NSE: IDEA · BSE: 532822
VODAFONE IDEA LIMITED
Provides mobile telecommunications services across India, offering voice and data connectivity on 4G and 5G networks to retail subscribers. FY26 revenue was Rs 44,873 cr (+3% YoY), with Q4 FY26 at Rs 11,332 cr (+2.9% YoY). Customer ARPU reached Rs 190 in Q4, up 8.3% YoY and the 19th consecutive quarter of growth, driven by a higher 4G/5G mix and premium data plans. The subscriber base stabilised at 192.8 million for the first time since the merger, of which 128.9 million (66.9%) were on 4G/5G. Network rollout is being scaled up under a Rs 45,000 cr three-year capex plan; 5G is live in 80+ cities across all 17 circles, with 86% population coverage and ~30,000 broadband towers added recently. FY26 reported net profit of Rs 34,552 cr was driven by a one-time exceptional credit of Rs 55,622 cr from the reassessment of AGR dues from Rs 87,695 cr to Rs 64,046 cr. The cost base is dominated by other operating expenses (52.4% of revenue) and depreciation (49.3%), reflecting the asset-heavy network. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mobile/wireless telecom services. Asset-heavy, pan-India mobile telecom operator with a heavy regulatory/debt overhang, recently resolved in part via the AGR reassessment.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 38,516 | 42,177 | 42,555 | 43,571 | 44,873 |
| EBITDA (ex other income) | 16,200 | 16,795 | 17,785 | 18,127 | 77,610 |
| margin % | 42.1 | 39.8 | 41.8 | 41.6 | 173.0 |
| Owners' profit | 0 | 0 | 0 | 0 | 34,552 |
| EPS, as reported (₹) | (9.83) | (8.43) | (6.41) | (4.01) | 3.21 |
| ROE % · ROCE % | 45.6 · (5.5) | 39.4 · (4.0) | 30.0 · (3.5) | 38.9 · (2.0) | (96.6) · 36.9 |
| Debt / equity (x) | (3.08) | (2.71) | (1.99) | (2.79) | (4.18) |
| Cash from operations | 17,387 | 18,869 | 20,826 | 9,291 | 19,411 |
| Capex | (6,009) | (3,942) | (1,614) | (10,005) | (10,979) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,932 | 11,117 | 11,014 | 11,023 | 11,195 | 11,323 | 11,332 | 11,689 |
| Profit before tax | (7,168) | (6,607) | (7,168) | (6,611) | (5,527) | (5,290) | 51,976 | (3,747) |
| Net profit | (7,176) | (6,609) | (7,166) | (6,608) | (5,524) | (5,286) | 51,970 | (3,754) |
| EPS (₹) | (1.03) | (0.95) | (1.01) | (0.63) | (0.51) | (0.49) | 4.80 | (0.35) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHARTI AIRTEL LIMITED | 12,08,092 | 40.4 | 6.16 | 11.1 | 17.3 | 11.9 | 16.0 | 57.8 |
| VODAFONE IDEA LIMITED ◆ | 1,31,203 | 3.5 | — | 3.6 | (96.6) | 22.7 | 1.4 | 58.5 |
| BHARTI HEXACOM LIMITED | 83,500 | 45.8 | 11.65 | — | 24.2 | 17.3 | — | 55.6 |
| TATA COMMUNICATIONS LTD | 48,707 | 51.5 | 13.34 | 11.7 | 27.3 | 10.0 | 7.7 | 17.3 |
| TATA TELESERV(MAHARASTRA) | 8,035 | 216.3 | — | — | 1.1 | 1.3 | — | 55.4 |
| MAHANAGAR TELEPHONE NIGAM | 1,436 | — | — | 82.9 | 10.4 | 51.9 | (7.2) | 19.4 |
| QUADRANT TELEVENTURES LIMITED | 42 | — | — | — | 0.8 | 0.9 | — | 14.6 |
| City Online Services Limited | 5 | — | — | — | 8.3 | (19.2) | — | 27.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.5 | 45.8 | 1 of 5 | 100% |
| ROCE | 22.7 | 11.9 | 2 of 7 | 83% |
| EBITDA margin | 58.5 | 41.3 | 1 of 8 | 100% |
| Revenue growth | 6.0 | 8.3 | 6 of 8 | 29% |
| Profit growth | 43.2 | 39.0 | 4 of 8 | 57% |
| Market cap | 131203 | 28371 | 2 of 8 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Anil Berera and Gopika Pant approved as independent directors | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Vodafone Idea appoints Manoj Murali as Chief Operating Officer | management changes | medium | — | — |
| 8 Oct 2026 · Vodafone Idea files quarterly demat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Vodafone Idea: Promoters encumber 3.28B shares via non-disposal undertaking | ownership changes | high | — | — |
| 7 Oct 2026 · Vodafone promoters encumber 3.28 billion shares via non-disposal undertaking | ownership changes | high | — | — |
| 28 Sept 2026 · Vodafone Idea: Trading Window Closed from Oct 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 22 Sept 2026 · Vodafone Idea seeks shareholder nod for two independent director appointments via postal ballot | compliance | minimal | — | — |
| 22 Sept 2026 · Vodafone Idea postal ballot for two independent director appointments | compliance | minimal | — | — |
| 21 Sept 2026 · Vodafone Idea seeks shareholder approval to appoint two Independent Directors | management changes | medium | — | — |
| 16 Sept 2026 · TRAI imposes Rs 2 lakh penalty on Vodafone Idea over service quality | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.