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Vodafone Idea’s loss widened to ₹5,975 crore as revenue per user rose 9.7% to ₹198

Vodafone Idea’s results for July to September: why the loss widened, what customers pay, the towers it added, and the ₹1,57,532 crore it owes the government.

Illustration: The TechBag Journal

Vodafone Idea (Vi), the mobile operator whose largest shareholder is the Government of India with 49.00%, ahead of Vodafone Group’s 16.07% and the Aditya Birla Group’s 9.57%, lost ₹5,975 crore in July–September, against ₹3,754 crore in April–June and ₹5,524 crore a year earlier.1 Its customers paid more: average revenue per user (ARPU) rose 9.7% in a year to ₹198 a month.1 The jump from April–June came mostly from the value of Vi’s own shares, not from the business. Excluding one-off items the loss was ₹5,513 crore, against ₹5,365 crore in April–June and ₹5,562 crore a year earlier.1

₹5,975 cr

loss for July–September; ₹5,513 crore before one-off items

NSE filing

₹198

revenue per customer per month, up 9.7% from ₹180

NSE filing

₹3,946 cr

capital spending in the quarter; about 9,000 towers added

NSE filing

−₹44,298 cr

total equity at 30 September, from −₹35,758 crore in March

NSE filing

01Why the loss moved: shares Vodafone set aside

The quarterly report puts the wider loss down to the “adverse impact of mark-to-market of treasury assets”.1 The results statement says what those assets are. Under the Implementation Agreement with the former owners of Vodafone India, amended on 31 December 2025, Vodafone Group entities earmarked 328 crore Vi shares for five years to secure part of a settlement Vi is owed; whatever those shares are sold for goes to Vi. Vi books them at market value. At 30 September they were worth ₹3,972 crore, and the fall in the quarter was a ₹462 crore loss, booked as an exceptional item. In April–June the same line was a ₹1,816 crore gain.2 That one line swung by ₹2,278 crore between the two quarters, more than the ₹2,221 crore by which the loss widened; April–June also carried a ₹205 crore provision for regulatory matters, and the loss before one-off items rose ₹148 crore.12

Revenue was ₹11,884 crore, up 6.2% in a year, and EBITDA ₹4,981 crore. ARPU rose, Vi says, “primarily” on customer upgrades. It counts 194.4 million subscribers, 1.3 million more than in June but fewer than the 196.7 million of a year earlier, and 131.0 million of them on 4G or 5G, up from 127.8 million.1 Fewer customers, each paying more. How Indian mobile prices got here, from a free launch to three tariff rises, is in the Journal’s reading of Jio’s pricing.

02What the business earns, and what it owes

Vi earned ₹4,981 crore before depreciation and interest; those two cost it ₹10,480 crore

Vodafone Idea consolidated profit and loss, ₹ crore, July–September 2026

Revenue₹11,884
Operating costs₹6,903
EBITDA₹4,981
Depreciation and amortisation₹5,505
Net finance costs₹4,975
Loss on earmarked shares₹462
Loss for the quarter₹5,975
Show tableHide table
Value (₹)
Revenue11,884
Operating costs6,903
EBITDA4,981
Depreciation and amortisation5,505
Net finance costs4,975
Loss on earmarked shares462
Loss for the quarter5,975

Source: Vodafone Idea, quarterly report and unaudited consolidated results, NSE filings of 12 November 2026 · as of 12 November 2026 · Net finance costs are after ₹376 crore of other income; tax of ₹14 crore is not shown.

That gap is the cost of the network and the spectrum. Vi’s bank debt is small: ₹943 crore of bank debt at 30 September, against ₹5,470 crore of cash and bank balances.1 Counting debentures and other lenders, the group owes ₹4,543 crore. Its large debt is to the government: deferred payments of ₹1,31,268 crore for spectrum and ₹26,264 crore for adjusted gross revenue (AGR) dues, with ₹9,216 crore of instalments due by September 2027.2 The AGR figure is what remains after the year to March 2026 booked a ₹58,116 crore reduction in those dues as an exceptional item; that is why January–March, with ₹57,491 crore of exceptional items, showed a ₹51,970 crore profit.12

Vi says it has secured over ₹10,500 crore of funding in the half year, including warrants and bank facilities, and placed over ₹13,200 crore of equipment orders against its three-year capex plan. It added nearly 9,000 broadband towers in the quarter, the most in nine quarters, for 213,616 in all.1 The shares closed at ₹12.57 on Friday 13 November, down 3.1% on the day after the results.3 What to watch: whether cash EBITDA, ₹2,498 crore this quarter, keeps pace with the government instalments and the tower build.

Sources

  1. Vodafone Idea, quarterly report for the second quarter and half year ended 30 September 2026 (NSE) — 12 November 2026
  2. Vodafone Idea, outcome of board meeting: unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, with limited review reports (NSE) — 12 November 2026
  3. Yahoo Finance, IDEA.NS daily closing prices, 12 and 13 November 2026 (quote data, not a primary source) — 13 November 2026

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