Vodafone Idea (IDEA) investor relations material

Executive summary

• Leadership introduced a new strategic vision focused on growth, network expansion, and operational reset following resolution of major regulatory overhangs.

• Three key priorities for the next three years: sustained customer addition, double-digit revenue growth, and tripling EBITDA.

• Revenue for Q3FY26 was ₹11,323 Cr, up 1.9% year-over-year, with ARPU rising 7.3% to ₹186 and 4G/5G subscribers reaching 128.5 million.

• Net loss for the quarter narrowed to ₹5,286 Cr from ₹6,609 Cr in Q3FY25, reflecting operational improvements and cost control.

• Recent developments include successful NCD fundraising, extension of promoter support, and a conclusive AGR settlement.

Financial highlights

• Raised INR 3,300 crore via NCDs before AGR clarity, demonstrating lender confidence.

• Promoters infused INR 27,000 crore post-merger; INR 16,000 crore invested in network over last seven quarters.

• Cleared INR 36,500 crore in bank loans over six years from internal accruals.

• Reported EBITDA for Q3FY26 was ₹4,816 Cr, with a margin of 42.5%; cash EBITDA (pre-IndAS 116) was ₹2,358 Cr.

• Capex for Q3FY26 was ₹2,252 Cr; cash and bank balance at quarter-end was ₹6,963 Cr.

Outlook and guidance

• Committed to INR 45,000 crore CapEx over three years, with a total of INR 60,000 crore including recent investments.

• CapEx to be front-loaded in first two years, focusing on 4G/5G expansion in priority markets.

• Confident of generating sufficient cash flow to meet obligations over the next 12 months, supported by AGR payment clarity and ongoing debt discussions.

• Planned investments to increase 4G coverage in 17 circles to over 95% and further expand 5G rollout.

• No immediate plans for equity infusion; funding to be managed via INR 25,000 crore bank debt and INR 10,000 crore non-funded facility.