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.
| ₹ 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) |
| ₹ 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) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHARTI AIRTEL LIMITED | 11,17,918 | 37.4 | 5.70 | 10.3 | 17.3 | 11.9 | 16.0 | 57.8 |
| VODAFONE IDEA LIMITED ◆ | 1,62,189 | 4.3 | — | 4.0 | (96.6) | 22.7 | 1.4 | 58.5 |
| BHARTI HEXACOM LIMITED | 77,305 | 42.4 | 10.79 | — | 24.2 | 17.3 | — | 55.6 |
| TATA COMMUNICATIONS LTD | 50,027 | 52.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Sept 2026 · Vi unveils refreshed brand identity, signs Shah Rukh Khan as campaign face | business updates | medium | — | — |
| 1 Sept 2026 · Vodafone Idea updates company logo effective 1 September 2026 | general | low | — | — |
| 31 Aug 2026 · Vodafone Idea gets ESG rating of 60 from CRISIL for FY 2026 | general | low | — | — |
| 28 Aug 2026 · Vodafone Idea 31st AGM: All 5 resolutions approved by shareholders | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Vodafone Idea holds 31st AGM; adopts FY26 accounts, re-appoints two directors | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Vodafone Idea clarifies Delhi HC news on Rs 53 crore tax refund delay | regulatory legal | medium | — | — |
| 25 Aug 2026 · NSE seeks clarification on Delhi HC order on Vi Rs 53 cr tax refund delay | compliance | minimal | — | — |
| 18 Aug 2026 · Vodafone Idea Q1 FY27 call: revenue up 6%, cash EBITDA up 13.5%, first positive net adds since merger | investor communications | medium | — | — |
| 12 Aug 2026 · Vodafone Idea schedules investor meetings in Singapore, Hong Kong and Delhi | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Audio recording of Q1 FY27 earnings call available on website | investor communications | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|
| 13.70 |
| 11.9 |
| 27.3 |
| 10.0 |
| 7.7 |
| 17.3 |
| TATA TELESERV(MAHARASTRA) | 6,979 | 187.9 | — | — | 1.1 | 1.3 | — | 55.4 |
| MAHANAGAR TELEPHONE NIGAM | 1,561 | — | — | 83.2 | 10.4 | 51.9 | (7.2) | 19.4 |
| QUADRANT TELEVENTURES LIMITED | 41 | 1.5 | — | — | 0.8 | 0.9 | — | 14.6 |
| City Online Services Limited | 4 | — | — | — | 8.3 | (19.2) | — | 27.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.3 | 39.9 | 2 of 6 | 80% |
| ROCE | 22.7 | 10.9 | 2 of 8 | 86% |
| ROE | (96.6) | 9.3 | 8 of 8 | 0% |
| Debt / Equity | (4.2) | (0.9) | 1 of 8 | 100% |
| 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 | 162189 | 28503 | 2 of 8 | 86% |
| 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 |
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.
