NSE: INDUSTOWER | BSE: 534816

Strong Performer, Under Radar

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400.10 -0.75 (-0.19%)

37.02% Gain from 52W Low

9.1M NSE+BSE Volume

NSE 23 Apr, 2025 3:31 PM (IST)

105,552.9

Market Cap

Market Leader

1.4

Beta 1Year

Very High Volatility

Board Meeting

The next board meeting for Indus Towers Ltd. is on 30 Apr 2025 for the purpose of Audited Results 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.

26 Apr 2018

400.10

-0.19%

Bharti Infratel Ltd Q4FY18 results Comment

Results Update: Indus Towers Ltd.

HDFC Securities

Revenue decreased by 1.39% to Rs. 1671.7 Cr in Q4FY18 when compared to the previous quarter. Bharti Infratel Ltd Q4FY18 results Comment

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

Indus Towers Ltd.

25 Apr 2018

400.10

-0.19%

Bharti Infratel (4QFY18): More pain likely, priced in. Upgrade to NEUTRAL

Neutral: Indus Towers Ltd.

Recommendation Target

HDFC Securities

We upgrade BHIN to Neutral from Sell with revised TP of Rs 312. Bharti Infratels (BHIN) 4QFY18 revenue and EBITDA were in-line, though subdued. Loss of 7,880 tenancies was the key negative. Sustainably higher energy margin at 6.8/8% in FY17/18 (11% in 4QFY18) vs. guidance of 4-6% is positive.

Indus Towers Ltd. is trading above all available SMAs

Indus Towers Ltd.

24 Apr 2018

400.10

-0.19%

Bharti Infratel

Hold: Indus Towers Ltd.

Target

ICICI Securities Limited

Revenues (on a proportionate consolidation basis) came in at | 3662 crore, (flat YoY, down 3.5% QoQ). Core rental revenues declined 1.0% YoY to | 2185.7 crore, lower than our estimate of | 2208.8 crore while energy revenues grew 2.6% YoY to | 1476.5 crore, better than our expectation of | 1438.4 crore. Net co-locations exit at 7880 was more than our anticipated net exits of 4000, as the company witnessed the impact of gross exits of 9813 on a consolidated basis (our estimate - gross exits of 6600 tenancies), reflecting the pressure...

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

Indus Towers Ltd.

24 Apr 2018

400.10

-0.19%

Bharti Infratel: Tenancy exits pull down rental revenue; expect the impact to aggravate

Neutral: Indus Towers Ltd.

Target

Motilal Oswal

Consol. revenue was flat QoQ (+4% YoY) at INR36.6b (2% beat). EBITDA, too, came in flat QoQ at INR15.9b (+1% YoY, 1% beat). Consol. margin shrunk ~25bp QoQ (120bp YoY) to 43.5% (15bp miss). Rental revenue declined 3% QoQ to INR21.9b; rental EBITDA declined 5% QoQ to INR14.3b (in-line) due to tenancy exits (potentially because of shutdowns by smaller telcos). This, however, was partly offset by 6% QoQ growth in energy revenue to INR14.8b, leading to a 68% QoQ jump in energy EBITDA to INR1.6b. Net finance income of INR827m led to a 4% QoQ (+2% YoY) jump in PAT to INR6b (10% miss).

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

Indus Towers Ltd.

19 Jan 2018

400.10

-0.19%

Bharti Infratel

Hold: Indus Towers Ltd.

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Revenues (on a proportionate consolidation basis) came in at | 3655.3 crore, up 7.5% YoY, 0.2% QoQ, in line with our estimate of | 3650.4 crore. Core rental revenues grew 6.7% YoY to | 2259.4 crore, in line with our estimate of | 2262 crore, with sharing revenues per tower down 0.5% QoQ. Net co-locations exit at 6612 was more than our anticipated net exits estimates of 5046, as the company witnessed the impact of gross exits of 8562 on a consolidated basis...

Indus Towers Ltd. has an average target of 382.00 from 4 brokers.

Indus Towers Ltd.

19 Jan 2018

400.10

-0.19%

Bharti Infratel

Indus Towers Ltd.

SMC online

For the quarter ended December 2017, on y-o-y basis, sales grew 11%. OPM improved from 46.1% to 47.0% which saw OP go up 13%. Share of profit in JV grew 6% after which PBT after Share of profit in JV went down 5%. After...

Indus Towers Ltd. has an average target of 382.00 from 4 brokers.

Indus Towers Ltd.

18 Jan 2018

400.10

-0.19%

Bharti Infratel (3QFY18): Weak performance, bleak outlook. Maintain SELL

Sell: Indus Towers Ltd.

Target

HDFC Securities

Reiterate Sell with TP of Rs 305 (earlier Rs 310). Bharti Infratels (BHIN) 2QFY18 revenue and EBITDA were in-line. Highest ever loss of 6,612 tenancies was the key negative. BHIN has treated 5,601 tenancies as churn though the actual exits hasnt yet happened. Instant loss of tenancies on merger of Voda-Idea is the key negative trigger that would lead to further multiple de-rating of BHIN. These could impact BHINs EBITDA by ~15% and EPS 25%.

Indus Towers Ltd. has an average target of 382.00 from 4 brokers.

Indus Towers Ltd.

18 Jan 2018

400.10

-0.19%

Bharti Infratel: Telco consolidation hurts earnings

Neutral: Indus Towers Ltd.

Target

Motilal Oswal

Muted rental revenue at INR22.6b (flat QoQ, in-line) arrested consolidated revenue growth ( flat QoQ; +8% YoY) at INR36.6b (in-line). Energy revenue grew 1% QoQ to INR14b.Consolidated EBITDA declined 1% QoQ ( grew 8% YoY) to INR16b (1% beat) dueto 22% QoQ decline in energy EBITDA to INR1b, partly offset by 1% QoQ rise in rental EBITDA to INR15b. Consolidated margin declined ~50bp QoQ to 43.7%(70bp miss). Net finance cost of INR15m (v/s net finance income of INR510m in2QFY18) led to a sharp 8% QoQ PAT decline to INR5.9b (our estimate: INR8.5b). Colocations dropped 3% QoQ to213,476, resulting from net tenancy exits of 6,612 (possibly driven by smaller operator closures), diluting gross colocations adds of 1,950. However, a 1% QoQ rise in tenancy rate to INR34.8k coupled with 20% QoQ saving in other expenses led to some solace - rental EBITDA margin grew 60bp to 66.4%. Energy margin declined 210bp QoQ (flat YoY) to 6.9% due to 3% QoQ rise in power & fuel cost.

Indus Towers Ltd. is trading above all available SMAs

Indus Towers Ltd.

08 Jan 2018

400.10

-0.19%

Bharti Infratel (Update): Multiple de-rating inevitable. Maintain SELL

Sell: Indus Towers Ltd.

Target

HDFC Securities

In absence of details of mix of tenancy losses, timing and event uncertainties, our numbers are on business-as-usual basis. But, we provide the impact of each of the events separately. Bharti Infratels (BHIN) share price has declined from a peak of Rs 480 to Rs 373 (22%) in last two months. Despite recent decline, we reiterate our Sell rating with revised TP of Rs 310 (vs. Rs 387). Our TP is based on 20x Dec-19E EPS (Rs 356) for business as usual (vs. 24x earlier) less impact of Rs 60/sh from Voda-Idea merger (vs. Rs 39/sh earlier) and likely acquisition of Voda-Idea stake in Indus at EV of Rs 5mn/tower (+Rs 15/sh).

Indus Towers Ltd. has an average target of 382.00 from 4 brokers.

Indus Towers Ltd.

02 Nov 2017

400.10

-0.19%

Bharti Infratel (2QFY18): Weak quarter, challenges persist. SELL

Sell: Indus Towers Ltd.

Recommendation Target

HDFC Securities

BHIN is currently trading at 11x and 10x FY19/20E EV/e. Sell with a TP of Rs 387 @ 10x Sep-19E EV/e Bharti Infratels (BHIN) 2QFY18 revenue and EBITDA were in-line, led by higher energy margin. But operating performance was weak owing to feeble rental/tenant and the meagre new tenants addition. Street optimism on BHIN is driven by the prospect of better capital allocation via the likely acquisition of Vodafone and Ideas stake in Indus. This may be followed by BHINs parent Bharti diluting in favour of a consortium of investors. We dont see this as a game-changer, except for plugging the DDT leak.

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

Is Bharti Infratel Ltd. worth buying?

636 Votes:

Buy 79.87%

Sell 11.79%

Hold 8.33%

RESEARCH REPORTS

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