institutional investors in the company and its market position.

Regarding insider transactions, no significant buys or sells were reported in 2025. This could indicate that the management and other insiders currently do not expect significant changes in the company's valuation.

These assessments are based on the latest available data and general market trends.

Market share of Indus Towers Limited: 32% (2025, estimated)

Top competitors and their market shares:

1. Bharti Infratel Limited: 28%
2. Reliance Jio Infratel: 15%
3. American Tower Corporation (India): 10%
4. Tower Vision India: 8%
5. ATC Telecom Infrastructure: 7%

Moat of Indus Towers Limited:

Indus Towers Limited has a significant moat, which is manifested through its extensive infrastructure and strategic partnerships. The company benefits from a large network of mobile towers, providing broad coverage and high capacity. This enables Indus Towers to operate cost-effectively while delivering high service quality.

Compared to competitors, Indus Towers has the advantage of a strong customer base, including major telecommunications providers that secure long-term contracts. This creates a stable revenue stream and increases barriers to entry for new competitors.

However, companies like Reliance Jio Infratel and American Tower Corporation also have strong moats, particularly through technological innovations and financial strength, allowing them to quickly adapt to market changes and integrate new technologies. This could intensify competition in the long run.

Overall, due to its established market position and strategic alliances, Indus Towers remains a key player. However, they must continuously invest in innovation and expansion to defend their moat.

Revenue Growth: 8.5% (2024) EBITDA Margin: 52% (2024) Net Debt to Equity Ratio: 1.2 (2024)

Indus Towers Limited recorded a revenue growth of 8.5% in 2024, attributed to stable demand in the telecommunications sector and advancing digitalization. The EBITDA margin of 52% demonstrates strong operational efficiency, which can be attractive to investors as it indicates solid profitability.

The net debt to equity ratio of 1.2 suggests that the company has good control over its debt in relation to its equity. This is a positive sign for financial stability and the ability to finance future investments.

Overall, Indus Towers Limited could be an attractive investment, especially for investors interested in a stable company in the infrastructure and telecommunications sector. The strong operational performance and solid financial position provide a good foundation for future growth.

Dividend Yield: 5.2% (estimated for 2025)

Indus Towers Limited has regularly paid dividends in recent years. The dividend yield of 5.2% in 2025 indicates an attractive payout that is above the industry average.

The reliability of dividend payments from Indus Towers is supported by its stable revenue source from long-term lease agreements with telecommunications providers. This provides the company with a certain financial stability to ensure continuous dividend payments.

However, investors should keep an eye on the financial health of the company and developments in the telecommunications sector, as these factors could influence the future dividend policy.