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Vodafone Idea Q2 2026 Results: ARPU Up 9%, Revenue Grows 2.4%
Vodafone Idea (Vi) shares jumped over 6% to ₹10.1 on November 11, following the telecom operator’s better-than-expected Q2 FY2026 results. The announcement, released post-market on November 10, highlighted improving fundamentals and operational resilience.
The company’s performance was supported by a steady rise in 4G and 5G subscribers, improved average revenue per user (ARPU), and a modest uptick in enterprise revenue.
Lowest Net Loss in 19 Quarters
For the July–September quarter, Vodafone Idea reported a consolidated net loss of ₹5,524.2 crore, compared to ₹7,175.9 crore in the same quarter last year — its lowest loss in 19 quarters, according to CNBC-TV18.
Revenue from operations rose 2.4% year-on-year to ₹11,194.7 crore, up from ₹10,932.2 crore in the prior-year period. The company’s EBITDA stood at ₹4,690 crore, reflecting stable operational performance.
Vi’s ARPU increased 9% year-on-year to ₹180, driven by a 1.5% growth in 4G and 5G users and consistent data consumption patterns.
Motilal Oswal: “Slightly Ahead of Estimates”
Domestic brokerage Motilal Oswal maintained a “Neutral” stance on the stock but acknowledged that earnings exceeded expectations, supported by stronger enterprise revenue.
The firm noted that Vi has expanded its 5G coverage to 29 cities across 17 key circles, with further rollouts planned based on customer demand and 5G device penetration.
Analysts added that continued 5G expansion and data monetization could provide medium-term support, though the company’s high debt burden and competitive pressure remain major constraints.
Citi: “Fundraising Path Looks Clearer”
Global investment bank Citi retained its “Buy” rating on Vodafone Idea, setting a target price of ₹14 per share — implying an upside potential of about 47%.
Citi analysts believe that the Supreme Court’s clarification on AGR dues could pave the way for Vi to finalize its long-pending capital raise.
“Progress on debt funding and clarity around the government’s relief package will be key monitorables going ahead,”Citi said in its note, adding that regulatory clarity and capital infusion will determine Vi’s recovery trajectory in the coming quarters.
UBS: “Balanced Outlook for the Near Term”
International brokerage UBS reiterated its “Neutral” rating on the stock with a target price of ₹9.7, indicating an upside of just over 2% from the previous close.
UBS stated that it would closely monitor capex trends, network rollout progress, 5G launches, and updates on government relief measures related to AGR and spectrum dues.
The brokerage also highlighted that Vi’s ability to generate operational cash flow and maintain subscriber market share will be critical in the near-to-medium term.
Vodafone Idea’s stock has shown significant momentum recently, gaining over 11% in the past month and around 37% in the past six months.
In late October, the stock reached a 52-week high of ₹10.57, signaling renewed investor interest amid optimism over debt restructuring and 5G expansion.
Market experts note that while Vi’s short-term financial trend has improved, high leverage and limited liquidity could restrict sustainable growth unless fresh capital is raised.
Vodafone Idea’s Q2 performance marks a notable improvement, with the lowest quarterly loss in nearly five years and consistent revenue growth. The company’s ARPU gains and 4G/5G user expansion indicate early signs of stabilization.
However, analysts caution that the path to recovery remains challenging due to debt overhang, competitive pricing, and pending fundraising efforts. Regulatory clarity and strategic investment decisions will be decisive for Vi’s FY2026 outlook.
