Altius Telecom Infrastructure Trust Q2FY26 – When Brookfield Meets Reliance’s Tower Empire, the Telecom Gods Start Counting Rupees in Crores and Crores

1.At a Glance

If telecom infrastructure were a religion,Altius Telecom Infrastructure Trustwould be the temple, Brookfield the priest, and Reliance Jio the deity that blessed it with assets worth ₹73,988 crore. The trust, formerlyData Infrastructure Trust, now holds the network veins that keep India’s 5G dreams alive. It trades at ₹152 (as of Nov 19, 2025) with a market cap of ₹46,320 crore. The P/E of 51.8 screams “premium telecom REIT energy,” while the dividend yield of 2.88% whispers “you’ll at least get chai money every quarter.”

With revenue at ₹6,080 crore this quarter and PAT of ₹280 crore (up 33% QoQ), Altius is basically the quiet cash cow in a noisy telecom gaushala. ROE stands at 5.7%, ROCE at 8.17%, and a debt mountain of ₹51,459 crore sits atop its books like a zen monk meditating on leverage. As the Bhagavad Gita says —“Karmanye vadhikaraste ma phaleshu kadachana”— Altius does the karma of maintaining towers; the phal (profit) is slowly ripening.

2.Introduction – The InvIT That Invited Itself to the 5G Party

If you thought telecom was just about Jio and Airtel fighting over spectrum, think again. Someone had to actuallyownthe towers, the fiber, and the ducts that carry those 5G dreams — enter Altius Telecom Infrastructure Trust, the unseen landlord of India’s data highways.

Born from the mighty Reliance Industrial Investments in FY19 and now managed by Brookfield India Infrastructure Manager Pvt Ltd, Altius (previously Data Infrastructure Trust) has become the invisible landlord to every ping, reel, and meme you consume. With a ₹46k crore market cap, it’s not here to sell SIM cards; it rents space to those who do.

Post its reincarnation from Tower Infrastructure Trust to Data Infrastructure Trust in 2021, the entity expanded by acquiring Crest in 2022 — India’s indoor coverage specialist — for ₹900 crore. Then came the headline grabber of 2024: the acquisition of ATC Telecom. Boom — from being Reliance’s sidekick, it became the second-largest tower owner in India overnight.

But it’s not just owning poles and steel. Altius is a regulatedInfrastructure Investment Trust (InvIT)— meaning it collects rent from telecom operators, pays interest to unitholders, and keeps growing via leverage that would make even Elon Musk’s bankers sweat.

So while others run ads with celebrities, Altius quietly collects rent checks from those same celebrities’ telecom providers. The real game? Passive infrastructure, recurring revenues, and a near-monopolistic moat that smells like Brookfield’s Canadian maple syrup — sticky and recurring.

3.Business Model – WTF Do They Even Do?

In plain English: Altius is a landlord. Its tenants are your telcos. And its rent comes from every byte of data you send.

Here’s how it works:

• Asset Ownership:Altius owns the telecom towers, fiber networks, and indoor coverage systems that operators like Reliance Jio lease. Think of it as the DLF of the telecom world, but with steel and antennas instead of malls.
• Long-Term Contracts:It earns annuity-style income through 10–20-year leases with built-in escalations. That’s as stable as a sarkari pension.
• Leverage for Growth:Debt funds acquisitions, Brookfield manages the trust, and unitholders receive regular cash distributions.
• Regulatory Blessing:Under SEBI’s InvIT framework, 90% of net distributable cash flow (NDCF) must be passed to investors.

In March 2022, they expanded by acquiring Crest for ₹900 crore to cover indoor networks. In September 2024, they hit a masterstroke — acquiring ATC Telecom Infrastructure, instantly increasing their portfolio.

If you still don’t get it, think of this: every time someone says “Hello?” on Jio — Altius earns a few paise. Every meme you scroll? Another paise. Every Netflix binge? A few more paise. It’s the ultimate “chill and bill” business model.

4.Financials Overview

Annualized EPS = 0.92 × 4 = ₹3.68 → Implied P/E =