Motilal Oswal Maintains 'Neutral' on Indus Towers, Sets INR 425 Target

• Indus Towers' Q3 FY26 results aligned with Motilal Oswal's estimates, with recurring EBITDA up 2% QoQ to INR 44.7 billion.
• Tenancy additions increased QoQ, driven by accelerated Vi rollouts in Q3.
• Indus Towers secured approximately 70% share of Vi's rollouts since Q2 FY25.
• Motilal Oswal reiterates a 'Neutral' rating with a revised DCF-based target price of INR 425 (previously INR 400).
• The risk-reward for Indus Towers appears balanced at the current market price.