Indus Towers has appointed Abhishek Maheshwari as its Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective August 19, 2026. The appointment aims to strengthen the company's financial leadership as it continues its operations in the telecom infrastructure sector. Maheshwari will also serve as an authorised official for determining materiality of events and making disclosures to stock exchanges.

The Board of Directors approved the appointment during a meeting held on July 10, 2026. The decision was based on the recommendations of the HR, Nomination & Remuneration Committee and the Audit & Risk Management Committee. The Board meeting commenced at 02:50 p.m. IST and concluded at 03:40 p.m. IST.

Profile of the New CFO

Abhishek Maheshwari is a seasoned finance leader with over 21 years of experience across various facets of finance. His expertise includes business partnering, strategic planning, budgeting, financial reporting, investor relations, mergers and acquisitions, taxation, compliance, internal controls, and business modelling. He has significant exposure to financial governance frameworks, including US GAAP, Indian GAAP, and IFRS.

Prior to joining Indus Towers , Maheshwari led finance for Airtel's B2B Business as CFO. He previously served as CFO for Airtel's Direct to Home (DTH) Business for over four years. He has also held the position of Controller and headed the finance function for Airtel's AP & MPCG operations across Mobile, Telemedia, and DTH businesses.

Maheshwari began his career with Lodha & Company, handling statutory audits, tax audits, and consulting assignments. He later worked with Maruti Udyog Limited in budgeting and cost reporting roles. He completed his B. Com Hons and is a qualified Chartered Accountant from ICAI in 2005.

Appointment Details

The following table summarises the key details of the appointment:

For disclosures related to materiality and stock exchange communications, Maheshwari can be contacted at cfo.office@industowers.com or 0124-4296766.

Nomura has maintained its Buy rating on Indus Towers with a target price of ₹505, stating that the recent correction in the stock—driven by concerns over Jio tenancy renewal—is overdone. The brokerage's assessment points to a combination of structural and financial factors that underpin its constructive stance on the telecom tower company.

Correction Seen as Overdone

Nomura believes the market has overreacted to concerns surrounding the renewal of Jio's tenancy agreements with Indus Towers. According to the brokerage, the risk of a major tenancy loss is limited, given the significant economic and operational constraints that would make such a move difficult for any large tenant. These constraints include the high cost and logistical complexity associated with migrating a large number of tower tenancies.

Key Investment Highlights

Nomura's rationale for maintaining the Buy rating is supported by several factors, as outlined below:

Bharti's Stake Purchases as a Support Factor

Nomura also notes that potential stake purchases by Bharti could provide additional support to the stock. Bharti's continued interest in increasing its holding is viewed as a positive signal for investor confidence in Indus Towers' long-term prospects.

Attractive Valuation

The brokerage highlights that the stock is trading at an attractive valuation of 6.1x FY28 EV/EBITDA, which it considers compelling given the company's scale and market position in the telecom infrastructure space. This valuation metric forms a key part of Nomura's investment thesis for maintaining its positive stance on the stock.