Indus Towers: Jefferies cuts rating to underperform, gives reasons for bear outlook
Jefferies has downgraded Indus Towers to “underperform” and slashed its price target to ₹375, citing emerging risks around tower contract renewals and sustained pressure from elevated capital expenditure, which could weigh on earnings growth and shareholder payouts.
The brokerage flagged that a significant portion of Indus Towers sites — around 10% — that were deployed in 2016–17 are up for renewal over the second half of calendar year 2026 and early 2027. This cluster of renewals comes at a time when industry wide tower additions are moderating, potentially intensifying competition among tower companies to retain tenants.
