Vodafone Idea: Q2 revenue up, 4G/5G coverage expands

Vodafone Idea Limited reported revenue of INR 111.9 billion for Q2 FY '26, an increase of 2.4% year-on-year and 1.6% quarter-on-quarter. The company's EBITDA rose by 3% year-on-year to INR 46.9 billion, with the EBITDA margin improving from 41.6% to 41.9%. Cash EBITDA for the quarter was INR 22.5 billion, a decline of 3.4% year-on-year, attributed to higher network operating costs from an investment cycle initiated in Q3 FY '25.

The company significantly expanded its 4G population coverage to over 84% (up from 77% in March 2024) and rolled out 5G services in all 17 priority circles, covering 29 cities. Capex for Q2 FY '26 was INR 17.5 billion, contributing to a total of INR 42 billion for H1 FY '26, with an aim to reach INR 75-80 billion by the end of FY '26. Data usage per customer increased by 20.3% year-on-year for 4G and 5G subscribers, reaching 18.5 GB/day.

Vodafone Idea is targeting 90% 4G coverage within the next few quarters, requiring an estimated INR 4,000 crores in capex. The total AGR debt outstanding as of September 2025 stands at approximately INR 79,000 crores. The company remains engaged with lenders for long-term debt financing to support its ambitious capex plans of INR 500-550 billion.