This article first appeared on GuruFocus .
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Revenue:INR111.9 billion, a growth of 2.4% year on year and 1.6% sequentially.
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EBITDA:INR46.9 billion, improved by 3% year on year.
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EBITDA Margin:Improved by 20 basis points to 41.9%.
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Cash EBITDA:INR22.5 billion, declined by 3.4% year on year.
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Cash EBITDA Margin:Improved by 30 basis points to 21.1% sequentially.
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CapEx:INR17.5 billion for the quarter.
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4G and 5G Subscribers:127.8 million, an increase of 0.4 million over the last 12 months.
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Consumer ARPU:Increased by 8.7% year on year to INR180.
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Debt from Banks:Reduced to INR15.3 billion from INR32.5 billion over the last 12 months.
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Cash and Bank Balance:INR13.8 billion as of September 30, 2025.
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Warning! GuruFocus has detected 5 Warning Signs with BOM:532822.
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Release Date: November 11, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Vodafone Idea Ltd ( BOM:532822 ) expanded its 5G services to 29 cities across 17 circles, which contribute nearly 99% of its revenue.
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The company increased its 4G population coverage to over 84% as of September 2025, up from nearly 77% in March 2024.
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Data traffic grew by 21.4% year on year, with 4G and 5G data usage increasing by 20.3% over the same period.
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The company launched innovative customer retention programs like the nonstop hero plan and v guarantee program, which have driven customer acquisition and retention.
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Vodafone Idea Ltd ( BOM:532822 ) reported a revenue growth of 2.4% year on year, reaching INR111.9 billion for the quarter.
Negative Points
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The company experienced a subscriber loss, with a marginal increase in churn, attributed partly to seasonality.
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Despite investments, the cash EBITDA declined by 3.4% year on year due to higher network operating costs.
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The company faces challenges in extensive coverage, impacting its ability to retain and grow its subscriber base.
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Vodafone Idea Ltd ( BOM:532822 ) is still in discussions with lenders to secure long-term debt financing for its CapEx plans.
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The company has not yet provided a clear timeline for when it expects to achieve positive subscriber additions.
Q & A Highlights
Q: What drove the increase in subscriber losses this quarter, and how is the 5G rollout affecting subscriber trends? A: Abhijit Kishore, CEO: The increase in subscriber losses is partly due to seasonality, but the fundamentals remain intact. We are seeing positive growth in areas where we have rolled out 5G and 4G sites, which is helping reduce churn. Our strategic initiatives, like the nonstop hero plan, are also contributing to better customer engagement.
Q: What is the outlook for CapEx in the second half of the year, and how dependent is it on additional capital raising? A: Abhijit Kishore, CEO: We plan to spend INR 7,500 to 8,000 crore on CapEx this year, primarily funded through internal accruals and existing resources. The focus will be on expanding 4G and 5G coverage.
Q: When can we expect positive subscriber additions, and what is the strategy to achieve this? A: Abhijit Kishore, CEO: We are working on improving network coverage and customer engagement. As we expand our 4G and 5G sites, we expect to see a positive trajectory in subscriber additions. However, I cannot provide a specific timeline for when this will occur.
Q: How is Vodafone Idea planning to manage its 5G rollout, and what are the plans for network capacity expansion? A: Abhijit Kishore, CEO: We are currently using a non-standalone (NSA) architecture for our 5G rollout, which can be upgraded to standalone (SA) if needed. Our CapEx will focus on both coverage and capacity, with a mix of 4G and 5G investments.
Q: What is the status of fundraising efforts, and how is the company engaging with banks and non-banking sources? A: Abhijit Kishore, CEO: We are actively engaged with banks and non-banking financial companies (NBFCs) for fundraising. The recent Supreme Court order and the government's 49% equity stake in Vodafone Idea are factors in these discussions. We are working towards a long-term solution and will update stakeholders as developments occur.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
