India · Delayed Price · Currency is INR Vodafone Idea Earnings Call Transcripts
Fiscal Year 2026
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Revenue and EBITDA grew modestly YoY, with ARPU and data usage showing strong gains. AGR liability reduction led to a one-time profit boost, while promoter infusion and improved credit rating support future CapEx and growth ambitions.
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Management outlined a three-year turnaround plan targeting double-digit revenue growth and tripling EBITDA, backed by INR 45,000 crore CapEx and new debt. Key risks include spectrum liabilities and competitive pressures, but recent funding, network expansion, and promoter support underpin confidence in achieving targets.
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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 growth, improved EBITDA, and reduced net loss, driven by record CapEx and network expansion. Equity infusion raised INR 614 billion, with government stake rising to 49%. 5G rollout and digital initiatives are underway, but further growth depends on securing 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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Quarterly revenue grew 4% sequentially, driven by tariff hikes and record 4G expansion, though net loss stood at INR 71.8 billion. CapEx acceleration and major network deals position the company for 5G rollout and improved competitiveness, with debt funding hinging on regulatory clarity.
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Raised over INR 240 billion in equity and initiated a major CapEx cycle for 4G and 5G expansion. Revenue and EBITDA improved year-over-year, with 4G subscribers growing for the 12th straight quarter. Network investments and tariff hikes are expected to drive future growth.
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.