News ArticleIndus Towers Sees 5.9% Year-on-Year Co-location Growth, Raises Tenancy Ratio to 1.63 in Q2 FY2026
Company adds 2,900 macro towers and 7,900 co-locations amid accelerating 5G rollouts and strong customer demand
Indus Towers Limited reported steady operational growth in Q2 FY2026 with co-location additions improving tenancy ratio to 1.63. The company added approximately 2,900 macro towers and 7,900 co-locations, driven by robust 5G network rollouts and increasing data consumption. Their total tower base reached around 270,500 and co-location count 440,200, supported by favorable regulatory environment and infrastructure expansion.
Indus Towers Limited
Earnings Call Transcript
Indus Towers Limited demonstrated operational strength in its Q2 FY2026 results, with notable co-location additions boosting the tenancy ratio to 1.63 and a growing macro tower base to support expanding network infrastructure amid increasing 5G adoption in India.
The company reported additions of approximately 2,900 new macro towers and 7,900 co-locations during the quarter, reflecting year-on-year growth rates of 5.6% for towers and 5.9% for co-locations.
The overall macro tower inventory reached about 270,500, with co-locations totaling around 440,200, reinforcing Indus Towers’ leading market position in telecom infrastructure sharing.
The increased tenancy ratio from 1.62 to 1.63 is attributed to higher network rollouts and co-location sharing by key customers, supported by an extensive tower footprint and efficient operational capabilities.
India's 5G subscriber base surpassed 463 million with a 36 million increase in the first quarter of the year; ongoing infrastructure expansion includes approximately 30,000 new 5G base transceiver stations installed in Q2, pushing the total toward 593,000.
Data consumption trends showed a 30% year-on-year increase in total volume with 5G networks driving 79% year-on-year growth in usage, now accounting for 44% of all data traffic, which underpins demand for more capacity and densification of network infrastructure.
Highlights
- Tenancy ratio improved to 1.63 in Q2 FY2026 from 1.62 previously.
- Added approximately 2,900 macro towers and 7,900 co-locations in the quarter.
- Total macro tower count around 270,500 and co-locations about 440,200.
- India’s 5G subscriber base reached over 463 million with 30,000 new 5G BTS added in Q2.
- Network uptime improved to 99.97% despite challenging weather conditions.
- Diesel consumption cut by 11% year-on-year due to digital energy management initiatives.
Key Data Snapshot
What happened
- Indus Towers increased its tenancy ratio to 1.63 in Q2 FY2026 supported by robust co-location additions.
- Added around 2,900 macro towers and 7,900 co-locations during the quarter, reflecting sustained network rollouts.
- The growth was driven by expanding 5G networks and increased data consumption by customers.
Key details
- Total macro tower portfolio reached approximately 270,500 sites, with co-locations around 440,200.
- India’s 5G subscriber base exceeded 463 million in Q1 FY2026, driving operator investments in infrastructure.
- Network uptime improved from 99.955% to 99.97% in spite of adverse seasonal weather conditions.
- Diesel consumption reduced by 11% year-on-year due to digital energy management initiatives including smart meters and fuel sensors.
Operational performance
- Continued customer network expansion including rapid rollouts by a major customer fueled the additions of towers and co-locations.
- The company reinforced its position as a preferred infrastructure partner through extensive geographic footprint and strong network management.
- Efforts included restoring network operations following severe floods in some regions, ensuring service continuity.
- Indus Towers is focused on smart infrastructure solutions like indoor coverage systems for airports and metro projects to enhance connectivity.
Background and context
- Favorable regulatory support facilitates seamless deployment of telecom infrastructure including smart meters on towers for better energy management.
- The increasing adoption of 5G networks and higher data usage per subscriber is driving demand for network densification and capacity expansion.
- Data volume increased by 30% year-on-year with 5G network usage growing 79% year-on-year, accounting for 44% of total data traffic.
Highlights
- Tenancy ratio improved to 1.63 in Q2 FY2026 from 1.62 previously.
- Added approximately 2,900 macro towers and 7,900 co-locations in the quarter.
- Total macro tower count around 270,500 and co-locations about 440,200.
- India’s 5G subscriber base reached over 463 million with 30,000 new 5G BTS added in Q2.
- Network uptime improved to 99.97% despite challenging weather conditions.
- Diesel consumption cut by 11% year-on-year due to digital energy management initiatives.
Disclosures
- Telecom Regulatory Authority of India (TRAI) data mentioned in earnings call
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