Vodafone Idea Share Price in Focus; Revenue Rises 1.9% in Q3FY26 Results

Vodafone Idea Limited (Vi) announced its unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025.

Quarterly Performance Overview

During Q3FY26, Vodafone Idea reported revenue of ₹11,323 crore, marking a year-on-year growth of 1.9%. The company’s reported EBITDA stood at ₹4,816 crore for the quarter. 

Cash EBITDA, excluding Ind AS 116 impact, came in at ₹2,358 crore, reflecting a sequential growth of 5%, although slightly lower than ₹2,450 crore in Q3FY25. The performance indicates gradual stabilisation in core operations amid a challenging sector environment.

Improvement in Key Customer Metrics

Customer engagement showed notable improvement during the quarter. Average Revenue Per User (ARPU), excluding M2M, rose to ₹186 from ₹173 in Q3FY25, registering a 7.3% year-on-year increase. This growth was largely driven by customer upgrades and higher data consumption.

The 4G and 5G subscriber base increased to 128.5 million compared to 126.0 million in the same quarter last year. Average data usage per 4G/5G subscriber climbed sharply to 19.2 GB, reflecting a 26.7% YoY growth, highlighting deeper data usage and improved network experience.

Network Expansion and 5G Rollout

Vodafone Idea continued to strengthen its network footprint. During the quarter, 4G population coverage expanded by 100 million people, reaching 85.5% of India’s population as of December 2025. The company also increased its 4G data capacity by over 43%, resulting in a 22% improvement in speeds compared to March 2024.

Vi expanded its 5G services to all 17 priority circles where it holds spectrum, accounting for nearly 99% of its revenue. As of December 2025, 5G services were live in 43 cities, including complete district-level coverage in Kerala. The company added over 6,500 new unique 4G towers during the quarter, taking the total broadband site count to more than 5.48 lakh.

Capital Expenditure and Financial Position

Capital expenditure for Q3FY26 stood at ₹2,252 crore, while capex for the nine months ended December 2025 was ₹6,448 crore. As of December 31, 2025, bank debt was relatively modest at ₹1,126 crore. The company’s cash and bank balance stood at ₹6,963 crore, providing near-term liquidity comfort.

Additionally, Vodafone Idea raised ₹3,300 crore through non-convertible debentures via a subsidiary, with proceeds earmarked for capital expenditure. This fundraise, completed ahead of AGR clarity, reflects lender confidence in the company’s turnaround efforts.

AGR Liability Developments

A major positive development was the freezing of AGR liability at ₹87,695 crore as of December 31, 2025, subject to reassessment. 

The structured payment plan significantly reduces near-term cash outflow, with annual payments of ₹124 crore for FY26–FY31 and ₹100 crore for FY32–FY35, followed by staggered payments thereafter. Reassessment of AGR dues has already commenced, offering long-term visibility and stability.

Vodafone Idea Share Price Performance

On January 28, 2026, Vodafone Idea share price opened at ₹9.93, slightly up from its previous close of ₹9.83. At 9:53 AM, the share price of Vodafone Idea was trading at ₹9.96, up by 1.32% on the NSE.

Also Read: Vodafone Idea Amends Implementation Agreement With Vodafone Group To Recover CLAM Dues!

Conclusion

Vodafone Idea’s Q3FY26 results indicate steady progress toward operational recovery. Rising ARPU, strong data usage growth, expanding 4G and 5G networks, improved liquidity, and clarity on AGR liabilities together strengthen the company’s long-term outlook. While challenges remain, the quarter reflects tangible steps toward stabilisation and sustainable growth.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a private recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.