Indus Towers rises on Citi’s compelling buy call–What's fueling the optimism?

Indus Towers Share Price: Shares of Indus Towers rose over 2 per cent on Wednesday's trading session, following Citi’s initiation of coverage with a positive outlook based on the recent remarks from Union Telecom Minister Jyotiraditya Scindia on the Vodafone-Idea AGR dues issue. As of 11:45 am, the stock was trading at Rs 412.75, up by 2.70 per cent from the previous close of Rs 401.90.

Citi's views on Indus Towers

CITI reiterates its 'buy' rating on Indus Towers with a target price of Rs 500, indicating a 25 per cent upside from the current market levels.

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The brokerage noted that recent statements by India’s Communications Minister, Jyotiraditya Scindia, provide meaningful clarity and reduce uncertainty around Vodafone Idea (VI)—a key tenant for Indus.

The brokerage highlighted that the communication minister indicated that the government expects to finalise the contours of VI’s relief package within the next few weeks, likely by year-end. Scindia also emphasised that, excluding government dues, VI’s leverage is actually quite low, and that AGR relief combined with improving cash flows should enable VI to raise fresh debt.

Importantly, he clarified that the recent Supreme Court order pertains only to VI, not to other operators. Citi believes these developments strengthen confidence in VI’s stability and financing capability, which, in turn, de-risks Indus Towers’ tenancy outlook, and the brokerage sees this as a 'compelling buying opportunity' for Indus Towers.

Indus Towers share performance

Indus Towers stock has risen 8.09 per cent in the past six months, and 19.76 per cent on a year-to-date (YTD) basis.

The scrip recorded its 52-week high of Rs 429.90 on July 3, 2025, while it hit its 52-week low of Rs 312.60 on September 3, 2025.

Indus Towers Limited is a leading telecommunications infrastructure company in India and one of the largest globally. Formed by the merger of Bharti Infratel and Indus Towers, it owns and manages a vast network of telecom towers.