Vodafone Idea shares gain over 1% as Q3FY26 losses narrow, ARPU improves

Vodafone Idea shares rose over a percent to Rs 9.95 per share on the NSE on Wednesday (January 28), after the telecom operator reported a sharper-than-last-year reduction in consolidated losses for the December quarter (Q3FY26), along with steady improvement in operating metrics.

The company reported a consolidated net loss of Rs 5,286 crore in Q3, narrowing from Rs 6,609 crore in the year-ago quarter. Revenue from operations rose 2% year-on-year (YoY) to Rs 11,323 crore, compared with Rs 11,117 crore in Q3FY25, reflecting gradual traction in business performance.

Vodafone Idea ARPU and subscriber metrics improve

A key positive was the improvement in average revenue per user (ARPU), which rose to Rs 186 in Q3FY26 from Rs 173 in Q3FY25, marking a 7.3% YoY increase. The rise was largely driven by customer upgrades.


Vodafone Idea’s total subscriber base stood at 192.9 million during the quarter. The company also continued to expand its data user base, ending the quarter with 128.5 million 4G/5G subscribers, up from 126.0 million a year ago.

Vodafone Idea EBITDA shows marginal growth

The company’s EBITDA rose to Rs 4,816 crore in Q3FY26 from Rs 4,712 crore in the year-ago period, registering a 2.2% YoY increase. EBITDA margin improved marginally to 42.5%, up 10 basis points from 42.4% in Q3FY25.

However, cash EBITDA (excluding the impact of Ind AS 116) declined slightly to Rs 2,358 crore, compared with Rs 2,450 crore in the corresponding quarter last year.

Capex, debt and liquidity

Capital expenditure for the quarter stood at Rs 2,252 crore, while cumulative capex for the nine months ended FY26 came in at Rs 6,448 crore.

As of December 31, 2025, bank borrowings stood at Rs 1,126 crore. During the quarter, the company also raised Rs 3,300 crore through non-convertible debentures (NCDs). Cash and bank balances remained comfortable at Rs 6,963 crore.

Vodafone Idea shares: Technical indicators

On the technical front, Trendlyne data shows the 14-day relative strength index (RSI) at 33.9. An RSI below 30 is typically considered oversold, while readings above 70 signal overbought conditions.

Vodafone Idea is currently trading below five of its eight short-term moving averages, indicating near-term pressure. However, the stock remains above its long-term 100-day, 150-day and 200-day simple moving averages, suggesting support on a longer-term basis.

Overall, narrowing losses, improving ARPU, and stable long-term technical levels are likely to keep Vodafone Idea shares on investors’ radar in today’s session.

Sensex, Nifty today: Catch all the LIVE stock market action here

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)