Vodafone Idea (IDEA) Q2 25/26 earnings summary

Executive summary

• Leadership transition completed with new CEO and CFO, focusing on operational excellence and long-term value creation.

• Revenue for Q2FY26 was Rs. 111.9 billion, up 2.4% year-over-year, with continued network investments and 5G rollout completed in all 17 priority circles.

• Strategic initiatives include 5G rollout, digital ecosystem expansion, and enterprise solutions.

• Net loss for the quarter narrowed to Rs. 55,242 million from Rs. 71,759 million in Q2FY25.

• Supreme Court allowed government to reassess AGR dues, with ongoing discussions with DoT.

Financial highlights

• Revenue for Q2 FY26 was INR 111.9 billion, up 2.4% year-on-year and 1.6% sequentially.

• Reported EBITDA reached INR 46.9 billion, up 3% year-on-year, with margin improving to 41.9%.

• Cash EBITDA was INR 22.5 billion, down 3.4% year-on-year but up 3% sequentially.

• Net loss after tax for Q2FY26 was Rs. 55,242 million, compared to Rs. 71,759 million in Q2FY25.

• CAPEX for the quarter was INR 17.5 billion; H1 FY26 CAPEX at INR 42 billion.

Outlook and guidance

• Targeting 90% 4G coverage in the next few quarters, requiring an additional INR 4,000 crore CAPEX.

• FY26 CAPEX guidance is INR 7,500–8,000 crore, funded through internal accruals and existing resources.

• Focus remains on expanding 4G/5G coverage and enhancing customer engagement.

• Engaged with lenders to secure debt financing to support capex plans of Rs. 500-550 billion.

• Confident in ability to arrange funding and generate operational cash flows, contingent on DoT support and AGR liability resolution.