Vodafone Idea Q2 Results Highlights: Loss narrows sharply to ₹5524 cr YoY as revenue rises 2.4%; ARPU jumps to ₹180

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Vodafone Idea welcomed the Hon’ble Supreme Court’s judgments dated October 27, 2025, and November 3, 2025, which permit the Union of India to reconsider and take an appropriate decision regarding the additional AGR demand raised for the period up to the Financial Year 2016-2017. The rulings also allow for a comprehensive reassessment and reconciliation of all AGR dues, including interest and penalty, up to the said Financial Year. The company is currently in discussions with the Department of Telecommunications (DoT) regarding the next steps on this matter.

Alongside the 5G rollout, Vi continue to invest in expanding high-speed broadband network by adding new 4G sites and upgrading our core and transmission network for high-speed broadband. Its 4G population coverage increased to over 84% as of September 2025, compared to ~77% as of March 2024. The 4G data capacity expanded by over 38%, driving a 17% improvement in 4G speeds in September 2025 compared to March 2024. With the planned investments, 4G population coverage is expected to increase to ~90% of the population.

Vi added over 1,500 new unique 4G towers during the quarter, reinforcing our focus on delivering superior connectivity. It strengthened the 4G network with the deployment of around 3,200 new sites on the sub-GHz 900 MHz spectrum in the 16 circles. It also added over 3,600 additional sites on the 1800 MHz and 2100 MHz bands—enabling faster speeds and enhancing indoor coverage.

As of September 2025, the total broadband site count stood at ~527,000. Additionally, it deployed over 13,000 Massive MIMO sites and more than 12,400 small cells.

Voda Idea launched Vi 5G services in March this year and, over a period of six months, expanded to all 17 priority circles where we hold 5G spectrum. These circles contribute to ~99% of its revenue. As of today, Vi 5G services are available in 29 cities, and we will continue to expand to more cities based on customer demand and 5G handset penetration.

Abhijit Kishore, CEO, Vodafone Idea Limited, 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 the 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% of the 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.”

Vodafone Idea said that as on September 30, 2025, the debt from banks reduced to ₹15.3 billion and the cash and bank balance stood at ₹30.8 billion.

The customer ARPU rose to ₹180 in Q2FY26 compared to ₹166 in Q2FY25, a YoY increase of 8.7% supported primarily by customer upgrades and tariff increase. “Our total subscriber base stood at 196.7 million. We closed the quarter with 127.8 million 4G/5G subscribers, up from 125.9 million in the same period last year,” said the company.

Cash EBITDA for the quarter (pre-Ind AS 116) was ₹2245.9 crore as against ₹2323.9 crore on a YoY basis. Meanwhile, the reported EBITDA came in at ₹4685.1 crore, higher than ₹4549.8 crore on a YoY basis.

The revenue from operations improved 2.4% YoY to ₹11194.7 crore in the quarter under review. The figure stood at ₹10932.2 crore in the same period last year.

On a sequential basis, Voda Idea's revenue was higher by 1.5%.

Vodafone Idea posted a consolidated net loss of ₹5524.2 crore in Q2 FY26 as against a loss of ₹7175.9 crore in the same period a year ago. Meanwhile, on a QoQ basis, too, there was an improvement over ₹6611.1 crore loss posted in the June quarter of FY26.

Emkay Global expects Vodafone Idea revenue to rise 1.8% YoY and 0.9% QoQ to ₹11127 crore. Meanwhile, it sees EBITDA growing 3.8% YoY and 2.4% QoQ to ₹4723 crore. As of Q2 loss, it sees the figure at ₹6830.6 crore.

ICICI Securities expects VIL’s revenue to rise 1% QoQ and 1.9% YoY to INR 111 billion, largely driven by higher ARPU, while the subscriber base is likely to decline slightly. We estimate a 0.7% QoQ increase in 4G subscribers, reflecting gradual benefits from network expansion. EBITDA is expected to rise 0.7% QoQ and 2.1% YoY to INR 46.5 billion, though growth may be constrained by higher network costs. Net loss is estimated at INR 67 billion (with no tax rebate).

Vodafone Idea share price ended 0.83% lower at ₹9.53 on the BSE and NSE today ahead the earnings announcement later today.

VIL’s revenue, reported EBITDA, and cash EBITDA are expected to grow by 0.8%, 1.1%, and 0.9% QoQ, respectively, as ARPU is likely to improve 1.2% QoQ to ₹167. However, this will be partly offset by a net subscriber loss of around 0.5 million, though MBB subscribers are expected to increase by about 1 million.

Kotak estimates reported EBITDA for Vodafone Idea to increase by 1% QoQ and 2.4% YoY on better revenues, partly offset by higher network opex on 5G rollouts.

Vodafone Idea stock has a consensus recommendation from 22 analysts as SELL, according to Trendlyne data.

ARPU is likely to increase ~1% QoQ to ₹166, as per the estimates of MOSL analysts. Meanwhile, the subscriber base is expected to decline by ~1 million. ARPU stood at ₹165 in the June quarter.

Vodafone Idea Q2 revenue could rise 2.9% YoY and 2.1% QoQ to ₹11250 crore as per Kotak's estimates. It said that revenue could rise led by higher ARPU, partially offset by continued subs losses.

After trading marginally lower in trade, Vodafone Idea stock bounced back on Monday ahead of the Q2 results. Vodafone Idea shares traded at ₹9.62 as of 1.30 pm, as against the last closing price of ₹9.61.

KIE models (1) EoP subscriber base to decline by 1 mn QoQ (versus -0.5 mn qoq) to 196.7 mn and (2) ARPU to increase to Rs169/month due to tariff pass-through and one additional day in the quarter.

Expect reported EBITDA to remain flat QoQ (+1% YoY) with EBITDA margin contracting ~30bp QoQ to 41.5%. Pre-INDAS 116 EBITDA likely to decline 2% QoQ to ₹21.4 billion, said analysts at MOSL.

Vodafone Idea could report a net loss of ₹6668.7 crore as against a loss of ₹7175.9 crore on a year-on-year basis. Meanwhile, the figure could rise on a sequential basis from ₹6608.1 crore, said Kotak Institutional Equities.

Vodafone Idea share price declined to the day's low of 9.55, despite a bullish trend in the Indian stock market, ahead of the Q2 results today. The stock was down less than 1% as against its last close of ₹9.61.

Pursuant to Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the meeting of the Board of Directors of Vodafone Idea Limited (“the Company”) will be held on Monday, 10 November 2025, inter- alia, to consider and approve the Standalone and Consolidated Unaudited Financial Results of the Company for the second quarter and half year ended 30 September 2025, said Vodafone Idea in an exchange filing last week.