NSE: INDUSTOWER | BSE: 534816

Strong Performer, Under Radar

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324.05 -0.10 (-0.03%)

New 52W Low in past week

14.4M NSE+BSE Volume

NSE 04 Sep, 2025 3:31 PM (IST)

85,489.7

Market Cap

Market Runner Up

Beta 1Year

Average volatility

Expansion

Indus Towers' board approves expansion in African markets, including Nigeria, Uganda and Zambia See details

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.

01 May 2024

324.05

-0.03%

High growth to sustain; capex to continue for a few more quarters

Sell: Indus Towers Ltd.

Target

ICICI Securities Limited

Reported rental revenue up 7.7% YoY/2.2% QoQ to INR 45.8bn in Q4FY24.

Indus Towers Ltd. has an average target of 402.00 from 4 brokers.

Indus Towers Ltd.

20 Apr 2024

324.05

-0.03%

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 below all available SMAs

Indus Towers Ltd.

27 Oct 2023

324.05

-0.03%

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 921 to 1007 in Jun 2025 qtr.

Indus Towers Ltd.

29 Jul 2023

324.05

-0.03%

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 402.00 from 4 brokers.

Indus Towers Ltd.

27 Apr 2023

324.05

-0.03%

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 921 to 1007 in Jun 2025 qtr.

Indus Towers Ltd.

27 Jan 2023

324.05

-0.03%

Indus Towers

Not Rated: Indus Towers Ltd.

ICICI Direct

Indus Towers Ltd. has an average target of 402.00 from 4 brokers.

Indus Towers Ltd.

27 Jan 2023

324.05

-0.03%

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 below all available SMAs

Indus Towers Ltd.

31 Oct 2022

324.05

-0.03%

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;