Vodafone Idea Ltd(IDEA)

NSE: IDEABSE: 532822

₹ 11.35-1.65%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 1.23 L crWebsite: www.vodafoneidea.comUpdated: 24 Oct 2026

About

Vodafone Idea (Vi) is India's third-largest mobile operator, providing 4G and 5G cellular services across all 22 telecom circles under the Vi brand. As of Q1 FY27, the company serves 193.1 million subscribers and reported FY26 revenue of Rs. 44,873 Cr. Vi holds 8,030 MHz of spectrum across 17 circles that contribute ~99% of revenue, and operates over 7.5 lakh retail outlets nationwide.^{[1][2][3][4][5]}

Subscriber base and ARPU

Total subscribers reached 193.1 million in Q1 FY27, the first quarter of positive net subscriber additions since the merger of Vodafone India and Idea Cellular.^[1]
Customer ARPU (ex-M2M) rose 10.2% YoY to Rs. 195 in Q1 FY27 - the highest in the industry - extending a streak of 20 consecutive quarters of ARPU growth.^[1]
4G/5G subscribers stood at 130.1 million (67.4% mix) in Q1 FY27, up from 127.4 million (64.4%) in Q1 FY26, driven by 2G-to-4G upgrades and quota-to-unlimited data migrations.^[1]
Churn improved by 24 bps YoY in Q1 FY27; postpaid and M2M segments are net-addition positive and prepaid is also improving.^[1]

Data usage and network quality

Data traffic reached 88.4 PB/day in Q1 FY27, up 28% YoY; data usage per 4G/5G subscriber was 21.7 GB/month, up 25.2% YoY.^[1]
4G population coverage expanded to 87.0% in Q1 FY27, with ~3,000 unique broadband towers added in the quarter and 15,600+ new sites over the prior 12 months.^[1]
Post-FPO network investment of Rs. 16,000 Cr delivered a 43% increase in data capacity and 22% improvement in average data speeds versus March 2024.^[3]
Total spectrum held: 8,030 MHz as of Q3 FY26 across 17 circles where Vi holds 5G spectrum; those circles contribute ~99% of revenue.^[3][4]

5G rollout

5G services are live in 200+ cities across all 17 spectrum circles in Q1 FY27, with 16,000+ 5G sites deployed, up from 80+ cities at end-Q4 FY26 and 43 cities at end-Q3 FY26.^[1][2][3]
5G rollout target: 86,000 - 90,000 sites total; an additional 200+ cities to be covered in the two quarters to December 2026; fiber dependency may extend full completion into year three.^[1]

Distribution and enterprise

Retail distribution network exceeds 7.5 lakh outlets as of Q3 FY26.^[3]
Vi Business launched an IoT Innovation Lab with AWS and C-DOT targeting 12 million smart metering deployments over three years; an enterprise corridor spanning 5 cities with 2 Tbps capacity is under construction.^[4]
In Q1 FY27, Vi Business signed an MoU with APMSMEDC to serve 1 lakh MSMEs; new enterprise offerings include CCaaS solutions across BFSI, BPO and manufacturing.^[1]

Products and services

Consumer portfolio includes Nonstop Hero unlimited-data plans, Vi Max postpaid with Spotify bundle, Vi Edu+ (co-branded with PhysicsWallah), Vi Instadata emergency data, and 'Choose Your Own Plan' international roaming, all launched or extended in Q1 FY27.^[1]

Capital expenditure and funding

Three-year capex plan of Rs. 45,000 Cr (FY27 - FY29) reaffirmed; 4G rollout target is 55,000 - 57,000 total sites over ~18 months, targeting 3,500 sites per month.^[1][2]
Q1 FY27 capex was Rs. 1,930 Cr, below plan pace due to supply-side disruptions from geopolitical constraints; orders worth Rs. 9,100 Cr placed with Ericsson, Nokia and Samsung for deployment over the next two quarters.^[1]
FY26 full-year capex was Rs. 8,742 Cr; over the six quarters post-FPO, Rs. 16,000 Cr was deployed and ~30,000 unique broadband towers were added.^[2]
Rs. 6,400 Cr first funding tranche raised in Q1 FY27: Rs. 1,183 Cr from Aditya Birla Group warrants plus balance via ECB and Indian private bank facilities; SBI-led PSU consortium (Rs. 25,000 Cr funded + Rs. 10,000 Cr non-funded) under finalisation.^[1][2]

Liabilities and credit

AGR dues finalised by DoT at Rs. 64,046 Cr (as of December 31, 2025), reduced from the earlier frozen figure of Rs. 87,695 Cr; difference of Rs. 55,622 Cr credited to P&L as exceptional item in Q4 FY26.^[2]
AGR payment schedule: Rs. 124 Cr/year FY26 - FY31, Rs. 100 Cr/year FY32 - FY35, balance in six equal instalments FY36 - FY41.^[3]
Bank debt reduced to Rs. 211 Cr as of June 30, 2026 from Rs. 1,926 Cr a year earlier; promoters have injected Rs. 27,000 Cr of equity since the FPO and repaid Rs. 36,500 Cr of bank debt.^[1][3]
CRISIL assigned A-/Stable in May 2026; ICRA upgraded to A- (Stable) in June 2026, following an earlier ICRA BBB/Positive upgrade in March 2026.^[1][2]

Recent developments

Kumar Mangalam Birla assumed the role of Non-Executive Chairman of Vodafone Idea's board (Q4 FY26); the Aditya Birla Group committed an additional equity infusion of Rs. 4,730 Cr.^[2]
Circles where post-FPO capital was deployed recorded +5.7% YoY revenue growth in Q3 FY26, versus -3.3% YoY for the rest of the pan-India network, demonstrating investment return.^[3]
Three-year strategic plan ('From Survival to Strength') targets ~16.8% revenue CAGR (FY27 - FY29) and Cash EBITDA of ~Rs. 27,600 Cr (3x the FY26 base of Rs. 9,217 Cr).^[1][2]

Market Cap

₹1,22,969 Cr

High / Low

₹16 / 8

Stock P/E

3.6

Price / Book

-3.7

Book Value

₹-3

EPS

₹3.2

No. of Shares

10,834.3 Cr

ROCE

-1.7%

OPM

-5.7%

Sales

₹44,873 Cr

Net Profit

₹34,552 Cr

Promoter holding

25.6%

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Vodafone Idea Ltd(IDEA)

About

Subscriber base and ARPU

Data usage and network quality

5G rollout

Distribution and enterprise

Products and services

Capital expenditure and funding

Liabilities and credit

Recent developments

Signal history

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