Indian Telecom Equipment & Infrastructure Services Stocks in 2025 Part 2

Capital Expenditure (CapEx) Moderation CapEx Decline: With major 5G rollouts largely completed, CapEx intensity is expected to fall from 28% to around 19% of revenues by FY26. This will lead to improved free cash flows and reduced debt pressure. (Source: CRISIL Ratings) Spectrum Investment: Following heavy investments in spectrum auctions during FY23, minimal new spectrum spending is anticipated in the near term. (Source: CRISIL Ratings) Growth in Telecom Infrastructure Tower Expansion: Tower companies are set to invest ₹21,000 crore between FY25 and FY26 for expanding infrastructure, especially in rural and under-served areas. (Source: The Economic Times – Telecom) Indus Towers’ Strategy: Indus Towers plans to add over 10,000 new telecom towers over the next three years, projecting 12% revenue growth, as it supports 5G rollout and higher rural demand. (Source: Mint)