BUSINESS SNAPSHOT
GTL Infrastructure Limited (GTL Infra or the Company) is an IP-1 registered entity with the Department of Telecommunications, Government of India. The Company is engaged in providing passive telecom infrastructure on a shared basis to mobile telecommunications service providers for hosting active network equipment. The Companys business model is built around the ownership, operation and maintenance of passive telecom infrastructure supporting multiple technologies, with infrastructure sharing and energy management constituting its key service offerings.
The telecom infrastructure sharing model enables telecom operators to optimize capital investment by converting a significant portion of network-related expenditure from a capital expenditure model to an operating expenditure model. This allows operators to allocate greater resources towards their core business activities while leveraging shared infrastructure to expand network coverage and improve operational efficiency. Over the years, GTL Infra has played a significant role in the evolution of Indias telecom infrastructure industry and has been at the forefront of promoting the shared infrastructure model. The Company was also the first independent tower company in India to be listed on the stock exchanges.
The passive telecom infrastructure business continues to be characterized by long-term customer relationships, stable and predictable revenue streams and the ability to support multiple technologies on a common infrastructure platform. The business model also benefits from opportunities arising from network expansion, technology upgrades and incremental tenancy additions, thereby enhancing operating leverage and improving profitability.
Salient Features of the Passive Infrastructure Business Model
- Capable of supporting multiple technologies, including 2G, 3G, 4G, 5G, IoT and enterprise data systems
- Growth driven by wireless network expansion and technology upgrades
- Predictable, annuity-based revenue streams
- Medium- to long-term renewable contracts with telecom operators, incorporating built-in annual price escalation mechanisms
- Energy management services provided under agreements with telecom operators
- Relatively fixed cost base and low maintenance requirements
- High predictability of free cash flows
- Incremental tenancies (beyond the anchor tenant) contribute to higher EBITDA margins and improved cash conversion
- Additional equipment loadings by telecom operators on the existing infrastructure generate incremental revenue and EBITDA
Key Developments in Indias Telecom Sector: Wireless Telecom Subscriber Base Expansion
Indias total telecom subscriber base reached 1,330.58 Mn as of March 2026. The wireless subscriber base stood at 1,265.73 Mn, while wireless (mobile + FWA) subscriptions stood at 1,282.33 Mn. Total internet subscribers reached 1,092.79 Mn, including 1,065.88 Mn broadband subscribers. The wireless subscriber base increased 1.73% quarter-on-quarter in March 2026, reflecting continued demand for mobile connectivity.
(Source: TRAI / Press Information Bureau - Indian Telecom Services Performance Indicators, June 2026)
Rural Connectivity Expansion
Rural connectivity continued to strengthen during FY 2025-26. Rural telephone subscriptions increased to 551.79 Mn by March 2026, with rural teledensity rising to 60.46%. Government-supported 4G coverage had also placed 24,784 towers on-air, covering 35,022 villages/locations as of June 2026.
(Source: TRAI / Press Information Bureau - Telecom Performance Indicators, June 2026, Ministry of Communications / Press Information Bureau - Status of Telecom Infrastructure, July 2026)
5G Network Deployment Leadership
Indias 5G rollout continued at scale during FY 2025-26. As of February, 2026, more than 5.23 lakh 5G Base Transceiver Stations (BTSs) had been installed across the country and 5G services were available in 99.9% of districts. Earlier, as of December, 2025, more than 5.18 lakh 5G BTSs had been installed and approximately 38 crore wireless data subscribers had started using 5G services.
(Source: Press Information Bureau - Status of 5G Rollout, March 2026)
Tariff Optimization and ARPU Enhancement
Wireless ARPU continued to improve, reaching 196.04 per month in the quarter ended March 2026, up 0.76% sequentially and 7.15% year-on-year. Average monthly usage also increased to 1,017 minutes per subscriber. These trends indicate improving monetisation of telecom usage and support continued network investment.
(Source: TRAI / Press Information Bureau - Indian Telecom Services Performance Indicators, June, 2026)
Telecom Revenue & Growth Momentum
Telecom Service Sector Gross Revenue (GR) reached 1,05,118 crore in the quarter ended March 2026, while Adjusted Gross Revenue (AGR) stood at 86,716 crore. AGR increased 9.45% year-on-year in the quarter, indicating continued improvement in sector monetisation.
(Source: TRAI / Press Information Bureau - Indian Telecom Services Performance Indicators, June, 2026)
Policy Support and Investment Framework
The Draft National Telecom Policy 2025 (NTP) proposes a long-term framework focused on universal and meaningful connectivity, innovation, domestic manufacturing, secure and trusted networks, ease of doing business and sustainable telecom. Key 2030 proposals include 100% population coverage with 4G, 90% population coverage with 5G, tower fibreisation from 46% to 80%, one million public Wi-Fi hotspots, and stronger domestic R&D and manufacturing capabilities. As of date, NTP remains a draft policy and a final approved version has not yet been formally enacted.
(Source: Department of Telecommunications, July 2025, Ministry of Communications, December 2025)
BharatNet and Public Wi-Fi Expansion
Digital connectivity initiatives continued to expand during FY 2025-26. As of June 2026, 2,14,912 Gram Panchayats had been connected under BharatNet Phases I and II and 13,494 had been upgraded under the Amended BharatNet Programme. Under PM-WANI, 4,09,403 public Wi-Fi hotspots were operational as of February, 2026, supported by 207 PDO Aggregators and 113 App Providers.
(Source: Press Information Bureau - Status of Telecom Infrastructure, July 2026, Press Information Bureau - PM-WANI Scheme, April, 2026)
Production Linked Incentive (PLI) and Domestic Manufacturing
Telecom and networking products under the PLI framework recorded cumulative actual investment of 5,278 crore and employment generation of 33,610 as of March 31, 2026.
The broader PLI programme recorded more than 2.40 lakh crore of actual investment across 14 sectors by March 2026, reinforcing the policy focus on domestic manufacturing and supply-chain resilience.
(Source: Press Information Bureau - PLI Schemes July, 2026)
Enhanced Cybersecurity Infrastructure
The Telecom Cyber Security Rules, 2024 continue to strengthen the security framework for telecom networks and services. The framework requires telecom entities to comply with government directions and standards for prevention of misuse of telecom identifiers, equipment, networks and services, and provides for measures including temporary suspension or permanent disconnection of relevant telecom identifiers.
(Source: Department of Telecommunications - Telecom Cyber Security, November, 2024)
Industry Trends in Indias Telecom Sector AI, Automation and Intelligent Networks
AI is increasingly becoming an integral part of telecom network management, service delivery and cybersecurity. During FY 2025-26, TRAI and industry stakeholders focused on responsible AI adoption in telecom, including governance, trust, accountability, network operations and consumer protection. India is also building research and standardisation capabilities around AI-enabled telecom, digital twins, IoT, non-terrestrial networks and future 6G systems.
(Source: Press Information Bureau - Responsible AI in Telecom session at India AI Impact Summit 2026. February 2026, Press Information Bureau - TEC and IIT Kanpur collaboration, January 2026)
6G Vision & Research Leadership
India continued to strengthen its 6G ecosystem during FY 2025-26. The Bharat 6G Alliance expanded its industry-academia ecosystem and focused on technology gaps, research, innovation, IPR development and testbeds. By July 2026, the Alliance had expanded to 90 members and constituted seven working groups covering 6G technologies, spectrum, applications, devices and components, green technologies and sustainability, among other areas.
(Source: Press Information Bureau - Bharat 6G Alliance and Spectrum Roadmap, July 2026)
Notable Technology Integration Trends
- Cloud-native and software-defined network architectures are gaining importance as operators modernise networks for scalable 4G/5G services.
- Edge computing and distributed infrastructure are becoming more relevant for low-latency enterprise, IoT and industrial applications.
- Private 5G, IoT and non-terrestrial networks are emerging as complementary growth areas for enterprise and specialised connectivity.
- Energy-efficient telecom infrastructure, including lithium-ion batteries, solar solutions and other green technologies, are gaining importance as towercos and operators focus on cost optimisation and sustainability.
(Source: www.crisilratings.com - Telecom towercos to dial in 5-6% tenancy growth on network expansion, June, 2026)
OPPORTUNITIES & THREATS
OPPORTUNITIES
5G Densification and Incremental Tenancies
Indias continued 5G deployment and network densification create a favourable environment for shared passive infrastructure. CRISIL Ratings expects telecom tower companies to achieve 5-6% tenancy growth in the current fiscal and the next, supported by renewed 4G expansion, 5G rollout and network expansion in overlapping circles. Improving tenancy ratios can strengthen average revenue per tower, operating leverage and asset utilisation.
(Source: www.crisilratings.com - Telecom towercos to dial in 5-6% tenancy growth on network expansion, June, 2026)
Rural Network Expansion and BharatNet
Rural tele-density of 60.46%, continued 4G coverage of uncovered villages, BharatNet expansion and increasing broadband adoption provide a long-term opportunity for passive infrastructure providers. Government-supported connectivity programmes are expanding coverage in underserved and remote areas, supporting potential demand for new sites, upgrades and shared infrastructure.
(Source: Press Information Bureau - Indian Telecom Services Performance Indicators, June 2026, Status of Telecom Infrastructure, July, 2026)
BSNL 4G/5G Upgrade Opportunity
BSNLs indigenous 4G rollout continues to create potential demand for passive infrastructure and co-location. As of January 15, 2026, 97,672 4G sites had been installed and 95,511 were on-air. The deployed indigenous equipment is technically 5G-upgradable, supporting a potential future transition toward next-generation networks.
(Source: Press Information Bureau - BSNL is upgrading existing sites using indigenous 4G stacks, February, 2026)
Energy-Efficient Infrastructure
The telecom tower industry is expected to continue investing in site upgrades and energy-efficient solutions. CRISIL estimates annual towerco capex of about 10,000 crore in fiscals 2027 and 2028, including new towers, site upgrades and energy-efficient solutions such as solar systems and lithium-ion batteries. This supports opportunities for passive infrastructure companies with capabilities in energy management and network optimisation.
(Source: www.crisilratings.com - Telecom towercos to dial in 5-6% tenancy growth on network expansion, June, 2026)
THREATS
Market Consolidation and Tenancy-Ratio Pressure
Telecom industry consolidation has historically increased the proportion of single-tenant towers and pressured tenancy ratios. CRISIL notes that the independent tower industrys tenancy ratio declined to 1.42 times in fiscal 2025 from 1.47 times in fiscal 2023, although renewed network expansion is expected to support recovery toward 1.46-1.48 times by March 2028. For tower infrastructure providers, sustained consolidation and selective network expansion remain key risks to occupancy growth and pricing power.
(Source: www.crisilratings.com - Telecom towercos to dial in 5-6% tenancy growth on network expansion, June, 2026).
Counterparty Credit and Receivables Risk
Although industry payment cycles have improved, counterparty credit risk remains relevant for tower companies because collections depend heavily on the financial strength and payment discipline of telecom service providers. ICRA had revised the tower industry outlook to Stable in May 2025, citing improved collections and receivables of around 45-60 days, while noting that customer credit profiles and timely payments remain important monitoring factors.
(Source: ICRA - Outlook for telecom tower industry revised to Stable, May, 2025)
Technology Evolution and Capital Requirements
The transition toward 5G-Advanced, AI-native networks, fibreisation and future 6G technologies requires continuous investment in structural upgrades, power systems, backhaul and site readiness. While these investments can support long-term tenancy and service opportunities, they also create execution, capex and return-on-investment risks for infrastructure providers.
(Source: www.crisilratings.com June, 2026)
Site Access, Landlord and Asset Protection Risks
Telecom tower operations remain exposed to site-access constraints, landlord-related issues, utility interruptions and asset protection challenges, particularly at unoccupied or low-utilisation sites. These risks can increase operating costs, delay restoration and affect the economics of individual sites.
FUTURE OUTLOOK
The Company operates 21,220 towers across 22 telecom circles as of March 31, 2026. The Company continues to provide infrastructure sharing and energy management services, with a focus on maintaining high network availability as part of its customer service proposition.
Indias telecom infrastructure sector is expected to benefit from continued network densification, rural coverage expansion and technology upgrades, supported by ongoing 4G/5G roll-outs, rising broadband adoption and BharatNet expansion. Industry forecasts indicate tenancy growth of about 5-6% for tower companies in the current and ensuing financial year. The Company has also progressed its debt resolution, having settled dues with two secured lenders, received One-time Settlement / Negotiated Settlement (OTS / NS) sanction from the Lead Lender and continued discussions with the remaining Rupee Term Loan lenders.
In view of the above, the Company remains focused on increasing tower utilisation through incremental tenancies and loadings, strengthening customer relationships, improving operational and energy efficiency, protecting the asset base and maintaining high network availability. Disciplined capital allocation, counterparty risk management and continued progress on debt restructuring/settlement will remain important to strengthening the Companys financial resilience.
DISCUSSIONS ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONS
The discussion and analysis of Results of Operations and Balance Sheet that follows are based upon the financial statements, which have been prepared in accordance with the Accounting Standards notified under the relevant provisions of the Companies Act, 2013 as amended from time to time and adopted consistently by the Company and further based on guidelines issued by the Securities and Exchange Board of India (SEBI), to the extent applicable.
Segment wise reporting
The Company is in the business of providing Telecom Towers on shared basis and as such there are no separate reportable segments. The Companys operations are only in India.
Summary of Financials (In Mn)
| Particulars | FY 25-26 | FY 24-25 | ||
| US$ | US$ | |||
| Revenue from operations | 13,720 | 145 | 13,441 | 142 |
| Less: | ||||
| Infrastructure Operation & Maintenance Cost | 7,996 | 85 | 8,089 | 85 |
| Employee benefits expense | 912 | 10 | 855 | 9 |
| Other expenses | 849 | 9 | 967 | 10 |
| Ind AS and other Adjustments (net) [Refer Note 1& 2] | 1,792 | 19 | 1,728 | 18 |
| Total Costs | 11,549 | 122 | 11,639 | 123 |
| Normalized EBITDA [Refer Note 1] | 2,171 | 23 | 1,802 | 19 |
| Normalized EBITDA % | 16% | 16% | 13% | 13% |
1. Normalized EBITDA is calculated after considering all income and costs related to operations but excludes Ind AS impact on P&L items, foreign exchange difference, Loss on Dismantling/Sale/Retirement of Fixed Assets (Net), other one-time expenses / revenue, non-operational expenses / other income, exceptional items etc. Figures for the previous financial year have been regrouped / rearranged wherever necessary to make them comparable with that of FY 25-26.
2. Ind AS 116 impacts on Rentals: Since 2019, following the implementation of Ind AS 116 - Leases, the nature of expenses relating to non-cancellable leases has changed from lease rentals to depreciation and finance costs in respect of the Right-of-Use assets and lease liabilities, respectively. This has resulted in increase in depreciation and amortization expense of 1,062 Mn (US$ Mn 11), (PY 1,066 Mn, (US$ 11 Mn), finance costs of 505 Mn (US$ 5 Mn) (PY 546 Mn, US$ 6 Mn) decrease in infrastructure operations and maintenance cost of 1,516 Mn (US$ 16 Mn) (PY 1,520 Mn, US$ 16 Mn) and decrease in other expenses of 56 Mn (US$ 1 Mn) (PY 53 Mn, US$ 1 Mn)) for the Year ended March 31, 2026. Please refer Note no. 3 and 36 in the financial statements for further details.
Financial Performance, Operational Highlights, and Industry Dynamics:
The Companys financial and operational performance continued to reflect the impact of the structural changes witnessed by the Indian telecom sector over the preceding years, including significant tenancy losses and a large number of unoccupied tower sites. These legacy issues resulted in continuing costs and liabilities associated with such sites, notwithstanding the absence of corresponding revenue.
During the year, the Company continued to focus on operational efficiency, cost optimisation and strengthening of its operating platform, while making significant progress towards resolution of its debt obligations through bilateral settlements with lenders. Completion of the remaining debt resolution is expected to further strengthen the Companys financial position and provide greater flexibility to support its operations.
The Company believes that continued regulatory support and implementation of the new telecom policy, aimed at streamlining approvals, facilitating deployment of telecom infrastructure and accelerating the roll-out of telecom networks and optical fibre across the country, will support the growth of the sector. Against this backdrop, the Company continues to focus on improving utilisation of its tower portfolio and strengthening operational performance.
Revenue from Operations
The Companys revenue from operations increased to 13,720 Mn (US$ 145 Mn) in FY 25-26 from 13,441 Mn (US$ 142 Mn) in FY 24-25. Change in revenue is on account of contractual escalations, incremental tenancies, one time settlements and exits during the year.
Occupied Towers, Tenants and Tenancy Ratio
The Company owns 21,220 towers, of which 10,251 were occupied with 21,947 radiating tenants, resulting in a tenancy ratio of 2.1 on occupied towers as of March 31, 2026. As of March 31, 2025, 10,381 towers were occupied with 22,262 radiating tenants, resulting in a tenancy ratio of 2.1 on occupied towers.
Due to external factors adversely affecting the telecom sector, as reported from time to time, the Company lost substantial number of tenancies over last 12-13 years. These developments resulted in abandonment of more than 14,000 towers by the discontinuing customers and consequent reduction in the revenue and earnings. However, the Company continued to incur substantial costs and liabilities including rents, vendors claims and statutory dues in respect of these unoccupied towers, without corresponding revenue. Non-payment of rental dues also resulted in certain landowners initiating legal proceedings against the Company and its officials and, in some cases, restricting access of the Companys employees to the sites. In such circumstances, instances of unauthorized dismantling and theft of towers and related equipment by unknown miscreants and certain disgruntled landowners were also reported. Further, at certain sites, the Company was required to dismantle its towers, with the permission of its lenders, pursuant to court orders, directions / notices from statutory or local authorities and requirements arising from road / highway widening. During the year ended March 31, 2026, 362 sites (Previous Year: 363 sites) were dismantled from the above unoccupied sites. The Company continues to pursue insurance claims & appropriate actions against the unknown miscreants/landlords including filing of FIR, wherever applicable. The Company continues to take appropriate measures for protection and preservation of its assets.
account of higher insurance claim proceeds received during the year towards loss of assets. Other Income also includes interest income on fixed deposits and income-tax refunds, profit on sale / fair value gains on current investments, miscellaneous income.
Operating Expenses
Infrastructure Operations & Maintenance Cost (net of recovery) - Infra O&M Cost
The Infra O&M cost consists of expenses related to cell sites, such as rentals for premises, security, power & fuel, operations & maintenance, and annual maintenance charges for network assets such as diesel generators, air conditioners and battery banks. Among these, major costs such as rent, power and fuel are substantially recoverable from customers in accordance with the respective contractual terms.
Mn
| Infra O&M cost (net of recovery) | FY 25-26 | FY 24-25 |
| Site rental (net) | 1,977 | 2,082 |
| Power, fuel & maintenance charges (net) | 1,796 | 1,732 |
| Repairs & maintenance to plant and equipment | 106 | 99 |
| Stores & spares consumption | 3 | 3 |
| Other operating expenditure | 261 | 326 |
| Total | 4,143 | 4,242 |
The figures mentioned above for site rental and power, fuel & maintenance charges are net of recovery from customers and excluding Ind AS impact.
The Infra O&M cost (net of recovery) of the Company is 4,143 Mn (US$ 44 Mn) in FY 25-26 as compared to 4,242 Mn (US$ 45 Mn) in FY 24-25.
1. Site Rental: The decrease in site rental cost from 2,082 Mn (US$ 22 Mn) in FY 24-25 to 1,977 Mn (US$ 21 Mn) in FY 25-26 was mainly attributable to sites lost due to unauthorised dismantling of towers as mentioned above.
2. Power, Fuel & Maintenance (net): Changes in fuel rates, tenancy, escalations and arrears as per agreements resulted in an increase in Power, Fuel & Maintenance cost in FY 25-26 compared to FY 24-25. Power, Fuel & Maintenance cost for FY 25-26 stood at 1,796 Mn (US$ 19 Mn) against 1,732 Mn (US$ 18 Mn) in FY 24-25.
3. Repairs & Maintenance: Repairs & Maintenance increased to 106 Mn (US$ 1 Mn) in FY 25-26 from 99 Mn (US$ 1 Mn) in FY 24-25.
4. Other Operating Expenditure: Other operating expenses mainly consist of site security costs. Site security costs decreased to 261 Mn (US$ 3 Mn) in FY 25-26 from 326 Mn (US$ 4 Mn) in FY 24-25 on account of optimization of security by the Company.
The decrease in Infra O&M cost was largely driven by operational cost reductions achieved through targeted cost initiatives across key areas such as Energy, Security and Rent.
Network Uptime & SLA:
The Company continues to offer the best possible services to its customers and has been able to maintain network uptime at around 99.90% as per SLAs under normal conditions in certain circles. The Company undertook several initiatives to further improve network uptime under difficult terrains and situations and continues to invest in Capex and Opex to achieve the desired results.
Capital Expenditure (CAPEX)
Driven by a firm commitment to customer-centricity and defect-free, SLA-backed service delivery, the Company continued to deploy capital judiciously during the year to upgrade its network infrastructure. Strategic investments were directed at chronic, SLA-challenged locations and business-critical customer sites. This disciplined approach directly enhanced network availability, ensured business continuity, and significantly curtailed SLA penalties across a substantial number of operational sites.
As an essential service provider, the Company remains dedicated to actively participating in and supporting the growth initiatives of its customers. To align with our clients expansion plans and national digital infrastructure goals, the Company plans to invest 750 Mn in FY 2026 27 toward network modernization and revenue protection, subject to availability of cash flows.
To sustain high service standards and accommodate client growth while operating within revenue-linked expense parameters, management has identified additional required CAPEX deployments as follows subject to cash flow generation:
- Equipment Lifecycle Management: for replacing end-of-life infrastructure to maintain operations and safeguard recurring revenues.
- 5G Network Readiness & Customer Growth: towards capacity maintenance, expansion and technology upgrades to support customer expansion and accommodate mapped 5G tenancy growth.
- Energy Infrastructure- to support increased power consumption demand arising from adoption of new technology by telecom operators and to enable deployment of sustainable energy infrastructure, reducing dependency on conventional sources and enhancing long term efficiency.
Balancing our customer-first service pledge with financial prudence, management is pursuing a disciplined, phased asset-replacement strategy. Investment will be strictly prioritized toward critical assets that maximize network reliability, operational efficiency, and revenue generation. The Company remains focused on monitoring cash flows.
Electrification & Diesel-Free Sites
Total EB connected occupied site count stood at 99% as of March 31, 2026.
The number of operational Green Sites across the entire portfolio was 3,171 as of March 31, 2026.
Employee Benefits Expense
The Employee Benefits Expense includes salaries and allowances, contributions to provident fund, gratuity fund and other funds, besides employee welfare and related expenses.
| Employee Benefit Expenses | FY 25-26 | FY 24-25 |
| In Mn | 912 | 855 |
| In US$ Mn | 10 | 9 |
| Expenses as % of Revenue | 7% | 6% |
The Companys employee benefits expenses stood at 912 Mn (US$ 10 Mn) in FY 25-26.
During the year, the Government of India consolidated existing multiple labour legislations into a unified framework comprising four Labour Codes. Based on the information and guidance available, the Company has assessed and duly recorded the one-time incremental financial impact relating to past service cost amounting to 3.6 Mn in these financial results.
Other Expenses
Other Expenses mainly comprise property tax on towers, legal & professional fees, insurance premium, rentals of office / warehouse, travel and conveyance, loss on / due to sale, theft or retirement of fixed assets by landlords / unknown miscreants (net), audit fees, bank charges and other administrative expenses.
| Other Expenses | FY 25-26 | FY 24-25 | ||
| MN | US $ | MN | US $ | |
| Total Other Expenses | 849 | 9 | 967 | 10 |
| One-Time & Other Adjustments | (32) | (1) | (25) | (1) |
| Total Other Expenses (Normalised) | 817 | 9 | 942 | 10 |
| Other Expenses (Normalised) as of % revenue | 6% | 6% | 7% | 7% |
The above figure of One-time and Other Adjustments comprises Loss on Dismantling / Sale / Retirement of Fixed Assets (Net), Ind AS impact and bank charges, etc.
During FY 2025-26, 362 sites were dismantled compared to
363 sites in FY 2024-25, resulting in a net loss of 52 Mn (US$
1 Mn), compared to 24 Mn (US$ 0.26 Mn) in FY 2024-25, recognized under other expenses.
The Company continues to pursue insurance claims and take appropriate action against unknown miscreants / landlords, including filing of FIRs, wherever applicable, and continues to take appropriate measures for protection and preservation of its assets.
The reduction in Other Expenses was mainly due to a substantial reduction in property taxes on sites under the rates & taxes heading, following the enactment of the Telecommunication Act, 2023.
Under Section 14(3) of the Telecommunication Act, 2023 (effective June 26, 2024), telecom networks installed on any property are exempt from property taxes, levies and cesses. Section 14(4) further prohibits local authorities from taking coercive action against such sites without Central Government approval.
Following the implementation of the aforesaid statutory framework, property tax demands have reduced significantly. However, certain local authorities continue to raise demands / issue notices in respect of telecom sites. In certain cases, with a view to ensuring continuity of operations and preventing site sealing, the Company has made payments under protest while actively challenging the legality and retrospective application of these levies before judicial forums. Property tax liabilities continue to be provided for in the financial statements based on the best estimates of applicable demands.
Earnings before Interest, Taxes, Depreciation and Amortization (Normalized EBITDA)
| Financial Year | FY 25-26 | FY 24-25 |
| In Mn | 2,171 | 1,802 |
| In US$ Mn | 23 | 19 |
The Companys normalized EBITDA for FY 25-26 was 2,171 Mn compared with 1,802 Mn in FY 24-25. The increase in EBITDA was primarily driven by improved operational efficiencies and effective cost optimisation measures.
Depreciation and Amortization expenses
Depreciation and Amortization for FY 2025-26 stood at
2,369 Mn (US$ 25 Mn) vis-à-vis 2,440 Mn (US$ 26 Mn) for FY 2024-25.
During the year, the Company, has identified certain non-core properties for disposal with the approval of its lenders to discharge its obligations under OTS/NS. Accordingly, buildings have been classified as Assets Held for Sale. Consequent to such classification, the said assets have been reclassified from Property, Plant and Equipment (PPE) and Investment Property to Assets Held for Sale and are measured at their carrying amount. Further, in line with the requirements of Ind AS 105, depreciation on these assets has been discontinued from the date of such classification.
Exceptional Items
Exceptional items for the year amounts to 11,982 Mn (net) (US$ 127 Mn), which includes the following: (i) 9,349 Mn (US$ 99 Mn), representing the impact arising pursuant to the respective OTS/NS agreement with the lenders in accordance with agreed settlement terms (refer note no. 18.1) (ii) 2,633 Mn (net) (US$ 28 Mn), towards reversal of provision pursuant to amicable settlement of GTL Ltd.s claim. The provision pertained to arbitration proceedings arising out of disputes under long-term service arrangements, which were subject to interim orders of the Arbitral Tribunal and subsequent proceedings before the Honble High Court and Honble Supreme Court. Following prolonged litigation and discussions, the parties have amicably settled the dispute and the arbitration proceedings have been withdrawn, as recorded by the Arbitral Tribunal vide its order dated February 3, 2026. Accordingly, the provision has been reversed in the current year.
Balances Written Off (Net), Provision for Trade Receivables & Energy Recoverable
The negative amount of 105 Mn (US$ 1 Mn) for FY 2025-26 represents reversal of provisions made in earlier years against customer dues, following the collection of such dues, vis-à-vis 679 Mn (US$ 7 Mn) in FY 24-25.
Exchange Differences (Net)
Exchange difference for FY 25-26 stood at a loss of 728 Mn (US$ 8 Mn) vis-à-vis a loss of 93 Mn (US$ 1 Mn) for FY 24-25. This is a non-cash item representing the measurement of FCCBs and foreign currency borrowings on the reporting date at the prevailing exchange rates. During the year, foreign exchange rates increased by more than 10%.
Finance Costs
Finance costs comprise interest expenses, finance costs on Lease Liability as per Ind AS 116 and exchange differences considered as an adjustment to borrowing cost. Finance costs for FY 25-26 stood at 5,632 Mn (US$ 60 Mn) vis-à-vis 9,285 Mn (US$ 98 Mn) for FY 24-25.
The Company is at an advanced stage of discussions with the remaining Rupee Term Loan lenders for OTS/NS. In view of the same, management is of the view that adequate provisions for interest have already been made in the Companys books. Therefore, with effect from September 2025, accrual of further interest on such borrowings has been discontinued.
BALANCE SHEET ITEMS
Fixed Assets
The carrying amount of Property, Plant and Equipment, Intangible Assets, and Right-of-Use Assets as of March 31, 2026, stood at 26,677 Mn (US$ 282 Mn), compared with 28,453 Mn (US$ 301 Mn) as of March 31, 2025. The carrying amount as of March 31, 2025 also included Investment Property, which has been reclassified as Assets Held for Sale as of March 31, 2026. The Company, in accordance with the Indian Accounting Standard (Ind AS 36) Impairment of Assets, carried out an impairment test. Based on this assessment, it is concluded that the carrying amounts of these assets continue to be supportable by their recoverable amounts, determined on a value-in-use basis. Accordingly, no impairment loss has been recognized for the financial year ended March 31, 2026 (Previous Year: Nil). The Company continues to pursue contractual claims of approximately 150,114 Mn (US$ 1,586 Mn) arising out of these developments.
Other Non-Current Assets
Other non-current assets of the Company stood at 1,171 Mn
(US$ 12 Mn) as of March 31, 2026, as compared to 1,167 Mn (US$ 12 Mn) as of March 31, 2025. The noncurrent assets primarily consist of site related electricity, rent deposits, tax assets, amounts paid under protest to government authorities etc.
Equity
Equity Share Capital
The paid-up equity share capital of the Company stood at
128,091 Mn (US$ 1,353 Mn) as of March 31, 2026, unchanged from March 31, 2025.
Other Equity
| Particulars | Mn | US$ Mn |
| Other Equity as on March 31, 2025 | (187,704) | (1,983) |
| Add: Total Comprehensive Income for the year | 7,803 | 82 |
| Less: Equity contribution due to pledged shares invoked by Lenders transferred to other payable | (340) | (4) |
| Other Equity as on March 31, 2026 | (180,241) | (1,905) |
Borrowings:
| March 31, 2026 | March 31, 2025 | |||
| Particulars | in Mn | US$ Mn | in Mn | US$ Mn |
| Secured debt | ||||
| Rupee term loans: | ||||
| Banks, Financial Institutions & Asset Reconstruction Trust | 5,879 | 62 | 40,645 | 429 |
| Less: Amount debited/paid by IDBI Trusteeship 1 | - | (12,416) | (131) | |
| (Adjustment in Principal Repayment) | ||||
| Less: Amount realised by Lenders by invoking | - | (340) | (4) | |
| Pledge1(Adjustment in Principal Repayment) | ||||
| Unsustainable Debt (ARC) - Ref Note 18 | 43,916 | 464 | ||
| Total-Rupee Term Loan | 49,795 | 526 | 27,889 | 295 |
| Foreign currency loans: | ||||
| Financial institutions | 818 | 9 | 692 | 7 |
| Total Secured loans | 50,613 | 535 | 28,581 | 302 |
| Unsecured loans: | ||||
| FCCB 2 | 3,547 | 37 | 3,207 | 34 |
| Total | 54,160 | 572 | 31,788 | 336 |
| Interest accrued- due and not due 3 | 9,160 | 97 | 46,220 | 488 |
| Total before Ind AS Impact | 63,320 | 669 | 78,008 | 824 |
| Ind AS Impact 4 | - | 146 | 2 | |
| Total Borrowings | 63,320 | 669 | 78,154 | 826 |
1 During the JLF meeting held on 20 February 2025, the Company and the lenders mutually agreed to pursue One-Time Settlement (OTS) discussions. Pursuant to this understanding, the lenders discontinued unilateral debits from the Companys TRA account with effect from the date of the meeting. Accordingly, for the year ended March 31 2026, the amounts previously debited have been adjusted against the outstanding principal.
2 Movement in FCCB liability is primarily on account of exchange difference.
3 Movement arising pursuant to the OTS/NS with the lead lenders, including the transfer of accrued interest to unsustainable debt in accordance with the OTS/NS terms.
4 Pursuant to the ongoing OTS/NS arrangement, the Ind AS impacts relating to borrowings have been fully resolved and appropriately reflected in the current year.
The borrowings (including current maturities and interests) of the Company as on March 31, 2026 stood at 63,320 Mn (US$ 669 Mn) as against 78,154 Mn (US$ 826 Mn) as at March 31, 2025. The borrowings comprise rupee term loans, foreign currency term loans and FCCBs. In 2018, following the unprecedented shutdown and exits of major customers like Aircel, RCom, Tata Tele etc., the Company suffered a significant decline in revenue and EBITDA resulting in an urgent need to right-size its debt levels. At that time, a few of the lenders of the Company chose not to assign their respective debts in favour of Edelweiss Asset Reconstruction Company Limited (EARC). At the Joint Lenders Forum (JLF) meeting held on February 20, 2025, the lenders agreed to pursue a bilateral settlement with the Company on a first-come, first-served basis. Accordingly, the Company paid 806 Mn towards the OTS deposit, which was accepted by the lenders.
Since May 2020, the total repayment to EARC/lenders towards the principal, including debits and proceeds from the sale of pledged shares, amounted to 11,950 Mn as of the commencement of the OTS process.
During the year, in accordance with the separate OTS sanctions received from two of the secured lenders, the Company made all the payments and settled all the dues and disputes with these two lenders and accordingly complied with the said sanction letters. Consequent to the full settlement, the proceedings initiated before the Debt Recovery Tribunal (DRT) have been withdrawn by both the lenders, and the petition filed by one of them before the Honble National Company Law Tribunal (NCLT) has also been withdrawn.
Additionally, the Company received the OTS / NS sanction from EARC. The Company continues to adhere to the milestone payments as per the terms and conditions of the said OTS / NS. In terms of the said sanction, the balance unsustainable debt shall not carry any interest till completion of OTS/ NS of the Company. Thereafter, the parties will discuss the resolution. On January 30, 2026, EARC assigned all rights, title, interest and benefits in respect of its remaining debt including the terms and conditions of its aforementioned OTS/NS sanction letter to Omkara Asset Reconstruction Private Limited (OARC) in capacity of Trustee of OMKARA PS 27/2025-26.
The Company is at an advanced stage of discussion with the remaining Rupee Term Loan lenders for OTS/NS in terms of JLF approved OTS framework. Therefore, the management is of the view that adequate provisions for interest have already been made in the Companys books and accordingly, accrual of further interest on such borrowings has been discontinued.
Other Non-Current Liabilities
The non-current Liabilities of the Company stood at
4,903 Mn (US$ 52 Mn) as of March 31, 2026, as compared to
5,031 Mn (US$ 53 Mn) as of March 31, 2025. The non-current Liabilities primarily consist of lease liabilities, claim towards equity contribution due to pledged shares invoked by lenders, provisions related to assets retirement obligation, provision for compensated absences and deposits received from customers etc. Borrowings, although disclosed under Non-Current Financial Liabilities in the Balance Sheet for the reasons specified therein, are not considered in the aforementioned analysis but are duly covered under the heading Borrowings above.
Current Assets
The current assets of the Company stood at 3,046 Mn (US$ 31 Mn) as of March 31, 2026, compared to 11,548 Mn (US$ 123 Mn) as of March 31, 2025. The current assets primarily consist of cash and cash equivalents, trade receivables, investments, unbilled income, opex advances, deposits, balance with government authorities, tax assets, prepaid expenses etc. The reduction in cash and cash equivalents was primarily attributable to payments made towards the concluded and ongoing OTS arrangements with lenders.
| March 31, 2026 | March 31, 2025 | |||
| Current Assets | Mn | US$ Mn | Mn | US$ Mn |
| Inventories | 27 | 0 | 40 | 0 |
| Investments | - | - | 258 | 3 |
| Trade receivables | 409 | 4 | 819 | 9 |
| Cash & cash equivalents | 1,163 | 12 | 8,290 | 88 |
| Other bank balances | 10 | 0 | 10 | 0 |
| Security Deposits | 365 | 4 | 373 | 4 |
| Unbilled Income | 580 | 6 | 641 | 7 |
| Others | 492 | 5 | 1,117 | 12 |
| Total | 3,046 | 31 | 11,548 | 123 |
Current Liabilities
The current liabilities of the Company stood at 15,180 Mn (US$ 160 Mn) as of March 31, 2026, as compared to 17,596 Mn (US$ 186 Mn) as of March 31, 2025. These liabilities primarily consist of operational provisions towards site rent, provision towards arbitration claim raised by GTL (net), lease liabilities, statutory dues, provision towards Assets Retirement Obligation (ARO), trade payables and operational provisions towards energy management, security etc. Borrowings, although disclosed under Current
Financial Liabilities in the Balance Sheet for the reasons specified therein, are not considered in the aforementioned analysis but are duly covered under the heading Borrowings above.
| March 31, 2026 | March 31, 2025 | |||
| Current Liabilities | Mn | US$ Mn | Mn | US$ Mn |
| Trade payables & creditors for capital goods | 68 | 1 | 252 | 2 |
| Lease liabilities | 1,032 | 11 | 1,001 | 11 |
| Deposits from customers | 990 | 10 | 1,003 | 11 |
| Advance Revenue | 14 | 0 | 16 | 0 |
| Operational incl. long term provisions etc. | 12,175 | 128 | 14,416 | 152 |
| Others incl. statutory dues etc. | 901 | 10 | 908 | 10 |
| Total | 15,180 | 160 | 17,596 | 186 |
ASSETS HELD FOR SALE
Pursuant to the discussions and approvals received during the Joint Lenders Forum Meeting held on January 07, 2026, the Company has identified certain non-core properties for disposal with the approval of its lenders to discharge its obligations under OTS/NS. Accordingly, seven properties located across India, comprising primarily of buildings, have been classified as Assets Held for Sale in accordance with the requirements of Ind AS 105 - Non-current Assets Held for Sale and Discontinued Operations. Consequent to such classification, the said assets have been reclassified from Property, Plant and Equipment (PPE) and Investment Property to Assets Held for Sale and are measured at their carrying amount. Further, in line with the requirements of Ind AS 105, depreciation on these assets has been discontinued from the date of such classification. The assets agreed to be transferred under the deal are recorded at lower of their carrying amount and net realizable value. Details of the assets held for sale are as under: ( in Mn)
| Class of Assets | Location | As at March 31, 2026 |
| Building | Mumbai, Pune, Kolkata, | 358 |
| Chennai, Secunderabad, | ||
| Ahmedabad and Bangalore |
Significant Changes in Key Financial Ratios
| Particulars | March 31, 2026 | March 31, 2025 | % Variance | Reason for variance |
| a) Current ratio | 0.10 | 0.12 | (17%) | Change is on account of Reduction in current liabilities due to ongoing OTS/ NS. |
| b) Debt-Equity ratio | (1.21) | (1.31) | 7% | Change is on account of Reduction in Debt due to ongoing OTS/NS. |
| c) Debt service coverage ratio | 0.16 | 0.05 | 220% | Change is on account of Reduction in Debt due to ongoing OTS/NS. |
| d) Trade receivables turnover ratio | 11.19 | 5.20 | 115% | Increase in collection during the year |
| e) Trade payables turnover ratio | 0.79 | 0.61 | 29% | Increase in outflow during the year |
| f) Net capital turnover ratio | (0.24) | (0.17) | (41%) | Working capital has reduced due to OTS/NS transaction during the year |
| g) Net profit ratio | 57% | (65%) | 187% | Increase in Net profit due to exceptional items recorded during the year with respect to OTS/NS transaction during the year |
| h) Return on capital employed | 32% | 3% | 967% | Change is on exceptional items recorded during the year with respect to OTS/NS transaction during the year |
| i) Return on investment | 4% | 5% | (20%) | Change is on account of variation in NAV on MF & Interest rate FD |
* Return on equity ratio is not applicable as the Net worth is negative as on March 31, 2026 and as on March 31, 2025 and the Company being in the service industry Inventory turnover ratio is not applicable.
DEBT RESOLUTION PLAN
The year under review represented an important milestone in the Companys debt resolution journey, with the resolution process transitioning from the erstwhile consortium-based framework to bilateral settlements with individual lenders. During the year, the Company successfully concluded settlements with certain lenders and made substantial progress towards resolution with the remaining lenders, as set out below.
Telecom Sector Developments and Impact on the Company
The Company has, from time to time, informed about various developments in the Indian telecom sector, which were beyond the control of the Company and its management. Due to slowdown in the telecom sector and the resultant impact on profitability and cash flows, the Company had undertaken a Corporate Debt Restructuring (CDR) exercise in July 2011 under the then applicable regulatory framework. Post implementation of the CDR package, the sector continued to face significant disruption, materially affecting the assumptions and projections underlying the restructuring framework. Thereafter, the landmark judgment of the Honble Supreme Court in February 2012 cancelling 122 2G telecom licences, including licences of Uninor, Videocon, Etisalat, Idea and Tata, together with continued financial stress and slower sector growth, further impacted the operating environment. As these challenges persisted, the lenders invoked the Strategic Debt Restructuring (SDR) framework in 2016 in accordance with the then applicable Reserve Bank of India guidelines. The Company cooperated with the lenders in implementation of SDR, including the merger of Chennai Network Infrastructure Limited with the Company and steps towards induction of a new investor.
The sector subsequently witnessed unprecedented consolidation and exits, particularly during 2017-18, including Aircel Group, then the largest customer of the Company, entering insolvency proceedings; Reliance Communications shutting down its wireless business; Tata Teleservices exiting the consumer mobile business; Sistema Shyam Teleservices merging with Reliance Communications; Telenor India merging with Bharti Airtel; and Vodafone India and Idea Cellular merging to form Vodafone Idea Limited. These developments significantly reduced the number of telecom operators in the market and resulted in substantial tenancy losses for the Company notwithstanding long-term contractual arrangements.
The table below sets out the principal events and consequent tenancy losses faced by the Company:
| Sr. No. Events of Tenancy Loss | No. of Tenancy | Period | Comments |
| 1. Cancellation of 2G licenses | 4,319 | Upto December 2017 | Supreme Court Judgement on cancellation of 122 2G telecom licenses |
| 2. Slower 3G/BWA growth | 4,750 | Since FY 2012-2013 | Industry slowdown following the Supreme Court verdict |
| 3. Operator scale back due to auction | 3,500 | ||
| 4. Aircel default of commitment of additional 20,000 tenancies | 15,200 | May 2014 | Legal and financial issues |
| 5. RCom shutdown of wireless business | 1,386 | August & September 2017 | Unsustainable business due to competition |
| 6. TATA exit from wireless business | 2,910 | Since May 2017 | |
| 7. Merger of Vodafone - Idea (VIL) | 3,275 | Since April 2018 | Forced industry consolidation due to competition |
| 8. Consolidation of Telenor with Bharti Airtel | 1,395 | During 2018-19 | |
| 9. Aircel filing of bankruptcy | 23,727 | January 2018 | Unsustainable business due to competition |
| 10. BSNL exits due to uncertainty of collection | 1,767 | Since FY 2018-19 | Unsustainable business due to competition |
| 11. Exit during business course with various reasons | 7,514 | Since April 2013 | |
| Aggregate tenancy loss from 2012 to 2026 | 69,743 |
Debt Resolution Journey
The successive disruptions in the telecom sector, despite implementation of the CDR and subsequently the SDR framework, continued to materially affect the Companys operating cash flows and necessitated further realignment of its debt with sustainable cash flows.
By its circular dated February 12, 2018, the Reserve Bank of India withdrew the erstwhile CDR and SDR frameworks. Although the Company was regular and current in servicing interest and principal payments in accordance with the applicable SDR terms, certain lenders subsequently downgraded the account pursuant to the regulatory changes.
Thereafter, a majority of the lenders holding 79.34% of total secured rupee debt assigned their respective debt to EARC through an independently run process. The Company continued to engage with its lenders and submitted multiple resolution proposals from time to time with the objective of achieving a consensual and commercially sustainable resolution, while preserving enterprise value and protecting stakeholder interests.
A significant development in the debt resolution process occurred at the Joint Lenders Meeting held on February 20, 2025, when the lenders agreed to pursue bilateral One-Time
Settlement / Negotiated Settlement with the Company on a first-come-first-served (FCFS) basis. This decision was reaffirmed by the lenders at their subsequent meetings and continues to remain the agreed framework for resolution of the Companys debt.
Pursuant to this framework, the Company has successfully concluded OTS with two of its lenders, resulting in settlement of their respective dues. Consequent upon such settlements, the concerned lenders have issued the applicable No Dues Certificates / confirmations in favor of the Company and its promoter and sponsors and the proceedings initiated by them before the National Company Law Tribunal and the Debts Recovery Tribunal have been withdrawn.
The Company also entered into an OTS/NS with its then Lead Monitoring Institution, EARC. Subsequently, EARC assigned its rights and interests in the relevant financial assistance to Omkara Assets Reconstruction Private Limited, which thereafter assumed the position of lender under the existing settlement arrangement. The Company has continued to make payments in accordance with the agreed settlement milestones.
Consequent upon the collective decision of the lenders to pursue bilateral settlements, the lenders also approved the dismantling of the Trust and Retention Account mechanism established under the erstwhile CDR framework, which is no longer relevant in a bilateral settlement scenario. The lenders have further approved the monetisation of identified non-core properties, the proceeds of which are to be applied towards bilateral settlements on an FCFS basis.
Companys efforts / Recovery for lenders
Despite the various extraneous developments in the telecom sector reported from time to time, the Company has, since 2010, consistently honoured its obligations to its lenders through repayment of principal and interest, conversion of debt into equity, repayments through sale of pledged shares and settlements under the ARC assignment mechanism, details of which are as follows:
in Mn
| Financial Year | Principal Repayment | Interest Repayment | Conversion of debt into Equity to PSU Lenders | Conversion of debt into Equity to bondholders | Repayment by way of Sale of Pledged Shares | Paid by ARC to PSU Lenders under Assignment Agreement* | Total Repayment |
| 2010-11 | 3,611 | 11,131 | - | - | - | - | 14,742 |
| 2011-12 | 2,332 | 5,689 | - | - | - | - | 8,021 |
| 2012-13 | 369 | 2,058 | 26,591 | 3,978 | - | - | 32,996 |
| 2013-14 | 1,201 | 7,983 | 2,507 | - | - | - | 11,690 |
| 2014-15 | 1,337 | 8,758 | - | 183 | - | - | 10,279 |
| 2015-16 | 1,953 | 8,558 | - | 112 | - | - | 10,624 |
| 2016-17 | 591 | 8,827 | - | 1,237 | - | - | 10,655 |
| 2017-18 | 41 | 4,522 | 45,012 | 3,842 | - | - | 53,416 |
| 2018-19 | 750 | 1,993 | - | 1,939 | - | 18,680 | 23,362 |
| 2019-20 | - | 2 | - | - | - | - | 2 |
| 2020-21 | 3,560 | 13 | - | 1,775 | - | - | 5,348 |
| 2021-22 | 2,800 | - | - | 1,267 | 139 | - | 4,206 |
| 2022-23 | 3,350 | - | - | 478 | 201 | - | 4,029 |
| 2023-24 | 1,400 | - | - | 1,359 | - | - | 2,759 |
| 2024-25 | 1,323 | - | - | 21 | - | - | 1,344 |
| 2025-26 | 11,282 | - | - | - | - | - | 11,282 |
| Total up to March 31, | 35,899 | 59,535 | 74,110 | 16,192 | 340 | 18,680 | 2,04,756 |
| 2026 | |||||||
| 2026-27 (up to September 1, 2026) # | 1,109 | - | - | - | - | - | 1,109 |
| Aggregate | 37,009 | 59,535 | 74,110 | 16,192 | 340 | 18,680 | 2,05,865 |
Figures have been rounded off to the nearest Mn and accordingly the totals may not correspond exactly to the sum of the individual amounts. * 18,680 Mn were paid by the ARC to PSU lenders under the Assignment Agreement.
# Represents payments made after March 31, 2026 up to September 1, 2026, being the date of approval of this Report by the Board of Directors.
The aggregate value delivered to lenders through the above mechanisms is approximately 20,586 crore ( 205,865 Mn), of which approximately 3,318 crore ( 33,177 Mn) has been paid since August 2018, that is, subsequent to the assignment of debt to the Asset Reconstruction Company. This demonstrates the Companys sustained commitment towards maximising lender recovery while pursuing a durable resolution of its debt.
Outlook
The Company is at an advanced stage of discussions with its remaining Rupee Term Loan lenders under the settlement framework agreed at the Joint Lenders Meeting. Building on the progress achieved during the year, the Company remains focused on completing the resolution of the remaining debt through mutually agreed bilateral settlements and establishing a sustainable capital structure to support its operations and long-term business objectives.
RISK MANAGEMENT
This report, prepared in accordance with Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, provides an overview of key strategic risks, the Companys risk control framework and its approach to risk management.
Shareholders and other readers are cautioned that the risks outlined here are not exhaustive and are given for information purposes only. New risks and uncertainties arise from time to time and could materially affect the Companys business, operations, financial position or prospects.
Introduction - Objectives and Approach
The Company conducts Risk Management activities covering all of its operations with the aim of taking pre-emptive actions to mitigate sources of risk, that is, any factors that could potentially impede the accomplishment of business objectives. At the Company, Risk Management is at the core of the operating structure of the Company and functions in parallel with the development and execution of management strategies. The Companys senior management and core functional officers, being Whole Time Director, Chief Financial Officer, Chief Internal Auditor and the Legal and Secretarial teams, as a matter of routine, assess potential operating and strategic risks in order to ensure that the Company at all times has a mitigation plan in place. The Company believes that by combining these two functions, it is better positioned to accomplish its business objectives and to increase its value.
The Company seeks to achieve an appropriate balance between risk and reward, and continues to build and enhance the risk management capabilities that assist in delivering the growth plans in a controlled environment. Thereby, the Company seeks to limit adverse variations in earnings and capital by managing risk exposures within agreed levels of risk appetite.
The Company has developed and implemented a Risk Management Policy which is periodically reviewed to identify, assess and mitigate risks that may impact the Companys business objectives.
MARKET AND INDUSTRY RISKS
Telecom Sector and Market Risk
The Companys revenue and operating performance are substantially dependent on the stability and growth of the Indian telecom sector. The sector remains capital intensive and is influenced by spectrum costs, regulatory developments, technology cycles, competitive intensity, customer network strategies and the financial position of telecom operators. These factors may affect network expansion, tenancy additions, pricing, collections and the level of capital expenditure required by telecom infrastructure providers.
The Indian telecom sector continues to witness significant growth in data consumption and network deployment. The financial position of the leading telecom operators has also improved, supported by past tariff revisions, premiumisation, increasing data usage and growth in ARPU. VIL, which has historically faced significant financial constraints, has continued to expand its 4G and 5G networks. During 2026, Government measures relating to VILs AGR liabilities have substantially deferred its near-term payment obligations, while promoter support and network investment have continued. VIL is progressively expanding 5G services across its key markets and 17 telecom circles. These developments are positive for the sector; however, VIL continues to have substantial long-term financial obligations and its network expansion remains dependent on continued access to funding.
BSNL has also substantially progressed its indigenous 4G rollout, with over 96,000 sites on-air as of February 2026, and the deployed equipment is technologically upgradable to 5G. Continued expansion by BSNL and Government-supported rural connectivity programmes may provide incremental opportunities for telecom infrastructure providers, although the timing and extent of any benefit to the Company will depend on customer network plans, site requirements, commercial terms and availability of capital.
The Company continued to transition eligible sites to a maintenance takeover contract (MTO) with one of its customers. As a result, though there will be reduction in revenue due to reimbursement and energy related capex being directly incurred by customers under MTO contract, cash flow on net basis will not be impacted. This contract assures 7 years of revenue for the Company and mitigates financial risk, ensuring revenue stability over the next 7 years.
OPERATOR CONSOLIDATION, COMPETITION AND TENANCY RISK
Operator Consolidation
The Indian wireless telecom market remains highly concentrated, with the number of major operators reducing from around 18 to about 4 key operators, resulting in structural changes in network footprints and tenancy rationalization across the industry. Based on TRAI data as of June 2026, Reliance Jio, Bharti Airtel and VIL together account for approximately 92.7% of wireless subscribers, with BSNL accounting for most of the balance. This concentration increases the Companys exposure to the network strategy, financial position and commercial decisions of a limited number of customers. The substantial consolidation of telecom operators over the last decade resulted in network rationalisation, co-location churn and significant tenancy exits for tower companies, including the Company. While the large-scale consolidation phase has largely stabilised, operators continue to optimise their networks and may exit, relocate or consolidate sites upon expiry of contractual lock-in periods. Competition among telecom infrastructure providers for new rollouts also remains significant. Customer relationships or strategic alignments with competing infrastructure providers may influence allocation of new tenancies. The Company seeks to mitigate these risks through customer engagement, service-level performance, renewal and extension of tenancy arrangements and judicious deployment of capital .
In particular, Reliance Jio has business interests in Brookfield-owned Summit Digital Infrastructure Pvt Ltd, while Bharti Airtel maintains a strategic stake and long-standing relationship with Indus Towers. As a result, both operators are expected to continue favouring their respective aligned infrastructure providers for new tenancies, which may limit the allocation of new tenancies to the Company.
Credit and Customer Concentration Risk
As a vendor to a limited number of major telecom operators, the Company remains exposed to counterparty credit risk, delayed collections, disputed deductions and customer concentration. While the overall financial position of the telecom sector has improved and the two largest private operators continue to demonstrate strong operating performance, financial and liquidity conditions vary significantly among individual operators.
During FY 2025-26, the Company concluded a commercial settlement with one of its customers which extended and continued identified tenancies and materially reduced outstanding receivables. The Company also resolved its long-pending FEM disputes with its customer and received a major portion of the related amounts subsequent to the year end. These developments have reduced immediate collection risk; however, counterparty concentration, disputed deductions and timely recovery from customers continue to remain material risks.
LIQUIDITY, LEVERAGE AND FINANCIAL RISK
Liquidity and Debt Resolution Risk
Liquidity risk is the risk that the company may not be able to settle or meet its financial, operating or statutory obligations on time or at reasonable price. The Companys principal sources of liquidity are operating cash flows, customer collections, contractual deposits, cost optimisation and monetisation of identified properties. Liquidity remains sensitive to tenancy levels, customer-payment cycles, energy and rental costs, statutory demands and the timing of lender settlements. The shutdown or exit of several telecom operators and industry consolidation resulted in substantial tenancy losses and left the Company with liabilities relating to unoccupied sites without corresponding revenue. The Company has therefore continued to reduce fixed and semi-variable costs, renegotiate vendor arrangements, terminate non-paying or uneconomic sites in accordance with contractual processes, optimise manpower and energy costs and pursue customer recoveries. These measures are intended to protect network uptime and maintain positive operating cash flows.
During FY 2025-26, the Company completed One-Time Settlements with two of its Secured Rupee Term Lenders, settled their dues and disputes and received the respective nodues confirmations. The insolvency and recovery proceedings initiated by one of them were thus withdrawn. The Company has also entered into an OTS / NS with the lead lender/monitoring institution and continues to make payments in accordance with the agreed milestones. It is pursuing bilateral settlements with the remaining Rupee Term Loan lenders.
Total payments made since 2010 (including through ITSL/EARC) aggregate to over 205,865 Mn to its lenders towards debt servicing and OTS/NS.
The proceedings in DRT remain pending with respect to Rupee Term Loan lenders and the Company continues to monitor and respond to it; an adverse outcome could affect the Companys liquidity and financial position.
Successful completion of the remaining settlements would reduce leverage and improve financial flexibility. However, delays in collections, property monetisation or implementation of settlements may adversely affect liquidity, operations and the Companys ability to meet its obligations.
The Company was exposed to prolonged arbitration and related judicial proceedings with one of its vendors; the parties have amicably settled the dispute and the arbitration proceedings have been withdrawn, thereby bringing finality to the dispute and strengthening the Companys financial position.
Foreign Currency Convertible Bonds Risk
As stated in Risk Management Section of Annual Report from time to time, the trustee of Series A FCCB has filed a Commercial Suit before the Honble Bombay High Court for recovery of US$ 27 Mn. An adverse outcome could create an additional financial obligation and affect the Companys liquidity. The Company continues to contest and monitor the proceedings. Series B2 Bonds are redeemable and have matured on October 27, 2022. The lead secured lender has, however, informed the Company that till the time the entire outstanding Secured debt of the Secured lenders is fully paid off, no other creditor including Series B2 Bondholders, which rank sub-ordinate to the secured creditors, can be paid in priority.
Under the Terms and Conditions of the Series B2 Bonds, the conversion rights of the Bondholders continue to remain exercisable up to the date of receipt of the redemption amount by the Principal Agent/Trustee. Accordingly, since the maturity date, seven Bondholders have exercised their conversion rights and Bonds aggregating $ 21.15 Mn (out of the total outstanding of $ 58.57 Mn (which constitutes 36% as at maturity) have been converted into equity shares of the Company. The remaining exposure will depend on further conversions, the rights of secured creditors and the eventual resolution of the outstanding bonds.
Property Tax and Municipal Levy Risk
Property-tax demands raised by local authorities in respect of telecom towers and related infrastructure may result in substantial additional costs and liquidity pressure. The Company has contractual arrangements with certain customers for reimbursement of such liabilities and continues to negotiate similar arrangements with other customers. Recovery may, however, depend on the contractual terms, occupation status of the site and the outcome of disputes with the relevant authorities. Section 14 of the Telecommunications Act, 2023 clarifies that telecommunication networks installed on any property will not be treated as part of that property and these networks are exempted from property tax, levies, cess, fees, or duties that may otherwise apply to the property. Additionally, local authorities do not have jurisdiction to take any coercive action against the said towers without due authority from the Central Government. Notwithstanding these provisions, certain authorities continue to raise demands or take action in respect of operational sites. The Company has made certain payments under protest to protect continuity of operations and continues to challenge disputed components and retrospective levies before appropriate forums. The liability as at March 31, 2026 has been accounted for on the basis of managements best estimate, having regard to demands received or receivable and the status of pending proceedings.
STRATEGIC AND CUSTOMER RECOVERY RISKS
Customer Recovery and Legacy Recovery Risk
The Company has substantial claims against former telecom operators that have undergone insolvency or ceased operations. Recovery of such claims is uncertain and may be affected by the priority accorded to secured and financial creditors, the terms of approved resolution plans, the availability of distributable value and the outcome of pending appeals and applications. Aircel Group - Aircel Group, formerly, the Companys single largest customer, contributing around 45% of revenue admitted to insolvency proceedings on March 1, 2018. The Company filed its claims against Aircel Group before Resolution Professional (RP) amounting to 143,940 Mn as Financial Creditor. The Companys applications claiming certain amounts as CIRP costs were allowed by the Honble NCLT, Mumbai vide orders dated November 27, 2019 and December 6, 2019, against which appeals have been preferred by the Resolution Professional, State Bank of India and the Committee of Creditors. The Company has also challenged before the Honble NCLAT the rejection of its claim as a Financial Creditor and the approval of the resolution plan to the extent the Companys CIRP-cost claims were not appropriately provided for.
The accumulated CIRP cost claimed by the Company from Aircel Group, as approved by the NCLT and subject to the outcome of the pending appeals referred to above, is approximately 13,496.2 Mn.
On February 13, 2026, the Honble Supreme Court, while considering spectrum held by telecom service providers undergoing insolvency including Aircel Group, held that spectrum is a natural resource vested in the Government and cannot be subjected to insolvency proceedings as an asset of the corporate debtor. The judgment materially affects the value potentially available from spectrum under the resolution process and consequently increases uncertainty regarding recoveries by creditors. Accordingly, notwithstanding the Companys favourable orders relating to CIRP costs, the timing and quantum of recovery from Aircel remain uncertain.
Reliance Communications / Reliance Telecom and SSTL - The Companys claim against Reliance Communication Limited and Reliance Telecom Infratel Limited including that of Sistema Shyam Teleservices Ltd. (SSTL) to the tune of 1,502 Mn as Operational Creditor has been filed before Interim Resolution Professional (IRP) on May 21, 2019 and moratorium period is effective. The Company has not been invited to meetings of the Committee of Creditors as its claim does not meet the prescribed 10% threshold.
Videocon Telecommunications Limited - The Company has also filed claim to the tune of 654 Mn as an operational creditor and moratorium period is effective. The Company has not been invited to meetings of the Committee of Creditors as its claim does not meet the prescribed 10% threshold..
Given the stage of these proceedings, the priority of claims under the IBC, the limited asset base of the defaulting operators and the Supreme Courts ruling regarding treatment of spectrum, there remains a significant risk that recoveries against these legacy claims may be delayed, substantially reduced or may not materialise. The Company continues to pursue and protect its claims before the appropriate judicial and insolvency forums. Such unprecedented shutdown of operators has led to frustration of various network improvisation measures that the Company had undertaken and also led to shrinking of cash flow.
Recovery Proceedings against customers
The Company has pursued arbitration, commercial suits and other recovery proceedings against customers and intermediaries in respect of unpaid dues, premature exits, disputed deductions and contractual claims.
During FY 2025-26, the Company successfully reached a settlement with one of its customers, materially reduced outstanding receivables and extended the commercial relationship for identified tenancies. The Company continues to pursue its remaining dues under the settlement framework. The Company successfully resolved a long-standing commercial dispute with one of its customers, resulting in the recovery of the outstanding receivables.. The settlement enabled the Company to realize a substantial portion of the outstanding dues, thereby reducing credit risk, strengthening liquidity, and eliminating the uncertainty associated with prolonged receivable recovery.
In the proceedings against ATC Telecom Private Limited relating to Telenor tenancies, the sole arbitrator passed an award dated December 18, 2024 and an additional award dated February 5, 2025 in favour of the Company. ATC has challenged the awards before the Honble Delhi High Court and the Company has initiated execution proceedings. The Company is also pursuing a commercial suit relating to the remaining sites. The ultimate recovery is subject to the outcome and enforcement of these proceedings.
Following table depicts claims of the Company as on June 30, 2026 against various telecom operators
| OPERATOR | Amount of claim |
| (in Mn.) | |
| Aircel - Exit Penalty | 143,938 |
| BSNL Arbitration | 3,268 |
| RCOM | 935 |
| RJIO | 1,921 |
| MTNL Del + Mum | 312 |
| Datatcom | 654 |
| ATC Viom | 425 |
| SSTL | 168 |
| Others including existing operators / customers * | 485 |
| Total | 1,52,106 |
Others including existing operators / customers * 485
Total 1,52,106
* Certain operators have disputed the claims of the Company
OPERATIONAL RISKS
Theft, Unauthorised Dismantling, Landowner and Site-Access Risk
Shutting down of businesses by Aircel Group, Tata Tele, Rcom, SSTL and other major telecom operators due to adverse developments in telecom sector resulted in abandonment of the sites by such telecom operators, thereby making more than 14,000 towers unoccupied and loss of more than 69,700 tenancies. Due to the non-payment of contractual dues by such discontinuing telecom operators, rentals payable to landlords, statutory taxes and other dues in respect of these sites remained unpaid, many of which were pass-through costs for the Company. Consequently, the Company was saddled with such contractual liabilities on unoccupied towers without any corresponding revenue. Due to these circumstances beyond the Companys control, rentals to landlords also remained unpaid for such unoccupied sites. EARC / lenders were being informed from time to time about such dismantling of towers by disgruntled landowners / unknown miscreants. The Company also proposed in its various RPs to settle the landowners for unoccupied sites, however approval from lenders were not received.
Thus, due to non-receipt of the rental amounts, the disgruntled landowners resorted to vandalization of network, blocking of site access to Companys employees, unauthorised dismantling / theft (including by unknown miscreant) and taking legal actions against the Company / its directors / officials including criminal cases. During the year ended March 31, 2026, 362 sites were lost due to dismantling. The Company continues to take appropriate measures for protection and preservation of its assets. However, the risk of unauthorized dismantling and theft of towers and material persists until the comprehensive resolution of unpaid liabilities on unoccupied towers is achieved. Accordingly, the
Company believes combination of sectorial recovery, lenders settlement, proactive protection measures and sustained customer engagement will support gradual stabilisation of operations, reduction of legacy risks associated with unoccupied sites and long-term revival of the business.
Network Equipment, Uptime and Capital Expenditure Risk
A significant portion of the Companys equipment, including diesel generators, battery banks, power systems, SMPS and air-conditioning units, is ageing or approaching the end of its useful life. Failure or inadequate performance of such equipment may disrupt services, reduce network uptime, increase operating and restoration costs, attract SLA penalties or damages and result in tenancy exits.
The Company undertakes preventive maintenance, prioritised restoration, rotational use of available equipment and need-based capital expenditure. It has invested selectively in network upgrades and focuses on prompt resolution of infrastructure and non-infrastructure issues. The Company maintained network uptime of approximately 99.90% under normal operating conditions. Future upgrades and replacement of end-of-life equipment will, however, remain dependent on available operating cash flows and the progress of debt resolution.
Supply Chain, Energy and Commodity Risk
The cost and availability of batteries, power systems, electrical equipment, diesel and other critical materials are exposed to fluctuations in raw-material prices, foreign-exchange movements, geopolitical developments, tariffs, transportation disruption and supplier concentration. Battery prices are particularly sensitive to movements in lead prices on the London Metal Exchange. Diesel and electricity tariffs are also affected by central and state policies and broader market conditions. The Company undertakes need-based procurement, supplier negotiations, resource optimisation, repair and rotational use of equipment and, where practicable, supplier diversification. Customer contracts generally provide for reimbursement or pass-through of diesel and electricity costs, creating a degree of natural hedge; however, delays in billing, reconciliation or collection can still affect cash flows. The Company continues to renew and streamline energy arrangements with customers and strengthen operational reconciliation processes.
During the year, escalating geopolitical tensions in the middle East, west Asia, together with recent changes in US tariff and regulatory policies, have increased uncertainty regarding the timely availability and pricing of certain commodities and equipments. Accordingly, the Company is optimizing the utilisation of available resources, with a focus on major restoration activities, asset repairs and rotational deployment of equipment, while continuing to engage and negotiate effectively with suppliers to manage costs and ensure continuity of supply. Commodity price risk is managed by effective risk management framework with the support of Companys Supply Chain Management Team and Central Purchasing Committee based on the Companys assessment of the prevailing and emerging risks.
People, Health and Safety Risk
Cost optimisation, industry uncertainty and competition for specialised personnel may increase attrition and affect project execution, maintenance and service delivery. Tower operations also involve work at height, electrical equipment, diesel, batteries, structural risks and contractor-managed field activities, which may expose employees, service partners and third parties to health and safety incidents.
The Company focuses on retention of key personnel, role continuity, training, operating procedures and deployment of qualified employees and service partners. Safety requirements and incident-escalation processes are applied to field activities. A material accident or shortage of critical skills could nevertheless disrupt operations, attract legal or contractual liability and adversely affect reputation.
Cybersecurity, Information Technology and Data Risk
The Company relies on information systems for network monitoring, billing, collections, energy reconciliation, vendor management, statutory reporting and other corporate functions. Cyberattacks, ransomware, unauthorised access, data loss, system failure or disruption at third-party service providers may affect operations, confidentiality, financial reporting and customer service.
The Company maintains access controls, data-backup and recovery arrangements, system-availability monitoring and incident-response processes. Technology risks are periodically reviewed and material incidents are required to be escalated. As the cyber-threat environment continues to evolve, residual risk remains and requires continuous strengthening of controls, employee awareness and recovery capability.
LEGAL, CONTRACTUAL AND COMPLIANCE RISK
The Company is subject to the Companies Act, SEBI and stock-exchange requirements, telecommunications infrastructure regulations, tax laws and various central, state and local laws. Changes in law, differing interpretations by authorities, adverse judicial or regulatory orders, contractual disputes or inability to meet customer SLAs may lead to penalties, claims, operational restrictions, reputational impact or additional costs.
The First Information report (FIR) registered by the Central Bureau of Investigation against the Company in August 2023 was quashed by the Honble Bombay High Court vide order dated February 27, 2026. Accordingly, no continuing material exposure is presently expected from that proceeding. With regard to the ongoing investigation by the Serious Fraud Investigation Office (SFIO) into the affairs of the Company, the Company continues to extend the requisite cooperation in connection therewith.
The Company continues to operate in normal course of business and does not see any material impact on the operations of the Company.
The Company consistently tracks shifts in tax, regulatory, and statutory frameworks and adjusts the operations to stay compliant with evolving market conditions.
The disputed liabilities in respect of claims against the Company not acknowledged as debts, direct and indirect matters under appeal etc. are duly disclosed in note no. 38 to the financial statements.
The Company has a talented and committed legal and compliance team however several external legal, regulatory, contractual and compliance risks continue to arise given ever changing rules, regulations and laws.
The Company is not regulated by any specific regulatory agency and is subject to the general regulatory environment prevalent in the country. However, the customers in the telecom sector are regulated by the Telecom Regulatory Authority of India (TRAI), and the Company is IP-1 registered with the Department of Telecommunications, India.
BUSINESS CONTINUITY, CLIMATE AND ENVIRONMENTAL RISKS
The Companys geographically dispersed tower portfolio is exposed to cyclones, floods, extreme heat, fire, earthquakes, prolonged power disruption, civil disturbance and other natural or external events. Such events may damage assets, restrict site access, disrupt network uptime and increase restoration, insurance and operating costs. Climate change may increase the frequency or severity of certain physical events and may also result in higher energy-transition and compliance costs. The Company maintains insurance for specified risks.
There are some environmental concerns from citizens groups as well. Electromagnetic Field (EMF) radiations are the invisible electric and magnetic forces arising from the active infrastructure installed at telecom towers. In the recent past some citizens groups have raised concerns around the radiations and its ill effects. Although the risk related to EMF radiation if any, is completely attributed to the Companys customers, any litigation concerning this and resultant adverse orders, could affect tower business as well. It may be noted that EMF radiation norms in India are more stringent than in Europe and non-adherence can invite hefty fines from regulator. Also, there has been no conclusive evidence as such of the ill effect of radiations on human health. The Department of Telecommunications (DoT) has recognized campaigns and media articles. Also, DoT has set up TERM Cells to monitor the radiations and certify the locations.
Summary of Principal Risks and Key Mitigation
Type of Risk Mitigation Plan
Liquidity, leverage and debt OTS completed with two of the Secured Rupee Lenders; milestone-based settlement
resolution with lead lender/monitoring institution; bilateral discussions with remaining lenders; cost
optimisation and approved monetisation of properties.
Customer concentration and Receivable monitoring and reconciliation; settlement and extension of identified tenancies;
recoveries resolution of FEM disputes; arbitration and legal recovery actions for disputed or legacy claims.
Sector concentration and tenancy Customer engagement, tenancy renewals, competitive SLA performance, identification of
churn suitable sites and selective capital deployment for new opportunities.
Asset protection and site access Tower Vigilance Teams, site surveys, landowner engagement, police complaints, legal action, recovery of material, insurance claims and settlement/redeployment of unviable sites.
Network operations and ageing Preventive maintenance, prioritised restoration, rotational use of assets and need-based equipment capex; continued focus on uptime and SLA performance.
Legal, regulatory and compliance Functional monitoring, statutory reporting, contract review, litigation management, internal escalation.
People, safety and business Retention and training of critical personnel, safety procedures, qualified service partners,
continuity insurance, restoration plans and incident escalation.
Cybersecurity and data Access controls, backup and recovery arrangements, availability monitoring, incident response and periodic review of technology risks.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company is committed to ensure that its operations are carried out within a well-defined internal control framework. Good governance, robust systems and processes, a vigilant finance function and an independent internal audit function are the foundations of the internal control systems. The Company believes that a strong internal controls framework is an essential pre-requisite of growing its business.
The Companys internal control system encompasses financial, operational, compliance and information technology controls. These controls are supported by documented policies and procedures, defined authority matrices, segregation of duties, continuous monitoring mechanisms and periodic management reviews to ensure operational effectiveness and mitigation of business risks. There are suitable controls with reference to policies and procedures, risk assessment, ethics that are clearly established, communicated and monitored. Moreover, there is a periodic review and assessment of the relevant controls to improve effectiveness, reduce cost and improve business performance. The authority matrix, responsibility and accountability i.e., delegation of authority and segregation of duties are clearly defined such that decisions are made and actions taken at an appropriate level.
The control environment ensures commitment towards integrity and ethical values and independence of the board of directors from the management. The control activities incorporate, among others, continuous monitoring, routine reporting, checks and balances, purchase policies, authorization and delegation procedures. The internal audit function performs audit to monitor and evaluate the effectiveness of the Companys internal control systems and adherence to management policies and statutory requirements. It maintains a regular surveillance over the entire operations. The audit coverage in the internal audit function of the Company is in line with the objectives of internal audit as prescribed by the Institute of Chartered Accountants of India (ICAI). The scope of Internal Audit in the Company is as given below:
- Evaluation of the effectiveness of internal control systems and risk management processes;
- Review of operational efficiency and resource utilization;
- Verification of compliance with applicable laws, regulations and internal policies;
- Assessment of the adequacy of financial and accounting controls;
- Review of information systems, data security and business process controls and
- Identification of opportunities for process improvements and strengthening of governance practices.
The findings and recommendations arising from internal audits are periodically reviewed by the Audit Committee and the Management. Corrective and preventive actions are undertaken, wherever necessary and their implementation is monitored to ensure timely closure.
The Audit Committee of the Board provides oversight of the internal control framework through regular review of internal audit reports, significant audit observations, risk assessments, compliance status and management responses. The Committee also reviews the adequacy and effectiveness of the internal control systems on a periodic basis.
Based on the assessments carried out during the year, the Management is of the opinion that the Companys internal control systems are adequate and operating effectively throughout the period of intended reliance. No material weaknesses were noted in the design or operation of internal controls during the year that could have a material impact on the Companys business operations or financial reporting.
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1860-267-3000 / 7039-050-000
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+91 9892691696
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