Vodafone Idea Limited (IDEA)
Mid CapTelecom stocks · Mid cap · NSE
Vodafone Idea Limited is a formidable wireless player in India with 3 decades of expertise, strong promoters, and improved credit ratings (Crisil A-/Stable, ICRA A-(Stable) as of May/Jun '26). It boasts extensive network assets (~8,030 MHz spectrum, ~207,000 unique locations, 350,000+ km OFC) and a large scale with ~193 Mn subscribers, covering 1.2 Bn+ population.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 25/100Rev +6% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,689 Cr | +6.0% | +3.1% |
| EBITDA | ₹5,034 Cr | +9.2% | +3.0% |
| Operating margin | 43.0% | +100 bps | +0 bps |
| PAT | ₹-3,754 Cr | NDF | -107.2% |
| PAT margin | -32.1% | +2783 bps | -49073 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Vodafone Idea reported improving Q4FY26 performance with ARPU up 8.3% YoY to Rs 190, 4G/5G subscribers up 2.0% YoY to 128.9 Mn, and data usage up 30.1% YoY to 83.0 Pb/day. Revenue grew 2.9% YoY to Rs 11,332 Cr, and EBITDA increased 4.9% YoY to Rs 4,889 Cr, indicating positive momentum.
The company shows improving trends in key operating and financial KPIs, particularly ARPU and 4G/5G subscriber growth, supported by strategic network investments and digital initiatives. While total subscriber base declined, the focus on higher-value 4G/5G users and ARPU growth is a positive. Execution of the ambitious Capex plan and Cash EBITDA targets will be critical.
17-5-5 Network Strategy
Focus on regaining coverage parity in 17 key circles (accounting for ~99% of VIL revenue) and seamless 5G experience across urban markets.
Capitalizing on ARPU Growth Levers
ARPU is expanding as the share of 4G/5G customers improves, supported by upsell opportunities from structural growth in digitalization and data.
Enterprise Business Scale
Strategy to be a trusted partner to enterprises by growing core connectivity, accelerating IoT, and investing in NextGen services like Cloud and SaaS.
Service as a Differentiator
Gaining competitive edge through AI-led initiatives (i@50, ZIC, Super Agents, Self-Healing Network) and expanding retail footprint to enhance customer experience.
Capex Plan for Network Rollout
Rs. 45,000 Cr Capex plan towards network rollout till FY29.
5G Coverage Expansion
145+ cities with live 5G coverage in all 17 circles with 5G spectrum.
Broadband Sites Expansion
Increased broadband sites to 202,000 in Q4FY26.
Macroeconomic Growth
India is one of the world's fastest-growing major economies with a large and growing population.
Increasing Technology Adoption
Increasing technology adoption across age groups and government push for India's Digital Revolution.
Low Penetration & Market Potential
Overall wireless teledensity over 81%, rural teledensity over 60%, indicating large market potential.
Growing Revenue & Stable Market Structure
Indian telecom market characterized by growing revenue, stable market structure with 3 private players, and high data consumption.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) comparisons are relevant for a telecom operator. YoY provides insight into underlying growth trends despite seasonality, while QoQ highlights sequential momentum in subscriber additions, ARPU, and network rollout progress.
Customer ARPU (excluding M2M)
Q4FY26 ARPU was Rs 190, up 8.3% YoY from Rs 175 in Q4FY25. Sequentially, ARPU increased from Rs 186.2 in Q3FY26 to Rs 189.9 in Q4FY26.
4G/5G Subscribers
Q4FY26 4G/5G subscribers reached 128.9 Mn, up 2.0% YoY from 126.4 Mn in Q4FY25. This segment grew sequentially from 128.5 Mn in Q3FY26.
Total Subscribers (EOP)
Total subscribers at Q4FY26 were 192.8 Mn, a decline from 198.2 Mn in Q4FY25. Net additions were -0.1 Mn in Q4FY26, an improvement from -3.8 Mn in Q3FY26.
Data Usage (Pb/Day)
Data usage was 83.0 Pb/day in Q4FY26, a 30.1% increase YoY from 63.8 Pb/day in Q4FY25. Sequentially, it grew from 76.5 Pb/day in Q3FY26.
Financial Targets
Management aims for double-digit revenue growth and to achieve thrice the current Cash EBITDA in 3 years.
Subscriber Growth Focus
Strategy includes sustained subscriber addition through brand reappraisal and capitalising on ARPU growth levers.
Network Parity
Focus on regaining coverage parity in 17 key circles and providing seamless 5G experience across urban markets.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Customer ARPU | Rs 190 (Q4FY26) | Continued sequential and YoY growth, indicating successful monetization of 4G/5G subscribers. |
| 4G/5G Subscriber Growth | 128.9 Mn (Q4FY26) | Acceleration in 4G/5G subscriber additions to offset overall subscriber declines and drive ARPU. |
| Cash EBITDA | Rs 2,432 Cr (Q4FY26) | Progress towards the stated goal of tripling Cash EBITDA in 3 years, indicating operational efficiency and profitability. |
| Capex Deployment | Rs 2,294 Cr (Q4FY26) | Consistent deployment of the Rs 45,000 Cr Capex plan to achieve network parity and 5G rollout targets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company expects to meet the H1 capex target of INR 50-60 billion by September 2025.
"we should meet that target by September '25."
The company expects to meet the H1 capex target of INR 50-60 billion by September 2025.
"we should meet that target by September '25."
The company will accelerate capex plans of Rs. 500-550 billion over three years for network investment, once bank debt is tied up.
"will accelerate broader capex plans of Rs. 500–550 billion over three years... once we tie up the bank debt."
The company will accelerate capex plans of Rs. 500-550 billion over three years for network investment, once bank debt is tied up.
"will accelerate broader capex plans of Rs. 500–550 billion over three years... once we tie up the bank debt."
India’s digital economy is projected to contribute nearly one-fifth of the country’s overall economy by 2030.
"By 2030, India’s digital economy is projected to contribute nearly one-fifth"
India’s digital economy is projected to contribute nearly one-fifth of the country’s overall economy by 2030.
"By 2030, India’s digital economy is projected to contribute nearly one-fifth"
Subscriber metrics will continue to improve due to population coverage, 5G rollout, product interventions, and better customer service.
"we are quite confident that our subscriber metrics will continue to improve"
Outcome check: Revenue YoY averaged 2.4% across 2 later quarter(s).
5G services expansion to additional key cities across all 17 priority circles is planned by September 2025.
"Further expansion to additional key cities across all our 17 priority circles is planned by September 2025."
Trend score and candlestick chart
71Bullishfull bull SMA stack · SMA20 +6.9% / mo · MACD + · near 52W high
Technical chart
IDEAdaily · 1Y · AUTO+47.0%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 63.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~6.5% over last month) — short-term momentum positive.
- RSI(14) at 63 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 23.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.0%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 8.2%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 90.3%.
Main drags
- Altman Z is -0.1, in distress territory.
- Penalty bucket subtracts 1 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 63rd percentile of the scored universe and 85th percentile within Telecom. Main check: financial discipline is weak at 38/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Interest coverage is 0.9x.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Telecom: 85th pctile, median 66 · Mid: 39th pctile, median 76
89 documents have extracted text, but claim history is not strong enough yet.
2/6 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 8.2%.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Interest coverage is 0.9x.
- ▸ROCE is low at -1.7%.
- ▸ROCE trend is -11.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- —
- P/B
- —
- EV/EBITDA
- 8.56
- Market Cap
- 162731.00Cr
Profitability
- ROE
- —
- ROCE
- -1.72%
- ROA
- 19.52%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 1.00%
- EPS 5Y
- 127.12%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 0.94×
- Altman Z
- -0.05
- Book Value
- -3.30
Cash Flow
- FCF Yield
- 8.18%
- FCF Positive Y
- 9/5
- OCF
- 19411.00 Cr
- EPS TTM
- 3.45
Shareholding
- Promoter Hold
- 25.64%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 95%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Telecom, ranked by similarity
Peers
Business-comparable names in Telecom, ranked by similarity
Peers
Business-comparable peers in Telecom — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.