Vodafone Idea Q4 FY26 Results: AGR Resolution, Subscriber Stabilization

Mr. Kumar Mangalam Birla, Chairman of Aditya Birla Group, has taken charge as Non-Executive Chairman of Vodafone Idea's Board of Directors
Mr. Ravinder Takkar continues on the Board as Non-Executive Vice Chairman
Aditya Birla Group committed to infuse additional equity of ₹4,730 crore

Received DoT communication on 30 April 2026 finalizing AGR dues at ₹64,046 crore as of 31 December 2025 (reduced from earlier ₹87,695 crore)
Structured repayment schedule provides payment clarity till FY35
Balance AGR dues to be paid in 6 equal annual installments of ₹10,608 crore from March 2036 to March 2041
Spectrum usage charges of ₹609 crore with interest for FY 2017-2018 and FY 2018-2019 to be paid in six annual installments of ₹124 crore between March 2026 and March 2031
Company already paid ₹124 crore as of March 2026
Accounting impact: Financial liability of ₹80,502 crore derecognized, revised liability of ₹24,880 crore recognized (present value of reduced liability)
Exceptional gain of ₹55,622 crore credited to P&L

Revenue: ₹11,332 crore, growth of 2.9% YoY
EBITDA: ₹4,889 crore, improving 4.9% YoY
EBITDA margin: 43.1% (80 basis points improvement)
Cash EBITDA: ₹2,432 crore, improving 4.8% YoY
Net profit: ₹51,970 crore (including exceptional gain)
Investment/Capex: ₹2,294 crore for quarter
Bank debt: Reduced to ₹726 crore from ₹2,326 crore YoY (reduction of ₹1,600 crore)
Free cash bank balance: ₹3,715 crore as of 31 March 2026

Subscriber base stabilized at 192.8 million customers (first stabilization since merger)
Subscriber numbers improved for first time post-merger in February and continued into March
Customer ARPU: ₹190 in Q4FY26 vs ₹175 in Q4FY25 (8.3% YoY growth)
ARPU increased for 19 consecutive quarters
4G/5G subscriber mix: 66.9% in Q4FY26 vs 63.8% in Q4FY25
4G/5G subscribers: 128.9 million vs 126.4 million in Q4FY25
Data usage: 83.0 Petabyte/day in Q4FY26 vs 63.8 Petabyte/day in Q4FY25 (over 30% increase)
Average data usage per 4G/5G subscriber: 20.2 GB in Q4FY26 (27.2% YoY increase)
Added 17,300 new unique broadband towers in FY26

Non-stop hero proposition (unlimited data) recording sequential growth of over 25% for last three quarters
Postpaid segment registered sequential positive net additions for eighth consecutive quarters
Easy+ offering for enterprise post-paid customers expanded with personal loans
Vi app upgraded with AI capabilities including AI-powered recharge assistant
Vi Protect categorized over two billion calls and SMS as suspected spam, blocking nearly 250,000 domains as SPAM
Strategic partnership with Chennai Super Kings as official communications partner
Vi Number Rakshak campaign recognized at London International Awards and The Clio Awards

Strong momentum across Connectivity, Cloud, IoT, Business Communications, Mobility and Cybersecurity
Increasing enterprise adoption across BFSI, manufacturing, utilities, logistics, and government sectors
Developing 'Dedicated Enterprise Corridor' with addition of ~1.3 Tbps network capacity across data centers
Received Innovative Connectivity Solution of the Year (India) at Asian Telecom Awards 2026 for CCaaS offering
Received Aegis Graham Bell Award for innovation in IoT

ICRA upgraded credit rating to ICRA BBB with Positive outlook for long-term fund-based term loans (March 2026)
Funding plan: ₹25,000 crore funded facility and ₹10,000 crore non-funded facility through SBI-led consortium
Consortium includes PSU banks, private banks, and foreign banks
Capex target: ₹45,000 crore over next three years

Three-year targets: sustained net customer addition, double-digit revenue growth, and 3x EBITDA
Targeting cash EBITDA margin north of 35% (currently 20.5%)
Plan to reduce churn by 0.5%-0.6%
Focus on four subscriber growth levers: churn reduction, new population coverage, MNP participation, and quality customer acquisition
Confidence in fulfilling all financial obligations over next three years through EBITDA growth, debt facilities, CLAM settlement, and income tax refunds