Altius Telecom Infrastructure Trust , India's only listed telecom tower Infrastructure Investment Trust (InvIT) and the country's largest independent wireless connectivity infrastructure platform, has released its investor presentation for the full year FY26 and Q4 FY26 results. The presentation, submitted to BSE Limited on May 11, 2026, by Investment Manager Data Link Investment Manager Private Limited (formerly BIP India Infra Projects Management Services Private Ltd.), highlights significant financial and operational progress across the fiscal year.

Financial Performance: FY26 and Q4 FY26

The Trust delivered strong top-line and operating performance for FY26, with adjusted revenue and Cash EBITDA both recording meaningful year-on-year growth. The following table summarises the key financial metrics:

Note: FY25 includes approximately 7 months of Elevar operations. Adjusted Revenue represents Infrastructure Provisioning (IP) fees excluding pass-through revenue, site rent reimbursement and IND AS 115 and 116 adjustments. Cash EBITDA excludes IND AS 115 and 116 adjustments.

Approximately 98% of NDCF has been distributed in FY26, underscoring the Trust's commitment to consistent unitholder returns.

Distribution Track Record

Altius Telecom Infrastructure Trust has maintained a consistent distribution payment history since inception. Cumulative distributions stand at INR 77.6 per unit (INR 214.7 Bn) till date, with 94%+ of NDCF distributed on a quarterly basis. The Trust's distribution guidance stands at ₹15.3 per unit for the relevant period. The table below presents the full distribution history:

Note: FY21 represents 7 months of Summit operations; FY25 includes approximately 7 months of Elevar operations. Distribution guidance of ₹15.3/unit was given in the investor presentation dated November 12, 2025.

Operational Scale and Infrastructure Footprint

As of March 31, 2026, Altius Telecom Infrastructure Trust operates a pan-India network of 258k+ towers, IBS (In-Building Sites) and small cell sites, with 315k+ tenancies and over 1,370 employees. The Trust's tower count has grown at a 13% CAGR from FY21 to FY26, as detailed below:

The Trust holds a Weighted Average Lease Expiry (WALE) of approximately 16 years, with 45% of tenancies locked in for up to 10 years and 55% locked in for up to 30 years. More than 80% of total revenues are derived from tenants carrying 'AAA' ratings from leading Indian rating agencies.

Financial Position and Debt Structure

Altius Telecom Infrastructure Trust maintains a sound financial position with a Net Debt/AUM ratio of 45.23%, well below the 70.00% regulatory limit, providing significant headroom for growth capital expenditure. Key financial position metrics include:

The debt book is well-diversified across instruments, comprising Term Loans (INR 138 Bn), Domestic NCDs (INR 174 Bn), FPI NCDs (INR 79 Bn), USD Bonds (INR 35 Bn), and Financial Institutions (INR 22 Bn). The Trust has also completed a $500 Mn bond issuance and secured FPI (~$1 Bn), representing one of the largest InvIT acquisition finance transactions in India.

India Telecom Infrastructure Outlook

The presentation highlights several structural tailwinds supporting India's telecom infrastructure sector:

• Indian data consumption is projected to grow from 26 GB per month per user in Q3 FY26 to 53 GB in FY30F, a 2.0x increase from 10 GB in FY20
• Smartphone connections are expected to rise from 929 mn in FY26 to 1,111 mn in FY30F
• 5G mobile subscription share is projected to increase from 31% in Q3 FY26 to 65% by FY30F
• India's digital economy size is estimated at $625 bn (14% of GDP) in FY26F, with projections of ~$1.25 tn (19% of GDP) by FY30F
• India macro tower tenancies are projected to grow from 928,000 in Dec-25 to 1,294,000 by Mar-31

Altius Telecom Infrastructure Trust's adjusted revenue and Cash EBITDA have grown at a 28% and 23% CAGR respectively from FY21 to FY26, reflecting the platform's ability to capture organic and inorganic growth opportunities across India's expanding digital infrastructure landscape.

Altius Telecom Infrastructure Trust held a meeting of the Board of Directors of its Investment Manager, Data Link Investment Manager Private Limited (formerly known as BIP India Infra Projects Management Services Private Limited), on Monday, May 11, 2026. The board approved and adopted the Audited Standalone and Consolidated Financial Statements of the Trust for the financial year ended March 31, 2026, along with the Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026, in accordance with Regulation 23 of the SEBI (Infrastructure Investment Trusts) Regulations, 2014. The meeting commenced at 2:15 p.m. and concluded at 4:30 p.m. The financial statements were audited by Deloitte Haskins & Sells LLP, Chartered Accountants.

Standalone Financial Performance

The standalone financial results reflect the Trust's income primarily from interest on loans extended to its Special Purpose Vehicles (SPVs) and dividend income from subsidiaries. On a standalone basis, interest income for FY26 stood at Rs. 43,791 million, while dividend income from subsidiaries was Rs. 9,858 million. Finance costs for the year were Rs. 13,104 million. The standalone balance sheet as at March 31, 2026 reflected total assets of Rs. 495,998 million and total equity of Rs. 341,556 million. The following table summarises the key standalone financial metrics:

Consolidated Financial Performance

The consolidated results encompass the Trust and its subsidiaries — Summit Digitel Infrastructure Limited (SDIL), Elevar Digitel Infrastructure Private Limited, Crest Digitel Private Limited (CDPL), Roam Digitel Infrastructure Private Limited (RDIPL), and Crest Virtual Network Private Limited (CVNPL). Consolidated revenue from operations for FY26 grew to Rs. 241,650 million from Rs. 194,540 million in FY25. Network operating expenses for FY26 were Rs. 131,460 million, while depreciation and amortisation stood at Rs. 45,977 million. Finance costs were Rs. 42,896 million. The consolidated balance sheet as at March 31, 2026 reflected total assets of Rs. 734,525 million and total equity of Rs. 114,658 million. The following table presents key consolidated financial metrics:

Net Distributable Cash Flows and Distributions

The Net Distributable Cash Flow (NDCF) at the Trust level for FY26 was Rs. 47,610 million, with total NDCF including opening cash balances amounting to Rs. 48,460 million. The Board made total distributions of Rs. 47,676 million during FY26. The total distribution per unit for FY26 was Rs. 15.6447, comprising Rs. 10.2834 as return on capital and Rs. 5.3613 as return of capital. The following table details the distribution schedule:

Net Asset Value and Fair Valuation

As per the Valuation Report dated May 11, 2026, prepared by Independent Valuer Mr. S. Sundararaman (IBBI Registration No. IBBI/RV/06/2018/10238), the fair enterprise value of the Trust's SPV portfolio was assessed using the Discounted Cash Flow (DCF) method under the income approach for Summit, Elevar, and CDPL, and the Net Asset Value (NAV) method under the cost approach for RDIPL and CVNPL. The following table presents the standalone net assets at fair value:

The project-wise fair enterprise values of the SPVs as assessed by the independent valuer are presented below:

On a consolidated basis, the fair value NAV per unit stood at Rs. 170.77 as at March 31, 2026, compared to Rs. 139.28 as at March 31, 2025. A sensitivity analysis indicates that a 50 basis point decrease in the discount rate would result in a NAV of Rs. 187.12 per unit (impact of +9.57%), while a 50 basis point increase would result in a NAV of Rs. 155.77 per unit (impact of -8.78%).

Key Regulatory and Rating Disclosures

CARE Ratings reaffirmed the Trust's Issuer Rating and NCD rating as "CARE AAA; Stable" on April 20, 2026. CRISIL Ratings Limited reaffirmed the Trust's Corporate Credit Rating and NCD rating as "CRISIL AAA/Stable" on April 20, 2026. The net borrowings ratio of the Trust as at March 31, 2026 stood at 45.23%, compared to 49.50% as at March 31, 2025. The Trust confirmed no material deviation in the use of proceeds of Non-Convertible Debentures during the quarter ended March 31, 2026. The trading window, which was closed from April 1, 2026, will reopen 48 hours after the declaration of the financial statements.

Source: None/Company/INE0BWS23018/7cb3b5c5-2362-4384-ab97-e2067065022a.pdf