Tower cos to spend Rs21,000 crore capex over FY25-26: CRISIL Ratings

Telecom tower companies are projected to invest Rs 21,000 crore in capital expenditure over fiscals 2025 and 2026, driven by network expansion. Despite declining rentals and tenancy consolidation, towercos are expected to maintain stable earnings and manage counterparty risks. Growth is anticipated from rural deployments and ongoing 4G/5G coverage expansion, with funding primarily from internal accruals.