5G Expansion to All 17 Circles by September 2025
Management committed to extending 5G services to all 17 priority circles by September 2025, building on current 22-city deployment.
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expansion
Rs 500-550 Billion Capex Over 3 Years Since FY25
Reiterated the 3-year capex program of Rs 500-550 billion commencing FY25, contingent on securing bank debt funding for execution.
H1 FY26 Capex Target of Rs 50-60 Billion
Q1 FY26 capex of Rs 24.4 billion is on track to meet the H1 target; balance expected by September 2025.
AGR Resolution Expected Before March 2026
Management anticipates AGR clarity from government before March 2026 to unlock bank funding discussions for network expansion.
₹45,000 crore capex over 3 years
Deployment plan backed by three-cohort funding architecture: PSU banks (SBI-led), Indian private banks, and ECBs with foreign banks. First tranche of ₹6,400 crore raised including ₹1,183 crore warrant proceeds.
3x cash EBITDA target by FY29
Three-year cash EBITDA guidance implies approximately ₹9,200 crore annually. Built on organic ARPU growth, subscriber premiumization, and cost efficiency — trajectory confirmed on track.
~16.8% revenue CAGR over 3 years
Revenue growth guidance of 16.8% CAGR over the three-year period to FY29, supported by sustained RPU expansion and subscriber momentum.
4G coverage completion in 18 months; 3,500 towers/month deployment
Targeting 55,000-57,000 4G sites and 86,000-90,000 5G sites. Currently deploying ~3,500 4G towers per month with 16,000+ 5G sites live across 200+ cities. 5G rollout expected into third year due to fiber dependency.
FY26 Capex Target: ₹7,500-8,000 Crore
H1 FY26 capex stood at ₹4,200 crore, with H2 deployment expected to accelerate. Funding is planned through internal accruals without dependence on external capital raise for this quantum.
4G Coverage Target: 90% Population
Current 4G population coverage at 84% (up from 77% in March 2024). Management targets reaching 90% coverage in the next few quarters, requiring approximately ₹4,000 crore additional capex.
5G Pricing Evolution
Moving from introductory ₹299 (1.5GB) to ₹349-379 range in markets with 2-3 months of 5G presence, aligning with competitor pricing of ₹349-379. Premiumization to follow as 5G subscriber base scales.
Smart Metering: 12 Million IoT Solutions Target
Vodafone Business targeting deployment of 12 million smart metering solutions over 3 years to establish position in India's smart energy transition, with IoT Innovation Lab launched in partnership with AWS.