An adverse judgment by the Supreme Court will impact Vodafone Idea (VIL) unfavourably and in turn, may have a negative impact on Indus Towers too. The tower company also faces stiffer competition and potential loss of rental revenues.

The Supreme Court has rejected a curative petition for adjusted gross revenue (AGR) dues to be recalculated. This leaves VIL with a net AGR debt of $8.5 billion equivalent (Rs 70,300 crore) as of the April-June quarter (Q1) of financial year 2025 (FY25) (of which about 20 per cent is the principal) in addition to spectrum dues of about $17