Company Overview

Vodafone Idea Limited submitted an investor presentation dated November 2026 to the National Stock Exchange of India Limited and BSE Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The document was signed by Pankaj Kapdeo, Company Secretary, on 12 November 2026.

Company Business Profile

Vodafone Idea Limited presents itself as a formidable wireless player with 3 decades of telco expertise and strong promoters. The company holds approximately 8,030 MHz spectrum holdings, operates 216,500+ unique sites, and has 355,000+ km of optical fiber cable. It covers 487,000+ towns and villages with 1.2 billion+ population coverage and maintains a subscriber base of 194.4 million. The company has 5G coverage in 400 cities/towns across 17 circles and operates through ~635k retailers and ~2.8k+ branded stores across 650+ cities. Credit ratings are Crisil A-/Stable and ICRA A- (Stable).

Growth Strategy and Initiatives

Network Strategy

The company has implemented a "17-5-5 Network play" strategy with outcomes including regaining coverage parity in 17 key circles, ensuring 100% 2G=4G coverage in 5 other circles for national highways, key state highways, airports, and tourist places, and providing seamless 5G experience across urban markets. Capex guidance for network rollout is ₹45,000 Cr.

Brand Refresh

Vodafone Idea has undergone brand reappraisal with a new dynamic logo (yellow dot moved to the top), appointment of Shah Rukh Khan as brand ambassador, and a new campaign 'Vi pe sab hain VIP' focusing on inclusivity.

Service Differentiation Initiatives

i@50: Aims to reduce assisted interactions by 50% at touchpoints, achieving 42% reduction to date.

ZIC (Zero Interaction Complaints): Reduced interaction-related complaints by 74% across all touch points.

Super Agents: Gen AI + Emotional intelligence for contact center, outbound & Vi App experience.

Voice Biometric: For secure, frictionless authentication.

Self-Healing Network: For reducing service disruptions through proactive detection and fixes.

Enterprise Business Strategy

Focus on being trusted partner to enterprises with industry vertical solutions, dedicated enterprise corridors, private networks for Industry 4.0, AI-enabled value adds, IoT Smart Central platform, multi-cloud platform offerings, and NextGen SOCaaS security practice.

Digital Assets

OTT aggregator App offering multiple OTTs & 300+ TV channels under one app subscription across multiple devices. Vi Ads digital advertising platform with self-serve capabilities empaneled with top media agencies.

Q2FY27 Financial Performance

Profit & Loss Account (₹ Cr)

  • Revenue from Operations: Q2FY27: 11,884 (Q1FY27: 11,689, Q4FY26: 11,332, Q3FY26: 11,323, Q2FY26: 11,195)
  • Opex: Q2FY27: 6,903 (Q1FY27: 6,655, Q4FY26: 6,443, Q3FY26: 6,505, Q2FY26: 6,510)
  • EBITDA: Q2FY27: 4,981 (Q1FY27: 5,034, Q4FY26: 4,889, Q3FY26: 4,818, Q2FY26: 4,685)
  • EBITDA Margin: Q2FY27: 41.9% (Q1FY27: 43.1%, Q4FY26: 43.1%, Q3FY26: 42.6%, Q2FY26: 41.9%)
  • Depreciation & Amortisation: Q2FY27: 5,505 (Q1FY27: 5,467, Q4FY26: 5,518, Q3FY26: 5,551, Q2FY26: 5,568)
  • EBIT: Q2FY27: (524) (Q1FY27: (433), Q4FY26: (629), Q3FY26: (733), Q2FY26: (882))
  • Interest and Financing Cost (net): Q2FY27: 4,975 (Q1FY27: 4,925, Q4FY26: 4,886, Q3FY26: 5,635, Q2FY26: 4,683)
  • Exceptional Items: Q2FY27: (462) due to adverse impact of mark-to-market of treasury assets (Q1FY27: 1,611, Q4FY26: 57,491, Q3FY26: 1,078, Q2FY26: 38)
  • PBT: Q2FY27: (5,961) (Q1FY27: (3,747), Q4FY26: 51,976, Q3FY26: (5,290), Q2FY26: (5,527))
  • Tax Expenses: Q2FY27: 14 (Q1FY27: 7, Q4FY26: 6, Q3FY26: (4), Q2FY26: (3))
  • PAT: Q2FY27: (5,975) (Q1FY27: (3,754), Q4FY26: 51,970, Q3FY26: (5,286), Q2FY26: (5,524))
  • Other comprehensive income: Q2FY27: (4) (Q1FY27: 3, Q4FY26: 16, Q3FY26: 2, Q2FY26: (1))
  • Total comprehensive income: Q2FY27: (5,979) (Q1FY27: (3,751), Q4FY26: 51,986, Q3FY26: (5,284), Q2FY26: (5,526))
  • Cash EBITDA (pre-IndAS 116): Q2FY27: 2,498 (Q1FY27: 2,475, Q4FY26: 2,432, Q3FY26: 2,358, Q2FY26: 2,246)
  • Cash EBITDA Margin %: Q2FY27: 21.0% (Q1FY27: 21.2%, Q4FY26: 21.5%, Q3FY26: 20.8%, Q2FY26: 20.1%)
  • PAT adj. for exceptional item: Q2FY27: (5,513) (Q1FY27: (5,365), Q4FY26: (5,521), Q3FY26: (6,364), Q2FY26: (5,562))

EBITDA margin was stable YoY at 41.9%, with sequential moderation due to annual increment and brand refresh marketing. Cash EBITDA margin was 21.0% with Cash EBITDA of ₹2,498 Cr, up 11.2% YoY reflecting improved cost management.

Balance Sheet (₹ Cr) as of 30-Sep-26 vs 31-Mar-26

Assets

  • Property, plant and equipment: 71,194 (64,240)
  • Capital work-in-progress: 2,175 (1,454)
  • Intangible assets: 88,508 (78,846)
  • Intangible assets under development: 65 (13,820)
  • Investments accounted for using equity method: 6 (0)
  • Other non-current financial assets: 4,739 (3,356)
  • Deferred Tax Assets: 9 (17)
  • Other non-current assets: 7,313 (8,029)
  • Total non-current assets: 174,009 (169,762)
  • Inventories: 1 (21)
  • Current investments: 1,425 (107)
  • Trade receivables: 2,195 (1,969)
  • Cash and cash equivalents: 3,967 (2,106)
  • Bank balance other than cash: 1,361 (3,625)
  • Other current financial assets: 2,102 (2,131)
  • Current Tax Assets: 0 (10)
  • Other current assets: 12,349 (11,907)
  • Total current assets: 23,400 (21,876)
  • Total Assets: 197,409 (191,638)

Equity and Liabilities

  • Equity share capital: 108,343 (108,343)
  • Other equity: (152,641) (144,101)
  • Total equity: (44,298) (35,758)
  • Long term borrowings - Loans from banks: 1,134 (3,275)
  • Deferred payment obligations: 146,974 (142,473)
  • Lease liabilities: 42,014 (36,221)
  • Other non-current financial liabilities: 5,203 (5,293)
  • Long term provisions: 76 (54)
  • Deferred tax liabilities: 8 (8)
  • Other non-current liabilities: 362 (383)
  • Total Non-Current Liabilities: 195,771 (187,707)
  • Short term borrowings - Loans from banks: 3,091 (726)
  • Deferred payment obligations: 2,987 (2,981)
  • Lease liabilities: 7,106 (6,852)
  • Trade payables: 8,868 (8,826)
  • Other current financial liabilities: 17,013 (14,431)
  • Other current liabilities: 6,589 (5,597)
  • Short term provisions: 23 (17)
  • Current tax liability: 259 (259)
  • Total Current Liabilities: 45,936 (39,689)
  • Total equity and liabilities: 197,409 (191,638)

Key Performance Indicators (Q2FY27)

  • Subscriber Base: 194.4 mn (Q1FY27: 193.1 mn, Q4FY26: 192.8 mn, Q3FY26: 192.9 mn, Q2FY26: 196.7 mn)
  • Postpaid Subscribers: 33.9 mn (31.9 mn, 30.1 mn, 28.8 mn, 27.9 mn)
  • Total Data Subscribers: 136.4 mn (136.0 mn, 135.0 mn, 134.9 mn, 134.7 mn)
  • 4G/5G Subscribers: 131.0 mn (130.1 mn, 128.9 mn, 128.5 mn, 127.8 mn)
  • VLR Subscribers: 167.8 mn (167.0 mn, 169.3 mn, 169.5 mn, 171.5 mn)
  • ARPU Blended: ₹178 (₹177, ₹174, ₹172, ₹167)
  • Customer ARPU (excluding M2M): ₹198 (₹195, ₹190, ₹186, ₹180)
  • Blended Churn: 4.0% (3.8%, 3.9%, 4.4%, 4.3%)
  • 4G Coverage - Census Towns & Villages: 431,445 (429,730, 414,573, 407,515, 398,779)
  • 4G Population Coverage: 87.8% (87.0%, 86.3%, 85.5%, 84.4%)
  • 2G Coverage - Census Towns & Villages: 487,173 (stable across all periods)
  • 2G Population Coverage: 91.3% (stable across all periods)
  • Total Unique Towers: 216,560 (209,269, 206,981, 203,555, 198,428)
  • Total Unique Broadband Towers: 213,616 (204,893, 202,008, 197,692, 191,096)
  • Total Broadband sites: 610,521 (580,883, 566,376, 548,027, 527,012)
  • Total Minutes of Use: 340 bn min (341, 346, 345, 346)
  • Average MoU per User: 585 min (590, 599, 592, 585)
  • Data Usage: 93.6 Pb/day (88.4, 83.0, 76.5, 73.6)
  • Average Data Usage by 4G/5G Subscriber: 23.0 GB (21.7, 20.2, 19.2, 18.5)

Q2FY27 performance showed continued strong customer addition momentum with 1.3 Mn customers added. Customer ARPU showed strong YoY improvement with sequential growth muted due to seasonality. Data usage showed customer engagement continued to strengthen with 27.1% YoY improvement. Network improvement showed highest quarterly unique broadband tower addition since last nine quarters.

Shareholding Pattern (as on September 30, 2026)

  • Aditya Birla Group: 9.57% (1,036,703,332 shares)
  • Vodafone Group: 16.07% (1,741,404,522 shares)
  • Total Promoter Holding: 25.64% (2,778,107,854 shares)
  • Government of India: 49.00% (5,308,318,489 shares)
  • Institutional Holding: 12.47% (1,351,491,493 shares)
  • Non-Institutional Holding: 12.89% (1,396,385,662 shares)
  • Total Shares Outstanding: 10,834,303,500 shares

Stock Market Information (as at 30 September 2026)

  • NSE closing price per share: ₹13.0
  • BSE code: 532822
  • NSE symbol: IDEA
  • Reuters: IDEA.NS
  • Shares outstanding: 108,343.0 Mn
  • Combined volume: 427.6 Mn/day
  • Combined value: ₹603 Cr/day
  • Market capitalisation: ₹140,304 Cr

Trading period covered: 1 July – 30 September 2026 with volume and value combining NSE and BSE trades.