Analysts/Institutional Investor Meet/Con. Call Updates

November 02, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block – G, Bandra Kurla Dalal Street, Mumbai - 400001 C o m plex, Bandra (E), Mumbai - 400051 Ref.: Indus Towers Limited (534816/ INDUSTOWER) Sub.: Transcripts of the Earnings Call on the Company’s performance for the second quarter (Q2) and half year ended September 30, 2026 Dear Sir/Ma’am, Please find attached the transcripts of Earnings Call conducted on October 28, 2026 on the Company’s performance for the second quarter (Q2) and half year ended September 30, 2026. Kindly take the same on record. Thanking you, Yours faithfully, For Indus Towers Limited Samridhi Rodhe Company Secretary & Compliance Officer Encl.: As above 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 “Indus Towers Limited Second Quarter Ended September 30, 2026 Earnings Call” October 28, 2026 MANAGEMENT: MR. PRACHUR SAH – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – INDUS TOWERS LIMITED MR. ABHISHEK MAHESHWARI – CHIEF FINANCIAL OFFICER – INDUS TOWERS LIMITED MR. DHEERAJ AGARWAL – HEAD, INVESTOR RELATIONS – INDUS TOWERS LIMITED Page 1 of 13 Indus Towers Limited October 28, 2026 Moderator: Good afternoon, ladies and gentlemen. I'm Michelle, the moderator for this conference. Welcome to Indus Towers Limited Second Quarter Ended September 30, 2026 Earnings Call. For the duration of the presentation, all participant lines will be in the listen-only mode. After the presentation, the question-and-answer session will be conducted for all participants on this call. In case of a natural disaster, the conference call will be terminated post an announcement. Present with us on the call today is the senior leadership team of Indus Towers. Before I hand over the call, I must remind you that the overview and discussions today may include certain forward-looking statements that must be viewed in conjunction with the risks that we face. I now hand the conference over to Mr. Prachur Sah. Thank you, and over to you, sir. Prachur Sah: Thank you, Michelle, and a very warm welcome to everyone joining us today. I have Abhishek Maheshwari, our Chief Financial Officer; and Dheeraj Agarwal, our Head of Investor Relations, on the call. Today, I will take you through our operational and financial performance for the quarter ended September 30, 2026. We are happy to share that we recorded a strong growth in co-location additions in Q2. This has translated into an improvement in our tenancy ratio from 1.62 to 1.63, following a period of stability. Growth during the quarter was driven by continued network expansion from our customers, alongside a pickup in rollouts by a major customer. With healthy order book visibility and accelerating rollout activity, we expect the growth momentum to continue. Importantly, we continue to be the preferred infrastructure partner for our key customers, capturing a substantial share of their incremental rollouts. Our extensive footprint, superior network management capabilities, stringent SLA commitments and collaborative approach continue to reinforce customer trust and position us well to capture the next phase of industry growth. Our consistent performance and strong customer trust are underpinned by a deep sense of ownership of our frontline teams. During the quarter, our teams across Northeast, Bihar & Jharkhand and UP East, once again demonstrated exceptional resilience in the face of severe floods that disrupted network operations, restricted site access and caused prolonged power outages. Despite these challenges, our team responded with agility, proactive planning and close local coordination to accelerate restoration efforts and ensure service continuity across most of the affected networks. Their dedication in such challenging circumstances reflects the strength of our execution culture and our commitment to delivering reliable services to customers. The favorable regulatory environment has been supporting the seamless deployment of telecom infrastructure. Government support for smart meter deployment on telecom towers has further reinforced telecom infrastructure as a priority consumer category. Over the last three years, we have deployed smart meters on approximately 140,000 sites. This development provides improved visibility of consumption patterns and creates opportunities for energy optimization, operational efficiency and data-driven decision making. Page 2 of 13 Indus Towers Limited October 28, 2026 Coming to the 5G networks. According to the recent TRAI data, India's 5G subscriber base grew by 36 million in the first quarter, exceeding 463 million subscribers. This secular demand curve is driving sustained operator investment in coverage and capacity. With the industry adding approximately 30,000 5G BTSs during the second quarter, taking the total installed base to around 593,000. As these networks mature, deployment focus is shifting towards network densification to support higher traffic loads and emerging digital use cases. Given our comprehensive portfolio and strength of customer relationships, we are structurally well positioned to support this steady infrastructure expansion. Infrastructure expansion and sustained 5G adoption trends are validated by robust consumption trends. In Q1, total data volume increased by 30% year-on-year, supported by an 18% rise in average monthly usage per subscriber. Notably, 5G networks are accelerating this trend, with 5G usage alone growing 79% year-on-year, representing 44% of total data consumption, up from 32% in the prior year. This ongoing shift highlights the necessity for sustained investments in network capacity, which supports long-term utilization rates and tenancy growth on our passive shared infrastructure. Our operational performance witnessed strong order bookings led by sustained customer rollouts and increased network expansion by a major customer. We added approximately 2,900 macro towers and robust co-locations of 7,900, marking year-on-year growth of 5.6% in towers and 5.9% in co-locations. Our total macro tower and co-location base reached approximately 270,500 and 440,200, respectively. Our industry-leading tenancy ratio has also improved from 1.62 to 1.63, driven by substantial rollout through sharing of our existing towers. Including leaner sites, we concluded the quarter with approximately 454,200 co-locations, reinforcing our market-leading operational scale. We remain committed to supporting our customers' network expansion through our shared portfolio. We are actively collaborating with one of our major customers to facilitate its planned network rollouts, which is reflected in our consistent performance. Given our ready-to-deploy asset base, optimized geographical footprints and competitive value proposition, we remain confident in our ability to serve as a key long-term infrastructure partner for their network deployment plans. Our strategy of operating a low-cost shared infrastructure model provides the best solution to customers and Indus by way of improving asset productivity. With a large portfolio of towers designed to support multiple tenants, Indus remains the preferred partner for operators seeking rapid network expansion at an efficient cost. The company is equally well positioned to support existing customers in strategically important locations, where finding alternative infrastructure options may be difficult or less economical, particularly for a second and a third tenant. As a result, we remain confident to expand and retain co-locations at Indus from all the major customers. In addition, we remain committed to serving our customers with best-in-class service delivery and uptime, lower operating costs through tenancy profile and lower [Showing first 8,000 characters — download PDF for full document]