IDEA Q1 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹11,020 Cr
verified against source
Revenue YoY
4.9%
reported change
EBITDA
₹4,610 Cr
latest reported figure
Source
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record provenance
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Where this quarter sits.
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What the record says.
Vodafone Idea reported Q1 FY26 revenue of Rs 11,020 crore, up 4.9% YoY, with EBITDA of Rs 4,610 crore growing 9.8% YoY. The company achieved its best subscriber retention since merger with only 0.5 million net subscriber loss versus 5 million in prior quarters, reflecting improved network coverage. 4G population coverage reached 84% (+7pp YoY) following deployment of 4,800+ new 4G towers and 5G launch in 22 cities across 13 circles. Data traffic grew 10.4% YoY with ARPU increasing to Rs 177 (+14.9% YoY). However, VLR subscriber base declined 2.6 million QoQ, raising questions about underlying churn quality. Capex of Rs 2,440 crore was incurred with Rs 120 billion cumulative deployment since FPO. Management targets Rs 500-550 billion capex over 3 years but acknowledges funding constraints—bank debt discussions await AGR resolution, with non-banking funding sources being explored as a contingency. Outgoing CEO Akshai Mudra handed reins to Abhijit Kishore. Risk remains on funding certainty for accelerated network expansion and market share recovery against competitors.
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Guidance to track
- Management committed to extending 5G services to all 17 priority circles by September 2025, building on current 22-city deployment.
- Reiterated the 3-year capex program of Rs 500-550 billion commencing FY25, contingent on securing bank debt funding for execution.
- Q1 FY26 capex of Rs 24.4 billion is on track to meet the H1 target; balance expected by September 2025.
- Management anticipates AGR clarity from government before March 2026 to unlock bank funding discussions for network expansion.
Risks flagged
- VLR subscriber base declined 2.6 million QoQ (versus 1.2 million in Q4), nearly double the previous quarter's rate, suggesting underlying churn may be worse than headline net subscriber loss indicates.
- Bank debt discussions remain stalled pending government clarity on AGR dues. While non-banking funding is being explored, the full Rs 500-550 billion capex plan depends on bank financing.
- Management acknowledged differential performance—some markets show improved metrics in both new and existing sites, while others show growth only in invested areas, indicating incomplete network quality normalization.
- Despite 5G coverage, only 60-70% of subscribers with 5G devices are actively using 5G, with the remainder staying on 4G due to battery drain concerns or content preferences.
Key quotes
- The subscriber decline was restricted to just 0.5 million during the quarter. That is 90% lower compared to about 5 million each in Q2 and Q3 of last financial year, marking our strongest performance since merger.
- Banking things are progressing but they may take a little while and we are trying to look at other sources of funding which could be available in a shorter time frame.
- It is not necessarily that there are internal targets but I think nothing that I can talk about right now. Many of these businesses are in nascent stages, they are all coming up from a very small base.
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