Indus Towers shares in focus on foray into African markets, brokerages remain bullish

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Citi and CLSA remained bullish on Indus Towers, citing strong cash flow prospects, attractive valuations, and dividend potential.

Indus Towers

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Shares of telecommunications company Indus Towers Ltd sank four percent in trade on Wednesday, September 3, after the firm’s board gave its nod for a foray into the African markets, which will mark the first-ever overseas expansion of Indus Towers.

The company has received approval to foray in African markets, beginning with Nigeria, Uganda, and Zambia as these markets offer attractive prospects for revenue diversification, operational scalability, and long-term value creation, the firm said in a statement.

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“Indus Towers will leverage its robust financial position and anchor customer relationship with Bharti Airtel to establish a strong and competitive presence in these regions. As part of its broader growth strategy, the company will continue to evaluate expansion opportunities in other African markets where Airtel has an established presence,” the statement said.

At 9.18 a.m., shares were quoting Rs 315.95, lower by 4.1 percent on the NSE compared to the previous session’s closing price.

Brokerages reaffirmed their bullishness, highlighting Indus Towers’ attractive valuations. Citi maintained a buy rating on Indus Towers with a target price of Rs 460, noting that investor concerns over delayed payouts, Vi’s financial health, and Bharti’s slower rollouts are overstated.

The brokerage highlighted the potential for medium-term growth, strong free cash flow generation, and moderating capex intensity, which could support higher shareholder returns. Citi added that valuations remain attractive versus peers, with its bear-case scenario indicating limited downside risk.

CLSA retained its high conviction outperform call on Indus Towers with a target of Rs 520, pointing to the board’s approval for an international foray beginning with Nigeria, Uganda, and Zambia. However, with fewer than 500 towers in these markets, revenue diversification is expected to remain limited.

Instead, the brokerage expects management to prioritize capital structure improvement through higher dividends. CLSA flagged the ongoing delay in distributions as unjustified despite the board’s commitment to reinstating payouts.

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