Vodafone Idea: Q2 FY26 revenue up 2.4% amid network expansion

Vodafone Idea Limited reported revenue from operations of Rs. 111.9 bn for the second quarter of FY26, marking a 2.4% year-over-year growth. Cash EBITDA (pre-IndAS 116) stood at Rs. 22.5 bn for the quarter. The company’s customer ARPU (ex M2M) increased to Rs. 180 in Q2 FY26, up 8.7% from Rs. 166 in Q2 FY25. The 4G/5G subscriber base reached 127.8 m, an increase from 125.9 m in the same period last year.

Network expansion continued with 4G coverage reaching over 84.4% of the population, and 4G data capacity increasing by approximately 38%. The company successfully rolled out 5G services in all 17 priority circles and plans to expand 4G coverage to 90% of the population. Total debt from banks was reduced to Rs. 15.3 bn as of September 30, 2025, with cash and bank balances at Rs. 30.8 bn.

Despite these operational improvements, the company recorded a loss of Rs. 55,242 m after tax for the quarter. The net worth stood at a negative Rs. 824,602 m as of September 30, 2025. The company’s ability to settle liabilities depends on DoT support, securing funding, and generating cash flow from operations, with financial results prepared on a going concern basis.