Vodafone Idea (Vi) reported narrowed losses in Q3FY26, with improved ARPU and data usage. The company highlighted the freezing of its AGR liability at Rs. 87,695 Cr as of December 31, 2025, subject to reassessment, and a limited cash outflow payment plan. Vi also completed a Rs 3,300 Cr NCD raise. The subscriber base included 128.5 million 4G/5G subscribers.
Financial Performance
Revenue for the quarter stood at Rs. 11,323 Cr, a YoY growth of 1.9%. Cash EBITDA for the quarter (pre-Ind AS 116) was Rs. 2,358 Cr, a sequential growth of 5.0%. Losses have narrowed, reflecting improved operational performance. The Customer ARPU increased to Rs. 186 in Q3FY26 compared to Rs. 173 in Q3FY25, a YoY increase of 7.3%. Total subscriber base stood at 192.9 million, which included 128.5 million 4G/5G subscribers.
AGR Liability and Resolution
Vodafone Idea highlighted that its AGR liability is frozen as of December 31, 2025, at Rs. 87,695 Cr, subject to reassessment. A payment plan with limited cash outflow over the next 10 years is in place, offering long-term clarity. The reassessment of the AGR liability has begun. This is a major development providing relief to the company’s financial obligations.
Capital Infusion
The company successfully raised Rs. 3,300 Cr via NCDs through a subsidiary, which will be utilized towards capital expenditure (capex). Capex for the quarter and for 9MFY26 stood at Rs. 2,252 Cr and Rs. 6,448 Cr respectively.
Operational Improvements and 5G Rollout
4G coverage has been expanded, covering 85.5% of the population, with 4G data capacity increased by 43%+ and speeds increased by ~22% (vs Mar’24). Average data usage by 4G/5G subscribers is at 19.2 GB/day, a YoY growth of 26.7%. Since the launch of Vi 5G services in Mumbai in March 2025, they have expanded to all 17 priority circles where the company holds 5G spectrum.
Debt Obligations
As of December 31, 2025, the debt from banks was Rs. 1,126 Cr. The cash and bank balance stood at Rs. 6,963 Cr.
CLAM Receivable
Vodafone Group has supported closure of CLAM receivable of Rs. 6,394 Cr, with Rs. 2,300 Cr expected over the next 12 months. This also involved proceeds from sale of 328 Cr shares earmarked in favor of the company.
Source: BSE
