Vodafone Idea Q3 FY26 results: net loss narrows to ₹5,286 crore, revenue up 1.9%

How did Vodafone Idea perform in Q3 FY26?

Vodafone Idea’s consolidated revenue for the October–December 2025 quarter was ₹11,323 crore, up 1.9% from ₹11,117 crore in Q3 FY25 and 1.1% from ₹11,195 crore in Q2 FY26. EBITDA rose to ₹4,817 crore from ₹4,712 crore a year earlier and ₹4,685 crore in the previous quarter. EBITDA margin was 42.5%, compared with 42.4% in Q3 FY25 and 41.9% in Q2 FY26.

The company reported a net loss of ₹5,286 crore in Q3 FY26, against a net loss of ₹6,609 crore in Q3 FY25 and a net loss of ₹5,524 crore in Q2 FY26. Loss before tax was ₹5,290 crore, while basic EPS was -₹0.49, compared with -₹0.95 in the year-ago quarter and -₹0.51 in the previous quarter. The filing also provided standalone revenue of ₹11,214 crore and a standalone net loss of ₹5,324 crore.

What changed in Vodafone Idea's costs and profit?

Total expenses were ₹17,884 crore, down 0.5% from ₹17,974 crore in Q3 FY25, while other income fell 22.6% to ₹193 crore from ₹249.50 crore. Finance costs declined 1.9% to ₹5,828 crore and depreciation fell 1.4% to ₹5,550 crore. Employee cost rose 9.8% to ₹603 crore, while other expenses increased 0.8% to ₹5,902 crore.

The quarter included an exceptional gain of ₹1,078 crore, compared with no exceptional item in Q3 FY25. Against Q2 FY26, total expenses were ₹1,022 crore higher, finance costs were ₹1,044 crore higher and other income was ₹91.10 crore higher. Tax was ₹4 crore, compared with ₹2.50 crore in Q3 FY25.

How did the first nine months of FY26 go?

For the first nine months of FY26, consolidated revenue was ₹33,541 crore, up 3.0% from ₹32,557.80 crore in 9M FY25. Total income rose 1.8% to ₹33,978 crore from ₹33,363.60 crore. The company reported a loss before tax of ₹17,428 crore, compared with a loss before tax of ₹20,201.30 crore.

The net loss narrowed to ₹17,418 crore from ₹20,217.30 crore in 9M FY25. Basic EPS was -₹1.62, compared with -₹3.0 in the year-ago period. On a standalone basis, revenue was ₹11,214 crore and the company reported a net loss of ₹5,324 crore.

How has Vodafone Idea done over the last 8 quarters?

Revenue increased in each of the last six quarters on a year-on-year basis. It rose from ₹10,573.70 crore in Q4 FY24 to a period high of ₹11,323 crore in Q3 FY26. The net loss improved from ₹7,674.60 crore in Q4 FY24 to ₹5,286 crore in Q3 FY26, while EBITDA margin increased from 40.7% to 42.5%.

The latest quarter was the highest for revenue, EBITDA margin and net profit in the period shown. Revenue rose from ₹11,194.70 crore in Q2 FY26 to ₹11,323 crore, while the net loss narrowed from ₹5,524.20 crore to ₹5,286 crore. EBITDA margin increased from 41.9% to 42.5%.

What else did the company announce?

The company filed a CARE Ratings monitoring agency report for the quarter ended 31 December 2025, covering proceeds from the ₹18,000 crore Further Public Offer. CARE Ratings reported no deviation from the issue objects, and the Board recorded the report at its meeting on 27 January 2026. The monitoring report stated that the proceeds had been utilised appropriately for the objectives in the offer document.

The company also filed an investor presentation with the exchange. The board approved the standalone and consolidated unaudited financial results for the third quarter and nine months ended 31 December 2025. In its filing, the company said the Department of Telecom had confirmed AGR dues frozen as on 31 December 2025 at ₹87,695 crore, subject to reassessment.

What did the auditors point out?

S.R. Batliboi & Associates included an emphasis of matter concerning communication received from the Department of Telecommunication after the balance sheet date regarding the AGR matter and its consequential effect on the unaudited consolidated financial results. The auditor stated that the conclusion was not modified in respect of this matter and that nothing had come to its attention indicating that the statements did not disclose the information required or contained a material misstatement.

The auditor also stated that the results were prepared on a going-concern basis because the company was confident of generating sufficient cash flow from operations to meet obligations, including lenders, spectrum and AGR dues, over the next 12 months as they fell due. The company was in discussion with banks to raise additional funds as required.

How did Vodafone Idea shares react?

The filing appeared after market hours. The stock was up 1.7% on the reaction day from the previous close of ₹9.89, compared with a median decline of 1.5% for other stocks in the Telecom - Cellular & Fixed line services industry. The stock’s reaction-day excess return over the industry median was 3.2 percentage points.

By the next day’s close, the stock was up 1.1% from its pre-results close, against a median decline of 1.1% for the industry. By the fifth session, it was up 14.6% from the pre-results close, compared with a 2.0% industry median and a 4.2% Nifty Midcap 150 move. Earlier reaction-day moves were 6.9% on 10 November 2025, 5.0% on 14 August 2025 and 1.6% on 30 May 2025.

How did other Telecom - Cellular & Fixed line services companies do?

Seven other Telecom - Cellular & Fixed line services companies were compared, and their median revenue growth was 4.8%. Three peers grew slower than Vodafone Idea and four peers grew faster than the company. Four peers reported higher profit.