Vodafone Idea Limited (IDEA) shares on the National Stock Exchange and Bombay Stock Exchange closed at ₹9.95 on Wednesday, an intraday increase of 1.22%. The stock opened at ₹9.93 and recorded an intraday high of ₹10.08 and a low of ₹9.76 following the publication of the company’s third-quarter financial results.
Market Capitalization
The market capitalization of Vodafone Idea Limited was ₹1,07,692 crore at the close of trading on January 28, 2026.
Latest Quarterly Results
For the third quarter ended December 31, 2025 (Q3 FY26), Vodafone Idea reported consolidated revenue from operations of ₹11,323 crore. This is a 1.85% increase from ₹11,117 crore in the corresponding quarter of the previous fiscal year. The company reported a consolidated net loss of ₹5,286 crore, compared to a loss of ₹6,609 crore in Q3 FY25, representing a 20% year-over-year reduction in losses.
Segment Highlights
- Average Revenue Per User (ARPU): Recorded at ₹186, compared to ₹173 in Q3 FY25.
- Subscriber Base: Total subscribers stood at 192.9 million, a decline from 196.7 million in the previous quarter.
- 4G/5G Subscribers: The data-intensive subscriber base reached 128.5 million, up from 126 million in the prior year.
- EBITDA: Consolidated EBITDA was ₹4,816 crore, a 2.2% increase over the ₹4,712 crore reported in the same period last year.
Financial Trends
Full-Year Results Context
For the nine-month period ending December 31, 2025, cumulative losses totaled ₹17,418 crore. The company’s net worth was negative ₹87,744 crore. Data indicates a narrowing loss trend alongside marginal revenue growth for the fiscal year to date.
Business & Operations Update
The Department of Telecommunications implemented a 10-year moratorium on Adjusted Gross Revenue (AGR) payments, with the total liability fixed at ₹87,695 crore. Under this arrangement, the company will pay up to ₹124 crore annually for six years beginning March 2026. Operational updates include the deployment of 5G services in 43 cities, covering 99% of the company’s existing revenue circles.
M&A or Strategic Moves
Vodafone Idea finalized a settlement for ₹6,394 crore in receivables from the Vodafone Group. The company also secured ₹3,300 crore through the issuance of non-convertible debentures (NCDs), backed by assets from its infrastructure unit.
Equity Analyst Commentary
Institutional analysts noted the sequential growth in ARPU and the operational impact of the government’s debt relief measures. Analysts highlighted that while financial metrics showed improvement, the loss of 3.8 million subscribers in a single quarter remains a primary focus of market assessment.
Guidance & Outlook
Management stated that the AGR relief provides a structured path for legacy dues. Cash reserves of ₹6,963 crore are earmarked for the ongoing 4G and 5G network expansion. Stakeholders are monitoring potential regulatory adjustments to the total AGR liability as a factor for long-term liquidity.
Performance Summary
Vodafone Idea stock closed 1.22% higher at ₹9.95. Quarterly losses narrowed by 20% to ₹5,286 crore. ARPU rose to ₹186 while the total subscriber base contracted by 3.8 million.