Highlights

• Revenue of IDEA for Q2 FY26 reached ₹111.9 billion, marking a year-on-year increase of 2.4%.
• Vi added 1,500 new 4G towers and expanded 5G to 29 cities, increasing 4G population coverage to 84%.
• Customer ARPU rose 8.7% YoY to ₹180, supported by tariff adjustments and service upgrades.

Vodafone Idea (NSE:IDEA) reported revenue of ₹111.9 billion for the second quarter of FY26, a 2.4% increase year-on-year. Cash EBITDA, excluding the impact of Ind AS 116, stood at ₹22.5 billion, compared to ₹23.2 billion in Q2 FY25. The quarter saw continued investments in network expansion, 5G rollout, broadband upgrades, and customer offerings, alongside enhanced digital and financial services via the Vi App.

Financial Performance

The company’s reported EBITDA for the quarter was ₹46.9 billion, while depreciation and amortisation expenses were ₹55.7 billion. Net finance costs stood at ₹46.8 billion for the quarter. Excluding Ind AS 116, these figures were ₹39.9 billion and ₹36.0 billion, respectively. Capital expenditure (Capex) for Q2 FY26 was ₹17.5 billion, contributing to a H1 FY26 Capex of ₹42.0 billion.

As of 30 September 2025, Vi held ₹30.8 billion in cash and bank balances and debt from banks stood at ₹15.3 billion.

Network Expansion and 5G Rollout

Vi launched its 5G services in March 2025, expanding to 17 priority circles, representing around 99% of revenue. The services are now available in 29 cities, with further expansion planned based on customer demand and 5G handset penetration.

In parallel, the 4G network coverage increased to over 84% of India’s population, up from 77% in March 2024. The 4G data capacity rose by 38%, delivering a 17% improvement in average speeds. During the quarter, Vi added 1,500 new unique 4G towers, 3,200 sub-GHz 900 MHz sites, and 3,600 sites across 1800 MHz and 2100 MHz bands, alongside 13,000 Massive MIMO sites and 12,400 small cells, raising the total broadband site count to ~527,000.

Customer Growth and ARPU

Vi’s subscriber base reached 196.7 million, including 127.8 million 4G/5G users, up from 125.9 million in Q2 FY25. Average revenue per user (ARPU) increased 8.7% YoY to Rs. 180, driven by tariff revisions and upgrades.

For postpaid customers, Vi launched the REDX Family Plan, extending premium data benefits to additional household connections. The Vi Guarantee Program continued to provide extra validity days for unlimited voice users. International roaming services were expanded to over 150 countries, with discounts for add-on family connections.

Digital Services and Enterprise Initiatives

Vi enhanced the Vi App by introducing Vi Finance, enabling personal loans, fixed deposits, and credit cards through partnerships with Aditya Birla Capital and InstaMoney. The app also features Vi Games, Vi Shop, live news, utility bill payment, metro ticket booking, and other digital services.

In enterprise services, Vi showcased AI-powered security and connectivity solutions at the India Mobile Congress 2025 and launched an IoT innovation lab with AWS and C-DOT, alongside plans to deploy 12 million smart metering solutions over three years to support IoT-driven growth.

IDEA shares were trading 5.26% higher at ₹10 per share on 11 November 2025.

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