Vodafone Idea Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2018 • Mobility: 96.8% • LD: 1.7% • PI: 1.5%
AI Sector View
AI GENERATEDTelecommunication
Telecom operating proxies are steady, with telecom subscriber base up 11.0% YoY (2026-06) and broadband subscriber base also up 11.0% YoY (2026-06). However, persistent FPI outflows of INR -11055 crore over 3 months to 2026-08-31 suggest weak investor appetite. That combination supports a neutral rather than positive stance.
PROS
- Company is almost debt free
- Company generates healthy free cash flow
- Institutional investors have been accumulating - FII+DII up 2.1pp
CONS
- Net worth is negative - accumulated losses have eroded equity
- Promoter holding has decreased over last 2 years: -12.5pp
- Company has a low return on equity of 0.0% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.06x)
- Equity base is being diluted - shares outstanding up 122.6%
- Effective tax rate is unusually low at -0.0% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARTIARTL | 1837.00 | 39.65 | 1146500.05 | 1.31 | 10011.60 | 34.89 | 58539.10 | 18.35 | 25.05 | 57.07 |
| IDEA | 14.96 | 4.33 | 162081.18 | 0.00 | -3754.00 | 43.19 | 11689.00 | 6.19 | 46.77 | 43.07 |
| INDUSTOWER | 372.70 | 13.74 | 98324.33 | 3.76 | 1745.80 | 0.52 | 8431.10 | 4.64 | 30.51 | 53.11 |
| BHARTIHEXA | 1539.25 | 42.19 | 76962.50 | 1.17 | 4824.00 | 1131.87 | 25099.00 | 1009.10 | 29.30 | 52.68 |
| TATACOMM | 1763.90 | 53.17 | 50286.26 | 0.99 | 129.72 | -31.78 | 6582.82 | 10.45 | 15.75 | 18.75 |
| RAILTEL | 262.55 | 41.79 | 8426.24 | 1.24 | 38.39 | 48.51 | 467.61 | 24.08 | 23.03 | 15.86 |
| TTML | 35.93 | 87.55 | 7024.06 | 0.00 | -72.15 | 77.80 | 301.57 | 6.09 | 157.86 | 53.91 |
| HATHWAY | 10.19 | 23.80 | 1803.74 | 0.00 | 24.56 | -20.85 | 565.10 | 6.52 | 2.55 | 13.43 |
| MTNL | 25.14 | 0.00 | 1583.82 | 0.00 | -842.36 | 10.69 | 216.89 | 229.92 | -6.76 | -15.07 |
| GTL | 7.23 | 0.14 | 113.73 | 0.00 | 4520.66 | 2243.77 | 497.08 | -28.12 | 0.00 | 27.04 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,610 | 10,715 | 10,673 | 10,574 | 10,487 | 10,918 | 11,100 | 10,951 | 11,008 | 11,170 | 11,308 | 11,303 | 1,16,890 | |
| 6,498 | 6,434 | 6,323 | 6,271 | 6,304 | 6,382 | 6,405 | 6,356 | 6,410 | 6,510 | 6,506 | 6,443 | 1,72,420 | |
| Operating Profit | 4,112 | 4,282 | 4,350 | 4,303 | 4,183 | 4,536 | 4,695 | 4,595 | 4,598 | 4,660 | 4,802 | 4,860 | -55,530 |
| OPM % | 38.75% | 39.96% | 40.76% | 40.70% | 39.89% | 41.54% | 42.30% | 41.96% | 41.77% | 41.72% | 42.47% | 43.00% | -47.51% |
| 21 | 34 | 780 | 32 | 256 | 300 | 250 | 214 | 142 | 140 | 1,271 | 57,595 | -14,160 | |
| Interest | 6,398 | 6,569 | 6,518 | 6,280 | 5,519 | 6,614 | 5,940 | 6,471 | 5,893 | 4,784 | 5,828 | 4,990 | 51,200 |
| Depreciation | 5,616 | 5,667 | 5,598 | 5,751 | 5,369 | 5,404 | 5,629 | 5,571 | 5,472 | 5,568 | 5,550 | 5,518 | 54,670 |
| Profit before Tax | -7,836 | -7,919 | -6,986 | -7,663 | -6,427 | -7,168 | -6,607 | -7,169 | -6,611 | -5,527 | -5,290 | 51,976 | -37,470 |
| Tax % | -0.04% | -10.33% | 0.01% | -0.11% | -0.09% | -0.11% | -0.03% | -0.00% | 0.05% | 0.06% | 0.08% | 0.01% | -0.19% |
| Net Profit | 0 | 0 | 0 | 0 | -6,432 | -7,176 | -6,609 | -7,166 | -6,608 | -5,524 | -5,286 | 51,970 | -37,540 |
| -1.61 | -1.79 | -1.44 | -1.57 | -1.02 | -1.03 | -0.95 | -1.01 | -0.63 | -0.51 | -0.49 | 4.80 | -0.35 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 35,576 | 28,279 | 37,092 | 44,958 | 41,952 | 38,516 | 42,177 | 42,652 | 43,572 | 44,873 | 45,470 | |
| 25,348 | 22,224 | 32,976 | 30,240 | 25,050 | 22,499 | 25,424 | 25,622 | 25,576 | 26,014 | 36,701 | |
| Operating Profit | 10,227 | 6,054 | 4,116 | 14,717 | 16,902 | 16,016 | 16,753 | 17,030 | 17,996 | 18,859 | 8,769 |
| OPM % | 28.75% | 21.41% | 11.10% | 32.74% | 40.29% | 41.58% | 39.72% | 39.93% | 41.30% | 42.03% | 19.29% |
| 369 | 486 | 1,592 | -36,986 | -19,555 | 348 | 362 | 966 | 1,150 | 59,292 | 57,590 | |
| Interest | 4,054 | 4,953 | 9,545 | 15,527 | 18,193 | 21,015 | 23,363 | 25,767 | 24,543 | 21,495 | 20,722 |
| Depreciation | 7,827 | 8,409 | 14,536 | 24,356 | 23,638 | 23,584 | 23,050 | 22,634 | 21,973 | 22,108 | 22,102 |
| Profit before Tax | -863 | -6,499 | -18,175 | -61,797 | -44,253 | -28,234 | -29,298 | -30,410 | -27,368 | 34,548 | 37,412 |
| Tax % | 53.70% | 35.87% | 19.65% | -19.55% | 0.05% | -0.04% | -0.01% | -2.72% | -0.06% | -0.01% | 0.02% |
| Net Profit | -400 | -4,168 | -14,604 | -73,878 | -44,233 | -28,245 | -29,301 | -31,238 | -27,384 | 34,552 | 37,406 |
| EPS | 0.00 | -11.36 | -17.17 | -27.26 | -15.40 | -9.83 | -8.43 | -6.23 | -3.84 | 3.19 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 2%
- 5 Years:
- 1%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 29%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -11%
- 5 Years:
- 12%
- 3 Years:
- 13%
- 1 Year:
- 102%
RETURN ON EQUITY
- 10 Years:
- -28%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3,605 | 4,359 | 8,736 | 28,735 | 28,735 | 32,119 | 48,680 | 50,120 | 71,393 | 1,08,343 |
| 20,993 | 22,823 | 50,832 | -22,821 | -67,000 | -94,089 | -1,23,043 | -1,54,289 | -1,78,664 | -1,44,101 | |
| 53,203 | 60,129 | 1,23,203 | 1,24,847 | 1,79,030 | 1,97,072 | 2,23,030 | 2,35,002 | 2,12,551 | 1,87,645 | |
| Trade Payables | 4,078 | 3,548 | 12,649 | 11,767 | 13,276 | 13,170 | 13,536 | 13,436 | 10,747 | 8,826 |
| 14,789 | 6,513 | 23,941 | 84,389 | 49,436 | 45,755 | 45,025 | 40,715 | 81,828 | 30,908 | |
| Total Liabilities | 96,668 | 97,372 | 2,19,361 | 2,26,918 | 2,03,478 | 1,94,026 | 2,07,229 | 1,84,984 | 1,97,855 | 1,91,621 |
| 76,763 | 79,692 | 1,77,733 | 1,85,770 | 1,67,490 | 1,56,819 | 1,56,255 | 1,40,125 | 1,41,320 | 1,43,086 | |
| Capital Work in Progress | 1,330 | 651 | 2,359 | 1,042 | 600 | 324 | 300 | 639 | 2,472 | 1,454 |
| 6,378 | 7,290 | 8,239 | 1,979 | 4 | 5 | 6 | 0 | 0 | 107 | |
| 59 | 37 | 4 | 2 | 1 | 2 | 16 | 1 | 1 | 21 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,195 | 2,000 | 1,969 | |
| Cash & Bank | 83 | 29 | 991 | 2,663 | 2,216 | 3,497 | 855 | 536 | 10,568 | 5,731 |
| 12,054 | 9,672 | 30,036 | 35,461 | 33,167 | 33,380 | 49,796 | 41,488 | 41,494 | 39,253 | |
| Total Assets | 96,668 | 97,372 | 2,19,361 | 2,26,918 | 2,03,478 | 1,94,026 | 2,07,229 | 1,84,984 | 1,97,855 | 1,91,621 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 11,157 | 5,749 | 5,068 | 4,921 | 14,849 | 15,918 | 17,524 | 20,826 | 9,290 | 19,411 | |
| Cash from Investing | -15,556 | -9,272 | -7,379 | -2,790 | 1,075 | -5,730 | -5,414 | -1,907 | -16,248 | -6,104 |
| Cash from Financing | 4,506 | 3,925 | -2,949 | -5,019 | -16,731 | -10,554 | -14,680 | -18,980 | 7,047 | -11,458 |
| -574 | -14 | -4,980 | -481 | -17 | 1,103 | -1,224 | -61 | 89 | 1,849 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Vodafone Idea Limited has informed the Exchange about media release on new brand identity.
2026-09-01 - Vodafone Idea Limited has informed the Exchange about change in Logo of the Company
2026-08-31 - Vodafone Idea Limited has informed the Exchange regarding ESG Rating of the Company for FY 2026 by CRISIL ESG Ratings and Analytics Limited
2026-08-28 - Vodafone Idea Limited has submitted to the Exchange a copy Srutinizers Report of Annual General Meeting held on 27 August 2026. Further, the company has informed the Exchange regarding voting results
2026-08-27 - Vodafone Idea Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on 27 August 2026.
2026-08-25 - The Exchange has sought clarification from Vodafone Idea Limited with respect to recent news item captioned Delhi HC raps I-T dept over Rs 53 crore Vodafone Idea refund delay. The response from the Company is attached.
2026-08-25 - The Exchange has sought clarification from Vodafone Idea Limited with respect to recent news item captioned Delhi HC raps I-T dept over Rs 53 crore Vodafone Idea refund delay. The response from the Company is awaited.
2026-08-18 - Transcript of the Analyst/ Investor call held on 11 August 2026 relating to Company's performance for the first quarter ended 30 June 2026.
2026-08-12 - Vodafone Idea Limited has informed the Exchange about Schedule of Analyst/ Institutional Investor Meeting(s)
News
Recent coverage and analyst commentary for IDEA
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