Altius Telecom Infrastructure Trust’s record carries a structural complexity that demands attention: goodwill rests on a single stressed customer, the sponsor has sold down nearly a third of its stake while governance protections were quietly unwound, and a ₹202 crore call option liability sits outside net-debt disclosures.
Key findings
- Goodwill depends on a key customer with negative net worth and losses
Major- The Group’s key customer reported negative net worth and losses in its latest publicly available financial results, has significant debt and spectrum dues in the upcoming 12 months, and is in discussion with banks to raise additional funds. The company-specific risk premium for Elevar Digital Infra was reduced from 3.5% to 2.0% as of September 30, 2025, which increased Elevar’s enterprise value by approximately ₹2,163.2 crore. Sensitivity analysis with a 0.2% change in terminal growth rate and 1% change in WACC indicates no impairment is required on goodwill as at March 31, 2026. - Revenue is near-fully concentrated in three telecom operators, one stressed
Major- Three telecom operator customers aggregated 96% of total revenue for FY2025-26. A key customer accounting for a substantial part of revenue, trade receivables, and unbilled revenue reported negative net worth and losses, and has significant debt and spectrum dues in the upcoming 12 months. The Group’s impairment loss on trade receivables rose from 126.6 crore in FY2024-25 to 137 crore in FY2025-26. - Contingent liabilities have declined, but unindemnified GST and property-tax exposures remain
Minor- Total consolidated contingent liabilities fell from ₹2,497.3 crore to ₹1,635.9 crore as at March 31, 2026. SDIL’s GST contingent liability stood at ₹486.2 crore, of which ₹111.9 crore is unindemnified, and Elevar’s GST contingent liability was ₹529.9 crore. Elevar also recorded an estimated provision for property tax and municipal charges of ₹426.4 crore net of expected recovery of ₹514.9 crore, following a Supreme Court ruling that towers are “buildings” for property-tax purposes. - SEBI has issued a stream of administrative warnings to the Trustee and Investment Manager
Minor- SEBI issued an Advisory cum Administrative Warning dated April 7, 2026 to the Investment Manager regarding distribution of NDCF, and a separate Advisory cum Administrative Warning dated April 7, 2026 to the InvIT regarding disclosure of past performance. Axis Trustee Services Limited received administrative warnings and deficiency letters on June 28, 2024, March 17, 2025, March 18, 2025, March 24, 2025, and March 28, 2025, though the Trust states none of these actions pertain to the Trust. - A ₹202 crore call option liability and other obligations sit outside net-debt disclosures
Minor- A call option liability of ₹202 crore was recognised on acquisition of SDIL from RIL, giving RIL the right to require the Trust to sell SDIL shares at the lower of ₹215 crore or fair market value, maturing August 31, 2050. SDIL also carries 50,000,000 preference shares classified as a liability at a present value of ₹18.5 crore as of March 31, 2026. The Trust’s net gearing ratio computation excludes both the ₹202 crore call option liability and the ₹18.5 crore preference-share liability. - Unit capital is classified as equity under a SEBI override, and a large deferred tax asset remains unrecognised
Minor- Unit capital is classified as “Equity” instead of as a compound instrument under Ind AS 32, in compliance with SEBI InvIT Regulations. A net deferred tax asset of ₹5,067.9 crore at March 31, 2026 has not been recognised due to accumulated tax losses. A call option written to RIL is measured as a Level-3 liability using the Black Scholes Model, with fair value losses of ₹63.4 crore in FY2026 and ₹51.6 crore in FY2025 recognised.
What to watch
- Stressed key customer. Resolution of the key customer’s debt and spectrum dues within the next 12 months from March 31, 2026, and outcome of its discussions with banks to raise additional funds.
- Goodwill recoverability. Reassessment of goodwill for the Crest and Elevar CGUs if the key customer’s financial condition deteriorates further, given reliance on AGR deferral assumptions in cash flow projections as at March 31, 2026.
- SEBI warnings. Resolution of the two SEBI Advisory cum Administrative Warnings dated April 7, 2026 issued directly to the InvIT and its Investment Manager.
- SDIL loan repayment. Next annual report for FY2026-27: whether SDIL makes any cash payment of interest or principal on the shareholder loan, and whether the interest rate remains at 13.5% p.a. or is further adjusted.
- Unrecognised deferred tax asset. Reassessment of the ₹5,067.9 crore unrecognised deferred tax asset at the next reporting date, as stated in the FY2025-26 Annual Report.
Bottom line: This is a disclosed and audited record built around a single circular funding structure: a loan that generates accounting interest but no cash, supporting an operating company whose goodwill depends on a customer that is itself financially stressed. The sponsor has reduced its stake sharply while governance protections were thinned, and SEBI has flagged procedural deficiencies at the Trustee and Investment Manager. Read the SDIL loan and the key customer’s fate as one linked question, and watch the next annual report for any cash movement on that loan.