Synopsis: A Large-cap company’s shares rose over 8 percent in today’s trading session after brokerage firms maintained buy rating.
One of the leading telecom service providers in India, is in the spotlight today after posting Q2FY26 results and analyst has given an upside of 37 percent. Read the article below for detailed insights into its performance.
With a market capitalization of Rs. 1,10,834.92 crore, the shares of Vodafone Idea Limited were trading at Rs. 10.23, up by 7.68 percent from its previous closing price of Rs. 9.50. In today’s trading session it has touched an intraday high of Rs. 10.33, implying an upside of 8.74 percent from previous close price.
Q2FY26 Results & KPIs
Vodafone Idea Limited reported Rs. 11,194.7 crore in revenue for the second quarter of FY26, a 2.4 percent increase over the Rs. 10,932.2 crore for the same period in FY25. It increased by 1.56 percent as compared to Rs. 11,022.5 crore in Q1 FY26.
The company’s EBITDA for Q2 FY26 stood at Rs. 4,685.1 crore, up by 1.58 percent from Rs. 4,612.1 crore in Q1 FY26, and rose by 2.98 percent from Rs. 4,549.8 crore in Q2 FY25.
The consolidated net loss for Q2 FY26 stood at Rs. 5,524.2 crore, reflecting an improvement from the higher losses of Rs. 6,608.1 crore in Q1 FY26 and Rs. 7,175.9 crore in Q2 FY25.
In Q2 FY26, Vodafone Idea’s subscriber base declined year-on-year from 205 million to 196.7 million, but customer ARPU (excluding M2M) improved from Rs. 166 to Rs. 180, reflecting better monetisation per user. The company also strengthened its network by increasing 4G population coverage from 78.8 percent to 84.4 percent, while total unique towers rose from 1,84,245 to 1,98,428, indicating continued investment in infrastructure expansion.
According to the CEO, Abhijit Kishore, Vodafone Idea is focused on expanding its 4G coverage to 90 percent of the population and scaling its 5G footprint in regions with rising 5G handset adoption, while continuing discussions with lenders to secure debt financing for its broader capex plans of Rs. 50,000–55,000 crore. He added that the company remains committed to investing in initiatives that enhance overall customer experience.
Acquisition update
The company announced that its board has approved investing in and subscribing to a 26 percent equity stake in a new special purpose vehicle that will own and operate a captive power plant, ensuring compliance with regulatory requirements for captive power consumption under electricity laws.
AGR update
Vodafone Idea said it is in discussions with the DoT on the next steps regarding the AGR issue following the Supreme Court’s recent judgments. The company welcomed the court’s orders dated October 27 and November 3, 2025, which allow the Union of India to reconsider the additional AGR demand raised up to FY2016–17 and to comprehensively reassess and reconcile all AGR dues, including interest and penalties, for that period, and stated that it is actively engaging with authorities to move the process forward.
Analyst View
Motilal Oswal
Motilal Oswal maintained a Neutral rating on Vodafone Idea, noting the company is slightly ahead of expectations, mainly due to better enterprise revenue. The firm reported earnings above Motilal Oswal’s estimates.
The brokerage highlighted Vodafone Idea’s expansion of 5G services to 29 cities across all 17 priority circles. It added that further rollout will depend on customer demand and 5G handset penetration, indicating a cautious but stable outlook.
Citi
Citi maintained a Buy rating with a target price of Rs. 14 per share, indicating more than 37 percent upside potential from CMP. It also categorised Vodafone Idea as a high-risk stock due to its financial position.
According to Citi, the Supreme Court’s clarification on AGR dues could accelerate the telecom company’s long-pending fundraise. It emphasised that progress on debt raising and clarity around the government’s relief package will be key factors to watch going forward.
UBS
UBS retained a Neutral rating with a target price of Rs. 9.7 per share, offering limited downside of 5.18 percent from the CMP. The brokerage signalled a wait-and-watch approach.
UBS said it is closely watching updates on capex, network deployment, 5G rollout progress, debt-raising plans, and potential relief measures related to AGR and spectrum. It also seeks clarity on Vodafone Idea’s near- to medium-term outlook.
About the company
Vodafone Idea Limited, formed through the merger of Vodafone India and Idea Cellular in August 2018, is a joint venture between the Aditya Birla Group and Vodafone Group. It provides 2G, 4G, and 5G voice and data services across 22 circles, backed by a strong spectrum portfolio and expanding digital infrastructure. The company focuses on enhancing customer experience with innovative retail and enterprise solutions.
As of September 2025, the company’s shareholding pattern shows that promoters hold 25.57 percent of the total equity, Foreign Institutional Investors (FIIs) hold 5.99 percent, while Domestic Institutional Investors (DIIs) own 4.74 percent. The Government holds 49.02 percent and public shareholding stands at 14.69 percent in the company.
Written By Akshay Sanghavi
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