Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Indus TowersNSE:INDUSTOWER -2.37%94 PB Ratio is 2.63 as of Jul. 23, 2026, which is 18% below its 10-year median of 3.19. GuruFocus rates NSE:INDUSTOWER with a GF Score™ of 94/100 and a GF Value™ of ₹397.18 (Fairly Valued). Among 338 Telecommunication Services companies, Indus Towers ranks worse than 65.98% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-07-23), Indus Towers's share price is ₹394.85. Indus Towers's Book Value per Share for the quarter that ended in Mar. 2026 was ₹150.33. Hence, Indus Towers's PB Ratio of today is 2.63.
Good Sign:
Indus Towers Ltd stock PB Ratio (=2.68) is close to 2-year low of 2.51.
The historical rank and industry rank for Indus Towers's PB Ratio or its related term are showing as below:
NSE:INDUSTOWER'
s PB Ratio Range Over the Past 10 Years
Min: 1.75 Med: 3.19 Max: 5.38
Current: 2.63
During the past 13 years, Indus Towers's highest PB Ratio was 5.38. The lowest was 1.75. And the median was 3.19.
NSE:INDUSTOWER's PB Ratio is ranked worse than 65.98% of 338
companies
in the Telecommunication Services industry
Industry Median: 1.785
vs NSE:INDUSTOWER: 2.63
During the past 12 months, Indus Towers's average Book Value Per Share Growth Rate was 22.00% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 24.30% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 19.20% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 3.90% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Indus Towers was 24.30% per year. The lowest was -13.70% per year. And the median was 1.70% per year.
Back to Basics: PB Ratio
Indus Towers (NSE:INDUSTOWER) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Indus Towers PB Ratio Related Terms
Indus Towers PB Ratio Historical Data
* Premium members only.
The historical data trend for Indus Towers's PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:INDUSTOWER vs TMUS, VZ, T: PB Ratio Comparison
For the Telecom Services subindustry, Indus Towers's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Indus Towers PB Ratio vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Indus Towers's PB Ratio distribution charts can be found below:
* The bar in red indicates where Indus Towers's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Indus Towers's PB Ratio for today is calculated as follows:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Indus Towers (NSE:INDUSTOWER) has a PB Ratio of 2.63 as of Jul. 23, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Indus Towers and its competitors. This is 18% below median its historical median of 3.19. Over the past decade, Indus Towers' PB Ratio has ranged from 1.75 to 5.38. According to the industry distribution chart, Indus Towers ranks #223 out of 338 companies in the Telecommunication Services industry, placing it in the top 66%.
Is Indus Towers' PB Ratio too high?
Indus Towers' current PB Ratio of 2.63 is 18% below median its 10-year median of 3.19. Over the past 10 years, this metric has ranged from a low of 1.75 to a high of 5.38. The Telecommunication Services industry median PB Ratio is 1.79. Indus Towers' value of 2.63 is 47.3% above this industry median. Based on the distribution chart, Indus Towers ranks #223 out of 338 companies in the Telecommunication Services industry, which is below the industry midpoint. Overall, Indus Towers has a GF Score™ of 94/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Indus Towers' PB Ratio compare to TMUS and VZ?
According to the Telecommunication Services industry distribution chart, Indus Towers ranks #223 out of 338 companies for PB Ratio. This places Indus Towers in the lower half of its industry. The industry median PB Ratio is 1.79. Indus Towers' value of 2.63 is 47.3% above this benchmark. Historically, Indus Towers' own PB Ratio has ranged from 1.75 to 5.38 over the past decade. While the company's 10-year median is 3.19 vs. the industry median of 1.79, Indus Towers has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for a Telecommunication Services company?
The median PB Ratio among Telecommunication Services companies is 1.79, based on 338 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Indus Towers's current PB Ratio of 2.63 is 47.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Indus Towers and its competitors. For the Telecommunication Services industry, the median PB Ratio is 1.79 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Indus Towers's current PB Ratio is 2.63, which is 18% below median its own 10-year median of 3.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indus Towers stock overvalued right now?
Based on GuruFocus' analysis, Indus Towers (NSE:INDUSTOWER) is currently considered Fairly Valued. The stock's GF Value™ is ₹397.18, compared to a current price of ₹394.85 — trading 0.6% below its estimated fair value. The current PB Ratio is 2.63, which is 18% below median its 10-year median of 3.19 and 47.3% above the Telecommunication Services industry median of 1.79. Indus Towers' overall GF Score™ is 94/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Indus Towers (NSE:INDUSTOWER), the current PB Ratio is 2.63 as of Jul. 23, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Indus Towers (NSE:INDUSTOWER) Overvalued in 2026?
Based on GuruFocus' analysis, Indus Towers stock appears to be undervalued.
The current stock price of ₹394.85 is trading 0.6% below its estimated GF Value™ of ₹397.18.
GuruFocus considers Indus Towers to be Fairly Valued.
Key valuation signals for NSE:INDUSTOWER:
PB Ratio: 2.63 (18% below median its 10-year median of 3.19)
GF Value™: ₹397.18 vs. price of ₹394.85 (0.6% below fair value)
Industry Position: 47.3% above the Telecommunication Services median (#223 of 338)
No single metric tells the full story. See the NSE:INDUSTOWER stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Indus Towers Ltd Ltd is a telecommunications tower infrastructure service provider. The company deploys, owns, and manages telecom towers and communication structures for mobile operators. The company acquires and builds towers, while also owning and operating telecom towers and related infrastructure. The company generates revenue through a rental fee to tenants of mobile towers. Energy costs such as electricity and fuel charts are usually passed through to tenants. The company generates the vast majority of its revenue in India. The company's assets are located in India and are often ground-based and rooftop towers.
94GF Score
Get the complete analysis for NSE:INDUSTOWER
PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NSE:INDUSTOWER has been successfully added to your 
