On Friday, September 12, 2025, DAM Capital upgraded Indus Towers to a buy from neutral and raised its target price to ₹402 from ₹395. At the current market price (CMP) of ₹353.55, the revised target implies an upside potential of about 13.7%.
The brokerage said capital allocation is not a concern, with Africa investments unlikely to be value destructive. It also expects dividends and buybacks to resume, which should support shareholder returns.
DAM Capital highlighted that Jio tenancies are expected to continue, albeit at a lower rate, while Vodafone Idea’s (VI) sustainability remains a concern but is not seen as a near-term risk.
Disclaimer: The views and investment recommendations expressed in this article are those of DAM Capital. Business Upturn does not endorse or recommend any investment decisions. Investors are advised to consult financial experts before making investment choices.
