Indus Towers disclosed on September 1, 2026, that its Environmental, Social, and Governance (ESG) rating from Crisil improved to Strong (score of 63) for FY26. This marks an upgrade from the Adequate rating (score of 57) assigned in FY25.

The company also received an updated rating from SES ESG Research Private Limited. The SES score marginally declined to 72.1 in FY26 from 72.3 in FY25. The agency attributed this dip to changes in select Environmental and Social parameters, primarily renewable energy and safety.

Rating Details

The ratings were assigned independently by SEBI-registered agencies based on public disclosures. Indus Towers did not engage either agency for these assessments.

What the Numbers Show

The divergence between the two ratings highlights differing weightages or assessment methodologies regarding specific operational metrics. While Crisil recognized an overall improvement to a Strong status, SES focused on specific declines in renewable energy and safety parameters, resulting in a lower aggregate score despite the minimal numerical change.

Regulatory Disclosure

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimations were received by the company on August 31, 2026.

Shareholders of Indus Towers approved all five resolutions at the company’s 20th Annual General Meeting (AGM) held on August 19, 2026. The meeting, conducted via video conferencing, saw unanimous support from the promoter group for all agenda items, including the adoption of FY26 financial statements and the declaration of a dividend.

The voting results, scrutinized by M/s CL & Associates, revealed significant divergence in the reappointment of directors among public institutional investors. While promoters voted 100% in favour of reappointing Mr. Soumen Ray and Mr. Rajan Bharti Mittal, public institutions cast substantial dissenting votes against both candidates. The material related-party transaction with Bharti Airtel Limited received near-unanimous approval from non-promoter shareholders.

Voting Results Overview

A total of 354,207 shareholders were on record as of August 12, 2026. The remote e-voting period ran from August 15 to August 18, 2026, with additional e-voting facility provided during the AGM. The promoter group, holding 1,352,208,904 shares, participated fully in the voting process, casting votes across all resolutions.

Director Reappointments See Institutional Dissent

The reappointment of Mr. Soumen Ray as a director liable to retire by rotation received 86.44% assent overall. While the promoter group voted unanimously in favour, public institutions showed notable resistance, with 31.07% of their votes cast against the resolution. This translates to approximately 327.6 million shares voting against his reappointment.

Similarly, the reappointment of Mr. Rajan Bharti Mittal secured 83.77% total assent. Public institutions again demonstrated significant dissent, with 37.19% of their votes opposing the move, representing roughly 392.2 million shares. Both resolutions passed with the requisite majority despite the institutional opposition.

Financial Statements and Dividend Approved

The adoption of standalone and consolidated financial statements for FY26 received overwhelming support, with 99.99% of total votes in favour. Only 94,111 votes were cast against the resolution, primarily from public non-institutional shareholders attending the meeting via VC/OAVM.

The declaration of dividend on equity shares for FY26 achieved near-perfect consensus, securing 99.9997% assent. With only 6,911 dissenting votes recorded, this resolution saw minimal opposition across all shareholder categories.

Related-Party Transaction Cleared

The material related-party transaction with Bharti Airtel Limited was approved with 99.9992% assent from eligible voting shares. As per regulatory requirements, the promoter group abstained from voting on this resolution. Public institutions voted unanimously in favour, while public non-institutions also showed strong support with only 9,040 dissenting votes.

What the Numbers Show

The voting pattern reveals a clear bifurcation between promoter and public institutional interests regarding board composition. While promoters maintain complete alignment with management on director appointments, public institutions—holding approximately 1,170 million shares—expressed meaningful dissent against both rotating directors. This divergence suggests potential governance concerns or strategic disagreements within the institutional investor base, even as operational resolutions like financial approvals and related-party transactions faced no significant opposition.