Indus Towers debt rating upgraded to AAA (Stable) by ICRA

Indus Towers Limited announced on November 27, 2025, that ICRA Limited has revised the credit rating and outlook for its financial instruments. The rating for ₹1,375 crore Non-Convertible Debentures has been upgraded from [ICRA]AA+ (Positive) to [ICRA]AAA (Stable).

For long-term fund-based and non-fund-based limits, the rating also improved from [ICRA]AA+ (Positive) to [ICRA]AAA (Stable), with the outlook revised to Stable. Short-term ratings for these limits remain reaffirmed at [ICRA]A1+. Commercial Papers also saw their rating reaffirmed at [ICRA]A1+.

Additionally, the rating for ₹375 crore Non-Convertible Debenture, previously [ICRA]AA+ (Positive), has been withdrawn as no amount is outstanding following the redemption of ₹375 crore Series II Non-Convertible Debentures.