Jefferies downgrades India's Indus Towers on rising revenue-growth risks; shares slip

Indus Towers

15/04/2026 05:33

** Shares of mobile tower operator Indus Towers INUS.NS down 2.5% to 427.10 rupees

** Jefferies downgrades Indus Towers to "underperform" from "hold" and cuts PT to 375 rupees from 530 rupees

** Brokerage cites rising risks to revenue growth as higher capex, driven by tower additions and higher maintenance spending, is expected to weigh on free cash flows and dividends

** Cuts FY26–27 revenue estimates by about 2%–6% after factoring in renewal risks and 15%–45% growth in capex

** Renewal pricing risks and moderating second half of 2026 could pressure revenue growth to around 4% a year - Jefferies

** Twenty one analysts have a "hold" rating on INUS on avg; median PT is 471.50 rupees - data compiled by LSEG

** YTD, INUS up ~2%

 (Reporting by Urvi Dugar in Bengaluru)

 ((UrviManoj.Dugar@thomsonreuters.com;))