Vodafone Idea (IDEA) Q2 26/27 earnings summary

Executive summary

• Q2FY27 revenue and EBITDA grew YoY; cash EBITDA rose 11.2%, net subscriber additions turned positive at 1.3 Mn, and the subscriber base reached 194.4 Mn from 193.1 Mn in Q1FY27.

• ARPU and data use improved alongside growth in 4G/5G subscribers; network expansion and service differentiation underpin the growth strategy.

Financial highlights

• Revenue from operations was Rs. 11,884 Cr, up 6.2% YoY; consolidated service revenue was Rs. 11,835 Cr and total income was Rs. 12,260 Cr, including Rs. 376 Cr of other income.

• EBITDA was Rs. 4,981 Cr, up 6.3% YoY; the 41.9% margin was stable YoY, with sequential moderation reflecting annual increments and brand-refresh marketing.

• Cash EBITDA, pre-Ind AS 116, was Rs. 2,498 Cr, up 11.2% YoY; margin was 21.0% versus 20.1%.

• Consolidated reported loss after tax was Rs. 5,975 Cr versus Rs. 5,524 Cr in Q2FY26; loss excluding exceptional items was Rs. 5,513 Cr.

• H1FY27 consolidated loss was Rs. 9,729 Cr versus Rs. 12,132 Cr; standalone Q2FY27 revenue was Rs. 11,715 Cr and net loss was Rs. 5,945 Cr.

Outlook and guidance

• Strategy targets sustained subscriber additions, double-digit revenue growth and tripling cash EBITDA in three years.

• Rs. 45,000 Cr capex guidance supports network rollout; by FY29, targets include regaining coverage parity in 17 key circles and seamless 5G across urban markets.

• Planned investment is expected to raise 4G population coverage in 17 key circles to over 95%, from almost 88% at September 2026.

• Five other circles are targeted for 100% 2G-to-4G coverage on national highways, key state highways, at airports and tourist locations.

• Over Rs. 13,200 Cr of capex orders had been placed against the three-year guidance, with nearly Rs. 6,000 Cr executed; management cited progress in funding discussions.