India · Delayed Price · Currency is INR Vodafone Idea Earnings Call Transcripts
Fiscal Year 2026
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Management outlined a reset strategy with aggressive network investment, aiming for double-digit revenue growth and tripling EBITDA in three years, funded by internal accruals and new debt. Key regulatory overhangs have been resolved, and targeted investments are already driving growth in priority markets.
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Revenue grew 2.4% year-on-year to INR 111.9 billion, with EBITDA margin improving to 41.9%. 5G services now cover 29 cities, and 4G coverage reached 84%. Ongoing efforts focus on expanding coverage, digital services, and securing long-term funding.
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Revenue grew 4.9% year-over-year to INR 110.2 billion, with strong improvements in EBITDA and ARPU. 5G and 4G network expansions drove better subscriber metrics, while future growth depends on securing additional funding for continued CapEx and network rollout.
Fiscal Year 2025
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Q4 FY2025 saw revenue rise 3.8% quarter-on-quarter and EBITDA improve year-over-year, driven by record CapEx, 5G rollout, and equity infusion. Subscriber loss reduced, but further network expansion and ARPU growth hinge on securing additional debt funding.
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Revenue grew 4.2% YoY to INR 111.2 billion, with EBITDA up 15% and net loss at INR 66.1 billion. Network expansion accelerated, 5G rollout began, and ARPU rose on tariff hikes. Debt reduced, equity infusion continued, and further CAPEX and ARPU growth are expected.
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Q2 FY25 saw revenue and EBITDA growth driven by tariff hikes and major network expansion, though net losses and subscriber declines persisted. CapEx and 5G rollout are on track, with debt funding and regulatory clarity remaining key risks.
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Raised over INR 240 billion in equity, launched a major CapEx cycle for 4G/5G, and reported 4.2% YoY EBITDA growth. Network investments are expected to boost capacity and coverage, with ARPU uplift from recent tariff hikes and churn projected to decline as upgrades take effect.
Fiscal Year 2024
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Announced INR 300 billion network equipment deals to drive a three-year CapEx plan for 4G and 5G expansion, with funding secured and major rollouts starting next quarter. Engaging with the government on AGR relief and expecting improved subscriber metrics and industry returns.