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Vodafone Idea Results: Latest Quarterly Results & Analysis

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Vodafone Idea Ltd. 10 Nov 2025 18:29 PM
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Q2FY26 Quarterly Result Announced for Vodafone Idea Ltd.

Telecom Services company Vodafone Idea announced Q2FY26 results

  • Revenue for the quarter stood at Rs 111.9 billion; YoY growth of 2.4%
  • Cash EBITDA for the quarter (pre-Ind AS 116) was Rs 22.5 billion
  • Customer ARPU (ex M2M) at Rs 180 vs Rs 166 in Q2FY25; YoY growth of 8.7%
  • 4G/5G subscriber base of 127.8 million (vs 125.9 million in Q2FY25)
  • 4G network coverage expanded to 84.4% of population
  • 4G data capacity increased by ~38% and 4G speeds increased by ~17% (vs Mar’24)
  • The debt from banks reduced to Rs 15.3 billion as on September 30, 2025
  • Capex for the quarter and for H1FY26 stood at Rs 17.5 billion and Rs 42.0 billion respectively.
  • As on September 30, 2025, the debt from banks was Rs 15.3 billion and the cash and bank balance stood at Rs 30.8 billion

Abhijit Kishore, CEO, Vodafone Idea, said “We continue to make steady progress towards our strategic intent of delivering superior customer experience. We expanded our 4G coverage to over 84% of population and completed the 5G rollout in all 17 circles where we hold 5G spectrum. The growth of ~21% in data volume reflects our ability to retain and engage customers through our differentiated prepaid and postpaid offerings. We are focused on increasing our 4G coverage to 90% population and expanding our 5G footprint in the geographies with growing 5G handset adoption. We remain engaged with lenders to secure debt financing to support our broader capex plans of Rs 500–550 billion. As we move forward, our investment journey to deliver superior customer experience continues.”

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Telecom Services company Vodafone Idea announced Q1FY26 results

  • Revenue for the quarter was Rs 110.2 billion, a YoY growth of 4.9%.
  • EBITDA for the quarter was Rs 46.1 billion.
  • Cash EBITDA excluding Ind AS 116 impact stands at Rs 21.8 billion, growing by 3.7% YoY.
  • Capex for the quarter stood at Rs 24.4 billion.
  • As of June 30, 2025, the debt from banks was Rs 19.3 billion, and the cash and bank balance stood at Rs 68.3 billion.

Akshaya Moondra, CEO, Vodafone Idea, said: “This has been a decisive turnaround quarter. The investments made over the past three quarters to expand our 4G coverage have started yielding results, as reflected in the 90% lower subscriber loss compared to Q2 and Q3 of last financial year, being the lowest subscriber decline since the merger. Our 5G services are now operational in 22 cities across 13 circles, and we are committed to systematically expanding our 5G footprint, in line with growing 5G handset adoption. We are encouraged by the momentum across our core business metrics. Data consumption has hit a record high, driven by the success of our SuperHero and Non-stop SuperHero plans. With a solid foundation in place, we are well-positioned to seize emerging growth opportunities in the industry. We continue to invest in capex and to support our broader capex plans of Rs 500–550 billion, we remain engaged with lenders to secure debt financing.”

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Telecom Services company Vodafone Idea announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue for the quarter stood at Rs 110.1 billion; highest average daily revenue in the last 5 years
  • Cash EBITDA for the quarter (pre-Ind AS 116) of Rs 23.2 billion; grew by 6.5% on YoY basis
  • Customer ARPU (ex M2M) for the quarter stood at Rs 175 vs Rs 153 in Q4FY25; YoY growth of 14.2%
  • Total subscriber base stood at 198.2 million; net loss at 1.6 million vs 5.2 million in Q3FY25
  • Equity raise of ~Rs 388 billion including ~Rs 19 billion preferential issue to the promoter, Vodafone Group, and conversion of ~Rs 369 billion spectrum dues to equity to the Government of India

FY25 Financial Highlights:

  • Annual revenue of Rs 435.7 billion; an annual growth of 2.2%
  • Annual Cash EBITDA (pre IndAS116) of Rs 92 billion; an annual growth of 9.5%
  • Capex spend of Rs 95.7 billion in FY25
  • 4G population coverage increased to cover ~83% of population, 4G data capacity increased by ~31% and 4G speeds increased by ~28% (vs Mar’24)
  • Equity raise of ~Rs 614 billion, including FPO of Rs 180 billion, preferential issue of ~Rs 40 billion to promoters, ~Rs 25 billion to vendors and ~Rs 369 billion from Government of India
  • Bank debt reduced by ~Rs 17.1 billion during the year, and stood at Rs 23.3 billion as on March 31, 2025
  • In cognisance of all developments, credit rating upgraded to BBB- (Stable) by both ICRA and CARE Ratings

Akshaya Moondra, CEO, Vodafone Idea, said “This has been a turnaround quarter for us, marked by the highest average daily revenue in the past 5 years and a significant reduction in subscriber loss. Early indicators show improvement across key business metrics and with our ongoing investments, we are well placed to effectively participate in the growth opportunity offered by the Industry. We are also pleased to announce that our 5G services are now available in cities of Mumbai, Delhi, Chandigarh and Patna. Our expansion efforts are underway to offer 5G services in the key geographies of all 17 circles where we have 5G spectrum by August 2025. We also welcome the government’s decision for conversion of Rs 369.5 billion spectrum dues to equity. We remain engaged with lenders to secure debt financing to support our broader capex plans of Rs 500–550 billion.”

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Telecom Services company Vodafone Idea announced Q3FY25 results

  • Revenue for the quarter stood at Rs 111.2 billion, a QoQ growth of 1.7%.
  • Cash EBITDA for the quarter (pre-Ind AS 116) of Rs 24.5 billion grew by 5.4% on QoQ basis; highest quarterly cash EBITDA in last 6 years since merger.
  • Customer ARPU (ex M2M) for the quarter stood at Rs 173 vs Rs 166 in Q2FY25; QoQ growth of 4.7%.
  • Total subscriber base stood at 199.8 million and 4G subscriber base at 126 million.
  • The debt from banks stood at Rs 23.3 billion as on December 31, 2024.

Akshaya Moondra, CEO, Vodafone Idea, said: “We are driving investments and the velocity of capex deployment is set to accelerate in the coming quarters. Concurrently, the phased rollout of 5G services is underway, targeting key geographies. We are pleased to report highest quarterly cash EBITDA since merger of Rs 24.5 billion, registering a YoY growth of ~15%. With our intensifying investments, we anticipate further improvement in both operational and financial performance. With the recent equity infusion of Rs 19.1 billion from one of our promoters, we have now secured approximately Rs 260 billion in fresh equity capital over the past 10 months. In parallel, we continue to engage with lenders for debt financing, aligning with our planned network expansion investment of Rs 500–550 billion over a three-year period. The government’s decision on the bank guarantee waiver underscores its ongoing support for the telecom sector—a critical pillar of Digital India’s future.”

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Telecom Services company Vodafone Idea announced Q2FY25 results

  • Revenue for the quarter was Rs 109.3 billion, a QoQ improvement of 4%. The customer revenue increased by 5.6% vs last quarter aided by the recent tariff hikes undertaken by all private operators.
  • EBITDA for the quarter was Rs 45.5 billion. Cash EBITDA excluding Ind AS 116 impact improved to Rs 23.2 billion, highest since merger, growing by 10.5% QoQ.
  • Capex spend for Q2FY25 was Rs 13.6 billion vs Rs 7.6 billion in Q1FY25. The expected capex for H2FY25 is Rs 80 billion.
  • The debt from banks and financial institutions reduced by Rs 45.8 billion during the last one year (was at Rs 78.3 billion in Q2FY24) and stood at Rs 32.5 billion. The cash and bank balance was Rs 136.2 billion as of September 30, 2024.
  • The payment obligations to the Government stood at Rs 2,122.6 billion as of September 30, 2024 including deferred spectrum payment obligations of Rs 1,419.4 billion and AGR liability of Rs 703.2 billion.

Akshaya Moondra, CEO, Vodafone Idea, said: “Post the successful capital raise, we kickstarted our 4G expansion drive on an accelerated trajectory. We expanded 4G data capacity by 14% and 4G population coverage by 22 million, and consequently our 4G speeds improved by 18%. In parallel, we worked on closure of long-term capex contracts and recently awarded capex deals worth USD 3.6 billion to three global partners Nokia, Ericsson and Samsung for the supply of network equipment over next 3 years. On the debt raise, we remain engaged with our lenders for tying up debt funding towards the execution of our network expansion with planned capex of Rs 500 to 550 billion over next 3 years. The impact of recent tariff interventions can be seen in improved ARPUs and revenue for the quarter, though the full impact will be reflected over the next couple of quarters. Further tariff rationalization is needed for the industry to fully cover its cost of capital.”

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Telecom Services company Vodafone Idea announced Q1FY25 results:

  • Revenue for the quarter stood at Rs 105.1 billion 
  • Quarterly EBITDA (pre-Ind AS 116) of Rs 21.0 billion; grew by 4.2% on YoY basis
  • ARPU for the quarter stood at Rs 146 vs Rs 139 in Q1FY24; YoY growth of 4.5% 
  • 4G subscriber base increased to 126.7 million vs 122.9 million in Q1FY24
  • Launched new plans for prepaid and postpaid consumers effective July 4, 2024
  • Fortified spectrum portfolio; added 50 MHz of spectrum across 11 circles of which 37.6 MHz is sub-GHz
  • Raised Rs 180 billion via FPO - the Largest FPO in India which was subscribed ~7 times
  • Preferential issuance of equity shares worth Rs 20.8 billion to ABG entity (Promoter group) and worth Rs 24.6 billion to Nokia and Ericsson
  • Conversion of OCD worth Rs 16 billion into equity between March’24 to July’24

Akshaya Moondra, CEO, Vodafone Idea, said “Post the recent equity raise, we are in the process of expanding our 4G coverage and capacity as well as launch of 5G services. Some capex has already been ordered and under execution, basis which we expect ~15% increase in our data capacity and an increase in 4G population coverage by ~16 million by end Sep’24. Our current Capex needs are being met out of equity funds. We are engaged with our lenders for tying up debt funding towards the execution of our network expansion with a planned capex of Rs 500 to 550 billion over next 3 years. The recent tariff intervention is a step in the right direction for the industry to move towards better return on investment, as also to improve cash generation to support the large investment requirements. However, further tariff rationalization is needed for the industry to fully cover its cost of capital.”

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Telecom Services company Vodafone Idea announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue for the quarter stood at Rs 106.1 billion
  • Highest post-merger quarterly EBITDA (pre-Ind AS 116) of Rs 21.8 billion; grew by 5.4% on YoY basis
  • ARPU for the quarter stood at Rs 146 vs Rs 135 in Q4FY23; YoY growth of 7.6%
  • 4G subscriber base increased to 126.3 million vs 122.6 million in Q4FY23

FY24 Financial Highlights:

  • Annual revenue of Rs 426.5 billion (vs Rs 421.8 billion in FY23); an annual growth of 1.1%
  • Annual EBITDA (pre IndAS116) of Rs 84 billion (vs Rs 83 billion in FY23); EBITDA margin (pre IndAS116) at 19.7%

Akshaya Moondra, CEO, Vodafone Idea Limited, said “We are pleased to report annual revenue and EBITDA (preIndAS) growth for the second consecutive year on the back of consistently improving performance for last several quarters despite significantly lower investments; a clear reflection of our execution capabilities. We registered growth in ARPU and 4G subscribers for 11 successive quarters. Our equity fund raise of ~Rs. 215 billion will enable us to kickstart the investment cycle to expand our 4G coverage as well as launch of 5G services to effectively participate in the industry growth opportunities. We are engaged with our lenders for tying up debt funding towards the execution of our overall network expansion plan.”

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Telecom Services company Vodafone Idea announced Q2FY24 results:

  • Revenue up 0.6% QoQ to Rs 107.2 billion supported by improving subscriber mix and 4G subscriber additions
  • EBITDA (pre-Ind AS 116) for the quarter improved from Rs 20.2 billion in Q1FY24 to Rs 20.6 billion
  • ARPU for the quarter stood at Rs 142 vs Rs 139 in Q1FY24 (QoQ growth of 2.1%)
  • 4G subscriber base increased to 124.7 million vs 122.9 million in Q1FY24
  • Continued network capacity expansion supported by spectrum refarming and network upgrade
  • Vi offered the best voice quality as per TRAI “MyCall” App data for 30 out of 35 months between November 2020 and September 2023
  • Capex spend for the quarter stood at Rs 5.2 billion.
  • The total gross debt (excluding lease liabilities and including interest accrued but not due) as of September 30, 2023 stood at Rs 2,127.8 billion comprising of deferred spectrum payment obligations of Rs 1,351.3 billion and AGR liability of Rs 681.8 billion that are due to the Government, debt from banks and financial institutions of Rs 78.6 billion and Optionally Convertible Debentures amounting to Rs 16.1 billion.
  • The net debt stood at Rs 2,126.6 billion. The debt from banks and financial institution has reduced by Rs 72.2 billion during the last one year (was at Rs 150.8 billion in Q2FY23).

Akshaya Moondra, CEO, Vodafone Idea, said, “We are pleased to report another quarter of consecutive revenue growth, improvement in ARPU and 4G subscriber additions. We have also revamped our customer offerings over last few quarters to make our offerings more relevant to the customers with the changing customer needs and evolving industry landscape. We remain focused on our execution to effectively compete in the market. We remain engaged with our lenders for further debt fund raising as well as with other parties for equity and equity linked fund raising, to make required investments for network expansion, including 5G rollout.”

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Telecom Services company Vodafone Idea announced Q1FY24 results:

  • Revenue up 1.2% QoQ to Rs 106.6 billion supported by improving subscriber mix and 4G subscriber additions
  • ARPU for Q1FY24 stands at Rs 139 vs Rs 135 in Q4FY23 (QoQ growth of 2.9%)
  • 4G subscriber base increased to 122.9 million vs 122.6 million in Q4FY23
  • Launched ‘Vi One’, a converged offering bundling mobility, fiber, and over-the-top (OTT) subscriptions under a single plan; an industry first for the prepaid market
  • Continued network capacity expansion supported by spectrum refarming and network upgrade
  • Vi offered the best voice quality as per TRAI “MyCall” App data for 28 out of 32 months between November 2020 and June 2023
  • EBITDA for the quarter stood at Rs 41.6 billion and EBITDA margins were at 39%.
  • Capex spending for Q1FY24 stood at Rs 4.5 billion.
  • The total gross debt (excluding lease liabilities and including interest accrued but not due) as of June 30, 2023, stood at Rs 2,117.6 billion comprising deferred spectrum payment obligations of Rs 1,337.4 billion and AGR liability of Rs 668.6 billion that are due to the Government, debt from banks and financial institutions of Rs 95 billion and Optionally Convertible Debentures amounting to Rs 16.6 billion.
  • With cash & cash equivalents of Rs 2.5 billion, the net debt stood at Rs 2,115.1 billion.
  • The debt from banks and financial institutions has been reduced by Rs 57 billion during the last one year (Rs 152 billion in Q1FY23).
Akshaya Moondra, CEO, Vodafone Idea, said,

“The eighth consecutive quarter of growth in average daily revenue, ARPU and 4G subscribers, clearly reflects our ability to effectively operate and compete in the market. Recently, we launched ‘Vi One’, a converged offering bundling mobility, broadband & content under a single plan bringing convenience and value to the consumers; an industry first in prepaid space. We remain engaged with our lenders for further debt fundraising as well as with other parties for equity or equity-linked fundraising, to make required investments for network expansion, including 5G rollout.”

 

 

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Telecom Services company Vodafone Idea announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Average Daily Revenue up 1.4% QoQ with revenue at Rs 105.3 billion
    • 4G subscriber base increased to 122.6 million vs 121.6 million in Q3FY23
    • EBITDA (pre IndAS116) improved to Rs 20.7 billion, compared to Rs 20 billion in Q3FY23
    • Continued network capacity expansion supported by spectrum refarming and network upgrade
    • Vi continued to offer the best voice quality as per TRAI “MyCall” App data for 25 out of 29 months between November 2020 and March 2023
  • FY23:
    • Annual revenue improved by 9.5% from Rs 385.2 billion in FY22 to Rs 421.8 billion for the first time since the merger; supported by tariff hikes, improving subscriber mix, and 4G subscriber additions
    • Annual EBITDA (pre-IndAS116) increased from Rs 66.8 billion to Rs 83 billion registering strong growth of 24.1%; EBITDA margin (pre-IndAS116) at 19.7%, highest post-merger
    • Addition of 4.6 million 4G subscribers

Akshaya Moondra, CEO, Vodafone Idea, said, “We are pleased to report annual revenue growth for the first time post–merger on the back of consistently improving performance for the last several quarters. Our annual revenue and EBITDA grew by 9.5% and 24.1% respectively compared to last financial year. We continue to see growth in ARPU and 4G subscribers. During the quarter, we issued equity shares to the Government of India, against the loan representing the NPV of interest related to deferment of spectrum and AGR. We continue to remain engaged with our lenders for further debt fund raising as well as with other parties for equity or equity linked fund raising, to make required investments for network expansion, including 5G rollout.”

 

 

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