Vodafone Idea Q2 FY27 Revenue Rises 6.2% to ₹11,884 Cr as Net Loss Widens to ₹5,975 Cr
Vodafone Idea posted Q2 FY27 revenue of ₹11,884 crore (+6.2% YoY) and cash EBITDA of ₹2,498 crore (+11.2% YoY), while loss hit ₹5,975 crore.
Key Takeaways
- Revenue from operations increased 6.2% YoY to ₹11,884 crore and cash EBITDA (ex-lease rentals) grew 11.2% YoY to ₹2,498 crore.
- Reported net loss widened to ₹5,975 crore from ₹5,524 crore YoY due to exceptional items and adverse mark-to-market treasury impacts; adjusted loss was ₹5,513 crore.
- ARPU improved roughly 9.7% YoY, supported by subscriber upgrades into higher-value 4G and 5G plans.
Vodafone Idea (Vi) reported steady operational progress in Q2 FY27 with cash EBITDA expanding 11.2% year-on-year, though exceptional items and treasury mark-to-market losses pushed its headline net loss to ₹5,975 crore.
What Happened
For the quarter ended September 30, 2026, Vodafone Idea posted revenue from operations of ₹11,884 crore, up 6.2% YoY from ₹11,195 crore in Q2 FY26 and marginally higher on a sequential basis. Reported EBITDA stood at ₹4,981 crore (+6.3% YoY, -1.1% QoQ), while cash EBITDA excluding lease rentals rose 11.2% YoY to ₹2,498 crore.
Reported net loss widened to ₹5,975 crore from ₹5,524 crore in Q2 FY26. Excluding exceptional items and adverse mark-to-market adjustments on treasury assets, the adjusted net loss stood at ₹5,513 crore—broadly flat year-on-year.
Q2 FY27 Financial Snapshot
| Metric | Q2 FY27 | Q2 FY26 (YoY) | QoQ Trend |
|---|---|---|---|
| Revenue from Operations | ₹11,884 cr | ₹11,195 cr (+6.2%) | Slight rise |
| Reported EBITDA | ₹4,981 cr | +6.3% | -1.1% |
| Cash EBITDA (ex-leases) | ₹2,498 cr | +11.2% | — |
| Reported Net Loss | ₹5,975 cr | ₹5,524 cr (+8.2%) | — |
| Adjusted Net Loss (ex-exceptionals) | ₹5,513 cr | ~Flat | — |
Operational improvement was anchored by a ~9.7% YoY rise in average revenue per user (ARPU), as subscribers migrated toward higher-tariff 4G and 5G plans.
Vodafone Idea's survival remains contingent on two external variables: government support and timely equity infusion. The Department of Telecommunications (DoT) has been supportive in converting spectrum dues to equity, giving GoI a 22.6% stake in the company. However, additional fundraising from private investors has been slow, with the ₹18,000 crore rights issue still not fully deployed. Without a clear path to network modernisation capex of ₹50,000–55,000 crore over the next three years, Vi risks further subscriber attrition to Jio and Airtel, which continue to invest aggressively in 5G infrastructure rollout and fibre home broadband services.
Independent TradeKaizen Analysis & Key Risks
TradeKaizen Analysis: Separating headline net loss from cash EBITDA reveals a more constructive operational trajectory for Vodafone Idea: 11.2% YoY growth in cash EBITDA shows improving core unit economics from tariff flow-through and 4G/5G upgrades. However, the wide gap between ₹2,498 crore in cash EBITDA and a ₹5,513 crore adjusted net loss underscores how heavy spectrum, AGR, and debt-servicing obligations continue to consume operating cash.
Key risks include ongoing subscriber churn against better-capitalized peers, heavy upcoming spectrum and debt repayment schedules, and the pace of 5G network capex execution.
Disclaimer: This report is for informational purposes only and does not constitute investment advice.
Sources & References
- View sourceKotak NeoNews Report
Vodafone Idea Q2 FY27 Results: Revenue Up 6.2%, Cash EBITDA Climbs 11.2%
- View sourceEconomic TimesNews Report
Vodafone Idea Q2 Results: Loss Widens on Exceptional Items Despite ARPU Gains
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