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Motilal Oswal's research report on Indus Towers

Indus Towers’ (Indus) 2QFY26 was broadly in line with our estimates, with recurring EBITDA (excl. provision reversals) rising 3% QoQ to INR43.8b. Reported EBITDA at INR45.7b grew 5% QoQ (6% ahead), driven by prior period provision reversals of ~INR1.95b. Operationally, tower additions picked up QoQ after a subdued 1Q, while tenancy additions moderated, likely as Vi’s rollouts tapered off during 2Q. However, management indicated that the order book for both tower and tenancy additions remains robust in the near term. Indus’ capex surged ~31% QoQ to INR25.6b, and receivables inched up ~INR5b, which led to a mode

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