Indus Towers Limited — Others, 21-07-2025: CREDIT RATING REVISION

Indus Towers' long-term rating has been upgraded to 'Crisil AAA/Stable', reflecting strong operational and financial improvements. This upgrade aligns with the parent company Bharti Airtel's improved credit profile. Indus Towers' EBITDA surged to Rs 20,845 Cr in fiscal 2025, partly due to recovering Rs 5,087 Cr from a large customer. The company expanded its tower base significantly by adding 29,569 macro towers, including 12,606 acquired from Bharti Airtel for about Rs 2,032 Cr. Its external debt decreased to Rs 2,262 Cr, and cash accruals are strong, highlighting robust financial health despite ongoing counterparty risks from some mobile network operators.