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What is the story about?
Shares of Indus Towers Ltd. were trading with gains of as much as 2% in Wednesday's session. The stock is up for the third straight session today.
According to brokerage firm Citi, the successful completion of Vodafone Idea's debt raise and a reassessment of its AGR dues are seen as key near-term catalysts that could facilitate the resumption of shareholder payouts through dividends or buybacks.
It also said that the recent AGR relief package and Vodafone Idea's aggressive three-year investment strategy have positive implications for Indus Towers.
Citi has a 'Buy' rating on the stock with a price target of ₹540, citing that the Q3 performance was largely in line.
The brokerage said tenancy additions were better than expected, driven by higher additions from Vodafone Idea.
Free cash flow rose QoQ from ₹300 crore to ₹800 crore, primarily due to lower capex, taking cumulative 9MFY26 free cash flow to ₹2,600 crore.
CLSA has reiterated its 'High conviction outperform' rating on the stock, with a price target of ₹560, implying a potential upside of about 27% from current levels.
The brokerage said that third quarter core revenue stood at ₹5,280 crore, up 10% YoY and 1% QoQ, though it was around 1% below its estimates.
Reported EBITDA declined 36% YoY and 2% QoQ to ₹4,500 crore. However, EBITDA adjusted for collections of past overdues rose 13% YoY and 2% QoQ, broadly in-line with expectations.
Net tenancy additions came in at 6,105 during the quarter, higher than 4,505 in Q2FY26 and in line with estimates.
CLSA also referred to the management commentary, with the CEO saying that AGR dues relief for Vodafone Idea bodes well for the company, while a board decision on the reinstatement of dividends is awaited.
Indus Towers currently has net cash of ₹3,400 crore on its balance sheet, with lease liabilities at 121% of debt.
Of the 23 analysts tracking Indus Towers, 13 have a 'Buy' rating, four recommend 'Hold', while six have a 'Sell'.
Shares of Indus Towers were trading 1.11% higher on Wednesday at ₹443.40. The stock has gained 28% over the past six months.
According to brokerage firm Citi, the successful completion of Vodafone Idea's debt raise and a reassessment of its AGR dues are seen as key near-term catalysts that could facilitate the resumption of shareholder payouts through dividends or buybacks.
It also said that the recent AGR relief package and Vodafone Idea's aggressive three-year investment strategy have positive implications for Indus Towers.
Citi has a 'Buy' rating on the stock with a price target of ₹540, citing that the Q3 performance was largely in line.
The brokerage said tenancy additions were better than expected, driven by higher additions from Vodafone Idea.
Free cash flow rose QoQ from ₹300 crore to ₹800 crore, primarily due to lower capex, taking cumulative 9MFY26 free cash flow to ₹2,600 crore.
CLSA has reiterated its 'High conviction outperform' rating on the stock, with a price target of ₹560, implying a potential upside of about 27% from current levels.
The brokerage said that third quarter core revenue stood at ₹5,280 crore, up 10% YoY and 1% QoQ, though it was around 1% below its estimates.
Reported EBITDA declined 36% YoY and 2% QoQ to ₹4,500 crore. However, EBITDA adjusted for collections of past overdues rose 13% YoY and 2% QoQ, broadly in-line with expectations.
Net tenancy additions came in at 6,105 during the quarter, higher than 4,505 in Q2FY26 and in line with estimates.
CLSA also referred to the management commentary, with the CEO saying that AGR dues relief for Vodafone Idea bodes well for the company, while a board decision on the reinstatement of dividends is awaited.
Indus Towers currently has net cash of ₹3,400 crore on its balance sheet, with lease liabilities at 121% of debt.
Of the 23 analysts tracking Indus Towers, 13 have a 'Buy' rating, four recommend 'Hold', while six have a 'Sell'.
Shares of Indus Towers were trading 1.11% higher on Wednesday at ₹443.40. The stock has gained 28% over the past six months.
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