Bharti Airtel Limited has confirmed that it did not encumber any shares held in Indus Towers Limited during the financial year 2025-26. The disclosure, submitted to the stock exchanges on April 07, 2026, pertains to shares held directly or indirectly by the promoter along with persons acting in concert. This compliance filing ensures transparency regarding the holding status of the promoter group in the telecom infrastructure company.

The declaration was made pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The regulation requires promoters to disclose any encumbrance created on the shares of the target company during a financial year. Bharti Airtel Limited, acting as the promoter of Indus Towers Limited, confirmed that no such encumbrance was made during the specified period.

The communication was addressed to the National Stock Exchange of India Limited and BSE Limited. A copy of the disclosure was also marked to the Audit Committee and the Company Secretary & Compliance Officer of Indus Towers Limited. The filing was authenticated by Rohit Krishan Puri, Company Secretary & Compliance Officer of Bharti Airtel Limited.

Key Disclosure Details

The confirmation provides assurance to the market regarding the unencumbered status of the promoter's shareholding in Indus Towers Limited for the financial year 2025-26.

CLSA has maintained its high-conviction Outperform rating on Indus Towers , assigning a target price of ₹580. The brokerage's bullish stance is anchored across several operational and financial factors that collectively underscore the company's investment appeal.

Key Drivers Behind CLSA's Outperform Rating

CLSA's positive outlook on Indus Towers is supported by a combination of growth catalysts and financial strengths. The following table summarizes the key factors cited by the brokerage:

Operational and Financial Highlights

Among the primary growth levers, CLSA points to upside potential in tenancy additions, which reflects the scope for Indus Towers to increase the number of telecom operators sharing its existing tower infrastructure. Continued tower growth further reinforces the company's expanding physical footprint across the country.

The brokerage also flags Vodafone Idea's fundraising efforts as a supportive factor, suggesting that improved financial stability at one of Indus Towers' key customers could positively influence tenancy dynamics. On the financial side, CLSA underscores the company's strong free cash flow generation and the reinstatement of dividend payouts as indicators of financial health and shareholder returns.

Valuation Perspective

CLSA's assessment also emphasizes the attractive valuation of Indus Towers at current levels, which, combined with the identified growth drivers, forms the basis for the brokerage's high-conviction stance and the ₹580 target price.