Reduce Indus Towers; target of Rs 170: 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. The company has 187926 towers and 338128 co-locations (as on Q2FY23) and a nationwide presence covering all 22 telecom circles.

Outlook

Despite Vodafone Idea’s (VIL) survival, near term growth challenges remain with competitive renewals as well as delays from VIL for dues. We also await traction of potential growth in adjacent areas such as small cells/in building solutions, etc. We maintain REDUCE rating. We value Indus at Rs 170 i.e. 4.5x FY24E EV/EBITDA.

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Indus Towers - 31-10-2022 - icici