Vodafone Idea Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 18 Jul 2026 | Telecom - Services | Market Cap: ₹1.5L Cr
Vodafone Idea is focusing on expanding 4G and 5G coverage to drive growth, targeting 90% 4G population coverage in the next few quarters from current 84%. Revenue grew 2.4% YoY and 1.6% QoQ in Q2 FY26, reflecting steady growth momentum.
From Vodafone Idea Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹13.9
Market Cap
₹1.5L Cr
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Vodafone Idea Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹11.3K Cr, net profit ₹52.0K Cr.
Full financials →📊 Revenue & Sales Performance
- →Vodafone Idea is focusing on expanding 4G and 5G coverage to drive growth, targeting 90% 4G population coverage in the next few quarters from current 84%.
- →5G services have expanded to 29 cities across 17 circles, contributing to increased data usage and customer engagement.
- →Data usage per customer has increased significantly by 7.8% QoQ and 20% YoY, indicating growth in volumes and engagement.
- →New product offerings like "Non-Stop Hero Plan" and "Vi Guarantee Program" are driving subscriber acquisition, retention, and revenue growth.
- →Network capacity improvements (38% increase in 4G data capacity) and upgraded network infrastructure aim to support higher data consumption and premiumization.
- →The company anticipates a positive inflection in subscriber additions soon, tied to coverage expansion and enhanced network experience.
- →Tariff hikes are expected but dependent on industry dynamics; no immediate changes linked to regulatory decisions.
- →Capex plan of Rs. 7,500-8,000 crores for FY26 focused on coverage and capacity expansion to support sustainable growth.
📈 Profitability & Margins
- →Revenue grew 2.4% YoY and 1.6% QoQ in Q2 FY26, reflecting steady growth momentum.
- →Reported EBITDA improved by 3% YoY and 1.6% QoQ, with margin expansion of 20 bps YoY to 41.9%.
- →Cash EBITDA, a key performance indicator, declined 3.4% YoY due to ongoing network investment but improved 3% QoQ with margin up 30 bps.
- →The company is focused on operational excellence and long-term value creation under new leadership.
- →Investments in 4G/5G coverage and improved customer engagement are expected to drive sustainable subscriber growth and reduce churn, impacting earnings positively.
- →Capex guidance for FY26 is Rs. 7,500-8,000 crore, funded internally, supporting network expansion and future revenue growth.
- →Outlook suggests gradual improvement in subscriber additions and EBITDA as coverage reaches target levels and new tariffs mature, but exact EPS guidance is not provided.
🏗️ Capital Expenditure Plans
- →Vodafone Idea plans a capex of Rs. 7,500-8,000 crores for FY26, funded through internal accruals without external funding.
- →Focus of capex is a mix of expanding 4G and 5G coverage, with emphasis on coverage over capacity creation.
- →In Q2FY26, Rs. 1,750 crores was invested, adding over 1,500 new unique 4G towers and deploying around 3,200 new sites on sub-GHz 900 MHz spectrum plus 3,600 sites on 1800 & 2100 MHz bands.
- →Over the last year, around 19,000 broadband locations and 90,000 broadband sites were added; total broadband site count reached ~527,000.
- →5G services expanded to 29 cities in 17 circles, with incremental rollouts based on demand and handset penetration.
- →Strategic investments also include digital ecosystem expansion via the Vi App and partnerships (e.g., with Aditya Birla Capital) to drive new digital revenue streams.
- →Network investments include core and transmission upgrades alongside radio site addition.
- →Continuous evaluation of indigenous vendors and technology upgrades (NSA to potential SA 5G architecture transition).
💰 Fundraising & Capital Structure
- →Vodafone Idea Limited is actively exploring new avenues for debt funding to support its long-term network expansion plan (Page 20).
- →Discussions with banks are ongoing, but there may be some dependency on government relief or resolution related to AGR dues before long-term funding is extended (Page 15).
- →The company is also engaging with non-banking financial institutions (NBFCs) and private credit sources to raise credit, with talks underway but no finalized timeline yet (Page 15).
- →Fundraising efforts appear to be aligned with securing long-term debt financing to support substantial capex plans (~Rs. 75-80 billion capex guidance for FY26) (Page 11).
- →No explicit mention of equity fundraising was made in the transcript.
- →Overall, Vodafone Idea is working on multiple fronts for new debt funding but awaiting conclusive developments for finalizing amounts and timing.
📋 Order Book & Pipeline
Key Metrics
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What Vodafone Idea Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Vodafone Idea Ltd Q2 FY26 results?
Vodafone Idea is focusing on expanding 4G and 5G coverage to drive growth, targeting 90% 4G population coverage in the next few quarters from current 84%. Revenue grew 2.4% YoY and 1.6% QoQ in Q2 FY26, reflecting steady growth momentum.
What is Vodafone Idea Ltd share price analysis?
Vodafone Idea Ltd currently shows a neutral. The stock trades at a P/E of N/A with a market cap of ₹152,872 Cr. Investors should review the full earnings analysis for detailed insights.
Is Vodafone Idea Ltd planning capital expenditure?
Vodafone Idea plans a capex of Rs.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.