By Dalal Street Investment Journal (DSIJ)
Vodafone Idea ended FY26 with ₹44,873 crore revenue and ₹34,552 crore reported profit, driven by one-time AGR relief. Q1 FY27 still showed a net loss alongside higher customer ARPU and a higher subscriber count. We examine its debt, 5G rollout and shareholding.
Vodafone Idea Limited closed at ₹12.52 on 15 October 2026. The stock was trading at ₹12.70 at 10:30 AM IST on 16 October.
| Key Metrics | Vodafone Idea |
|---|---|
| Share price (NSE close, 15 Oct 2026) | ₹12.52 |
| Market capitalisation | ₹1,37,162 crore |
| 52-week high | ₹15.79 |
| 52-week low | ₹8.13 |
| FY26 revenue | ₹44,873 crore |
| FY26 reported PAT | ₹34,552 crore (one time gain) |
| Dividend yield | 0% |
(Sources: Screener)
A share price below ₹20 does not by itself indicate valuation. The equity base, deferred spectrum and AGR obligations, cash generation and potential dilution all affect the value per share.
Vodafone Idea provides consumer mobile voice and data services under the Vi brand, alongside enterprise connectivity, Internet of Things (IoT), cloud, managed services and related digital offerings. In 2018, Vodafone India and Idea Cellular merged to form the company. It competes mainly with Reliance Jio and Bharti Airtel in a telecom market where network quality and customer retention depend on sustained investment.
| Business/Revenue Stream | What It Covers |
|---|---|
| Consumer prepaid | Recharge led mobile voice, data and digital services |
| Consumer postpaid | Monthly mobile plans and associated services |
| Vi Business | Enterprise connectivity, IoT, cloud and managed services |
| Other service income | Roaming, interconnect and value added services |
| Consolidated FY26 operating revenue | ₹44,873 crore; detailed split not disclosed |
(Sources: Company reports)
India had 1,114.17 million internet subscribers in June 2026, according to the TRAI report highlighted by IBEF. Vodafone Idea is a private operator with a smaller subscriber base than Jio or Airtel. Its near-term priorities include narrowing the network investment gap and improving revenue per user.
| Key Operating Indicator | Subscribers |
|---|---|
| Total subscribers | 193.1 million (Jun 2026); 192.8 million (Mar 2026) |
| 4G / 5G subscribers | 130.1 million (Jun 2026); 128.9 million (Mar 2026) |
(Sources: Operator reported subscribers, and TRAI figures may use different definitions)
Sales increased across FY24 to FY26. The reported FY26 profit reflected a non-recurring benefit from remeasuring AGR liabilities and does not reflect profit from ordinary telecom operations.
| Financials | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ crore) | 42,652 | 43,572 | 44,873 |
| Revenue growth | 1.1% | 2.2% | 3.0% |
| Operating profit (₹ crore) | 17,072 | 18,048 | 18,859 |
| Operating margin | 40% | 41% | 42% |
| Reported PAT (₹ crore) | (31,238) | (27,384) | 34,552 |
(Sources: Screener, Annual Reports)
The Department of Telecommunications reassessed AGR dues at ₹64,046 crore as of December 2025 versus an earlier provisional ₹87,695 crore. The resulting remeasurement and related adjustments generated a large exceptional accounting gain. FY26 reported a PAT of ₹34,552 crore, which is not a recurring earnings level.
In Q1 FY27, revenue rose about 6% year-on-year to ₹11,689 crore, while the consolidated loss narrowed to ₹3,754 crore from ₹6,608 crore. The narrowing also reflected an exceptional gain. Customer ARPU rose to ₹195 from ₹177 a year earlier, and the company reported a net loss in Q1 FY27.
Conventional price to earnings and book value multiples are not meaningful measures for Vodafone Idea. A one-time AGR gain affected trailing earnings while shareholder equity remained negative. Ratios based on negative equity may be mathematically calculable but are not comparable with profitable operators.
| Key Ratio (FY26 / Latest) | Vodafone Idea |
|---|---|
| P/B | Not meaningful (negative book value) |
| ROE | Not meaningful (negative equity base) |
| ROCE | Negative 1.72% |
| Debt to equity | Not meaningful (negative equity base) |
| Dividend yield | 0% |
(Sources: Annual Reports; Screener showed book value near negative ₹3.30 a share; conventional sector average comparisons are not applicable here.)
For reference, Bharti Airtel and Bharti Hexacom reported positive capital returns and P/E multiples of 35.9x and 44.5x in their latest available snapshots. Vodafone Idea had roughly ₹1,92,528 crore of consolidated borrowings and related financing liabilities at March 2026 in Screener’s presentation. This is not equivalent to conventional bank loans alone: government spectrum obligations form part of the financial position.
On a technical basis, the share price of Vodafone Idea has shown a pattern of lower highs and lower lows on a weekly time frame. The stock closed at ₹12.52, below ₹12.64, a weekly level marked on the chart.
A resistance level has been noted at ₹14.56, with a further level at ₹15.77. A move beyond ₹14.56 would represent a change from the current pattern of lower highs and lower lows.
As of October 16, Vodafone Idea is trading below its short term, medium term and long term moving averages on the daily chart. On the weekly chart, the stock is trading below its 10-week and 30-week moving averages but above the 100-week moving average.
(Chart: NSE daily closing prices from 16 September to 15 October 2026; Source [11].)
The government’s holding is shown separately from domestic institutional investors. The most recent fully comparable quarterly sequence verified on Screener runs from September 2025 to June 2026; a September 2026 classification has not been substituted without a like for like exchange filing.
| Holder Category | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Promoters | 25.57% | 25.57% | 25.64% | 25.64% |
| FIIs | 5.99% | 5.99% | 5.56% | 6.17% |
| DIIs | 4.74% | 5.59% | 6.19% | 6.05% |
| Government | 49.02% | 49.02% | 49.02% | 49.02% |
| Public and others | 14.69% | 13.83% | 13.57% | 13.11% |
(Sources: Screener)
FII ownership increased modestly over these four reported periods, while DII holdings also ended higher. Neither change indicates future institutional demand. Share issuance and changes in free float can also affect per share valuation.
Bharti Airtel and Bharti Hexacom are listed telecom operators, although Airtel has a wider geographical and service mix while Hexacom operates in selected telecom circles. Reliance Jio is an operating competitor. Its parent, Jio Platforms Limited, opened its IPO for subscription on 21 October 2026; the issue closes on 23 October 2026, and listing on BSE and NSE is scheduled for 28 October 2026.
| Company | Business Focus | P/E | ROCE |
|---|---|---|---|
| Vodafone Idea | India mobile/enterprise | N/A | Negative 1.72% |
| Bharti Airtel | India / Africa telecom | 35.9x | 17.6% |
| Bharti Hexacom | Selected India circles | 44.5x | 21.4% |
(Sources: Screener. Snapshot dates can differ; P/E is not comparable for Vodafone Idea after exceptional gains.)
Customer ARPU, customer churn, return on invested capital, cash generation and capacity to fund network rollout are further comparison points. Headline P/E alone does not capture the structural financial differences between these operators.
4G densification and 5G deployment require capital before all incremental revenue arrives. If financing closes late or on expensive terms, it could affect growth and cash flow. Fresh equity issuance may dilute existing shareholders.
Jio and Airtel have broader 5G footprints and larger customer bases. Sustained network quality gaps, weaker service in key circles or competing tariffs could reverse Vodafone Idea’s recent subscriber additions.
AGR and deferred spectrum cash payments remain, despite relief on payment timing and accounting treatment. Negative equity, regulatory changes and a weaker operating trend could cause the market to reduce the valuation it assigns to expected improvement in the business.
Vodafone Idea’s FY26 statutory profit was largely one-off, and the company recorded a loss in Q1 FY27. Customer ARPU of ₹195, the first quarter of net subscriber additions since the merger, and continuing network investment are operating data points; funding and cash flow risks remain.
Recurring profit before exceptional items, operating cash after spectrum and AGR payments, funding for planned capex, subscriber trends and the number of shares outstanding are factors linked to future results. A nominal share price does not by itself indicate value.
The AGR reassessment reduced Vodafone Idea’s stated dues from the provisional ₹87,695 crore to ₹64,046 crore as of 31 December 2025. Under the revised settlement, payments are deferred into later years. Accounting rules also reduced the present value of the recorded liability to ₹24,880 crore, generating a non-cash gain in FY26.
This does not mean Vodafone Idea has no remaining AGR obligations. Deferred spectrum liabilities and other financing commitments are separate items. The Government of India held about 49.02% of the company in the June 2026 shareholding disclosure, following earlier conversion of part of its dues into equity. Government ownership does not by itself guarantee fresh funding or equity returns.
Vodafone Idea’s March 2026 release mapped an expansion from 43 to 133 cities by May. At the June quarter results, the company reported 5G availability across more than 200 cities and towns, with 4G population coverage near 87%. Its 4G/5G subscriber base rose to 130.1 million in June 2026.
Management’s programme envisaged about ₹45,000 crore of capex over FY27 to FY29. Q1 FY27 expenditure was around ₹1,930 crore, with network orders of about ₹9,000 crore placed. Bank debt was ₹211 crore at 30 June 2026, while spectrum and other liabilities remain. Availability of long-term funding, network quality and net customer additions are data points alongside 5G launch announcements.
The company added around 0.3 million subscribers sequentially in Q1 FY27 after years of declines. This is the first quarter of net additions since the merger; one quarter does not by itself indicate sustained retention. Customer ARPU growth is also read against the costs of acquiring and serving customers.
A low price per share can reflect a large number of shares and financial obligations; it does not by itself indicate value. Vodafone Idea’s share price is read alongside market capitalisation, the shareholder deficit, future debt payments and potential dilution. An increase in enterprise value or customer revenue does not always translate into an equal rise in value per share.
Indicators relevant to operating improvement include several quarters of stable or rising subscribers, customer ARPU growth with churn data, completed 4G and 5G rollout milestones, funding and a route to recurring free cash flow.
Source: Dalal Street Investment Journal (DSIJ), Opstra, BSE
The last completed NSE close verified for this article is ₹12.52 on 15 October 2026. A 16 October intraday quote was around ₹12.70 at 10:30 AM IST.
The ₹34,552 crore reported profit principally reflects a non-recurring accounting gain arising from reduced and rescheduled AGR liabilities. Underlying operating profit did not mean the company had become consistently net profitable.
The government held approximately 49.02% at June 2026, separately from promoters, FIIs and DIIs.
Subscriber retention, customer ARPU, 5G execution, equity dilution, funding closure, recurring profits and cash flows after statutory obligations.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).
US INVESTING
International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.
IPO
This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.
SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
