Hold Indus Towers: target of Rs 280: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Indus Towers

Indus Towers was formed by the merger of Bharti Infratel and Indus Towers. This combined strength makes Indus one of the largest telecom tower companies in the world. It has 184748 towers and 335106 co-locations (as on Q3FY22) and a nationwide presence covering all 22 telecom circles

Outlook

Despite improved odds of Vodafone Idea survival, lack of clarity on long term tenancy growth outlook remains. We maintain HOLD on the stock We value Indus at Rs 280 i.e. 6x FY24E EV/EBITDA.

For all recommendations report, click here

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