INDUSTOWER IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Financial Year | REV SHARE | 2,199 | 2,199–2,199 | 7.3% | — | FY25 | DISC | 90% |
| “The percentage of the listed entity’s annual consolidated turnover, for the immediately preceding financial year, that is represented by the value of the propo…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “Partner Category Total Partners Critical Partners Supply/SME Partner 50 14 Build Partner 450 30 IT & Others 1,900+ 8 O&M Services 39 36 Total Partners in FY25 …” AR · +1 DOC | ||||||||
| Others | CONTRACT | CT 0 | — | — | — | FY26 | EST | 75% |
| “unless stated otherwise)The expiry schedule of the above unrecognized losses is as follows: Expiry date As of March 31, 2026 March 31, 2025 Within five years -…” AR · +2 DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “Scrip Code: y BSE: 534816 y NSE: INDUSTOWERIntegrated ReportIndus Towers Limited Integrated Report & Financial Statements 2024-25 1 Financial Prudence Operatio…” AR DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Other Statutory Disclosures Related Party Transactions A detailed note on the procedure adopted by the Company in dealing with contracts and arrangements with …” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | 2026-10 | EST | 75% |
| “Sales and marketing expenses For the year ended March 31, 2026 March 31, 2025 Content costs 6,536 5,297 Customer care expenses 3,776 3,687 IT expenses 12,021 9…” AR · +1 DOC | ||||||||
| India and Africa | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “@As per GSMA intelligence data.Bharti Airtel Limited Integrated Report and Annual Financial Statements 2024-25 05 02 03 04 01 Overview and Performance 04 Our F…” AR · +1 DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “Government and Regulatory Bodies Airtel Business bags multi-year contract for Indian Railway Security Operations Centre (IRSOC) We are designing build, impleme…” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “While diversion of exports to China and other markets mitigated the impact of tariffs, Volatility in commodity prices along with adverse currency movements pos…” AR DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “At Head Office & Circle level, we have different types of planned governance meeting to address the customer queries/updates which include business planning, b…” AR · +1 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 2025 erstwhile Securities and Exchange Board of …” AR · +2 DOC | ||||||||
| Nokia | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “• Along with Nokia, we completed the 5G NSA Cloud RAN trial to deliver superior customer experience using high-performing networks.” AR · +1 DOC | ||||||||
| Buyer | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Further, during the year ended March 31, 2024, the Central Bank of Nigeria (‘CBN’) had announced changes to the operations in the Nigerian Foreign Exchange Mar…” AR · +1 DOC | ||||||||
| Ministry of Defence | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 70% |
| “• Airtel Xstream Play partnered with Sun NXT to offer 50,000+ hours of content across a wide variety of languages.Bharti Airtel Limited 02 03 04 01 Overview an…” AR DOC | ||||||||
| Authority. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “Steps taken to inform and educate consumers about safe and responsible usage of products and/or services: Airtel abides by TRAI’s clause 17 of the Telecom Cons…” AR · +1 DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY24 | EST | 70% |
| “Airtel has continued to embed digital transformation into its core operations to stay agile amid shifting customer preferences, future proof its business and *…” AR DOC | ||||||||
| Ericsson | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “Collaboration with Ericsson We strengthened our long-standing partnership with Ericsson through a multi-year NOC Managed Services engagement, reinforcing our f…” AR · +1 DOC | ||||||||
| Office | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 70% |
| “The Group has established the estimated range of useful lives for different categories of PPE as follows: Categories Years Leasehold improvements Lease term or…” AR DOC | ||||||||
| CENTRALBKCentral Bank of India | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “Further, during the year ended March 31, 2024, the Central Bank of Nigeria (‘CBN’) had announced changes to the operations in the Nigerian Foreign Exchange Mar…” AR DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “Airtel brings wider 5G coverage and faster speeds to millions in Maharashtra & Goa with 3,300+ new sites Bharti Airtel, deployed more than 3,400 new 5G sites a…” AR DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “Customer Obsessed Integrated Report and Annual Financial Statements 2025-26 Bharti Airtel Limited Connectivity & Beyond Annexure-A Highlights of FY 2025-26 Fin…” AR DOC | ||||||||
| Central Board of Direct Taxes | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 70% |
| “Airtel Business delivers multi-year contract for Central Board of Direct Taxes (CBDT) under the TaxNet 2.0 programme Bharti Airtel successfully delivered a lar…” AR DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | SG&A | 2026-10 | EST | 70% |
| “• Airtel Business wins multi-year contract for the Indian Railway Security Operations Centre (IRSOC) Indian Railways, India’s lifeline with 13,000 daily trains…” AR DOC | ||||||||
| EXIDEINDExide Industries Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Exide has received formal recognition at supplier sustainability meets from TVS MotoCorp and Indus Towers, a c k n o w l e d g i n g the Company’s ESG maturity…” AR DOC | ||||||||
| ARE&MAmara Raja Energy & Mobility Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Won Indus Towers' ESG Pathfinder Award under the supplier category (ISBU division).” AR DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “B. Any Member who has not received/ forgotten the User ID and Password, may obtain/ generate/ retrieve the same from KFin in the manner as mentioned hereinafte…” AR · +2 DOC | ||||||||
| DLFDLF Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 60% |
| “Date: July 30, 2025 By order of the Board of Directors For Indus Towers Limited Sd/- Samridhi Rodhe Company Secretary and Compliance Officer Membership No. A25…” AR DOC | ||||||||
| Central Electricity Authority | UNSTATED | — | — | — | CAPEX | 2026-05 | EST | 60% |
| “Additionally, Central Electricity Authority i.e. CEA has notified the Installation and Operations of Meters (Amendment), Regulations 2026 mandating smart meter…” CONCALL DOC | ||||||||
| NCCNCC Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “Other Significant Updates 172 173Management Discussion and Analysis Integrated Report and Annual Financial Statements 2025-26Bharti Airtel Limited Overview and…” AR · +1 DOC | ||||||||
| AMBERAmber Enterprises India Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “Our engagement initiatives, including AMBER, celebrating Customer Day and well-being programme AirCare+, are thoughtfully designed to strengthen connection, re…” AR DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| HEGAMHEG Advanced Materials Ltd. | CONTRACT | CT 127 | — | — | — | FY27 | EST | 85% |
| “Subject: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Receipt of orders by Replus Engitech …” ORDER p.1 · 01-OCT-26 · +2 DOC | ||||||||
| IDEAVodafone Idea Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “(3) Vodafone Group Plc sold its majority stake in Indus Towers Limited (“Indus”) on June 19, 2024.” AR · +1 DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “p) During the year ended March 31, 2024, the Reserve Bank of Malawi (‘RBM’) announced structural changes to the foreign exchange market with its decision to ad…” AR DOC | ||||||||
| APLAPOLLOAPL Apollo Tubes Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “Mr. Mittal brings extensive expertise in infrastructure, finance, corporate governance and international trade, and serves on the boards of Max Estates Limited…” AR DOC | ||||||||
| EXIDEINDExide Industries Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “Clean Energy Champion – Supplier Sustainability Summit, TVS Motor Company Ltd. Most Valuable Partner – Supply Category, ESG Pathfinder Award, Indus Towers We a…” AR DOC | ||||||||
| HBLENGINEHBL Engineering Ltd. | UNSTATED | — | — | — | CAPEX | FY27 | EST | 75% |
| “The company has been receiving repeat orders from reputed clientele, such as Bharat Sanchar Nigam Limited, Indian railways, and Indus Towers Limited among othe…” RATING p.4 · 09-OCT-26 DOC | ||||||||
| Ericsson | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “� 24x7 Monitoring: Real‑time fault detection and resolution � AI/ML-Enabled Systems: Predictive analytics and automated diagnostics � Multi-Vendor Support: Int…” AR DOC | ||||||||
| Nokia | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “� 24x7 Monitoring: Real‑time fault detection and resolution � AI/ML-Enabled Systems: Predictive analytics and automated diagnostics � Multi-Vendor Support: Int…” AR DOC | ||||||||
| Samsung | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “� 24x7 Monitoring: Real‑time fault detection and resolution � AI/ML-Enabled Systems: Predictive analytics and automated diagnostics � Multi-Vendor Support: Int…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Value chain partner - Suppliers Yes, Airtel Partner World 4 0 - 9 0 - Others (Channel partners) Yes, Anmol Ratna Portal 111 0 - 57 6* - VII.” AR · +2 DOC | ||||||||
| Others | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “2,858 3 192 96.2% Total active supplier base in FY 2025-26 New critical suppliers empanelled New suppliers empanelled Share in the total procurement spend in I…” AR · +1 DOC | ||||||||
| ESCORTSEscorts Kubota Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “190 191Management Discussion and Analysis Integrated Report and Annual Financial Statements 2025-26Bharti Airtel Limited Overview and Performance Management Di…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | 2026-10 | EST | 70% |
| “Employee safety and well-being 218 219Integrated Report and Annual Financial Statements 2025-26Bharti Airtel Limited Overview and Performance Management Discus…” AR DOC | ||||||||
| ARE&MAmara Raja Energy & Mobility Ltd. | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “ICAI Sustainability Reporting Award Financial Express Green Sarathi Award for Climate Action Leadership Confederation of Indian Industries CAP 2.0˚ Resilience …” AR DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 4/4 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| RATINGS | 0/4 | 0% | — |
| SCREENER | 1/1 | 100% | 08-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUST MOM 1M | +8.2% | 14-NOV-26 | from 15-OCT-26 · Central Depository Services (India) Ltd. +11.9% w 0 · DLF Ltd. +13.2% w 0 · Bank of India +18.2% w 0 · NCC Ltd. +8.7% w 0 · Central Bank of India +4.7% w 0 · Amber Enterprises India Ltd. +1.2% w 0 |
| DISTRESS SCORE | 0.270 | 12-OCT-26 | roe 0.18 · operatingMargin 0.55 · debtToEquity 0.53 · interestCoverage 6.07 · assetTurnover 0.46 · leverage 1.8 |
| SUPP MOM 1M | +6.6% | 14-NOV-26 | from 15-OCT-26 · APL Apollo Tubes Ltd. +5.3% w 0 · Vodafone Idea Ltd. +0.4% w 0 · Bank of India +18.2% w 0 · Escorts Kubota Ltd. -11.9% w 0 · Exide Industries Ltd. -0.5% w 0 · HBL Engineering Ltd. +12.5% w 0 |