Vodafone Idea, India's third-largest telecom operator by subscribers, reports Q2 FY 2026-2027 results with the company fresh off its first quarter of positive net subscriber additions since the merger. The print will speak to whether the capex catch-up against the Rs. 9,100 Cr two-quarter deployment target is on track after a muted Q1, and whether ARPU momentum beyond Rs. 195 and the fragile net-add inflection are holding.
| Results date | November 12, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 11,689 Cr |
| Previous quarter PAT | Net loss of Rs. (3,754) Cr |
| Previous quarter EBITDA margin | 43.1% |
| Market cap | Rs. 138,245.71 Cr |
| CMP | Rs. 12.76 |
The board is scheduled to meet on November 12, 2026 to approve the unaudited standalone and consolidated results for Q2 and H1 FY 2026-2027. The trading window for designated persons remains closed from October 1 to November 14, 2026.
The Q2 and H1 FY27 earnings call is scheduled for November 13, 2026, from 2:30 PM to 3:15 PM IST, hosted by CEO Abhijit Kishore and CFO Tejas Mehta. A two-day replay of the call will be available.
The quarter's central test is execution: Q1 FY27 capex came in muted at Rs. 1,930 Cr on supply chain and geopolitical headwinds, and Q2 is the first checkpoint on the guided Rs. 9,100 Cr deployment over Q2-Q3 FY27 at an average of 3,500 4G sites per month within the Rs. 45,000 Cr three-year plan. Operating momentum enters the quarter on a firm footing — customer ARPU (excl.
M2M) rose for a 20th consecutive quarter to Rs. 195, up 10.2% YoY, data usage reached 88.4 Pb/day (+27.9% YoY), and net adds turned positive at +0.3 mn in Q1 FY27, led by postpaid and M2M with prepaid 'turning a leaf'. Management has called FY27 'the year of execution', focused on 5G rollout, broadband expansion, lender discussions for funding closure and AI-led transformation, with the SBI-led consortium of Rs. 25,000 Cr funded plus Rs. 10,000 Cr non-funded facilities still at an advanced stage after the first Rs. 6,400 Cr tranche.
Cost-side pressure is building: the rupee weakened across July-September, Ericsson announced telecom-equipment price increases from mid-July that analysts flag as weighing most on Vi given its 5G build, and finance cost was guided qualitatively as steady-state 'more like previous quarter' at around Rs. 3,701 Cr ex-Ind AS 116.
The exceptional line will move again, as the CLAM earmarked shares are remeasured to fair value every quarter until liquidated — a Rs. 1,816 Cr gain in Q1 FY27 — and three TRAI disincentive orders totalling Rs. 93,16,000 landed in the announcements window.
Capex catch-up vs the Rs. 9,100 Cr two-quarter target: Q1 spend was muted on supply chain and geopolitical headwinds; Q2 FY27 is the first checkpoint.
Funding closure and finance cost
Subscriber momentum, ARPU and churn
Exceptional items and regulatory line
Coverage targets and new operating leadership
CFO Tejas Mehta said the cash EBITDA margin, currently at 20.5%, has to increase to 'north of 35%' over the next three-four years. Management declined to specify the exact year, saying 'We don't want to share in which year that will happen'.
Management said a tariff hike is probably required, but the timing depends on industry leaders and is not linked to the AGR outcome. Vodafone Idea had made no changes to its headline tariffs as of 10 September 2026.
A first tranche of Rs. 6,400 Cr has been raised — Rs. 1,200 Cr upfront warrant money received in June plus debt including non-fund-based ECB and Indian private bank facilities — supporting orders of Rs. 9,000-9,100 Cr without bank debt. An SBI-led consortium for Rs. 25,000 Cr funded plus Rs. 10,000 Cr non-funded facilities was at an advanced stage, with the 3-year funding map totalling Rs. 100,000 Cr.
Yes — Q1 FY27 was the first quarter of positive net subscriber additions since the merger, at +0.3 mn to 193.1 mn subscribers, with net adds turning positive from February 2026. Growth was largely led by postpaid and M2M, with prepaid 'turning a leaf', though churn remains around 4%, higher than peers.
AGR dues were finalized at Rs. 64,046 Cr as of 31 December 2025, down from the earlier frozen Rs. 87,695 Cr, driving a Rs. 55,622 Cr exceptional credit and a Q4 FY26 net profit of Rs. 51,970 Cr. Payments include a minimum of Rs. 100 Cr annually from March 2032 to March 2035, then Rs. 10,608 Cr annually for six years from March 2036 to March 2041.
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