NSE: INDUSTOWER | BSE: 534816

Strong Performer, Under Radar

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384.10 4.80 (1.27%)

31.54% Gain from 52W Low

3.4M NSE+BSE Volume

NSE 05 May, 2025 3:57 PM (IST)

101,331.8

Market Cap

Market Leader

1.4

Beta 1Year

Very High Volatility

Indus Towers Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for INDUSTOWER, BSE:534816 Indus Towers Ltd.

Indus Towers Ltd.

20 Apr 2024

384.10

1.27%

Baking in VIL capex; unfavourable risk-reward still towering

Sell: Indus Towers Ltd.

Recommendation Target

ICICI Securities Limited

Our valuation for Indus now bakes in the VIL capex. Our recalibrated model envisions Indus’ rental revenue/EBITDA/ net profit CAGRs of 9.3%/10.2%/14.4% over FY24–27E.

Indus Towers Ltd. is trading above all available SMAs

Indus Towers Ltd.

27 Oct 2023

384.10

1.27%

Cash collection stable reducing risk of rise in provisioning

Hold: Indus Towers Ltd.

Recommendation Target

ICICI Securities Limited

Indus Towers’ (Indus) Q2FY24 performance was good on two counts: 1) tenancy addition accelerated with net add of 5,583 despite 840 exits; and 2) there was no large provisioning that had marred EBITDA previously. However, rising single-tenancy towers are continuously diluting margins and RoCE, and VIL has to significantly recover to increase visibility on rising tenancy sharing over medium term.

Number of FII/FPI investors increased from 891 to 921 in Mar 2025 qtr.

Indus Towers Ltd.

29 Jul 2023

384.10

1.27%

FCF generation muted on higher capex

Sell: Indus Towers Ltd.

Recommendation Target

ICICI Securities Limited

Indus Towers’ (Indus) Q1FY24 performance was good on two counts: 1) tenancy addition accelerated with a net add of 5,048 despite 518 exits; and 2) there was no provisioning that had marred EBITDA previously. We believe the high rate of tenancy addition is unlikely to sustain as Bharti is close to completing its rural 4G rollout; 5G rollout over the next 12 months will largely come as loading.

Indus Towers Ltd. has an average target of 384.50 from 4 brokers.

Indus Towers Ltd.

27 Apr 2023

384.10

1.27%

Cashflow conversion normalises

Hold: Indus Towers Ltd.

Target

ICICI Securities Limited

Indus Towers’ (Indus) Q4FY23 performance was good on two counts – 1) tenancy addition accelerated with net add of 3,396 despite 512 exits; and 2) no provisioning, that had marred EBITDA in previous three quarters due to delay in VIL receivables.

Number of FII/FPI investors increased from 891 to 921 in Mar 2025 qtr.

Indus Towers Ltd.

27 Jan 2023

384.10

1.27%

Indus Towers

Not Rated: Indus Towers Ltd.

ICICI Direct

Indus Towers Ltd. has an average target of 384.50 from 4 brokers.

Indus Towers Ltd.

27 Jan 2023

384.10

1.27%

Provision woes persist

Hold: Indus Towers Ltd.

Target

ICICI Securities Limited

Indus Towers’ (Indus) Q3FY23 performance was yet again marred by provision (of Rs23bn) for doubtful debt and reversal of revenue from equalisation of Rs5bn (as exceptional loss). This has resulted in the company reporting a net loss of Rs7bn. Indus has taken a provisional impact of Rs53bn in past three quarters.

Indus Towers Ltd. is trading above all available SMAs

Indus Towers Ltd.

31 Oct 2022

384.10

1.27%

Bad debt provisions hit profits again!

Hold: Indus Towers Ltd.

Target

ICICI Securities Limited

Indus Towers’ Q2FY23 result had two one-offs: 1) Settlement gain received was
Rs11bn of which Rs5.5bn was recognised in rental revenue thus, rental was
inflated;