Vodafone Idea
Vodafone Idea
Telecom F&OKey Fundamentals
LargecapTelecom Service ProviderTelecomTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
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%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoVodafone Idea Ltd has a market cap of ₹1,64,573 Cr and trades at a PE of 4.3x, reflecting a turnaround narrative after prolonged losses. Sales growth has been sluggish at 1.36% over five years, promoter holding has declined by 24.7% over three years, and the company carries significant debt with a low interest coverage ratio, while TTM profit growth of 17% and a 95% one-year stock CAGR indicate improving sentiment.
- PE ratio of 4.3x is optically low compared to telecom sector peers, suggesting the market may be pricing in a recovery trajectory
- TTM compounded profit growth of 17% indicates an improving bottom-line trend after years of losses
- One-year stock CAGR of 95% reflects strong momentum and renewed investor interest in the turnaround story
- Three-year stock CAGR of 11% shows the stock has delivered positive returns over the medium term despite operational challenges
- TTM sales growth of 3% marks an acceleration from the five-year compounded sales growth rate of just 1%, suggesting revenue momentum is picking up
- Market cap of ₹1,64,573 Cr provides scale and visibility, keeping the stock relevant for institutional investors and potential strategic deals
- Three-year compounded profit growth of 6% indicates a gradual but sustained shift toward profitability from a historically loss-making base
- Company has a low interest coverage ratio, indicating debt servicing remains a significant strain on cash flows
- Five-year compounded sales growth of just 1.36% reflects persistent inability to grow revenue meaningfully in a competitive market
- Promoter holding has decreased by 24.7% over the last three years, signaling dilution and potential lack of promoter confidence
- Earnings include an other income of ₹60,812 Cr, which inflates reported profits and raises questions about core operating profitability
- Price-to-book ratio is negative at -4.53x, indicating the company's net worth has been eroded by accumulated losses
- ROE and ROCE are not available (null), reflecting that the company has not generated consistent returns on equity or capital employed
- Ten-year stock CAGR of -12% shows long-term shareholders have experienced significant capital destruction
- Zero dividend yield signals the company is not in a position to return cash to shareholders
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- HSBC flags 47% downside risk Sep 8
HSBC retained 'Reduce' rating with ₹8.25 target price, warning operating cash flows will fall short of spectrum payments even after tariff hikes. Company needs to nearly triple operating cash flow by FY29; 10 of 21 analysts have 'Sell' ratings.
- ₹49,000 cr spectrum dues overhang Aug 28
Vodafone Idea must repay ₹49,000 crore in spectrum dues over three years (₹7,000 cr in FY27, ₹15,000 cr in FY28, ₹27,000 cr in FY29), with spectrum renewals adding further capital needs from 2030.
- Persistent quarterly net losses Sep 10
Q1 FY27 net loss stood at ₹3,754 crore (₹5,358 crore before one-off gains). Jefferies estimates an additional ₹16,000 crore equity infusion needed by FY30.
- Churn and competitive gap widening Aug 31
Vodafone Idea's churn at ~4% remains far above Jio's 1.67% and Airtel's 2.43%. In June 2026, Vi added just 1.64 lakh subscribers versus Jio's 21.47 lakh and Airtel's 29.90 lakh.
- BSNL tariff hike risk Aug 27
Tariff hikes risk accelerating subscriber losses to BSNL, which has not raised prices. The July 2024 hike triggered an initial loss of 5.1 million subscribers primarily to BSNL.
- SBI-led $3.5B debt financing deal Sep 10
SBI-led consortium agreed to provide ~₹35,000 crore in debt financing (₹25,000 crore funded + ₹10,000 crore non-funded), with 6-7 PSU banks in discussions. SBI has approved its share of the proposed ₹45,000 crore facility.
- Subscriber turnaround gains traction Aug 31
Six consecutive months of positive subscriber additions since Feb 2026, breaking a multi-year decline. Added 240,114 subscribers in July 2026, with total base reaching 199 million and 130.1 million 4G/5G users.
- ARPU growth at 19-quarter streak Sep 9
ARPU grew to ₹195 in Q1 FY27, up 10.2% YoY—the highest growth rate in the industry. 4G/5G subscriber mix improved to 66.9% with 33% of base still on 2G, providing significant upgrade runway.
- GST and tax dispute victories Sep 7
Supreme Court dismissed Centre's ₹363 crore GST demand against merged entity VMSL. Delhi High Court ordered ₹53.09 crore tax refund by Sep 30, 2026.
- Stock up ~138% in one year Aug 23
Shares rose from 52-week low of ₹6.46 to ~₹15.37, pushing market cap above ₹1.62 lakh crore. Stock up ~33% in 2026, sharply outperforming Nifty 50's ~9% decline.
- AGR liability slashed 69% Aug 27
AGR reassessment reduced liability from ₹80,502 crore to present value of ₹24,880 crore, derecognizing ₹55,622 crore. Major outflows deferred to FY36-FY41, with credit rating upgraded to A- (Stable) by ICRA and CRISIL.
- BSNL network sharing expansion Aug 26
Vodafone Idea and BSNL agreed to expand network sharing across all telecom circles with intra-circle and inter-circle roaming, potentially generating additional revenue from BSNL's subscribers.
- 31st AGM concludes routinely Aug 27
Shareholders approved FY26 financials and reappointment of directors Sushil Agarwal and Sunil Sood at the August 27 AGM.
- New biometric SIM verification rules Aug 26
TRAI notified new Telecommunications User Identification Rules 2026 requiring mandatory biometric verification for SIM issuance, applying equally to Airtel, Jio, Vodafone Idea and BSNL.
TL;DR: Vodafone Idea is executing a credible but fragile turnaround: subscriber losses have reversed with six consecutive months of net additions, ARPU is at a 19-quarter growth streak at ₹195, and the SBI-led ₹35,000 crore debt facility is nearing closure. However, quarterly losses of ₹3,754 crore persist, churn remains nearly double peers, and HSBC warns cash flows may not cover the ₹49,000 crore spectrum dues through FY29. The next 12-18 months are decisive—successful debt closure, sustained subscriber momentum, and at least one more tariff hike will determine whether Vi transitions from survival mode to viable competitor.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 | 216 | 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 | -7,837 | -7,920 | -6,987 | -7,666 | -6,427 | -7,168 | -6,607 | -7,167 | -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 | -7,167 | -6,608 | -5,524 | -5,286 | 51,970 | -3,754 |
| EPS in Rs | -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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 31,571 | 35,949 | 35,576 | 28,279 | 37,092 | 44,958 | 41,952 | 38,516 | 42,177 | 42,652 | 43,572 | 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 | -27,368 | 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 | -27,384 | 34,552 | 37,406 |
| EPS in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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.[1]
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