Indus Towers Limited

“Indus Towers owns an irreplaceable tower network serving India's structural wireless growth story, trades at 12.9x forward earnings — a steep discount to global peers — and generates 15–18% through-cycle ROIC on a conservatively leveraged balance sheet. However, Vodafone Idea's potential exit represents a genuine permanent impairment scenario (25,000+ tenancies lost, ₹7,500+ crore provisions confirmed), management has been serially reactive rather than decisive on this exposure, and the reinvestment runway is structurally narrow given Jio's captive towerco and India's three-operator market. The stock is fairly priced for the current uncertainty, not cheap enough to absorb the downside case. Wait for Vi resolution — panic on a Vi exit or confirmed stabilization — before committing capital.”