Vodafone Idea Limited reported a strong Q4 FY26 performance, marking a pivotal turnaround. The company achieved Rs. 11,332 crore in quarterly revenue, reflecting 2.9% YoY growth. A significant AGR resolution and an equity infusion commitment of $500 million have materially strengthened the balance sheet. With subscriber additions turning positive in February 2026, the company is seeing clear benefits from its strategic focus on 4G expansion, 5G rollouts, and enhanced customer offerings.
Financial Highlights of the Year
For the full financial year ending March 31, 2026, Vodafone Idea demonstrated consistent growth with annual revenue reaching Rs. 44,873 crore, representing a 3.0% increase compared to the previous year. The company’s annual EBITDA improved to Rs. 19,003 crore, up 4.8% from Rs. 18,127 crore in FY25. During the year, the company maintained a disciplined approach, with a total capital expenditure (Capex) of Rs. 8,742 crore.
Strategic Operational Progress
The company achieved key operational milestones during the quarter. The total customer base has stabilized at 192.8 million, with monthly subscriber additions turning positive since February 2026. The 4G/5G subscriber base grew to 128.9 million, supported by a 12% increase in 4G data capacity over the previous year. Additionally, 4G population coverage expanded to 86.3%, bringing 48.2 million incremental individuals under its network fold.
Balance Sheet Strengthening
A significant highlight of the quarter was the successful resolution of Adjusted Gross Revenue (AGR) dues. Following a reassessment by the Department of Telecommunications, the AGR liability was finalized at Rs. 64,046 crore. This development, coupled with the accounting adjustments made under Ind AS 109, has significantly improved the company’s financial position. Furthermore, the Board has approved the issuance of fully convertible warrants worth Rs. 4,730 crore ($500 million) to an Aditya Birla Group entity, further reinforcing the company’s commitment to growth and capital stability.
Future Outlook
Vodafone Idea continues to scale its 5G presence, which is now active in over 80 cities across all 17 priority circles that contribute approximately 99% of the company’s revenue. With a renewed focus on execution, the management remains confident in its ability to generate sufficient cash flows to meet its obligations and drive long-term value, as the benefits of network investments and digital transformation initiatives continue to materialize.
Source: BSE
