Weak signals for Indus Towers after unfavourable SC verdict for Vi

VIL is the second-largest tenant of Indus Towers and this could put stress on the tower company, by reducing tower tenancy ratios and further delaying repayment of dues

An adverse judgment by the Supreme Court will impact Vodafone Idea (VIL) unfavourably and in turn, may have a negative impact on Indus Towers too. The tower company also faces stiffer competition and potential loss of rental revenues.

The Supreme Court has rejected a curative petition for adjusted gross revenue (AGR) dues to be recalculated. This leaves VIL with a net AGR debt of $8.5 billion equivalent (Rs 70,300 crore) as of the April-June quarter (Q1) of financial year 2025 (FY25) (of which about 20 per cent is the principal) in addition to spectrum dues