Vodafone Idea share price jumps 4% after KM Birla buys stake, Emkay doubles target price

Vodafone Idea share price jumped nearly 4% in early trade on Monday amid heavy buying interest. Vodafone Idea shares rallied as much as 3.93% to ₹11.57 apiece on the BSE.

The rally in Vodafone Idea shares comes after promoter Kumar Mangalam Birla buying additional shares in the company over the last week.

Birla acquired a total of 4.09 crore Vodafone Idea shares, representing 0.03% of the company’s outstanding equity, between January 30 and February 1 via open market.

The latest shareholding pattern showed KM Birla held 1.94 crore equity shares, or a 0.02% stake, in Vodafone Idea as of December 2025. The company’s promoters collectively held 25.5% in the telecom company.

Emkay Turns Bullish on Vodafone Idea

Brokerage house Emkay Global Financial Services has upgraded its rating on Vodafone Idea shares to ‘Add’ from ‘Sell’, and has doubled its target price for the telco, considering the improved outlook for the company. Emkay has raised Vodafone Idea share price target to ₹12 per share from ₹6 earlier.

The ratings upgrade comes after the government approved a major moratorium for Vodafone Idea’s AGR liabilities, with minimal annual payments until FY35.

“We believe this will provide significant cash flow relief and a turnaround opportunity. The relief reduces the net present value (NPV) of the burden by 60–80%, easing immediate survival pressure, along with the possibility of further reduction on reassessment of AGR dues. This will enable VI to access bank funding for 4G/5G expansion, helping the company arrest subscriber churn and market-share loss,” said Pranav Kshatriya, Senior Research Analyst at Emkay Global Financial Services Ltd.

With the government freezing AGR dues, the NPV of the AGR dues drops to ₹50,000 crore, versus ₹87,000 crore earlier, with a further scope for reduction in liabilities in case of a favorable outcome of recalculation and reconciliation, he noted.

While the long-term sustainability of the company is no more a concern, Emkay believes that Vodafone Idea will have to execute well to gain subscriber market share and migrate the subscriber base from 2G to 4G/5G.

However, key risks include inability to increase subscriber market share, significantly increase ARPU with tariff repair, and upgrade the subscriber base from 2G to 4G/5G.

Vodafone Idea share price has gained 2% in one month and has rallied 20% in three months. The telecom stock has jumped 77% in six months, and has risen 22% in one year.

At 10:40 AM, Vodafone Idea share price was trading 3.77% higher at ₹11.55 apiece on the BSE.

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