Interim report
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Indus Towers Limited Registered & Corporate Office: Building No. 10, Tower A, 4th Floor, DLF Cyber City, Gurugram - 122002, Haryana I Tel: +91-124-4296766 Fax: +91-124-4289333 CIN: L64201HR2006PLC073821 I Email: compliance.officer@industowers.com I www.industowers.com October 27, 2026 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 National Stock Exchange of India Limited Exchange Plaza, C-1, Block – G, Bandra Kurla Complex, Bandra (E), Mumbai - 400051 Ref.: Indus Towers Limited (534816/ INDUSTOWER) Sub.: Outcome of the Board Meeting - Financial Results for the second quarter (Q2) and half year ended September 30, 2026 Dear Sir/ Ma’am, In compliance with Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed following for the second quarter (Q2) and half year ended September 30, 2026: • Audited Consolidated Financial Results as per Ind-AS; • Audited Standalone Financial Results as per Ind-AS; and • Auditor’s Reports on the aforesaid Financial Results. The above financial results have been reviewed by the Audit Committee in its meeting held today i.e., October 27, 2026 and based on its recommendation, approved by the Board of Directors in its meeting held today i.e., October 27, 2026. The Board Meeting commenced at 01:50 p.m. (IST) and concluded at 04:35 p.m. (IST). Kindly take the same on record. Thanking you, Yours faithfully, For Indus Towers Limited Samridhi Rodhe Company Secretary & Compliance Officer Encl.: As above in,dus TOWERS
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Deloitte Haskins & Sells LLP Chartered Accountants 7th Floor Building lO Tower B DLF Cyber City Complex DLF City Phase II Gurugr am-122 002 Haryana, tndia Tel: +91 124 679 2000 Fax: +91 124 679 2012 I NDEP ENDENT AUDITOR 'S REPORT ON AUDIT OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF INDUS TOWERS LIMITED Opin ion We have audited the accompanying Statement of Consolidated Financial Results for the quarter and half year ended September 30, 2026 of Indus Towers Limited ("the Parent"/"the Company") and its subsidiaries (the Parent and its subsidia ries together referred to as "the Group"), ("the Consolidated Financial Results"f'the Statement") being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the LODR Regulations"). In our opinion and to the best of our information and according to the explanations given to us, the Statement: (i) includes the results of the followin g entities: a. Indus Towers Limited ("ITL") ("Parent") ; Subsidiaries: b. Smartx Services Limited; c. Indus Towers FZE, Dubai (incorporated on December 08, 2025); d. Indus Towers Ventures FZE, Dubai (incorporated on December 18, 2025); e. Indus Towers Investment FZE, Dubai (incorporated on December 18, 2025); f. Indus Towers Management FZE, Dubai (incorporated on December 19, 2025); g. Indus Infra Uganda Limited, Uganda (incorporated on January 20, 2026); h. Indus...Iowi>rs Infra Zambia Limited. Zambia (incorporated on lanUM¥- 1 s. 2026); i. Indus Towers Nigeria Limited, Nigeria (incorporated on January 15, 2026); j. IndiKToWersGtooarventures IFSCUm ited-(fnc:orporar ea on April 2s, 2026rand k. Indus Towers Employees' Welfare Trust. (ii) is presented in accordance with the requirements of the LODR Regulations; and (iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34'') , prescribed under section 133 of the Companies Act 2013 (the "Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive loss and other financial information of the Group for the quarter and half year ended September 30, 2026. Basis for Opin ion We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for audit of the Consolidated Financial Results' section of our report below. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("!CAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion. s-Consolidated/Sept 30, 2026/Regulation 33 Page 1 of 3 Regd. Office: One International Center, Tower 3. 31st floor, Senapati Ba pat Marg, Elphinstone Road (West}, Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liabili ty having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP Management 's and Board of Directors ' Responsibilities for the Consolidated Financia l Results This Statement is the responsibility of Parent's management and has been approved by the Board of Directors for issuance. The Statement has been compiled/extracted from the Audited Inter im Condensed Consolidat ed Financial Statements for the three and six months ended September 30, 2026, the Audited Consolidated Financial Results for the quarter ended June 30, 2026 , the Audited Consolidated Financial Results for the quarter and year ended March 31, 2026 and the Audited Consolidated Financial Results for the quarter and half year ended September 30, 2025. This responsibility includes the preparation and presentation of the Consolidated Financial Results that give a true and fair view of the consolidated net profit/loss and consolidated other comprehensive income/loss and other financial information of the Group in accordance with the recognition and measurement principles laid down in Ind AS 34 and other accounting principles generally accepted in India and in compliance with the LODR Regulations. The respective Board of Directors/those charged with governance of the entities included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate interna l financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material missta tement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid. In preparing the Consolidated Financial Results, the respective management and the Board of Directors/those charged with governance of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities included in the Group or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors/those charged with governam:e-of the entities included in the Group are responsible for oversee ing the financial reporting process of respective entities included in the Group. Auditor's Responsibilitie s for aud it of the Consolidated Financial Results Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Consolidated Financial Results. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Consolidated Financial Results, whether due to fraud or error, design and ·perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal financial control. • Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal financial controls. Indus -Consolidated /Sept 30, 2026/Regulation 33 Page 2 of 3
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Deloitte Haskins & Sells LLP • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management and approved by the Board of Directors. • Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under the LODR Regulations. • Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significa nt doubt on the ability of the Group to continue as a going concern. If we conc lude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obta ined up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation. Materiality is the magnitude of misstatement s in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results. We communicate with those charged with governance of the Parent and other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matte rs, the planned scope and timing of the audit and significant audit findings including any significan t deficiencies in internal financial controls that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requi reme nts- regarding ·independence; -and to communicate with· them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Place: Gurugram Date: Octobe r 27, 2026 Indu s-Consol idated/Sep t 30, 2026/Regulation 33 For Delo itte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/~-100 -018) ~ ~-~ Partner Membership No. 063092 UDIN: ~ of>3C~~v~ Rf JM ,~~4 Page 3 of 3
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Indus Tower s Limited (CIN: L64201HR2 006PLC073821) Reg d. Office: Building No. I 0, Tower A, 4th Floor, DLF Cyber City, Gumgram-122002, Haryana Telephone no. +91 124 4296766, Fax no. + 91 124 4289333, Email id: compliance.officer@industowers.com Statement of Audited Consolidated Financial Result s for the quarter and half year ended September 30, 2026 l'art~ lm Income Re1·mce from operations (refer oot~ S) !Other incmne Total income Expenses Cost of materials o:r.st.m:ed Power and fuel Empbyee benefit expenses Repairs and mainla\ll!C? ()hn (.'lpel]Ses (refer nDle 4) Tolalnpm es Profit before deprtti.llion and amortisation, fmance co11!1 finance inromt, charily and don11ion ud IH Depreciation aru a.-ocrtis.l1ivn expe= Less: adjusted 11ith t«.ml reserve in a,oordmce"ith lhc scheme of armi=• FilWICt costs Filllll't income Cbrity and do111ti..:~ Profit before tn Inexpense Current tax Deferred lax Profit for the period/year Other comprehenrin income ('OCI') Items that 11ill not be re-classified to profit or !oss Rnnea;uremeot lo~ of defined benefit plans (net) Tax impact on aboYe Items that 11iU be rr-dmilied to profit or loss faclw!ge difT~ on translation of foreign operations Othercomprehensin income/ ODIS) for the period /year (nd offu) Tot.al comprehensive income for lhe period/ yt1r (net or tax) Paij-.p equity slnr~ rapital (Face value Rs. IO each) OOtr equity Earnings p~r equityshm (nominJI value of equity!hare is Rs. JO mh)A l!.!sic(in Rs.) Diluted fin Rs.) "EPS is not 30, 2026. Sep ttll!M' 3t, 24!6 \~JIN! 85,156 1,062 86,218 22 31,832 2,314 3,9U 716 38,826 47,.192 19,619 (181 19,438 4,546 {1,131) 427 24,112 6,184 4,M4 1,540 17.918 (23) 6 (9) {26) 17,901 26,381 368,252 6.80 6.80 Quarlerendtd Juad0,2~Ui Stpttllbtr ;o,202s Audited Atdi1rd 84,311 &1,882 1,212 819 85,513 s2,m 26 7 31,953 30,869 2,151 2,051 3,714 3,765 1,259 (937) 39,103 35,755 46,420 46,956 19,121 18,207 (185 (199 18,936 18,00! 4,f55 4,624 (1,272) (866) 427 406 B,474 24,m 6,016 6,391 5,511 5,195 439 1,196 17,458 18,393 (36) 9 4 4 (27) 11462 18.366 26,m 26,381 387,404 rn,625 6.62 6.97 6.62 6.97 (In Rs. ;\Jiffion empt per share dall) Hal£ ) at nul«t Ynrtn ded Stptt111h.fr 3,, lfl6 ~!ember 30, 2025 \lmlJ 31, 2926 Audittd Audittd Audited 169,467 162,458 JH,931 2,274 1,680 4,770 171,7'1 164,IJ8 319,701 48 21 93 63.7&5 61.556 119,956 4,465 4,184 8,782 7,656 7,462 14,671 1,975 (793) 1,673 11:m 72,430 145,175 93~11 91,708 184,526 38,740 3;,454 72,203 (366) __(403) 095) . 38,374 35,051 71,408 9,401 9)71 18,930 (2,403) (1,648) (3,414) 854 812 1,624 47,586 48,122 95,918 12,200 12,361 24,529 10,211 l0,622 20,913 1,979 1,739 3,616 35J86 35 761 71,449 (23) (36) (9) 6 9 2 (5) ' J (22) (27) (4) 35,364 35,734 71.HS 26,381 26,3&1 26,381 368,252 334,625 370,075 13.42 13.56 27.09 13.41 1356 17.09 Page 1 ofS
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Consolidated Statement of Assets and Liabilities : (In Rs. i\l illion) As al Parliculars Seotember 30, 2026 ,\larrh 31, 2026 Audited \udiled A Assets Non-current assets Property, plant and equipment 342,950 332,328 Right of use assets 168,451 162,331 Capital work-in-progress 8,539 6,301 Intangible assets 822 483 Financial assets Investment 104 l04 Other financial assets 16,059 15,503 Income tax assets ( net) 7,160 7,723 Deferred ta'< assets (net) 37 IO Other non-current assets 35,081 33,194 579,203 557,977 Current assets Inventories 549 268 Financial assets Investments 44,130 43,052 Trade receivables 47,935 49,393 Cash and cash equivalents 1,440 473 Other bank balances 275 15,050 Other financial assets 48,553 40,810 Other current assets 5,373 6,138 148,255 155,184 Total assets 727,458 713,161 B Equity and liabilities Equity Equity share capital 26,381 26,381 Other equity 368,252 370,075 394,633 396,456 Liabilities Non-current liabilities Financial liabilities Lease liabilities 181,648 175,294 Other financial liabilities 4,038 4,04 7 Provisions 25,522 27,227 Deferred tax liabilites (net) 9,672 7,672 Other non-current liabilities 13,026 12,435 233,906 226,675 Current liabilities Financial liabilities Borrowings 10,940 9,209 Lease liabilities 27,998 26,766 Trade payable Total outstanding dues of micro enterp rises and small enterprises 669 675 Total outstanding dues of creditors other than micro enterprises and 27,524 26,049 small enterprises Other financial liabilities 20,571 18,333 Other current liabilities 7,727 6,550 Provisions 1,061 979 Current tax liabilities (net) 2,429 1,469 98,919 90,030 Total liabilities 332,825 316,70 5 Total equ·· • • • bilities - 727,458 713,161 - ~skins~ /, O~& ~ '/.~'tfl' l ~tARYANN¼~ l ~ Ch orod ~ Page 2 of 5 j 'o Accountant. ;; l f✓,,, /),'t;, ct ~-'6) " 0 o'' •
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Consolidated Statement of Cash Flows: Particulars Cash flows from operating acfoities Profit before tax Adjustments for Depreciation and amortisation ex-penses Finance income Finance costs Profit on sale of property, plant and equipment (net) Allowances for doubtful receivables and advances (net) Revenue equalisation Others Operating profit before changes in assets and liabilities Decrease/ (increase) in other financial assets Decrease/ (increase) in other assets Decrease/ (increase) in inventories Decrease/ (increase) in trade receivables Increase, (decrease) in other financial liabilities Increase/ (decrease) in provisions Increase/ (decrease) in other liabilities Increase/ (decrease) in trade payables Cash generated from operations Income tax paid (net of refunds) Net rash flow from operating activities (A) Cash flows from investing actil'ities Purchase of property, plant & equipment, intangible assets and capital work in progress Proceeds from sale of property, plant & equipment Investment in mutual funds (net) Investment in equity instruments lnterest received Proceeds from/ (investment in) bank deposits and restricted balances \\ith banks (net) Net cash flow used in investing acmities (8) Cash flows from financing activities Repayment of long-tenn borro\1ings Proceed/ (Repayment) of short-term borrowings (net) Purchase of treasury shares Dividend paid Interest paid Repayment of principal portion oflease liabilities Proceeds from exercise of stock options Net cash flow used in financing activities (q Net (decrease)/ increase in cash and cash equi\'3lents during the period (A+B+q Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash eqajyalents at the end of the period (In Rs. Million) Half year ended Septrmber 30, 2026 September JO, 2025 Audited 47,586 38,374 (2.403) 9,401 (1,969) 227 (1,981) (90) 89,145 (2,985) 765 (281) 1,326 (797) 70 1,876 1,545 90,664 (8,698) 81,966 (38,646) 3,931 (5,399) 1,347 14,765 (24,002) (1,531) 3,262 (36,931) (11,265) (10,535) 8 (56,992) Audited 48,122 35,051 (1,648) 9,371 (1.469) (2,759) "(2,166) (91) 84,411 (3,183) 3.992 (126) 1.995 (1,576) 91 1,765 1,396 88,765 (9,731) 79,034 (43,271) 3,037 (13,751) (104) 452 2,024 (51,613) (6,139) (1,681) (263) (8,573) (12,058) 6 (28,708) 972 (1,287) (5) - 473 1,497 1,440 210 QO ¥\ Page3of 5
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Notes to Audited Consolidated Financial Results 1. The above financial results for the quarter and half year ended September 30, 2026, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 27, 2026. 2. These Audited Consolidated Financial Results are compiled / extracted from the Audited Interim Condensed Consolidated Financial Statements for the three and six months ended September 30, 2026, the Audited Consolidated Financial Results for the quarter ended June 30, 2026, quarter and year ended March 31, 2026 and quarter and half year ended September 30, 2025. The Audited Interim Condensed Consolidated Financial Statements for the three and six month ended September 30, 2026 have been prepared in accordance with Ind AS 34 "Interim Financial Reporting" as prescribed under Section 133 of the Companies Act, 2013 (the Act) read together with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 ( as amended from time to time) and other relevant provisions of the Act. The statutory auditors have expressed an unmodified audit opinion on these financial results. The Company, together with its wholly owned subsidiaries and controlled trust is hereinafter referred to as "the Group". 3. Indus Towers Employees Welfare Trust, a trust set up for administration of Employee Stock Option Plan ('ESOP') of the Company, was incorporated in FY 2014-15. During the half year ended September 30, 2026, the Trust transferred 786,285 equity shares of exercise price of Rs. 10 each to employees upon exercise of stock options. As at September 30, 2026, the Trust holds 186,668 shares (March 31, 2026: 972,953 shares) of face value of Rs. IO each of the Company. 4. Other expenses include allowances for doubtful receivables as below: (InRs Million) Partimbrs ~trtndtd --- Balfm rendtd l'eare~ StD!emr JO, 2026 I Jml'JD,2026 StDltmlJer JO 2025 Stl)(enhr JO, 2026 Selllember JO 2025 \brcli JI, 2026 Allowances for doooaful receivables (net) (101)1 233 1 (1,952) ml (2,835) (2,695) 5. A large customer of the Group accounts for a significant part of revenue from operations for the quarter and half year ended September 30, 2026 and constitutes a significant part of outstanding trade receivables and unbilled revenue as at September 30, 2026. The said customer in its latest published unaudited financial results for the quarter ended June 30, 2026, reported the updates on financial performance, financial position and funding status. Based on the developments with respect to AGR matter, it is confident of generating sufficient cash flow from operations to meet its obligations payable over the next 12 months as and when they fall due. Accordingly, the said customer prepared its financial results on a going concern basis. The customer is paying an amount equivalent to monthly billing to the Group. The Group continues to recognise revenue from operations relating to the customer for the services rendered, however, the Group does not recognise revenue equalisation income and asset on account of straight lining of lease rentals considering the customer's financial condition. The Group will continue to monitor the financial condition of the said customer. The management believes that the carrying amount of receivables (including unbilled revenue) and property, plant and equipment as at September 30, 2026, related to the said customer will be recovered in normal course of business. 6. The Group was set-up with the object of, inter alia, establishing, operating and maintaining wireless communication towers. This is the only activity perforn1ed and is thus also the main source of risks and returns. The Group's segments as reviewed by the Chief Operating Decision Maker (CODM) do not result into identification of different ways / sources into which they see the pe1formance of the Group. Accordingly, the Group has a single reportable and geographical segment. Hence, the disclosures as per Regulation 33(l)(e) read with Clause (L) of Part A of Schedule IV of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended are not applicable to the Group. 7. During the period ended September 30, 2026, Company has paid a dividend of Rs 36,931 Mn which was approved by the shareholders at the Annual general Meeting held at August 1 ,c1 _.......,_,. •L'-' dividend relates to the Board of Directors' recommen i(ffl.,f-QSfl'l , 2026, of a final dividend of Rs. 14 --.;:~--_., ce value Rs. IO each) for the financial year ended Mar Page 4 of 5 Gf ~
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8. 171e Audited Standalone Financial Results of the Company are available on the Company's website www.ind ustowers.com and on the Stock Exchanges websites www.nseindia.com and www.bseindia.com. Key numbers of Audited Standalone Financial Results of the Company are as under: P■ rticullr, Revenue from ooerations Profit before tax Profit after tax Qu:artcrrndcd Sc ptembrr JO. 2026 J W!f JO. 2026 I Septcmbtr 30, 2025 85150 84311 81,882 24185 23,470 24 748 17,986 17.454 18,366 (Jn Rs. l\Iillioo' Halhe .,nrdtd l ear en<led Stplt1l'lhcr JO, 2026 Set lcn her JO, 202S :i.tan:fl J 1, 2026 169,461 162 458 324,931 47655 48,054 95 837 35,440 35,710 71,348 For and on behalf of the Board of Directors of Indus Towers Limited Managing Director and CEO DIN: 07871676 Place: Gurugram Date: October 27, 2026 "The Eompany", wherever stated stands for ·Indus Towers Limited. For more details on the fmancial results, please visit our website www.industowers.cmn Page 5 of 5
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Deloitte Chartered Accountants 7th Floor Buildi ng 10 TowerB Haskins & Sells LLP DLF Cyber City Com plex DLF City Phase II Gurugram -122 002 Haryana, India Tel: +91 124 679 2000 Fax: +91 124 679 2012 INDEPE NDENT AUDITOR 'S REPORT ON AUDIT OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTOR S OF INDUS TOWERS LIMITED Opinion We have audited the accompanying Statement of Standalone Financial Results for the quarter and half year ended September 30, 2026 of I ndus Towers Limited ("the Company"), ("the Standalone Financial Results"/"the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the LODR Regulations"). In our opini on and to the best of our information and according to the explanations given to us, the Statement: (i) is presented in accordance with the requirements of the LODR Regulations; and (ii ) gives a true and fair view in conform ity with the recognition and measurem ent principle s laid down in the Indian Accounting Standard 34 "Interim Finan cial Reporting " ("Ind AS 34"), prescribed under section 133 of the Companies Act 2013 (the "Act") read with relevant rule s issued thereunder and other accounting principles generally accepted in Indi a of the net profit and other comprehensive loss and other financial information of the Company for the quarter and half year ended September 30, 2026. Basis for Opinio n We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for audit of the Standalone Financial Results' section of our report below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with thes e requirements and ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion. Manage ment's and Board of Direct ors' Responsibilit ies f or t he Standa lone Financia l Results This Statement is the responsibility of the Company's management and has been approved by the Board of Directors for issuance. The Statement has been compiled / extracted from the Audited Interim Condensed Standalone Financial Statements for the three and six months ended September 30, 2026, the Audited Standalone Financial Results for the quarter ended June 30, 2026, the Audited Standalone Financial Results for the quarter and year ended March 31, 2026 and the Audited Standalone Financial Results for the quarter and half year ended September 30, 2025. This responsibility includes the preparation and presentation of the Standalone Financial Results that give a true and fair view of the net profit/loss and other comprehensive income/loss and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34 and other accounting principles generally accepted in India and in compliance with the LODR Regulations. The responsibility of the Board of Directors includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the .,.1:,.-;;;\(.:::=i n::::s::;::,.. ... -pany and for prevent ing and detecting frauds and other irregularities; selection and application '<:''l> ~ c~Y:'2 :1 .., /., ~.1;:r.t. Cl) ,..._ o" .. Standalone/Sept 30, 2026/Regulation 33 Page 1 of 3 Regd. Office: One Internation al Center, Tower 3, 31st floo r, Senapati Bapat Marg, Elphi nstone Road (West), Mumbai-400 013, Maharashtra, India . Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: M B-8737
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Deloitte Haskins & Sells LLP of appropri ate accounting policies; making jud gements and estimates that are reasonable and prudent; and the design, implemen tation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the Standalone Financial Results, the management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicab le, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors is also responsible for overseeing the financial reporting process of the Company. Auditor' s Responsibilities for audit of the Standalon e Financial Results Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Standalone Financial Results. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. rhe Tis"t{-of not -uet:&tirrgcr matertat mtsstaterrrent.esultirrg from---framt fs higher ttrarr fu r one resulting from error,_ as fraud may inv.obLe . . collusion, forgery, intentional .omissions, misrepresentations, or the override of internal financial control. • Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal financial controls. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management and approved by the Board of Directors. • Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under the LODR Regulations. • Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continu e as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the Standalone Financial Results, including the disclosures, and whether the Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation. Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user Indus-Standalone/Sept 30, 2026/Regulation 33 Page 2 of 3
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Deloitte Haskins & Sells LLP of the Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in inte rnal financial controls that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our indepen dence, and where applicable, related safegua rds. Place: Gurugram Date: October 27, 2026 Indus-Standalone/Sept 30, 2026/Regulation 33 For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No .. 117366W/vt10~018)- ~ A~.:~ Partner Membership No. 063092 UDIN: <b 06.309<ltN~\J ~~'\\35" Page 3 of 3
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Indu s Towers Limited CIN: L64201HR2006PLC073821 Regd. Office: Building No. 10, Tower A, 4th Floor, DLF Cyber City, Gurugram-122002, Haryana Telephone No. +91 124 4296766 Fax no.+ 91 124 4289333, Email id: compliance.officer@industowers.com Statement of Audited Standalone Financial Results for the quarter and half year ended September 30, 2026 (In Rs. Million empt per share dala) Quarttr rnded Ilalf year ended Ynirendtd IPartinilus Smtembt:r 30, 2026 Jnne30.2026 Sulmb« 30,2-0lS Smtembcr 30. 20Ui. Siptember 10. 2trl5 Mardi 31, 2026 ,\udiled A1di1f<I Anditf\l Audittd Aijdittd \udiloo Income Re\"enue from operations (refer note 5) 85,150 84,311 81,882 169,461 162,458 324,931 Otherinoome 1,062 1,212 829 2,274 1,680 4,772 Total income 86,212 85,523 82,711 17l,735 164,138 329,703 Eipems Cost of materials consumed 22 26 7 48 21 93 Power and fuel 31,831 31,953 30,869 63,784 61,556 119,956 Employee benefit expenses 2,250 2,138 2,050 4,388 4,183 8,775 Rtf-lirs and maintenance 3,942 3,714 3,765 7,656 7,462 14,671 Other t\penses (refer note 4) 725 1,291 (894) 2,016 (713) 1,845 Total e1penses 38,770 39,122 35,797 77,892 72,509 145,340 Profit before depreciation and amortilation, finance costs, finance 47,442 46,401 46,914 93,843 91,629 184,363 income, charity and donation and tax Depreciation and amortisation e~Jenses 19,610 19,112 18,201 38,722 35-443 72,183 Less: adjusted \11th general reserl'e in accordance \1ith Ir( scheme of - arrangement (181) (185) (l!IIJ) (366) (403) (795) 19.429 18,927 18,002 38,356 35,0fO 71,388 Finance costs 4.537 4,854 4,624 9,391 9,371 18,930 Finance income (1,136) (1,276) (866) (2,412) (1,648) (3,416) Charily and donation 427 426 406 853 812 1,624 Prolit before tax 24,185 23,470 24,748 47,655 48,654 95,837 Taxcxpense 6,199 6,016 6,381 12,215 12,m 24,489 Current ta, 4,644 5,565 5,193 10,209 10,620 20,887 Deferred tax 1,555 451 1,189 2,006 1,724 3,602 Profit for the period/ year 17,986 17,454 18,366 35,440 35,710 71J48 Other comprehensire income ('OCI') Items that will ool be re-classified to profit or loss R~ ement loss of defined benefit plans (net) (23) (36) (23) (36) (9) h'ax imp;y;t on above 6 9 6 9 2 Other comprehensi..-e income/ Qoss) for the period/year (net of lax) (11) - (27} {11) (27) (7) Total comprehensive income for the puiod / ym (net of tai) 17,969 17 454 18J39 35,423 35,683 71JU Paid-up equity share capital {Face value Rs. 10 each) 26,381 26,381 26,381 26,381 26,381 26,381 Other equity 368,360 387,723 335,029 368,360 335,029 370,407 Earni~ per equity share (nominal value of equity share is Rs. 10 each)' Basic (in Rs.) 6.82 6.62 6.96 13.43 1J5.I 27.I» Diluted On Rs.) 6.82 6.62 6.96 13.43 13.5t 27.0f I\ EPS is not a rter and half year ended September 30, r 30, 2025 and quarter ended June 30, 2026. Pagel of5
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Stan dalone Statement of Assets and Liabilities: Particular.. A Asse ts Noo-cun-ent assets Property, plant and equi prnent Right of use assets Capital work-in-progress Intangible assets Financial assets Investments in subsidiaries Other investinents Loans Other financial assets Income tax assets (net) Other non-current assets Current assets Inventories Financial assets Investments Trade receivables Cash and cash equivalents Other bank balances Loans Other financial assets Other current assets Total assei"s B Equity and liabilities Equity Equity share capital Other equity Liabilities Non-current liabilities Financial liabilities Lease liabilities Other financial liabilities Provisions Deferred tax liabilities (net) Other non-current liabilities Current liabilities Financial liabilities Borrowings Lease liabilities Trade payables Total outstanding dues of micro enterprises and sn:ia.11 enterprises Total outstanding dues of creditors other than micro enterprises and small enterprises Other financial liabilities Other current liabilities Provisions Current tax liabilities (net ) Total liabilities Total equity and u~.._.,...._,__ ~\<.ins~ (In Rs. Million) - i-__ s_-.,_,_ 1:1_tc_m_bc __ r _3_1_),~2_0_2_6 __ -;-___ :vta rch 31"" 2026 A odit.ed Audited I 342,589 168,312 8,104 801 228 104 632 16,059 7,173 35,081 579, 083 549 44,130 47,935 446 275 - 48,675 5,423 147,433 726,516 26,381 368,360 394,741 181,522 4,038 25,522 9,672 13,026 233 ,780 10,365 27,998 669 27,497 20,250 7,726 1,061 2,429 97,995 331,77 5 ~ I\IE 7'~16 /11-.,.'-Y ~ .... :~ iaARYANA 11, 0 ;;: ,i;/ ◊ * - -~ ~ ~~ 332,303 162,331 6,230 481 208 104 - 15,503 7,728 33,194 558,08 2 2 68 43,052 49,393 222 15,050 190 40,798 6,482 155,455 713,537 26,3 81 370,407 396,788 175,294 4,047 27,227 7,672 12,435 226,675 9 ,209 26,766 675 26,107 18,328 6,541 979 1,469 90,074 316,749 713,537 . . Page 2 of5
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Standal one Statement of Cash Flows: Partic.ola rs Cash flom from operating acfoities Profit before tax Adjustments for Depreciation and aimrlisation expernes Finaoce incom: Finance costs Profit on sale of property, plant aixl equipm::nt (net) Allowances for doubtful receivables and advances (net) Revenue equalisation Others Operating profit before changes in assets and liabilities Decrease/(increase) in other fimncial assets Decrease/(increase) in other assets Decreasel(increase) in inventories Decreasel(increase) in trade receivables Jncreasef(decrease) in oth!r financial liabilities Increase/( decrease) in provisions Increase/(decrease) in other liabilities Increase (decrease) in trade payables Cash generated fromoper.itions Incoire ta.x paid (net of refunds) :Xet cash flow from operating activities (A) Cash floll~ from im·esting activities Purchase of property, plant & equiprrent, intangible assets and capital work in progress Proceeds from sale of property, plant & equipment Investment in rnutwl funds (11ct) Loan gi \'en to tru,i Interest recei 1·ed Investment in subsidiary Investment in equity instrwnenls Loan given to subsidiary (net) Proceedsl(investment in) bank deposits and restricted balances with banks (net) Net cash flow med in im·esting actnities (B) Cash floll"s from financing actr,ities Repaym::nt oflong-tenn borrowings Proceeds1(Repa}m:nt) of short-tenn borrowings ( net) Divideixl paid Interest paid Repayrrent of principal portionoflease liabilities Proceeds from exercise of stock options Net cash flow used in fioa ncing activities ( C) Net (decrease)/increase in cash and cash equivalents during the period (A+B+C) Cash and cash equival (Jn fu. :\lillion) Half yearcnded Se temher 30, 2026 Septemher30, 2025 Audited 47,655 38,356 (2,412} 9,391 (1,969) 227 (1,981) (90) 89,177 (3,!02) 779 (281) 1,326 (835) 70 1,879 1,460 90,473 (8,69t) 81,779 (38,184) 3,931 (5,399) 1,353 (20) (442) 14,765 (23,996) (1,531) 2,687 {36,934) (11,254) (10,535) 8 (57,559) 224 222 446 Audited 48,054 35,040 (1,648) 9,371 (1,469) (2,759) (2,166) (91) 84,332 (3,183) 3,987 (126) 1.996 (1,576) 89 1,757 1,482 88,758. (9,723) 79,035 (43,272) 3.037 (13,751) {263) 452 (104) 2,024 (51,877) (6,139) {1,681) (8,573) (12,058) 6 (28,445) (1,287) 1,490 203 ~~ Page 3 of5
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Notes to Audited Standalon e Financial Results 1. The above financial results for the quarter and half year ended September 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 27, 2026. 2. These Audited Standalone Financial Results are compiled I extracted from the Audited Interim Condensed Standalone Financial Statements for the three and six months ended September 30, 2026, the Audited Standalone Financial Results for the quarter ended June 30, 2026, quarter and year ended March 3 I, 2026 and quarter and half year ended September 30, 2025. The Audited Interim Condensed Standalone Financial Statements for the three and six months ended September 30, 2026 have been prepared in accordance with Ind AS 34 "Interim Financial Reporting" as prescribed under Section 133 of the Companies Act, 2013 (the Act) read together with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other relevant provisions of the Act. The statutory auditors have expressed an unmodified audit opinion on these financial results. 3. Indus Towers Employees Welfare Trust, a trust set up for administration of Employee Stock Option Plan ('ESOP') of the Company, was incorporated in FY 2014-15. During the half year ended September 30, 2026, the Trust transferred 786,285 equity shares of exercise price of Rs. 10 each to employees upon exercise of stock options. As at September 30, 2026, the Trust holds 186,668 shares (March 31, 2026: 972,953 shares) of face value of Rs. IO each of the Company. 4. Other expenses include allowances for doubtful receivables as below: (In Rs. Million) Particula~ Quarter ended Halh earended Year ended Stplember JO. 2026 June 30, 2026 September 30, 2025 Stptember 30, 2026 September JO, 2025 \larch 311 2026 Allowances for doubtful recei\ables {net) (l 01) 233 (1,952) 132 (2,835) (2,695) 5. A large customer offh·e Coinpariy accounts for a significant part ofrevenue from operations fodhe quarter and half year ended September 30, 2026, and constitutes a significant part of outstanding trade receivables and unbilled revenue as at September 30, 2026. The said customer in its latest published unaudited financial results for the quarter ended June 30, 2026, reported the updates on financial performance, financial position and funding status. Based on the developments with respect to AGR matter, it is confident of generating sufficient cash flow from operations to meet its obligations payable over the next 12 months as and when they fall due. Accordingly, the said customer prepared its financial results on a going concern basis. The customer is paying an amount equivalent to monthly billing to the Company. The Company continues to recognise revenue from operations relating to the customer for the services rendered, however, the Company does not recognise revenue equalisation income and asset on account of straight lining of lease rentals considering the customer's financial condition. The Company will continue to monitor the financial condition of the said customer. The management believes that the carrying amount of receivables (including unbilled revenue) and property, plant and equipment as at September 30, 2026, related to the said customer will be recovered in normal course of business. Page 4 of5
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6. l11e Company was set-up with the object of, inter alia, establishing, operating and maintaining wireless communication towers. This is the only activity performed and is thus also the main source ofrisks and returns. The Company's segments as reviewed by the Chief Operating Decision Maker (CODM) do not result into identification of different ways / sources into which they see the performance of the Company. Accordingly, the Company has a single reportable segment. Hence, the disclosures as per Regulation 33(l)(e) read with Clause (L) of Part A of Schedule IV of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended are not applicable to the Company. 7. During the period ended September 30, 2026, Company has paid a dividend of Rs 36,934 Mn which was approved by the shareholders at the Annual general Meeting held at August 19, 2026. The dividend relates to the Board of Directors' recommendation dated April 30, 2026, of a final dividend of Rs. 14 per equity share (face value Rs. 10 each) for the financial year ended March 31, 2026. For and on behalf of the Board of Directors of Indus Towers Limited Prachur Sah Managing Director and CEO DIN: 07871676 Place: Gurugram Date: October 27, 2026 "The Company", wherever stated stands for Indus Towers Limited For more details on the fmancial results, please visit our website www.industowers.com Page 5 of5