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Vodafone Idea Limited (IDEA)

₹12.59 +0.56% last close, 16 Oct

📊 NSE: IDEA 🏢 Telecommunications - Service Provider 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Vodafone Idea's revenue was ₹11,689 Cr (+6.0% year on year, +3.2% on the previous quarter), and net profit ₹-3,754 Cr (a smaller loss than a year earlier); the operating margin was 43.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹11,689	+6.0%	+3.2%
Operating profit	₹5,034	+9.1%	+3.0%
Net profit	₹-3,754	loss narrowed	to loss
EPS (₹)	-0.35	loss narrowed	to loss
Operating margin	43.1%	—	—

Full quarterly financials → Results calendar →

IDEA delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 31.7% of the IDEA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 32.75%. That is close to its usual level. In IDEA futures, open interest fell 0.74% while the futures price fell 0.08%: long unwinding (longs closing out).

31.7%Delivery, 16 Oct

32.75%Own 20-session average

0.6×Volume vs its average

-0.74%Futures open interest

₹12.59NSE close · +0.56%

Delivery in the last 5 sessions: 33.0% · 21.9% · 27.8% · 35.5% · 31.7%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Vodafone Idea Appoints Manoj Murali as Chief Operating Officer Effective October 19, 2026

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 16 Oct 2026, 06:01 PM

Vodafone Idea has appointed Mr. Manoj Murali as its Chief Operating Officer (COO) effective October 19, 2026. Murali brings over 25 years of experience across the telecom and mobility sectors, having previously held senior leadership roles at Bharti Airtel, Reliance Jio, and Ola Electric. The company, which posted TTM revenue of ₹45,539 Cr and carries debt of ₹1,89,337 Cr, is focused on arresting subscriber churn and rolling out 5G, areas where operational execution is critical.

Appointment of Mr. Manoj Murali as Chief Operating Officer effective October 19, 2026
Candidate brings over 25 years of industry experience across telecom, mobility, and digital businesses
Prior leadership experience includes tenures at Bharti Airtel, Reliance Jio, and Ola Electric
Term of appointment is designated as Full Time Employment

💡 Track subscriber retention metrics, 4G/5G rollout progress, and ARPU trends in upcoming quarterly disclosures following the new COO's induction.

Vodafone Idea Confirms 99.9999% Shares Dematerialised as of Sept 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 05:52 PM

Vodafone Idea Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ending September 30, 2026. The registrar, Bigshare Services Pvt. Ltd., confirmed zero shares were dematerialised or rematerialised during the quarter. In total, 1,08,34,30,28,093 shares are held in dematerialised form, representing over 99.9999% of the company's total paid-up equity capital. This is a routine regulatory filing with no material impact on business operations or financials.

Total shares in demat form stood at 1,08,34,30,28,093 as of September 30, 2026
Demat holding aggregates to over 99.9999% of total paid-up equity share capital
Nil shares were dematerialised across NSDL and CDSL during the quarter
Nil shares were rematerialised during the quarter ended September 30, 2026

💡 No action is required as this is a standard quarterly administrative filing. Investors should focus on upcoming quarterly financial results and operational updates.

Vodafone Idea Closes Trading Window from October 1, 2026 for Q2 FY27 Results

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 28 Sep 2026, 04:20 PM

Vodafone Idea Limited has announced the closure of its trading window for Designated Persons effective from Thursday, 1 October 2026. The closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015 for the upcoming financial results. The window will remain shut until 48 hours after the declaration and dissemination of the unaudited standalone and consolidated financial results for the quarter ending 30 September 2026. This is a routine quarterly compliance update with no financial or operational impact.

Trading window closes effective Thursday, 1 October 2026
Closure pertains to unaudited financial results for the quarter ending 30 September 2026
Window to reopen 48 hours after results are declared and disseminated to stock exchanges

💡 Track the upcoming board meeting announcement date where the Q2 financial results will be scheduled and reviewed.

Vodafone Idea Issues Postal Ballot Notice for 2 Independent Director Appointments

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 21 Sep 2026, 06:22 PM

Vodafone Idea has issued a postal ballot notice seeking shareholder approval for the appointment of two Independent Directors for 5-year terms. Mr. Anil Berera is proposed from August 31, 2026 to August 30, 2031, and Ms. Gopika Pant is proposed from September 17, 2026 to September 16, 2031. Remote e-voting runs from September 23, 2026 to October 22, 2026, with results expected on or before October 26, 2026. The proposed remuneration includes sitting fees plus annual remuneration of up to ₹30,00,000 per year.

Appointment of Mr. Anil Berera as Independent Director for a 5-year term from August 31, 2026 to August 30, 2031
Appointment of Ms. Gopika Pant as Independent Woman Director for a 5-year term from September 17, 2026 to September 16, 2031
Remote e-voting window begins September 23, 2026 (9:00 AM IST) and ends October 22, 2026 (5:00 PM IST)
Remuneration structure includes up to ₹30,00,000 annually in addition to sitting fees of ₹1,00,000 per Board meeting and ₹50,000 per Committee meeting

💡 Eligible shareholders as of the September 16, 2026 cut-off date can participate in the e-voting process before October 22, 2026. Voting results will be disclosed by October 26, 2026.

TRAI Imposes ₹2 Lakh Financial Disincentive on Vodafone Idea for QoS Benchmark Failure

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 16 Sep 2026, 05:52 PM

Vodafone Idea has received an order from the Telecom Regulatory Authority of India (TRAI) levying a financial disincentive of ₹2,00,000 (₹2 lakh) on September 16, 2026. The penalty is due to the company's failure to meet Quality of Service (QoS) parameter benchmarks in select service areas for November 2025. Compared to the company's TTM revenue of ₹45,430 crore, this penalty is financially negligible. The company stated it is currently reviewing the order and evaluating next steps.

TRAI issued an order imposing a financial disincentive of ₹2,00,000 on September 16, 2026
Penalty pertains to non-compliance with QoS benchmarks for the month of November 2025
Fines levied under Standards of Quality of Service of Access and Broadband Service Regulations, 2024
Maximum financial exposure is limited to the ₹2 lakh disincentive levied

💡 Track whether network quality issues persist in subsequent TRAI monthly reporting, alongside progress on ongoing 4G/5G capex deployments.

Vodafone Idea Appoints Gopika Pant as Independent Woman Director for a 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Sep 2026, 02:15 PM

Vodafone Idea Limited has announced the appointment of Ms. Gopika Pant as an Additional Director, designated as an Independent Woman Director, effective September 17, 2026, for a 5-year term ending September 16, 2031. Ms. Pant brings over 40 years of legal experience in corporate law, M&A, cross-border commercial transactions, and corporate restructurings. The appointment is subject to shareholder approval via postal ballot, which also seeks approval for the appointment of Mr. Anil Berera as an Independent Director. This is a routine board governance update with no immediate financial or operational impact.

Appointment of Ms. Gopika Pant as Independent Woman Director for a 5-year term from September 17, 2026 to September 16, 2031
Appointee has over 40 years of legal experience, including corporate restructuring, cross-border M&A, and banking/finance
Board approved Postal Ballot Notice on September 14, 2026, to seek shareholder approval for both Ms. Gopika Pant and Mr. Anil Berera

💡 Track the outcome of the postal ballot voting for shareholder approval; focus remains on operational metrics like ARPU growth and 4G/5G rollout progress.

Vodafone Idea Penalised Rs 2 Lakh by TRAI for Quality of Service Violations

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 15 Sep 2026, 11:49 AM

The Telecom Regulatory Authority of India (TRAI) has imposed a financial disincentive of Rs 2,00,000 on Vodafone Idea Limited. The order, received by the company on September 14, 2026, pertains to a failure to meet benchmark Quality of Service (QoS) parameters across service areas during October 2025. Given Vodafone Idea's TTM revenue of Rs 45,430 crore, the financial penalty of Rs 2 lakh is immaterial. The company noted that the maximum financial impact is limited to the disincentive levied and stated it is reviewing the order for next steps.

TRAI imposed a financial disincentive of Rs 2,00,000 under Quality of Service Regulations, 2024.
The penalty relates to service parameter benchmark failures in October 2025 across multiple service areas.
The direction was received by Vodafone Idea on September 14, 2026.
Management confirmed the financial impact is restricted to the levied penalty of Rs 2,00,000.

💡 Track whether network quality upgrades and ongoing capex reduce recurring QoS violations across telecom circles in upcoming quarters.

Vodafone Idea Details ₹45,000 Cr Capex Plan and 1-2-3 Strategy in Investor Presentation

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 15 Sep 2026, 11:38 AM

Vodafone Idea published an updated investor presentation detailing its '1-2-3 Strategy', aiming for sustained subscriber addition, double-digit revenue growth, and tripling cash EBITDA over three years. The plan is anchored by a ₹45,000 Cr capex rollout targeted through FY29, representing ~99% of its TTM revenue (₹45,430 Cr). The company reported that Q1FY27 ARPU increased 10.2% YoY to ₹195, while subscriber churn paused with 0.3 Mn net additions in Q1FY27 taking the base to 193.1 Mn. Operations highlight 200+ cities with live 5G coverage across 17 key circles that generate ~99% of company revenue.

Outlines ₹45,000 Cr capex rollout plan till FY29 to regain coverage parity across 17 key circles
Customer ARPU rose 10.2% YoY to ₹195 in Q1FY27 (up from ₹177 in Q1FY26)
Subscriber base stood at 193.1 Mn with net positive additions of 0.3 Mn in Q1FY27
4G/5G subscriber base increased to 130.1 Mn (up from 127.4 Mn in Q1FY26), representing 67.4% of total subs
Live 5G coverage deployed across 200+ cities in all 17 circles with 5G spectrum

💡 Track whether positive net subscriber additions sustain in upcoming quarters and monitor execution milestones on the ₹45,000 Cr network capex deployment.

Vodafone Idea Unveils Refreshed 3D Brand Identity and Campaign with Shah Rukh Khan

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 01 Sep 2026, 05:59 PM

Vodafone Idea Limited (Vi) has announced a refreshed brand identity featuring an evolved 3D visual sphere, alongside roping in actor Shah Rukh Khan for its upcoming 'Vi badal raha hai' campaign. The company reaffirmed its 5G spectrum holdings across 17 circles in mid-band and 16 circles in mmWave as it continues network expansion. The progressive rollout of the new branding across digital and retail touchpoints began on 1 September 2026. While marketing initiatives aim to arrest subscriber churn, the announcement carries no immediate financial or balance sheet impact.

Unveiled refreshed dynamic 3D sphere brand identity and new campaign featuring Shah Rukh Khan
Rollout across consumer touchpoints, digital platforms, and retail began on 1 September 2026
Company reiterated mid-band 5G spectrum presence across 17 circles and mmWave in 16 circles
Initiative forms part of a broader push to position Vi as a future-ready telecom and tech entity

💡 Track whether marketing efforts and 5G network expansion translate into stabilization of the subscriber base and improvement in monthly ARPU in upcoming quarterly disclosures.

Vodafone Idea Unveils Refreshed Company Logo Effective 1 September 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 03:54 PM

Vodafone Idea Limited has announced a change in the company logo effective 1 September 2026 pursuant to Regulation 30 of SEBI LODR Regulations. The refreshed brand identity will be rolled out alongside upcoming marketing campaigns, strategic launches, and customer engagement experiences. The update is purely brand-related and carries no direct financial, operational, or capital restructuring implications.

Company logo change took effect on 1 September 2026
Filed under Regulation 30 of SEBI (LODR) Regulations, 2015
Refreshed brand identity to be integrated across forthcoming campaigns and customer touchpoints

💡 Track the execution of network expansion (4G/5G) and subscriber retention metrics in upcoming quarterly results, which remain the key operational drivers.

CRISIL ESG Assigns Independent ESG Rating of 60 to Vodafone Idea for FY 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 01:19 PM

Vodafone Idea Limited informed stock exchanges that CRISIL ESG Ratings and Analytics Limited has assigned an ESG rating of 60 to the company for FY 2026. The company noted that it did not engage CRISIL ESG for this evaluation; the rating was assigned independently and voluntarily based on public domain data. The disclosure was made pursuant to Regulation 30 under the SEBI Master Circular dated 30 January 2026. This announcement has no direct bearing on the company's financial results, debt profile (Rs 189,337 Cr), or core telecom operations.

CRISIL ESG Ratings assigned an ESG score of 60 to Vodafone Idea for FY 2026
Evaluation was conducted independently and voluntarily based on publicly available information
Vodafone Idea confirmed it did not commercially engage or mandate CRISIL ESG for the rating

💡 Track operational milestones including 4G network expansion, 5G deployment progress, and ARPU improvements in upcoming quarterly results.

Vodafone Idea 31st AGM: All 5 Resolutions Approved with Over 96% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Aug 2026, 09:05 PM

Vodafone Idea Limited concluded its 31st Annual General Meeting (AGM) held on August 27, 2026, via video conferencing. Shareholders approved all five resolutions with requisite majority, including the adoption of FY26 audited financial statements (99.996% in favour) and remuneration for Independent Directors. Overall voting turnout stood at approximately 36.76% of the total 1,08,34,30,35,001 outstanding shares. The company had 57,65,567 registered shareholders on the record date.

All 5 resolutions approved by shareholders with over 96% votes in favour
Total voter turnout recorded at 36.76% (~3,982 cr shares voted out of 10,834 cr total shares)
Total shareholder count on record date stood at 57,65,567
Adoption of FY26 standalone and consolidated financial statements passed with 99.996% approval

💡 Track operational execution on 4G/5G capex rollout, upcoming quarterly earnings, and subscriber retention metrics.

Vodafone Idea Concludes 31st AGM; Approves Financial Statements and Board Resolutions

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 07:29 PM

Vodafone Idea Limited conducted its 31st Annual General Meeting (AGM) on 27 August 2026 via video conferencing. Key ordinary business transacted included the adoption of standalone and consolidated financial statements for FY26 along with the reappointment of retiring directors. Special business resolutions included ratifying cost auditors' remuneration for FY27 and approving remuneration for Independent Directors. Final voting results will be submitted separately once the scrutinizer's report is finalized.

Held 31st Annual General Meeting on 27 August 2026
Remote e-voting took place from 23 August 2026 to 26 August 2026
Ordinary business included adoption of audited financial statements for the year ended 31 March 2026
Special business tabled: cost auditors remuneration for FY 2026-27 and remuneration for Independent Directors
Scrutinizer appointed for voting: Umesh Ved & Associates

💡 Track the upcoming formal submission of consolidated voting results and Scrutinizer's Report to confirm the approval percentages of all tabled resolutions.

Vodafone Idea clarifies on news report: Rs 53 cr tax refund case is routine & immaterial

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Aug 2026, 06:57 PM

Vodafone Idea responded to an exchange clarification regarding media reports about the Delhi High Court pulling up the Income Tax department over a Rs 53 crore refund delay. The company clarified that this is a routine Income Tax matter. Furthermore, the amount of Rs 53 crore falls well below the materiality threshold under Regulation 30 of SEBI Listing Regulations, representing roughly 0.12% of its TTM revenue of Rs 45,430 crore.

Clarified media reports titled 'Delhi HC raps I-T dept over Rs 53 crore Vodafone Idea refund delay'
The disputed tax refund amount is Rs 53 crore, representing ~0.12% of TTM revenue of Rs 45,430 crore
Company stated the matter is routine and does not trigger SEBI Regulation 30 materiality disclosure norms

💡 Track standard quarterly tax and cash flow adjustments; no strategic or operational action is required as the sum is non-material.

Vodafone Idea Q1 FY27 Call: ARPU Rises 10.2% YoY to ₹195; Outlines ₹45,000 Cr Capex Plan

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 18 Aug 2026, 04:16 PM

Vodafone Idea reported Q1 FY27 revenue of ₹11,689 crore (up 6.0% YoY) and Cash EBITDA of ₹2,475 crore (up 13.5% YoY), achieving its first quarter of positive net subscriber additions since the merger to reach 193.1 million users. Customer ARPU expanded 10.2% YoY to ₹195, supported by 4G/5G subscriber mix rising to 67.4% (130.1 million). The company reiterated its ₹45,000 crore 3-year capex plan (~99% of TTM revenue), having placed ₹9,000 crore in equipment orders, and secured a ₹6,400 crore first funding tranche including ₹1,183 crore in promoter warrant proceeds.

Revenue increased 6.0% YoY to ₹11,689 crore and Cash EBITDA rose 13.5% YoY to ₹2,475 crore.
Customer ARPU improved 10.2% YoY to ₹195, delivering growth for 20 consecutive quarters.
First quarter of positive net subscriber additions post-merger, taking total base to 193.1 million.
Committed ₹45,000 crore capex over 3 years (~99% of TTM revenue), with ₹9,000 crore vendor orders placed.
Raised first funding tranche of ₹6,400 crore, including ₹1,183 crore from Aditya Birla Group warrants.

💡 Track the debt syndication closure with the SBI-led PSU bank consortium and monitor the execution pace of the planned 55,000-57,000 4G site additions over the next 18 months.

View All IDEA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue for Q2 FY26 was Rs. 111.9 billion, growing 2.4% YoY and 1.6% QoQ from Rs. 110.2 billion in Q1 FY26. Non-wireless sales grew sharply in Q2 FY26, though specific segment percentages were not disclosed.

Geographic Revenue Split

The company operates as a pan-India telecom service provider; however, a specific percentage split by region is not disclosed in the available documents.

Profitability Margins

Gross margins are not explicitly stated, but Operating Profit Margin (OPM) stood at 38% in Jun 2024. Net Profit remains negative, with a loss of Rs. 6,471 Cr reported in Jun 2024 (Standalone).

EBITDA Margin

Reported EBITDA for Q2 FY26 was Rs. 46.9 billion, up 3% YoY, with the margin improving 20 bps from 41.6% to 41.9%. Cash EBITDA margin improved 30 bps QoQ from 19.8% to 21.1% in Q2 FY26.

Capital Expenditure

The company initiated a new investment cycle in Q3 FY25. Historical fixed assets were valued at over Rs. 162,000 Cr as of Mar 2024. Planned capex is focused on 4G expansion and 5G rollout to arrest subscriber decline.

Credit Rating & Borrowing

CARE Ratings notes liquidity is stretched and dependent on GoI support. Debt from banks and financial institutions stood at Rs. 3,246 Cr as of September 30, 2024. Net finance cost for Q2 FY26 was Rs. 46.8 billion.

⚙️ Operational Drivers

Raw Materials

Primary operational inputs include Spectrum, Network Equipment, and IT Services, which are critical for maintaining the cellular network.

Import Sources

The company partners with global leaders for Network and IT equipment, typically sourced from international markets, though specific countries are not listed.

Key Suppliers

Key suppliers include Indus Towers, with whom the company had transactions worth Rs. 59,534 Mn in FY25 (up to Nov 18, 2024).

Capacity Expansion

Current focus is on 4G network expansion and the rollout of 5G services to stabilize and grow the subscriber base.

Raw Material Costs

Network operating costs increased in Q2 FY26 due to the investment cycle initiated in Q3 FY25. Total expenses for Jun 2024 were Rs. 6,404 Cr.

Manufacturing Efficiency

Efficiency is tracked via Cash EBITDA margin, which improved to 21.1% in Q2 FY26 due to cost optimization and network efficiency gains.

Logistics & Distribution

Distribution costs are not disclosed as a specific percentage of revenue for the telecom service model.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth will be driven by 4G network expansion and 5G rollout to arrest subscriber loss, alongside cost optimization and increasing ARPU (Average Revenue Per User) through network augmentation.

Products & Services

Telecom services including wireless voice and data (SIM cards), non-wireless sales, and enterprise IT services.

Brand Portfolio

Vi (Vodafone Idea).

New Products/Services

Rollout of 5G services is the primary new service launch expected to contribute to future revenue growth.

Market Expansion

Expansion is focused on strengthening 4G coverage and launching 5G in key circles to compete with other major telecom players.

Market Share & Ranking

The company is one of the three major private telecom operators in India, though it has faced a continuous decrease in subscriber base.

Strategic Alliances

Partnerships with global leaders in Network equipment and IT services; Indus Towers was a JV partner until Nov 2024.

🌍 External Factors

Industry Trends

The industry is shifting toward 5G technology. VIL is positioned to transition but faces a high debt-to-PBILDT ratio of 14.29x, which is significantly higher than competitors.

Competitive Landscape

Competes in a highly consolidated market against major players like Reliance Jio and Bharti Airtel.

Competitive Moat

The moat consists of extensive network infrastructure and spectrum holdings, but its sustainability is threatened by material uncertainty regarding going concern status.

Macro Economic Sensitivity

The business is sensitive to government support and regulatory decisions, particularly regarding the telecom sector's financial health.

Consumer Behavior

Shift toward higher data consumption is driving the need for 4G expansion and 5G readiness.

Geopolitical Risks

Dependency on global equipment suppliers makes the company vulnerable to trade barriers or technical failures in international supply chains.

⚖️ Regulatory & Governance

Industry Regulations

Operations are heavily regulated by the Department of Telecommunications (DoT) and impacted by the Adjusted Gross Revenue (AGR) matter.

Environmental Compliance

The company maintains a CSR committee but had nil CSR obligation for FY25 due to negative average net profits over the last three years.

Taxation Policy Impact

The company has a 0% effective tax rate in recent quarters due to significant accumulated losses.

Legal Contingencies

The company faces a major contingency regarding the Supreme Court order on the AGR matter (Oct 2019). A GST penalty of Rs. 12,72,899 was also issued in Dec 2025.

⚠️ Risk Analysis

Key Uncertainties

Material uncertainty exists regarding the company's ability to continue as a going concern, dependent on DoT support for AGR and successful debt/equity fundraises.