Vodafone Idea Q2 Results: Loss widens to Rs 5,975 crore, revenue rises 6% YoY; ARPU jumps to Rs 198

Telecom operator Vodafone Idea reported a widening of its net loss to Rs 5,975 crore in the September quarter of FY27 (Q2FY27), partly due to the adverse impact of mark-to-market adjustments on treasury assets. The company had reported a net loss of Rs 5,584 crore in the corresponding quarter of the previous financial year (Q2FY26).

Revenue from operations increased 6.2% year-on-year to Rs 11,884 crore in Q2FY27 from Rs 11,195 crore in the year-ago quarter.

On the other hand, total expenses rose 5.3% year-on-year to Rs 17,759 crore from Rs 16,862 crore in Q2FY26.


The company's cash EBITDA for the quarter stood at Rs 2,498 crore, registering a year-on-year growth of 11.2%. EBITDA was reported at Rs 4,981 crore, up 6.3% from the year-ago period. The loss adjusted for exceptional items stood at Rs 5,513 crore, compared with Rs 5,562 crore in Q2FY26. The reported loss was higher at Rs 5,975 crore due to the adverse impact of mark-to-market adjustments on treasury assets.

Operational performance

Vodafone Idea's customer base increased to 194.4 million in Q2FY27 from 193.1 million in the preceding quarter. Its postpaid subscriber base rose to 33.9 million from 31.9 million in Q1FY27, marking the highest sequential increase in postpaid subscribers in the last nine quarters.

The company's average revenue per user (ARPU) increased 9.7% year-on-year to Rs 198 in the September quarter from Rs 180 in the corresponding quarter last year, primarily supported by customer upgrades. Its 4G/5G subscriber base stood at 131 million, compared with 127.8 million in Q2FY26.

Data usage increased 27.1% year-on-year to 93.6 petabytes per day from 73.6 petabytes per day in the year-ago quarter.

On the network expansion front, Vodafone Idea expanded its 5G coverage to 400 cities and towns across 17 key circles where it holds 5G spectrum. The company added more than 22,500 unique broadband towers over the last 12 months, taking its total count to nearly 214,000. It added nearly 9,000 towers during the September quarter, its highest quarterly addition in the last nine quarters.

Its 4G population coverage increased to nearly 88% as of September 2026. The company said it had extended 4G coverage to an additional 45 million people since Q2FY26.

Capex and funding

Vodafone Idea's capital expenditure stood at Rs 3,946 crore during the quarter, more than doubling sequentially with a growth of 104.5%.

The company said it had placed capex orders worth more than Rs 13,200 crore towards its three-year capital expenditure guidance, of which nearly Rs 6,000 crore had been executed.

As of September 30, 2026, the company's bank debt stood at Rs 943 crore, while cash and bank balances were at Rs 5,470 crore.

Vodafone Idea said it had secured total funding of more than Rs 10,500 crore till the first half of FY27, including warrants and fund-based and non-fund-based facilities. Of this, more than Rs 4,000 crore in incremental bank funding was arranged during Q2FY27.

Management commentary

Commenting on the performance, Abhijit Kishore, CEO of Vodafone Idea, said the company's focus continued to remain on execution and that its Q2FY27 performance reflected steady progress against its priorities.

He said the company was encouraged by the improvement in net subscriber additions, supported by network expansion and an enhanced customer experience. He also highlighted the introduction of free international roaming benefits and prepaid family plans as part of efforts to strengthen its customer proposition.

Kishore added that Vodafone Idea had placed capex orders worth more than Rs 13,200 crore, of which nearly Rs 6,000 crore had been executed. He said the company was encouraged by progress in funding discussions and was confident of placing additional orders to sustain the momentum in network expansion.

During the quarter, Vodafone Idea also refreshed its brand identity and launched the campaign 'Vi pe sab hain VIP', featuring Shah Rukh Khan. Its business division, Vi Business, also announced a strategic collaboration with Hindalco to deploy a dedicated private network at the latter's Baphlimali Bauxite Mine in Odisha.

Ahead of the results announcement, Vodafone Idea shares settled at Rs 12.98 apiece on the BSE, up 0.93% from the previous close of Rs 12.86. The company's market capitalisation stood at Rs 1,40,629 crore.