28-Oct-2026 07:57:45
INDUSTOWERExpansion
CLSA ON INDUS TOWERS ; HIGH CONVICTION OUTPERFORM | TP ₹565
• Q2 core revenue grew 4% YoY to ₹5,450 Cr, while core adjusted EBITDA rose 5%, beating estimates. • Net tenancy additions increased to 7,903 from 4,236 in Q1, despite continued delays in Vodafone Idea's fundraising. • Added 2,869 towers during Q2, taking the total tower count to 2,70,480. • CLSA expects core EBITDA to grow at 9% CAGR through FY29. • H1 capex declined 9% YoY to ₹4,100 Cr. • Free cash flow jumped 51% QoQ to ₹2,810 Cr, reflecting stronger cash generation. • Balance sheet remains strong, with a net cash position of ₹3,400 Cr. • Target price of ₹565 implies approximately 47% upside from CMP of ₹385.30.
INDUS TOWERS LIMITED