💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 46.98% YoY to INR 19,623.7 Cr in FY25. Segmental contribution: Summit Digitel (SDIL) generated INR 13,641.7 Cr (69.5% of total), Elevar Digitel (EDIPL) generated INR 5,403.2 Cr (27.5% - since Sept 2024 acquisition), and Crest Digitel (CDPL) generated INR 409.1 Cr (2.1%).

Geographic Revenue Split

Pan-India presence across all 22 telecom circles, supporting macro and micro network deployment for leading telecom operators nationwide.

Profitability Margins

Consolidated PAT margin declined from 8.4% in FY24 to 4.3% in FY25. Profit for the year was INR 839.9 Cr, a 25% decrease from INR 1,119.2 Cr in FY24, primarily due to higher interest and depreciation costs following the EDIPL acquisition.

EBITDA Margin

While specific EBITDA % was not disclosed, interest coverage remained stable at 2.2x, and consolidated operating cash accrual is projected to reach ~INR 8,200 Cr by FY27 to cover debt obligations.

Capital Expenditure

Consolidated external borrowings increased by INR 13,176 Cr (42%) to fund the EDIPL acquisition and planned capex. Future capex is focused on EDIPL tower upgrades and IBS/Small Cell expansion.

Credit Rating & Borrowing

Maintained 'CRISIL AAA/Stable' and 'CARE AAA/Stable' ratings. Total consolidated debt stood at INR 44,380 Cr as of Sept 2025. Borrowing costs are described as 'competitive' with a healthy DSCR maintained.

⚙️ Operational Drivers

Raw Materials

Infrastructure costs are primarily capital-intensive (steel/land). Operational costs include energy/fuel for backup power, which are typically pass-throughs but impact the overall cost structure of the telecom circles.

Capacity Expansion

Current capacity is 2,56,753 sites (towers, IBS, small cells). Expansion is driven by the acquisition of 76,130 towers from ATC (now EDIPL) and ongoing 5G site densification.

Raw Material Costs

Not disclosed as a specific % of revenue, but the business model is capital-intensive with significant depreciation and interest costs representing the bulk of expenditures.

Manufacturing Efficiency

Efficiency is measured by network uptime and SLA compliance. High uptime levels are maintained across the pan-India portfolio to ensure annuity-like cash flows from MSAs.

Logistics & Distribution

Not applicable; services are provided via fixed passive infrastructure assets.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be achieved through the full-year consolidation of EDIPL (acquired Sept 2024), increasing tenancy ratios from the current 1.6x by adding 5G equipment from multiple operators on existing towers, and expanding the In-Building Solution (IBS) footprint to meet the surging indoor data demand in urban commercial hubs.

Products & Services

Passive telecommunications infrastructure including Ground Based Towers (GBT), Ground Based Masts (GBM), Roof Top Poles (RTP), Cell on Wheels (COW), In-Building Solutions (IBS), and Small Cells.

Brand Portfolio

Altius Telecom Infrastructure Trust, Summit Digitel, Elevar Digitel (formerly ATC India), Crest Digitel.

New Products/Services

5G-ready small cells, edge-ready infrastructure for IoT applications, and shared active equipment hosting, expected to contribute to incremental tenancy growth.

Market Expansion

Expansion within all 22 telecom circles in India, focusing on high-traffic urban zones for IBS and rural areas for macro tower coverage.

Market Share & Ranking

40% market share by number of towers, making it the largest independent telecom tower group in India.

Strategic Alliances

Long-term Master Service Agreements (MSAs) with Reliance Jio (anchor), Bharti Airtel, and Vodafone Idea.

🌍 External Factors

Industry Trends

The industry is shifting from 4G to 5G, with internet subscribers growing 10% YoY. Future growth is driven by 5G Fixed Wireless Access (FWA) and IoT, requiring denser infrastructure (small cells/IBS).

Competitive Landscape

Market operates with two large players (including Altius) and a few small/mid-sized companies following significant industry consolidation.

Competitive Moat

The 30-year MSA with Reliance Jio for the SDIL portfolio (the largest SPV) ensures a 100% anchor tenancy, creating a massive barrier to entry as competitors cannot easily replicate a pan-India network of 175,000+ towers already integrated into the anchor tenant's 4G/5G core.

Macro Economic Sensitivity

Highly sensitive to India's teledensity (85%) and internet subscriber growth (970.16 million). A 1% increase in 5G penetration typically drives a corresponding increase in tenancy demand for small cells.

Consumer Behavior

Surge in data consumption in commercial complexes and residential buildings is driving a 20-30% increase in demand for In-Building Solutions (IBS).

Geopolitical Risks

Minimal direct impact as assets are domestic, but global supply chain issues for active equipment (used by tenants) can delay tower loading.

⚖️ Regulatory & Governance

Industry Regulations

The Telecommunications Act 2023 and Right of Way (RoW) reforms are critical as they streamline the deployment of small cells and fiber, reducing site acquisition timelines by 20-30% in restrictive urban municipalities.

Taxation Policy Impact

Effective tax rate of ~31% based on FY25 consolidated figures (INR 287.3 Cr tax on INR 923.8 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Counterparty risk from weaker MNOs (20% of revenue) and the renewal of 15% of EDIPL's tenancies over the next 5 years could lead to a 5-8% revenue volatility if terms are renegotiated at lower rates due to competitive pricing pressure.

Geographic Concentration Risk

Pan-India presence across all 22 telecom circles, reducing regional risk, though urban areas face higher municipal-level regulatory hurdles.

Third Party Dependencies

High dependency on the top 3 Telecom Service Providers (RJIL, BAL, VIL) for 100% of revenue, making the Trust's cash flows sensitive to the financial health and 5G capex plans of these specific companies.

Technology Obsolescence Risk

Transition from 4G to 5G and the rise of Small Cells/IBS; the Trust is mitigating this by upgrading existing macro towers to support 5G active equipment and expanding its edge-ready infrastructure.

Credit & Counterparty Risk

80% of revenue is from highly rated counterparties (CRISIL AAA/Stable like RJIL and BAL), while 20% is from weaker profiles (VIL), though receivable track records have improved in the current fiscal.