Concall transcriptSep 2026
Sep 2026 · Transcript
Source: Bse
Vodafone Idea Limited (IDEA)
Mid CapTelecom stocks · Mid cap · NSE
Vodafone Idea Limited (IDEA) is an Indian telecom operator providing 2G, 4G, and 5G services. The company focuses on expanding its network coverage, improving customer experience through premiumization, and growing its enterprise business with future-ready digital solutions.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:37 am IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage11/14 · 79%
Valuation2026-07-20 · Rf 6.8% · Telecom P/E 28.1 (n=16)
Technical timing lens
Trend score and candlestick chart
30BearishSMA20 -10.0% / mo · MACD −
Stock trend: 30
Sector RS: —
Telecom FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IDEAD candles · FIT view+29.0%Latest close ₹12.28 on 2026-10-19
Bar
-2.5%
RSI
34
MACD hist
-0.06
52W pos
54%
2026-10-19O ₹12.60H ₹12.69L ₹12.22C ₹12.28Vol 32.4Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IDEANifty TelecommunicationsNifty 500
- IDEA
- -9.1%
- Nifty 500
- -5.6%
- Nifty Telecommunications
- +3.9%
- Vs Nifty 500
- -3.5 pp
Chart stats
19 Oct 2026- From 52W high
- -22.2%
- 52W range position
- 54%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.80x
- Avg traded value
- ₹534 Cr
- 20D price channel
- ₹12.2 - ₹14.6
₹15.8
₹8.1 - ₹15.8
₹0.4
Latest completed session
20-session average
39.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE49
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad25
Revenue +6.0% · PAT NDF YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model+91.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 25/100Rev +6% YoY · margin expansion
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- —
- P/B
- —
- EV/EBITDA
- 7.84
- Market Cap
- 133045.00Cr
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
- -0.13
- Book Value
- -3.30
Cash Flow
- FCF Yield
- 10.00%
- FCF Positive Y
- 9/5
- OCF
- 19411.00 Cr
- EPS TTM
- 3.45
Shareholding
- Promoter Hold
- 25.64%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 54%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 11.7k+3.2% vs prev
Net Profit
₹ CrLatest: -3,754-107.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~11.2% over last month) — short-term momentum negative.
- RSI(14) at 34 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 22% off 52W high · 51% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
88
RS percentile
Stage 1 Base / Transition
1M return
-11.8%
3M return
-9.1%
6M return
+28.7%
1Y return
+30.1%
RS 1D
+2
RS 20D
-5
Sector rank
#7
Industry rank
#2
Stage evidence
- Price is within 4.1% of the 30-week proxy.
- The 30-week proxy changed +3.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
improving
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 157.78-1.46%
RS vs Nifty 500158
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation23/30
Growth10/25
Quality0/20
Balance Sheet3/15
Cash Flow8/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
49
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
49/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 10.0%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 91.5%.
Main drags
- Altman Z is -0.1, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
Sector valuation model
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Primary lens
EV/EBITDA and debt-adjusted cash generation.
Secondary checks
ARPU growth, subscriber quality, spectrum liabilities, capex intensity.
Main risk check
High EBITDA can still be weak equity value if debt and capex absorb cash.
PE
—
PB
—
EV/EBITDA
7.8
ROE
—
ROCE
-1.7%
FCF Yield
10.0%
Debt/Equity
0.0
MoS
+91.5%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
49
Previous: 49
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+91.5%
Previous: +91.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
49
49
49
49
49
49
49
49
49
49
49
49
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
42.1
Growth-justified Value
₹145.42
+91.5% MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TATACOMM
Mid
Tata Communications Limited
Telecom Services
match 87
37
41.0
32.6%
-710%
WATCHLIST
BHARTIHEXA
Large
Bharti Hexacom Limited
Telecom Services
match 83
59
43.9
26.0%
-7%
FAIR VALUE
HPTL
SME
HP Telecom India Ltd.
Telecom Services
match 77
57
19.6
28.9%
+53%
FAIR VALUE
TTML
Large
Tata Teleservices (Maharashtra) Limited
Telecom Services
match 77
32
—
—
-1304%
WATCHLIST
RCOM
Small
Reliance Communications Limited
Telecom Services
match 76
25
—
—
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-19T08:13:19.901Z
Management commentary snapshot
Q1 FY27 sees Vodafone Idea report 6.0% YoY revenue growth and 13.5% YoY Cash EBITDA growth, driven by ARPU expansion and positive net subscriber additions for the first time since the merger.
The company delivered its first quarter of positive net subscriber additions since the merger, alongside strong ARPU growth and improved profitability. Initial funding tranches and credit rating upgrades are positive, but the large capex plan requires significant further debt mobilization. Execution on network rollout and sustained subscriber growth are critical.
Growth engines
ARPU Expansion
ARPU growth driven by premiumization, evident from improving 4G/5G subscriber mix and higher data usage by per broadband subscriber.
4G/5G Subscriber Growth
Closed the quarter with 130.1 million 4G/5G subscribers, up from 127.4 million in Q1FY26, with average data usage increasing 25.2% YoY.
Enterprise Business
Vi Business saw strong demand across Connectivity, Cloud, IoT, Business Communications, Mobility, and Cybersecurity, driving increased enterprise adoption.
Network Expansion
Sustained network investments and expansion of 4G/5G coverage are improving customer experience and driving subscriber additions.
Capacity and execution
Broadband Towers Added
Added nearly 3,000 new unique broadband towers during the quarter and over 15,600 new sites over last twelve months.
4G Coverage Expansion
Pan-India 4G coverage expanded to 87.0%. Intends to deploy roughly 3,500 4G sites a month on average.
5G Footprint
5G services are now live in over 200 cities across all 17 circles where 5G spectrum is held, with over 16,000 5G sites.
Capex Orders & Deployment
Placed orders worth Rs. 9,000 Crore of capex, including Rs. 1,930 Crore undertaken in Q1FY27. Supplies and execution have commenced.
Tailwinds
Credit Rating Upgrades
Assigned Crisil A-/Stable rating in May 2026 and upgraded to ICRA A- (Stable) in June 2026 for long-term bank facilities.
Promoter Support
Received Rs. 1,183 Crore as part-proceeds from the issue of warrants to promoter Aditya Birla Group.
Industry Growth Drivers
Telecom industry positioned for growth due to fast-growing economy, young population, rising technology adoption, and lower rural tele-density.
Headwinds
Geopolitical Constraints
Prevailing geopolitical headwinds impaired capex deployment in Q1FY27 due to supply side issues.
Inflationary Challenges
Some inflationary challenges from diesel, etc., might reflect in coming quarters' network costs.
Risk radar
Funding Mobilization
Need to close discussions with PSU banks led by SBI and continue work on other debt raise streams to support the Rs. 45,000 Crore capex plan.
Postpaid Subscriber Trends
Analysts noted a potential dip in postpaid subscribers ex-M2M, despite management claims of no structural challenge, raising questions about underlying retail postpaid growth.
Network Opex Management
Balancing increased network costs from site rollouts with internal efficiency efforts amidst inflationary pressures.
Management accountability
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.
Analyst reading lens
Compare BOTH
YoY comparison reflects overall business growth and long-term trends in a seasonal business. QoQ comparison is crucial for assessing sequential momentum in subscriber additions, ARPU expansion, and the pace of network rollout and capex execution.
Sector KPIs management disclosed
Revenue
Revenue improved 6.0% YoY to Rs. 11,689 Crore and 3.2% QoQ, primarily driven by ARPU expansion.
Cash EBITDA
Cash EBITDA demonstrated double digit growth of 13.5% YoY and stood at Rs. 2,475 Crore.
EBITDA Margin
EBITDA margin improved by over 120 basis points YoY from 41.8% to 43.1%.
Subscriber Base
Increased subscriber base to 193.1 million customers vis-à-vis last quarter, delivering first quarter of positive net subscriber additions since merger.
Management forward view
Positive Momentum
All 7 critical business parameters are now trending positively, reflecting improved network experience and customer engagement.
Financial Targets
Guidance for the next 3 years includes 3x Cash EBITDA and a CAGR of around 16.8% for revenue.
Network Acceleration
Focused on accelerating network expansion with fresh orders to Ericsson, Nokia, Samsung, and other partners.
Financial Architecture Confidence
Continued support from promoters and ongoing conversations with lenders provide confidence in the financial architecture to support the roadmap.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Subscriber Additions | Positive for the first time since merger. | Sustained positive net additions, particularly in the prepaid segment, and clarity on ex-M2M postpaid trends. |
| ARPU Growth | Rs. 195, +10.2% YoY, +2.6% QoQ. | Continued organic ARPU expansion through 2G to 4G/5G upgrades and migration to unlimited data plans. |
| Capex Deployment | Rs. 1,930 Crore in Q1FY27; Rs. 9,000 Crore orders placed. | Acceleration of capex spend to meet the target of deploying ~3,500 4G sites per month and overall 3-year network rollout plan. |
| Debt Mobilization | First tranche of Rs. 6,400 Crore raised. | Successful closure of discussions with PSU banks and other debt streams to fully fund the Rs. 45,000 Crore capex plan. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
The company expects to meet the H1 capex target of INR 50-60 billion by September 2025.
Timeframe: by September 2025Direction: meet targetConfidence: should meet
"we should meet that target by September '25."
capex timelinenot yet verifiablequantified
The company expects to meet the H1 capex target of INR 50-60 billion by September 2025.
Timeframe: by September 2025Direction: meet targetConfidence: should meet
"we should meet that target by September '25."
capex timelinenot yet verifiablequantified
The company will accelerate capex plans of Rs. 500-550 billion over three years for network investment, once bank debt is tied up.
Timeframe: over three yearsDirection: accelerateConfidence: will accelerate (conditional)
"will accelerate broader capex plans of Rs. 500–550 billion over three years... once we tie up the bank debt."
capex timelinenot yet verifiablequantified
The company will accelerate capex plans of Rs. 500-550 billion over three years for network investment, once bank debt is tied up.
Timeframe: over three yearsDirection: accelerateConfidence: will accelerate (conditional)
"will accelerate broader capex plans of Rs. 500–550 billion over three years... once we tie up the bank debt."
macro expectationnot yet verifiablequantified
India’s digital economy is projected to contribute nearly one-fifth of the country’s overall economy by 2030.
Timeframe: by 2030Direction: increaseConfidence: projected
"By 2030, India’s digital economy is projected to contribute nearly one-fifth"
macro expectationnot yet verifiablequantified
India’s digital economy is projected to contribute nearly one-fifth of the country’s overall economy by 2030.
Timeframe: by 2030Direction: increaseConfidence: projected
"By 2030, India’s digital economy is projected to contribute nearly one-fifth"
demand outlookpartially delivered
Subscriber metrics will continue to improve due to population coverage, 5G rollout, product interventions, and better customer service.
Timeframe: ongoingDirection: improveConfidence: quite confident
"we are quite confident that our subscriber metrics will continue to improve"
Outcome check: Revenue YoY averaged 2.4% across 2 later quarter(s).
project executionnot yet verifiable
5G services expansion to additional key cities across all 17 priority circles is planned by September 2025.
Timeframe: by September 2025Direction: expansionConfidence: planned
"Further expansion to additional key cities across all our 17 priority circles is planned by September 2025."
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 69th percentile of the scored universe and 85th percentile within Telecom. Main check: financial discipline is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
92 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Telecom: 85th pctile, median 66 · Mid: 40th pctile, median 76
Evidence depth
Financial-only
92 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/6 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
66
acceptable · leverage and solvency
Discipline
48
watch · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 9.7%.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Interest coverage is 0.9x.
- ▸ROCE is low at -1.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Vodafone Idea Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 15 Sep - Ms. Gopika Pant appointed Independent Woman Director from 17 Sep 2026 for 5 years, subject to shareholder approval.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Sep - Vodafone Idea has informed about Copies of Newspaper Advertisement regarding Notice of Postal Ballot and remote E-voting information
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Sep - Vi unveils new brand identity and Shah Rukh Khan teaser campaign, rolled out from 1 September.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug - Vodafone Idea Limited has informed regarding schedule of Analyst/Institutional Investor Meeting(s).
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 10 Aug - Vodafone Idea announced director changes, appointed Anil Berera as independent director, Rajmeet Singh internal auditor, and Nilufer Shekhawat company secretary designate.
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug - Newspaper Publication regarding extract of Unaudited Financial Results for the first quarter ended 30 June 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 10 Aug - Vodafone Idea filed Q1 FY27 monitoring report on convertible warrant proceeds use.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 22 Jun - 430 crore warrants allotted to Suryaja Investments at Rs11 each, raising Rs1,182.50 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Jun - Vodafone Idea Limited has informed regarding Schedule of Analyst(s)/ Institutional Investor(s) Meetings
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.