Transcript of the Analyst/ Investor call held on 18 May 2026 relating to Company's performance for the Fourth Quarter and Financial Year ended 31 March 2026
IDEA · price
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Vodafone Idea reported Q4 FY26 and FY26 results, headlined by the finalisation of AGR dues at Rs 64,046 Crore (down from Rs 87,695 Crore), which delivered a one-time exceptional gain of Rs 55,622 Crore and pushed Q4 net profit to Rs 51,970 Crore. Q4 revenue grew 2.9% YoY to Rs 11,332 Crore while FY26 revenue rose 3% to Rs 44,873 Crore. ARPU improved 8.3% YoY to Rs 190 with 19 consecutive quarters of growth, and the subscriber base stabilised at 192.8 million (first time post-merger). EBITDA margin expanded 80 bps YoY to 43.1% in Q4, and bank debt was sharply cut from Rs 2,326 Crore to Rs 726 Crore. Management reiterated a 3-year plan of Rs 45,000 Crore capex, 3x EBITDA, and double-digit revenue growth, supported by Aditya Birla Group's Rs 4,730 Crore equity commitment and a credit rating upgrade to ICRA BBB with positive outlook.
The AGR resolution removes a long-standing overhang and provides cashflow clarity, while management's ambitious 3x EBITDA target and promoter equity infusion signal a credible turnaround, though successful execution of the Rs 25,000 Crore debt raise and the 3-year capex plan remains critical for sustained recovery.