The board cleared plans to enter Nigeria, Uganda, and Zambia, citing growth potential in emerging geographies. The company said the move would help diversify revenues, enhance operational scalability, and create long-term value. Indus Towers plans to leverage its strong financial position and anchor customer relationship with Bharti Airtel to build a competitive presence in these regions. Future expansion into other African markets where Airtel operates is also under evaluation.

However, the announcement failed to excite investors. Market participants flagged potential challenges including regulatory hurdles, political instability, economic volatility, and currency fluctuations across African nations. Analysts also pointed out that managing operations across multiple geographies could inflate costs, strain resources, and complicate compliance.

Indus Towers has not declared a dividend since May 2022, citing pending dues from its key client Vodafone Idea. Earlier this year, expectations of a bonus issue or share buyback were also dampened after the company postponed its May board meeting, adding to investor concerns.

Indus Towers provides tower and related infrastructure and deploys, owns and manages telecom towers and communication structures for various mobile operators. As on June 2025, Bharti Airtel owned 50% stake in the company.

The company reported 9.8% fall in consolidated net profit to Rs 1,736.8 crore in Q1 FY26 from Rs 1,925.9 crore recorded in Q1 FY25. Revenue from operations, however, increased by 9.1% YoY to Rs 8,057.6 crore in the June’25 quarter.