Vodafone Idea LimitedTelecommunicationsIDEA
Q1 FY27 concall · earnings callVodafone Idea Limited
Vodafone Idea delivered its first quarter of positive net subscriber additions since merger, improved all seven critical business parameters, and is executing its funding and network expansion roadmap.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹11,689 Cr | 6.0% YoY | |
| Cash EBITDA | ₹2,475 Cr | 13.5% YoY | |
| Subscriber Base | 193.1 million | — | |
| Customer ARPU | Rs. 195 | 10.2% YoY | |
| EBITDA | ₹5,034 Cr | 9.1% YoY | |
| EBITDA Margin | 43.1% | 120 bps YoY | |
| Bank Debt | ₹211 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹11,117.30 Cr+4.2% YoY+1.7% QoQ | ₹-6,609.30 CrLoss narrowed YoYLoss narrowed QoQ | ₹-0.95Loss/share narrowed YoYLoss/share narrowed QoQ |
| Q2 FY25 | ₹10,932.20 Cr+2% YoY+4% QoQ | ₹-7,175.90 CrLoss narrowed YoYLoss widened QoQ | ₹-1.03Loss/share narrowed YoYLoss/share widened QoQ |
| Q1 FY25 | ₹10,508.30 Cr-1.4% YoY-0.6% QoQ | ₹-6,432.10 CrLoss narrowed YoYLoss narrowed QoQ | ₹-1.02Loss/share narrowed YoYLoss/share narrowed QoQ |
| Q4 FY24 | ₹10,573.70 Cr+0.4% YoY-0.9% QoQ | ₹-7,674.60 CrLoss widened YoYLoss widened QoQ | ₹-1.57Loss/share widened YoYLoss/share widened QoQ |
| Q3 FY24 | ₹10,673.10 Cr+0.5% YoY-0.4% QoQ | ₹-6,985.90 CrLoss narrowed YoYLoss narrowed QoQ | ₹-1.44Loss/share narrowed YoYLoss/share narrowed QoQ |
TL;DR
- Revenue grew 6.0% YoY to Rs. 11,689 Crore.
- Cash EBITDA grew 13.5% YoY to Rs. 2,475 Crore.
- Achieved first quarter of positive net subscriber additions since merger.
- Customer ARPU grew 10.2% YoY to Rs. 195, the highest in the industry.
- Raised Rs. 6,400 Crore in funding including warrant proceeds and debt.
- Placed capex orders worth Rs. 9,000 Crore; aims to deploy Rs. 45,000 Crore over next three years.
Said on the call
“The defining theme for this quarter is momentum.”
From the Q&A
| Topic | What management said |
|---|---|
| Subscriber Growth & Network Impact | Management confirmed that network rollout (over 15,500 sites in 12 months) has improved customer retention and led to the first quarter of positive net adds; focus is on deploying ~3,500 4G sites/month and reaching rural/uncovered areas. |
| ARPU Growth Drivers | ARPU growth is organic, driven by upgrading 2G to 4G/5G customers, multi-SIM users adopting data, and moving unlimited data customers to NonStop Hero plans; upgrades of 3-4% of customers per quarter provide continued momentum. |
| Capex & Network Plan | Guidance remains Rs. 45,000 Crore over three years; Rs. 9,100 Crore of orders are placed and will be deployed over the next two quarters; targets 55,000-57,000 4G sites and 86,000-90,000 5G sites over the plan period. |
| Postpaid & M2M Subscribers | Management denied any dip in postpaid subscribers, stating net adds have been positive for 6-8 quarters; M2M growth is strong, having doubled net additions over the last year, but a specific subscriber split was not provided. |
| Funding & Debt | Raised Rs. 6,400 Crore including Rs. 1,183 Crore from warrants and balance from ECB/Indian private banks (mix of debt and non-fund facilities); total debt is Rs. 3,489 Crore (Rs. 211 Crore bank debt + Rs. 3,300 Crore NCD). |
| Cash EBITDA Guidance | Guidance to triple cash EBITDA over three years (from Rs. 9,200 Crore base) remains, implying a revenue CAGR of ~16.8%; this is built on customer and ARPU growth assumptions. |
Guidance
- Triple Cash EBITDA over the next three years (from Rs. 9,200 Crore base).
- Revenue CAGR of ~16.8% over the next three years.
- Capex plan of Rs. 45,000 Crore over the next three years.
- Deploy ~3,500 4G sites per month on average.
- Expand 5G to another 200+ cities over the next two quarters.
- Target 55,000-57,000 4G sites and 86,000-90,000 5G sites over the plan period.
Source
Summary written from the transcript filed by Vodafone Idea Limited for the call held on 11 Aug 2026; published 18 Aug 2026, 20:13 IST.
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