Bharti's leverage has been improving over the last 12 months on the back of better profitability of its core Indian mobile business and capital interventions, it noted.
The note by Credit Suisse on the Indian telecom sector said there has been increasing interest among investors to evaluate valuations of Bharti Airtel and Indus Towers under two situations.
Even SBI chairman has stated that banks will probably not be willing to fund telecom companies in the absence of clarity, he added.
The move comes in the backdrop of the deadly second wave of COVID-19 pandemic that has stretched healthcare infrastructure in the country.
ICRA observed that the expansion in profitability is expected to result in improvement in the debt coverage metrics of the industry.
Reliance Jio in December announced that it would hive off its fibre and tower businesses and form two separate companies.
GST and 2017: From manufacturing to telecom, how India Inc coped with 'One, Nation, One Tax' concept
On the midnight of July 1 this year, the NDA government launched India's biggest-ever post-independence tax reform in the form of the Goods and Services Tax (GST).
The study said the existing manpower in the sector may not match up to the upcoming demand, both in numbers and required skill sets.