Bharti Airtel Ltd.
NSE: BHARTIARTL
Communication Services · Telecom Services
₹1,805.10 last close on 9 Oct 2026 +0.03%
Research updated
Vodafone Idea Ltd.
NSE: IDEACommunication ServicesTelecom Services
- Last close
- ₹13.00
- Day change
- +₹0.20 (+1.56%)vs
- Market cap
- ₹1.37 lakh crIndian rupees
- Research updated
- 1 report
About Vodafone Idea
Vodafone Idea Ltd. is a telecommunications company operating in India, formed through the merger of Vodafone India and Idea Cellular. The company provides mobile network services, including voice and data communications, to individuals and businesses across the country. Vodafone Idea plays a crucial role in India's telecom sector, serving millions of subscribers with a range of services such as prepaid and postpaid plans, mobile broadband, roaming, and value-added services. The company also offers enterprise solutions including managed services, IoT, and cloud-based services tailored for business needs. As a significant player in the Indian telecom industry, Vodafone Idea impacts multiple sectors by facilitating communication and connectivity, which are integral to both urban and rural development. Its extensive network infrastructure supports large-scale customer demands, making it a vital part of India’s digital ecosystem. Vodafone Idea continues to focus on network expansion and the introduction of innovative services to enhance customer experiences.
- Sector
- Communication Services
- Industry
- Telecom Services
- Listing
- NSE: IDEA
- Chief executive
- Mr. Abhijit Kishore
- Employees
- 9,500
- Headquarters
- Mumbai, India
- ISIN
- INE669E01016
- Website
- myvi.in
Public research · Report of
Business model & financial foundation
Vodafone Idea (Vi) (NSE: IDEA), Wireless telecommunications services: revenue of ₹44,873 crore in FY26 (+3.0% on FY25), an EBITDA margin of 42.3% and net profit of ₹34,552 crore.
- Revenue, FY26 (₹ crore)
- 44,873
- consolidated
- Revenue growth, FY26
- +3.0%
- on FY25
- EBITDA margin, FY26
- 42.3%
- EBITDA (company reported, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 34,552
- to owners
- Return on equity, FY26
- -65.1%
- on average equity
- Market capitalisation (₹ crore)
- 1,50,814
- at the close of 12 Oct 2026
Company profile
Vodafone Idea is India's third-largest private mobile operator, formed by the 2018 merger of Vodafone India and Idea Cellular, with about 193 million subscribers (Q1 FY27) of which 130 million on 4G/5G. It earns almost all revenue from prepaid and postpaid mobile services, with blended ARPU of Rs 177 against Rs 264 at Airtel and Rs 216 at Jio. After years of losses and a crushing AGR and spectrum liability, the Government of India converted dues into a 49% equity stake and in April 2026 cut the AGR dues by 27%; the company is now funding a Rs 45,000 crore three-year 4G/5G capex plan.
| Item | Value |
|---|---|
| Legal name | Vodafone Idea Limited (formerly Idea Cellular Limited) |
| Exchange and ticker | NSE: IDEA; BSE: 532822 |
| ISIN | INE669E01016 |
| Sector | Communication Services |
| Industry | Wireless telecommunications services |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP |
| Market capitalisation | ₹1,50,814 crore (12 Oct 2026) |
| Shares outstanding | 10,763 crore shares (FY26) |
| Price | ₹13.00 (close, 12 Oct 2026) |
| 52-week range | ₹8.13 - ₹15.79 (to 12 Oct 2026) |
| Website | https://www.myvi.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Vodafone Idea Telecom Infrastructure Ltd (VITIL) | 100% | Telecom infrastructure; issuer of secured NCDs guaranteed by the company |
Nine subsidiaries per FY26 annual report; none material to revenue. Promoters: Vodafone Group 16.07% and Aditya Birla Group 9.57%; Government of India holds 49.00% as a public shareholder without management control (Jun-26 shareholding, S36).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 25.57% | 25.57% | 25.64% | 25.64% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.99% | 5.99% | 5.56% | 6.17% |
| Domestic institutions | 4.75% | 5.61% | 6.21% | 6.07% |
| of which mutual funds | 4.55% | 5.34% | 5.93% | 5.64% |
| Retail | 14.69% | 13.83% | 13.59% | 13.13% |
| Other | 49.00% | 49.00% | 49.00% | 49.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Vodafone Idea (Vi) is India's third private mobile operator: 193.1 mn subscribers at Q1 FY27, 130.1 mn of them on 4G/5G, with customer ARPU (excl. M2M) of Rs 195 and blended ARPU of Rs 177. Revenue is almost entirely prepaid and postpaid mobile; it is consolidated revenue of 11,689 cr in Q1 FY27 and 44,873 cr in FY26. Vi controls its spectrum, subscriber base and pricing (within a three-player market where Jio and Airtel lead on price changes). It does not control its tower costs (Indus Towers is the largest supplier), its regulatory dues (spectrum and AGR obligations to DoT, about 145,454 cr at FY26), or the funding of its capex, which depends on the SBI-led bank consortium. The Government of India holds 49% after converting dues into equity, with no management control; Vodafone Group (16.07%) and Aditya Birla Group (9.57%) are promoters.
| Peer | Why the dossier compares them |
|---|---|
| Bharti Airtel (BHARTIARTL) | Direct national wireless competitor; the premium-ARPU benchmark |
| Bharti Hexacom (BHARTIHEXA) | |
| Reliance Industries (Jio Platforms) (RELIANCE) | |
| Indus Towers (INDUSTOWER) | |
| Tata Communications (TATACOMM) | Listed Indian telecom services peer (enterprise data) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 38,498 | 42,143 | 42,652 | 43,571 | 44,873 |
| Cost of revenue (vendor classification) * | 16,940 | 17,987 | 17,616 | 17,734 | 17,776 |
| Other operating costs (vendor classification) * | 3,696 | 5,453 | 5,623 | 5,403 | 5,774 |
| EBITDA (vendor classification) * | 15,526 | 16,587 | 17,150 | 18,974 | 19,523 |
| EBIT * | -7,950 | -6,500 | -4,867 | -3,053 | 56,075 |
| Interest and financing cost (net of other income) | 20,284 | 22,797 | 25,652 | 23,523 | 20,954 |
| Profit/(loss) before tax | -28,234 | -29,298 | -30,410 | -27,368 | 34,548 |
| Tax expense | 11.3 | 3.50 | 828.6 | 16.0 | -4.00 |
| Profit/(loss) after tax | -28,245 | -29,301 | -31,238 | -27,384 | 34,552 |
| Diluted EPS (INR) | -9.83 | -8.43 | -6.41 | -4.01 | 3.21 |
| EBITDA (company reported, excl. other income) | 17,127 | 18,126 | 19,003 | ||
| Operating expenses total (revenue less EBITDA) | 25,510 | 25,443 | 25,870 | ||
| Network expenses and IT outsourcing | 9,810 | 9,439 | 9,418 | ||
| Licence fees and spectrum usage charges | 3,673 | 3,696 | 3,851 | ||
| Roaming and access charges | 4,118 | 4,597 | 4,501 | ||
| Employee benefit expenses | 2,122 | 2,232 | 2,337 | ||
| Other expenses incl. marketing, content, customer acquisition & service | 5,787 | 5,479 | 5,763 | ||
| Other income | 113.2 | 1,020 | 541.0 | ||
| Depreciation & amortisation | 22,634 | 21,973 | 22,108 | ||
| Exceptional items (net; positive = gain added to PBT) | 755.5 | 0.00 | 58,607 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | -61,965 | -74,359 | -1,04,167 | -70,320 | -35,758 |
| Borrowings * | 2,13,761 | 2,37,766 | 2,43,809 | 2,33,229 | 1,92,528 |
| Cash and cash equivalents * | 1,453 | 228.8 | 167.8 | 256.8 | 2,106 |
| Trade receivables * | 1,956 | 1,653 | 1,638 | 1,439 | 1,440 |
| Inventories * | 2.30 | 16.3 | 1.20 | 1.10 | 21.0 |
| Trade payables * | 13,170 | 13,536 | 13,731 | 10,748 | 8,826 |
| Net property, plant and equipment * | 36,313 | 53,569 | 56,324 | 58,993 | 70,609 |
| Capital work in progress * | 336.1 | 306.4 | 643.2 | 2,717 | 1,538 |
| Total assets * | 1,94,029 | 2,07,243 | 1,84,998 | 1,97,867 | 1,91,638 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -7,616 | -5,682 | 20,826 | 9,291 | 18,473 |
| Free cash flow (vendor definition) * | 11,275 | 13,247 | 19,212 | -1,046 | 7,554 |
| Payments for PP&E and intangibles (incl. CWIP) | -5,888 | -3,857 | -1,614 | -10,005 | -10,979 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 2,874 | 3,475 | 4,872 | 6,836 | 10,763 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 10,932 | 11,117 | 11,014 | 11,023 | 11,195 | 11,323 | 11,332 | 11,689 |
| Cost of revenue (vendor classification) * | 4,423 | 4,489 | 4,451 | 4,411 | 4,459 | 4,492 | 4,414 | 4,683 |
| Other operating costs (vendor classification) * | 1,374 | 1,367 | 1,277 | 1,456 | 1,444 | 1,411 | 1,446 | 1,430 |
| EBITDA (vendor classification) * | 4,850 | 4,962 | 4,702 | 4,754 | 4,787 | 5,010 | 4,993 | 5,229 |
| EBIT * | -554.5 | -666.9 | -923.9 | -718.3 | -742.9 | 538.0 | 56,966 | 1,373 |
| Interest and financing cost (net of other income) | 6,314 | 5,690 | 6,257 | 5,751 | 4,683 | 5,635 | 4,886 | 4,925 |
| Profit/(loss) before tax | -7,168 | -6,607 | -7,166 | -6,611 | -5,527 | -5,290 | 51,976 | -3,747 |
| Tax expense (current + deferred) | 7.80 | 2.50 | 0.00 | -3.00 | -3.00 | -4.00 | 6.00 | 7.00 |
| Profit/(loss) after tax | -7,176 | -6,609 | -7,166 | -6,608 | -5,524 | -5,286 | 51,970 | -3,754 |
| Diluted EPS (INR) | -1.03 | -0.95 | -1.01 | -0.63 | -0.51 | -0.49 | 4.80 | -0.35 |
| EBITDA (company reported, post Ind AS 116, excl. other income) | 4,550 | 4,712 | 4,660 | 4,612 | 4,685 | 4,818 | 4,889 | 5,034 |
| Depreciation & amortisation | 5,404 | 5,629 | 5,571 | 5,472 | 5,568 | 5,551 | 5,518 | 5,467 |
| Exceptional items (net; positive = gain added to PBT) | 0.00 | 0.00 | 0.00 | 0.00 | 38.0 | 1,078 | 57,491 | 1,611 |
| Operating expenses total (revenue less EBITDA) | 6,382 | 6,405 | 6,353 | 6,410 | 6,510 | 6,505 | 6,443 | 6,655 |
| Network expenses and IT outsourcing | 2,357 | 2,364 | 2,326 | 2,349 | 2,363 | n.r. | n.r. | n.r. |
| Licence fees and spectrum usage charges | 931.2 | 944.3 | 928.3 | 947.3 | 959.5 | n.r. | n.r. | n.r. |
| Roaming and access charges | 1,135 | 1,181 | 1,196 | 1,114 | 1,136 | n.r. | n.r. | n.r. |
| Employee benefit expenses | 585.4 | 549.3 | 549.5 | 543.5 | 607.2 | n.r. | n.r. | n.r. |
| Other expenses incl. marketing, content, customer acquisition & service | 1,374 | 1,367 | 1,353 | 1,456 | 1,444 | n.r. | n.r. | n.r. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -8.2% | 9.5% | 1.2% | 2.2% | 3.0% |
| EBITDA margin | 40.2% | 41.6% | 42.3% | ||
| Net margin | -73.4% | -69.5% | -73.2% | -62.8% | 77.0% |
| Return on equity | 56.4% | 43.0% | 35.0% | 31.4% | -65.1% |
| Return on capital employed | -5.0% | -4.1% | -3.2% | -2.0% | 35.1% |
| Return on assets | -14.2% | -14.6% | -15.9% | -14.3% | 17.7% |
| Borrowings less cash (₹ crore) | 2,12,308 | 2,37,537 | 2,43,641 | 2,32,972 | 1,90,422 |
| Borrowings less cash / EBITDA | 14.2x | 12.9x | 10.0x | ||
| Interest cover | -0.39x | -0.29x | -0.19x | -0.13x | 2.68x |
| Asset turnover | 0.19x | 0.21x | 0.22x | 0.23x | 0.23x |
| Receivable days | 19 | 14 | 14 | 12 | 12 |
| Inventory days (on revenue) | 0 | 0 | 0 | 0 | 0 |
| Payable days (on revenue) | 125 | 117 | 118 | 90 | 72 |
| Cash conversion | 0.27x | 0.19x | -0.67x | -0.34x | 0.53x |
| Capex intensity | 15.3% | 9.2% | 3.8% | 23.0% | 24.5% |
| Free cash flow (₹ crore) | -13,504 | -9,538 | 19,212 | -714.4 | 7,494 |
| EPS, diluted (₹) | -9.83 | -8.43 | -6.41 | -4.01 | 3.21 |
| Book value per share (₹) | -21.56 | -21.40 | -21.38 | -10.29 | -3.32 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company reported, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (company reported, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.