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Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹1921 Cr.
Stock P/E
-2.2
P/B
-0.4
Current Price
₹1.5
Book Value
₹ -4
Face Value
10
52W High
₹2
52W Low
₹ 1
Dividend Yield
0%

GTL Infrastructure Overview

Business

GTL Infrastructure Ltd. (GTL Infra) is an independent telecom tower company in India. Its core business involves owning, operating, and managing passive telecom infrastructure assets, primarily cell towers, for wireless telecom operators. The company leases out space on its towers, along with associated infrastructure (shelters, power, air-conditioning, security), to multiple operators on a co-location basis. GTL Infra generates revenue through long-term contracts from rental and operational charges for these passive infrastructure services.

Revenue Mix

GTL Infra primarily operates in a single business segment: providing passive telecom infrastructure services. Its revenue is derived almost entirely from rental income and operational fees charged to telecom operators for co-locating their active equipment on GTL Infra's towers. The company does not publicly break down revenue by different types of infrastructure, as the vast majority falls under tower sharing services.

Industry

The Indian telecom tower industry is characterized by significant scale and capital intensity, dominated by a few large independent tower companies (e.g., Indus Towers, ATC Telecom Infrastructure Pvt. Ltd.) and telecom operator-owned towers. GTL Infra is a smaller player in this consolidated market, facing intense competition from larger, more financially robust rivals. Its positioning is as an independent tower provider aiming to capitalize on infrastructure sharing demands from telecom operators.

MOAT

GTL Infra's competitive advantage is weak. While the telecom tower business generally benefits from high capital expenditure requirements, regulatory hurdles for new site acquisition, and a form of network effect (more towers make the network more attractive), GTL Infra's specific financial challenges and smaller scale relative to its peers diminish these advantages. It lacks the significant scale and financial muscle of larger competitors, which are crucial in a capital-intensive industry. Switching costs for operators can be moderate, but alternatives exist, especially from larger providers.

Growth Drivers

Increasing Data Consumption: India's rapidly growing smartphone penetration and data usage drive demand for enhanced network coverage and capacity, requiring more towers and equipment upgrades.

5G Rollout: The ongoing and future rollout of 5G services by telecom operators necessitates dense network infrastructure, including new tower sites and upgrades to existing ones, to achieve higher speeds and lower latency.

Rural Penetration: Government initiatives and operator efforts to expand telecom services into unserved and underserved rural areas create demand for new tower installations.

Infrastructure Sharing: Telecom operators' focus on cost optimization and efficient capital allocation drives continued adoption of passive infrastructure sharing models.

Risks

High Debt & Financial Restructuring: GTL Infra has faced significant financial distress, characterized by high debt levels and ongoing efforts for debt resolution and restructuring, which pose substantial liquidity and solvency risks.

Intense Competition: The company faces fierce competition from larger, well-capitalized independent tower companies and telecom operators' in-house tower divisions, making it challenging to secure new business and retain existing clients.

Reliance on Key Operators: Revenue concentration risk exists due to its reliance on a few major telecom operators for co-location services. Changes in operator strategies or financial health can significantly impact GTL Infra.

Technological Obsolescence & Capex Needs: Rapid technological advancements (e.g., 5G small cells, fiber backhaul) require continuous capital investment in infrastructure upgrades, which can be challenging given the company's financial constraints.

Regulatory & Policy Changes: The Indian telecom sector is subject to evolving regulations and policies that can impact operational costs, revenue streams, and investment requirements.

Management & Ownership

GTL Infrastructure is promoted by the GTL Group, with Mr. Manoj Tirodkar as the Chairman. Due to several rounds of corporate debt restructuring and equity conversions, promoter holding in GTL Infra has significantly diluted over time. Ownership is now dispersed, with various lenders and financial institutions holding substantial stakes as a result of debt-to-equity conversions. The company's long history of financial challenges has led to scrutiny regarding management's ability to navigate and resolve these issues effectively.

Outlook

GTL Infrastructure operates in an industry with strong underlying demand drivers, primarily driven by India's digital growth, increasing data consumption, and 5G expansion. These factors present a long-term opportunity for passive infrastructure providers. However, the company faces formidable challenges, particularly its substantial debt burden and the need for a successful and sustainable financial resolution. Its ability to invest in necessary infrastructure upgrades and expansions, vital for capitalizing on market growth, remains constrained. The outlook hinges critically on the success of its debt restructuring efforts and its capacity to compete effectively against larger, financially stronger players in a capital-intensive and competitive market.

GTL Infrastructure Share Price

Live · BSE / NSE · Inception: 2004
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

GTL Infrastructure Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 338 331 332 336 338 337 335 356 351 330
Other Income 4 3 6 10 3 3 5 19 8 15
Total Income 342 335 338 346 342 341 340 375 359 345
Total Expenditure 263 291 259 271 248 291 255 243 256 281
Operating Profit 79 44 79 75 94 49 85 132 103 65
Interest 193 210 220 229 241 238 253 265 26 22
Depreciation 80 33 61 60 63 60 64 60 57 55
Exceptional Income / Expenses 0 -15 0 0 0 0 0 0 0 1198
Profit Before Tax -195 -215 -202 -214 -210 -249 -232 -193 20 1186
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax -195 -215 -202 -214 -210 -249 -232 -193 20 1186
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -195 -215 -202 -214 -210 -249 -232 -193 20 1186
Adjusted Earnings Per Share -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 0 0.9

GTL Infrastructure Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 600 913 2283 2333 1500 1417 1410 1463 1458 1372 1344 1372
Other Income 336 67 574 233 39 27 157 48 65 178 55 47
Total Income 936 980 2857 2567 1540 1444 1566 1511 1523 1550 1399 1419
Total Expenditure 715 758 1839 1670 1345 1161 1258 1085 1467 1133 1101 1035
Operating Profit 220 222 1018 897 195 283 308 426 55 417 297 385
Interest 393 469 1024 570 533 662 663 734 782 805 929 566
Depreciation 256 252 743 800 624 634 547 503 504 278 244 236
Exceptional Income / Expenses -87 -107 -650 -1420 -577 -849 -369 -663 -587 -15 0 1198
Profit Before Tax -515 -605 -1399 -1893 -1539 -1864 -1271 -1475 -1817 -681 -875 781
Provision for Tax 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Tax -515 -605 -1399 -1893 -1539 -1864 -1271 -1475 -1817 -681 -875 781
Adjustments 0 -0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -515 -606 -1399 -1893 -1539 -1864 -1271 -1475 -1817 -681 -875 781
Adjusted Earnings Per Share -2.2 -2.6 -5.7 -1.6 -1.2 -1.5 -1 -1.2 -1.4 -0.5 -0.7 0.5

GTL Infrastructure Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 446 191 -290 3211 1671 -193 -1287 -2746 -4541 -5087 -5961
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 4826 4716 7749 4596 0 0 0 0 0 0 0
Other Non-Current Liabilities 323 128 237 221 224 657 633 658 593 549 503
Total Current Liabilities 312 576 3181 725 5671 6967 7100 7642 8218 8743 9575
Total Liabilities 5907 5611 10876 8752 7566 7430 6447 5555 4271 4206 4117
Fixed Assets 3402 3261 9924 7945 6762 6433 5483 4525 3190 2978 2816
Other Non-Current Assets 2105 2000 295 180 164 172 185 224 228 264 146
Total Current Assets 400 350 657 627 640 825 779 806 853 964 1155
Total Assets 5907 5611 10876 8752 7566 7430 6447 5555 4271 4206 4117

GTL Infrastructure Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 48 35 87 71 139 66 219 437 489 496 412
Cash Flow from Operating Activities 521 449 1239 705 264 436 419 503 495 194 635
Cash Flow from Investing Activities -29 -19 -329 -228 102 -64 -40 -64 -34 -12 37
Cash Flow from Financing Activities -505 -419 -927 -408 -438 -220 -161 -387 -453 -267 -255
Net Cash Inflow / Outflow -13 12 -16 69 -73 152 218 52 8 -85 417
Closing Cash & Cash Equivalent 35 46 71 139 66 219 437 489 496 412 829

GTL Infrastructure Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -2.21 -2.59 -5.69 -1.56 -1.25 -1.51 -1.02 -1.17 -1.43 -0.53 -0.68
CEPS(Rs) -1.11 -1.51 -2.67 -0.9 -0.74 -1 -0.58 -0.77 -1.04 -0.32 -0.49
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 1.92 0.82 -20.61 2.65 1.36 -0.16 -1.03 -2.18 -3.58 -3.97 -4.65
Core EBITDA Margin(%) -17.16 16.93 19.45 28.43 10.35 18.04 10.76 25.85 -0.66 17.4 18.06
EBIT Margin(%) -18.15 -14.95 -16.41 -56.71 -67.06 -84.78 -43.11 -50.64 -70.99 9.02 3.97
Pre Tax Margin(%) -76.49 -66.32 -61.27 -81.13 -102.61 -131.52 -90.15 -100.82 -124.63 -49.66 -65.11
PAT Margin (%) -76.49 -66.32 -61.27 -81.13 -102.61 -131.52 -90.15 -100.82 -124.63 -49.66 -65.11
Cash Profit Margin (%) -38.45 -38.75 -28.73 -46.84 -61.05 -86.74 -51.33 -66.42 -90.09 -29.4 -46.95
ROA(%) -8.22 -10.51 -16.97 -19.29 -18.87 -24.85 -18.31 -24.58 -36.98 -16.08 -21.03
ROE(%) -71.85 -190.06 0 0 -63.08 -252.31 0 0 0 0 0
ROCE(%) -2.15 -2.59 -5.02 -14.72 -13.64 -21.19 -15.56 -34.12 -499.72 0 0
Receivable days 34.3 29.13 18.26 16.96 22.06 24.08 23.93 23.94 27.19 59.48 54.09
Inventory Days 0.34 0.21 0.08 0.33 0.83 0.74 0.81 1.04 1.15 1.13 1.09
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 0 0 0 0 0 0 0 0 0 0 0
Price/Book(x) 1.03 2.59 -0.28 0.98 0.69 -1.4 -0.75 -0.68 -0.2 -0.4 -0.3
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 8.97 5.9 4.99 3.41 3.89 3.32 3.45 3.69 2.79 3.63 3.09
EV/Core EBITDA(x) 24.4 24.27 11.2 8.87 29.99 16.65 15.79 12.67 73.88 11.93 13.98
Net Sales Growth(%) 3.62 52.22 150.1 2.21 -35.71 -5.55 -0.51 3.76 -0.33 -5.89 -2.04
EBIT Growth(%) 29.25 -11.74 -174.62 -253.15 23.98 -19.42 49.42 -21.91 -39.71 111.95 -56.87
PAT Growth(%) 6.63 -17.62 -131.03 -35.34 18.68 -21.06 31.81 -16.05 -23.21 62.5 -28.44
EPS Growth(%) 7.36 -17.05 -119.42 72.54 19.96 -21.05 32.78 -14.88 -22.74 62.9 -28.42
Debt/Equity(x) 11.1 25.86 -1.99 1.54 2.94 -25.59 -3.38 -1.47 -0.81 -0.66 -0.54
Current Ratio(x) 1.28 0.61 0.21 0.87 0.11 0.12 0.11 0.11 0.1 0.11 0.12
Quick Ratio(x) 1.28 0.61 0.21 0.86 0.11 0.12 0.11 0.1 0.1 0.11 0.12
Interest Cover(x) -0.31 -0.29 -0.37 -2.32 -1.89 -1.81 -0.92 -1.01 -1.32 0.15 0.06
Total Debt/Mcap(x) 10.76 9.96 7.1 1.58 4.24 18.25 4.52 2.17 4.08 1.63 1.78

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -2% -3% -1% +8%
Operating Profit CAGR -29% -11% +1% +3%
PAT CAGR
Share Price CAGR -28% +21% +3% -2%
ROE Average 0% 0% 0% -52%
ROCE Average 0% -167% -110% -55%

GTL Infrastructure Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 3.28 %
FII 0.07 %
DII (MF + Insurance) 31.29 %
Public (retail) 96.72 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 3.283.283.283.283.283.283.283.283.283.28
FII 0.10.120.170.120.010.050.130.010.040.07
DII 44.4243.2542.183736.1435.233.7832.8732.1931.29
Public 96.7296.7296.7296.7296.7296.7296.7296.7296.7296.72
Others 0000000000
Total 100100100100100100100100100100

GTL Infrastructure Peer Comparison

Telecom-Infrastructure Edit Columns

GTL Infrastructure Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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GTL Infrastructure Pros & Cons

Pros

  • Stock is trading at -0.4 times its book value
  • Company is almost debt free.

Cons

  • Promoter holding is low: 3.28%.
  • Company has a low return on equity of 0% over the last 3 years.
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