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Vodafone Idea

IDEA NSE
₹12.55 No trade today
P/E
Not meaningful: last twelve months’ earnings are mostly a one-off item
View as Markdown
MCP
Close 4 Nov 2026 ₹12.55 +3.28 +35.4% 1Y
Start ₹9.27

Key Fundamentals

LargecapTelecom - ServicesTelecom

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
−1.72%
Debt to Equity
Not meaningful: shareholders’ equity is negative
EPS (TTM)
₹3.45
Book Value
−₹3.30
Market Cap
—
P/E (TTM)
Not meaningful: last twelve months’ earnings are mostly a one-off item
P/B
Not meaningful: book value is negative
ROE
Not meaningful: shareholders’ equity is negative
Dividend Yield
0.00%
EBITDA
₹19,544 Cr
52W High
₹15.79
52W Low
₹8.13
Volume
0

Peer Comparison

Telecommunication › Telecom › Telecom Service Provider › Telecom - Cellular & Fixed line services

Vodafone Idea peer comparison
Bharti Airtel
₹2,067.6042.50₹12,79,365 Cr7.331.16%20.30%17.60%₹2,20,049 Cr₹36,413 Cr
Vodafone Idea (this company)
₹12.55—₹1,32,612 Cr—0.00%—−1.72%₹45,539 Cr₹37,406 Cr
Bharti Hexacom
₹1,718.8047.13₹85,730 Cr11.991.06%26.00%21.40%₹9,601 Cr₹1,824 Cr
Tata Communications
₹1,754.6052.87₹50,323 Cr14.710.99%32.60%14.60%₹25,426 Cr₹936 Cr
Tata Teleservices Maharashtra
₹35.13—₹6,760 Cr—0.00%—55.60%₹1,178 Cr₹38 Cr
Mahanagar Telephone Nigam
₹24.30—₹1,528 Cr—0.00%—−9.32%₹988 Cr−₹3,006 Cr
Reliance Communications
₹0.80—₹221 Cr—0.00%——₹305 Cr−₹9,374 Cr
Median 7 companies₹35.1347.13₹50,323 Cr11.990.00%26.00%16.10%₹9,601 Cr₹936 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

59 Good

Data confidence 93/100

Category scores

Quality
64
Good
Returns, margins, earnings quality 22% weight
Valuation
74
Strong
Cheap vs sector & own history 24% weight
Growth
40
Weak
Sales & profit trajectory 9% weight
Financial Health
33
Poor
Solvency, leverage, coverage 9% weight
Momentum
65
Good
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

4
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 1.36% over past five years.
  • Earnings include an other income of Rs.60,812 Cr.
  • Promoter holding has decreased over last 3 years: -24.7%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish748
OscillatorsBearish342
Moving AveragesStrong Bullish406

Key readings

RSI (14)
49.50
Neutral
MACD (12,26,9)
−0.35
Bullish
SMA (50)
13.50
Bearish
SMA (200)
12.32
Bullish

As of

Analyst Rating

Based on 19 analysts
SELL42%

4 of 19 analysts rate Buy, 7 Hold, 8 Sell.

As of

BUY
4
21%
HOLD
7
37%
SELL
8
42%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+2.24%
5Y+1.36%
3Y+2.09%
1Y+2.99%
TTM+3.30%

Net profit

Net profit growth by window
10Y+28.90%
5YTurned to profit
3YTurned to profit
1YTurned to profit
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
10Y+5.89%
5Y+4.41%
3Y+0.95%
1Y+108.95%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+9.57 pp
5Y+1.64 pp
3Y+2.31 pp
1Y+0.61 pp
TTM+0.61 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹35,576 Cr
Mar 2018₹28,279 Cr
Mar 2019₹37,092 Cr
Mar 2020₹44,958 Cr
Mar 2021₹41,952 Cr
Mar 2022₹38,516 Cr
Mar 2023₹42,177 Cr
Mar 2024₹42,652 Cr
Mar 2025₹43,572 Cr
Mar 2026₹44,873 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹400 Cr
Mar 2018−₹4,168 Cr
Mar 2019−₹14,604 Cr
Mar 2020−₹73,878 Cr
Mar 2021−₹44,233 Cr
Mar 2022−₹28,245 Cr
Mar 2023−₹29,301 Cr
Mar 2024−₹31,238 Cr
Mar 2025−₹27,384 Cr
Mar 2026₹34,552 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹5,066 Cr −25.9% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Vodafone Idea Ltd trades at ₹12.26 with a market cap of ₹1,33,262 Cr as of 2026-11-03. The stock shows a PE of 3.55 on trailing earnings, but underlying fundamentals reflect deep stress with a negative ROE of -96.63% and negligible long-term sales growth of just 1% CAGR over five years.

Bull Case 6
  • The stock has delivered a 1-year return CAGR of 42%, significantly outperforming its subdued longer-term track record and indicating renewed investor interest.
  • Trailing twelve-month profit growth stands at 17%, showing a meaningful acceleration compared to the 5-year compounded profit growth of 0%.
  • ROCE stands at 36.88%, indicating that the capital employed in the business is generating a healthy return on an operating basis despite balance sheet challenges.
  • The stock currently trades at ₹12.26 against a 52-week low of ₹8.13, representing a recovery of roughly 51% from its trough, reflecting improving sentiment.
  • Compounded profit growth over the last 3 years is 6%, confirming a gradual shift toward sustained profitability after years of losses.
  • TTM EPS of ₹3.45 is positive, a notable development for a company that historically reported persistent net losses for several years.
Bear Case 8
  • ROE is deeply negative at -96.63%, indicating severe erosion of shareholder equity and reflecting a heavily impaired balance sheet.
  • Compounded sales growth over five years is just 1.36%, far below inflation and industry peers, pointing to persistent subscriber and revenue market share losses.
  • Earnings include an extraordinary other income component of ₹60,812 Cr, which means reported profits are heavily inflated by non-core items and do not reflect true operating strength.
  • Promoter holding has declined by 24.7% over the last three years, signalling significant dilution and potentially weakening promoter commitment or financial capacity.
  • The company has a low interest coverage ratio, indicating that operating profits may be insufficient to comfortably service its debt obligations.
  • The dividend yield is 0%, meaning shareholders receive no income return and are entirely dependent on capital appreciation for any gains.
  • Ten-year stock CAGR is -12%, meaning long-term investors have experienced significant capital destruction despite recent short-term recovery.
  • Ten-year compounded sales growth of just 2% highlights a structural inability to grow revenue meaningfully across full business cycles.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Vodafone Idea is firmly in turnaround mode with meaningful positives: AGR relief removing ₹87,695 cr in near-term obligations, first net subscriber addition since the 2018 merger, and strong ARPU momentum. However, the balance sheet remains deeply strained with a widening net loss of ₹8,738 cr, margins at less than half of peers, and massive upcoming spectrum and debt payments far exceeding current cash generation. The trend is cautiously improving on operational metrics, but execution risk on the ₹45,000 cr capex plan and dependence on tariff hikes that the company cannot control make this a high-conviction speculative bet where the next 2-3 quarters of funding progress and subscriber trends will be decisive.

Headwinds 5
  • Massive debt and cash shortfall Oct 27

    Spectrum payments of ~₹7,000 cr, ₹15,000 cr, and ₹27,000 cr due over next three years plus ₹5,000-6,000 cr annual debt service, against FY26 cash EBITDA of only ~₹9,200 cr. Only ₹6,400 cr of a ₹25,000 cr bank debt facility has been raised so far.

  • Net loss widening Oct 29

    Net loss widened to ₹8,738 crore in Q2 FY27. Interest expense consumed 47.9% of operating revenue in FY26, highlighting severe balance sheet strain.

  • Stock down 23% from highs Oct 27

    Stock corrected ~23% from its September 2026 52-week high of ₹15.79, losing 12% over the past month, suggesting tariff hike expectations may have been prematurely priced in.

Positives 5
  • AGR dues frozen, payments deferred Oct 29

    Union Cabinet approved relief freezing ~₹87,695 crore in AGR dues with repayments stretched between FY32 and FY41, removing an immediate repayment cliff.

  • ARPU rising sharply Oct 29

    ARPU climbed from ₹175 to ₹190 YoY by Q4 FY26, the industry's sharpest quarterly rise, driven by 2G-to-4G/5G upgrades with per-customer uplift of ₹230-240.

  • Subscriber base stabilizing Oct 27

    First positive net subscriber addition since the 2018 merger in Q1 FY27 (193.1M vs 192.8M QoQ). Average monthly decline narrowed to 0.6M from 1M over prior two years. 4G/5G users reached 129-130M.

Neutral 3
  • New COO appointed Oct 16

    Manoj Murali appointed COO effective October 19, 2026, bringing 25+ years of telecom experience from prior roles at Ola Electric, Reliance Jio, and Bharti Airtel.

  • Independent directors approved Oct 22

    Shareholders approved appointments of Anil Berera and Gopika Pant as independent directors with 99.80% and 99.90% votes in favour respectively.

  • Celebrity investor anecdote Oct 28

    Music composer Sulaiman Merchant shared his pandemic-era Vodafone Idea investment story, buying at ₹2.3 and selling at ₹7-7.5 per share. Human interest story with no material impact on fundamentals.

Quarterly Results

₹ Cr
IDEA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
10,656
10,716
10,673
10,607
10,508
10,932
11,117
11,015
11,022
11,195
11,323
11,332
11,689
Expenses
6,499
6,435
6,324
6,274
6,304
6,383
6,405
6,356
6,410
6,511
6,506
6,443
6,655
Operating Profit
4,156
4,282
4,349
4,333
4,205
4,550
4,712
4,659
4,612
4,684
4,817
4,889
5,034
OPM %
39%
40%
41%
41%
40%
42%
42%
42%
42%
42%
43%
43%
43%
Other Income
21
34
780
32
256
300
250
215
142
140
1,271
57,595
1,806
Interest
6,398
6,569
6,518
6,280
5,519
6,614
5,940
6,471
5,893
4,784
5,828
4,990
5,120
Depreciation
5,616
5,667
5,598
5,751
5,369
5,404
5,629
5,571
5,472
5,567
5,550
5,518
5,467
PBT
−7,836
−7,919
−6,986
−7,666
−6,427
−7,168
−6,607
−7,168
−6,611
−5,527
−5,290
51,976
−3,747
Tax %
0%
10%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Net Profit
−7,840
−8,738
−6,986
−7,675
−6,432
−7,176
−6,609
−7,166
−6,608
−5,524
−5,286
51,970
−3,754
EPS (₹)
−1.61
−1.79
−1.44
−1.53
−0.95
−1.03
−0.95
−1
−0.61
−0.51
−0.49
4.8
−0.35

Profit & Loss

₹ Cr
IDEA profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
31,571
35,949
35,576
28,279
37,092
44,958
41,952
38,516
42,177
42,652
43,571
44,873
45,539
Expenses
20,771
24,281
25,348
22,224
32,976
30,042
25,006
22,547
25,424
25,580
25,524
26,014
26,115
Operating Profit
10,800
11,668
10,227
6,054
4,116
14,916
16,946
15,968
16,753
17,072
18,048
18,859
19,424
OPM %
34%
32%
29%
21%
11%
33%
40%
41%
40%
40%
41%
42%
43%
Other Income
497
641
746
703
1,789
−36,964
−19,563
363
354
917
1,100
59,292
60,812
Interest
1,060
1,803
4,010
4,847
9,545
15,393
17,998
20,981
23,354
25,766
24,543
21,495
20,722
Depreciation
5,304
6,256
7,827
8,409
14,536
24,356
23,638
23,584
23,050
22,634
21,973
22,108
22,102
PBT
4,933
4,250
−863
−6,499
−18,175
−61,797
−44,253
−28,234
−29,298
−30,410
−27,369
34,548
37,412
Tax %
35%
36%
−54%
−36%
−20%
20%
0%
0%
0%
3%
0%
0%
—
Net Profit
3,193
2,728
−400
−4,168
−14,604
−73,878
−44,233
−28,245
−29,301
−31,238
−27,383
34,552
37,406
EPS (₹)
2.7
2.3
−0.34
−2.91
−5.08
−25.71
−15.39
−8.79
−6.02
−6.23
−3.84
3.19
3.45
Div. Payout %
7%
8%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
IDEA balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
3,598
3,601
3,605
4,359
8,736
28,735
28,735
32,119
48,680
50,120
71,393
1,08,343
Reserves
19,429
19,950
21,127
22,903
50,899
−22,756
−66,963
−94,084
−1,23,039
−1,54,287
−1,41,713
−1,44,101
Borrowings
26,859
40,541
55,055
57,985
1,25,940
1,14,996
2,01,720
2,13,761
2,37,766
2,43,809
2,33,229
1,92,528
Other Liabilities
10,580
16,034
16,881
13,264
44,078
1,05,942
39,986
42,233
43,836
45,355
34,946
34,860
Total Liabilities
60,467
80,126
96,668
98,511
2,29,652
2,26,918
2,03,478
1,94,029
2,07,243
1,84,997
1,97,855
1,91,630
Fixed Assets
35,540
65,190
76,763
79,692
1,77,800
1,85,836
1,67,490
1,56,819
1,56,255
1,40,125
1,41,320
1,43,086
CWIP
5,141
6,040
7,535
3,585
5,103
1,138
606
364
17,876
18,189
18,213
15,274
Investments
11,527
3,471
6,378
7,290
8,239
1,979
4
5
6
0
0
107
Other Assets
8,260
5,425
5,991
7,944
38,511
37,964
35,378
36,841
33,105
26,683
38,322
33,163
Total Assets
60,467
80,126
96,668
98,511
2,29,652
2,26,918
2,03,478
1,94,029
2,07,243
1,84,997
1,97,855
1,91,630

Cash Flow

₹ Cr
IDEA cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
10,418
10,949
10,476
5,332
5,348
7,328
15,640
17,387
18,869
20,826
9,290
19,411
Investing
−5,726
−2,389
−15,556
−9,303
−1,640
−2,698
1,075
−5,730
−5,414
−1,907
−16,248
−6,104
Financing
8,028
−9,330
4,506
3,925
−2,949
−5,019
−16,731
−10,554
−14,680
−18,980
7,047
−11,458
Net Cash Flow
12,720
−770
−574
−46
758
−389
−17
1,103
−1,224
−61
89
1,849
Free Cash Flow
6,260
3,824
5,144
−3,269
−2,238
−474
10,534
11,395
13,332
19,296
−930
8,597
CFO/OP
107
101
109
95
123
33
88
100
105
105
49
101

Ratios

IDEA financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
11
12
13
11
32
25
22
23
19
19
17
16
Cash Conversion Cycle
11
12
13
11
32
25
22
23
19
19
17
16
Working Capital Days
−174
−134
−148
−92
−430
−667
−474
−453
−407
−358
−294
−192
ROCE %
14%
11%
4%
−2%
−8%
−5%
−4%
−5%
−4%
−4%
−2%
−2%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Vodafone Idea insights

61 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Government 49.00%
  • Promoters 25.64%
  • Public 10.07%
  • DIIs 6.65%
  • FIIs 5.82%
  • Others 2.82%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Vodafone Idea

What does Vodafone Idea Ltd do?
Vodafone Idea is one of the leading telecom service providers in India. The Company is engaged in the business of Mobility and Long Distance services, trading of handsets and data cards.
Where is Vodafone Idea Ltd (IDEA) listed?
Vodafone Idea Ltd trades as IDEA on the NSE and under code 532822 on the BSE.
Which sector does Vodafone Idea Ltd belong to?
Vodafone Idea Ltd is classified under the Telecom sector, in the Telecom Service Provider industry.
What is the 52-week high and low of Vodafone Idea Ltd?
Over the last 52 weeks Vodafone Idea Ltd has traded between ₹8.13 and ₹15.79 as of 4 Nov 2026.

Company Information

Vodafone Idea is one of the leading telecom service providers in India. The Company is engaged in the business of Mobility and Long Distance services, trading of handsets and data cards.

Website myvi.in
CEO Mr. Abhijit Kishore
Employees 9,985
Listed 9 Mar 2007
Face Value ₹10

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