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Stock Analysis

Description

Vodafone Idea is one of the leading telecom service providers in India. The Company is engaged in the business of Mobility and Long Distance services, trading of handsets and data cards.

Key Growth Triggers

The recent DoT relief on AGR dues is a crucial factor for financial stability, potentially enabling future investment in network expansion and services by alleviating a major financial burden.

Order Book

Currently no data available for Order Book.

Key Red Flags

Despite the significant relief on AGR dues, Vodafone Idea continues to face challenges including substantial debt, a negative net worth, and ongoing operational considerations. The final outcome from the DoT's reassessment committee will also be a critical factor to monitor.

Key Dates To Watch

Key dates include the commencement of annual payments from March 2026 and the formation and decision of the DoT's AGR reassessment committee.

Corporate Announcements

26th Mar 26

Impact Rating: 6

Vodafone Idea is closing its trading window for designated persons from April 1, 2026. This compliance measure will last until 48 hours after the company disseminates its audited financial results for the fiscal year ending March 31, 2026.

25th Mar 26

Impact Rating: 8

Vodafone Idea Limited is contesting a Goods and Services Tax order confirming a penalty of ₹34.97 lakh (₹0.35 cr) plus interest. The company disagrees with the tax demand, which relates to claimed Input Tax Credit, and will pursue legal action.

13th Mar 26

Impact Rating: 6

Vodafone Idea Limited has received a GST order imposing a penalty of ₹21,58,565 for alleged tax non-payment in FY19-20. The company disputes the order and intends to take appropriate action for its rectification or reversal.

11th Mar 26

Impact Rating: 5

Vodafone Idea announced meetings with institutional investors on March 16, 2026, in Singapore, and March 17, 2026, in Hong Kong. The company will not share any unpublished price-sensitive information during these events.

4th Mar 26

Impact Rating: 7

Vodafone Idea's long-term fund-based term loans have seen their credit rating upgraded by ICRA from a BBB- (Stable) outlook to a BBB (Positive) outlook, a key development announced on March 4, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Bharti Airtel	2084.20	38.93	1253681.77	0.77	8650.80	65.11	52145.40	25.73	13.48	194613.50	56.01	32200.30	6791.70	10.09	5.35	1.77
2.	Vodafone Idea	11.46	–	124161.12	0.00	-5583.90	22.03	11068.00	2.09	-2.07	43877.30	40.53	-26234.00	-5621.50	–	-14.48	–
3.	Bharti Hexacom	1780.70	55.49	89062.39	0.56	421.20	66.42	2317.30	10.47	17.44	9120.00	51.41	1604.91	421.20	14.26	7.04	1.06
4.	Tata Comm	1799.90	51.41	51311.37	1.39	183.21	-18.24	6099.75	6.49	14.79	23848.02	19.35	998.02	193.87	18.01	5.22	4.68
5.	Tata Tele. Mah.	48.30	–	9422.86	0.00	-320.82	2.90	286.13	-16.70	50.32	1211.42	48.68	-1263.53	-320.82	–	-98.17	–
6.	M T N L	36.00	–	2266.74	0.00	-960.20	-7.85	189.76	-28.83	-6.76	688.90	-65.41	-3567.30	-960.20	–	-31.75	–
7.	Reliance Communi	1.09	–	301.44	0.00	-2701.00	-174.19	87.00	-1.14	–	344.00	-24.71	-213.61	-85.00	–	-25.62	–
–	Median: 7 Co.	48.3	51.41	51311.37	0.0	-320.82	2.9	2317.3	2.09	14.13	9120.0	40.53	-213.61	-85.0	14.26	-14.48	1.77

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	10,553	10,594	11,024	10,576	10,412	10,906	10,475	10,500	10,880	10,546	10,651	10,841	11,068
Expenses	6,498	6,394	6,472	6,572	6,404	6,550	6,384	6,338	6,459	6,587	6,497	6,491	6,611
Operating Profit	4,055	4,200	4,553	4,003	4,008	4,355	4,091	4,162	4,420	3,960	4,154	4,351	4,457
Other Income	23	767	382	17	264	225	-68	13	217	86	20	304	146
Profit before tax	-7,954	-6,991	-6,493	-7,839	-6,471	-6,633	-6,519	-7,679	-7,269	-7,563	-7,906	-7,210	-5,584
Tax %	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	10%	-0%	-0%
Net Profit	-7,954	-6,991	-6,493	-7,839	-6,471	-6,633	-6,519	-7,679	-7,269	-7,563	-8,728	-7,210	-5,584
EPS in Rs	-2.48	-1.44	-0.93	-1.61	-0.95	-0.61	-1.34	-1.53	-1.02	-2.35	-1.79	-1.03	-0.52

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	26,179	31,279	35,804	35,279	27,829	36,860	44,715	41,673	38,221	41,917	42,321	43,157	43,877
Expenses	18,882	21,588	23,891	25,202	22,166	32,910	30,098	25,244	22,852	25,699	25,850	25,903	26,092
Operating Profit	7,298	9,692	11,913	10,076	5,663	3,949	14,617	16,428	15,369	16,218	16,472	17,254	17,785
Other Income	222	449	184	212	621	2,320	-37,638	-21,845	225	180	866	1,245	970
Interest	821	947	1,802	4,007	4,930	9,551	15,377	17,992	20,973	23,344	25,763	24,530	23,054
Depreciation	4,093	4,855	6,223	7,700	8,315	14,410	23,889	22,906	22,858	22,362	21,988	21,411	21,680
Profit before tax	2,605	4,339	4,071	-1,419	-6,961	-17,692	-62,287	-46,314	-28,237	-29,308	-30,414	-27,442	-25,978
Net Profit	1,689	2,810	2,646	-831	-4,458	-14,055	-73,132	-46,294	-28,237	-29,308	-31,236	-27,442	-25,978
EPS in Rs	1.55	2.37	2.23	-0.70	-3.11	-4.89	-25.45	-16.11	-8.79	-6.02	-6.23	-3.84	-3.08
Dividend Payout %	8%	8%	8%	0%	0%	0%	0%	0%	0%	0%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	3,320	3,598	3,601	3,605	4,359	8,736	28,735	28,735	32,119	48,680	50,120	71,393	108,343
Reserves	12,265	18,292	21,165	20,118	26,242	54,785	-19,734	-66,443	-93,555	-122,518	-153,764	-141,249	-190,423
Borrowings	19,362	25,875	40,541	55,053	57,985	125,940	115,118	180,383	213,898	237,983	244,019	233,303	222,070
Other Liabilities	9,042	9,910	13,349	16,985	13,365	43,611	104,768	60,456	41,469	43,129	44,627	34,011	47,906
Total Liabilities	43,988	57,676	78,655	95,762	101,951	233,071	228,886	203,131	193,931	207,273	185,001	197,458	187,896
Fixed Assets	26,024	32,114	64,971	76,125	79,685	176,662	180,058	162,222	152,020	151,981	136,404	137,899	152,834
Gross Block	45,279	55,843	71,108	89,685	101,490	241,972	273,702	275,785	285,163	306,318	303,693	317,908	–
Accumulated Depreciation	19,255	23,729	6,136	13,560	21,805	65,310	93,644	113,563	133,143	154,337	167,289	180,010	–
CWIP	11,380	5,079	6,039	7,529	3,585	5,077	956	541	326	17,818	18,026	17,917	544
Investments	1,641	12,814	2,500	6,251	12,456	13,367	4,959	288	288	163	163	162	388
Other Assets	4,943	7,668	5,145	5,857	6,224	37,966	42,913	40,080	41,297	37,312	30,409	41,480	34,130
Total Assets	43,988	57,676	78,655	95,762	101,951	233,071	228,886	203,131	193,931	207,273	185,001	197,458	187,896

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	7,531	9,474	10,853	10,140	5,167	5,288	6,921	15,126	16,861	18,366	20,164	8,441
Cash from Investing Activity	-6,300	-5,405	-2,302	-15,660	-9,087	-1,784	-2,315	1,570	-5,223	-4,966	-1,267	-15,284
Cash from Financing Activity	-2,181	8,544	-9,330	4,907	3,924	-2,913	-4,877	-16,774	-10,464	-14,593	-18,965	6,907
Net Cash Flow	-950	12,613	-779	-613	4	592	-271	-78	1,174	-1,193	-67	64

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	11	11	12	13	12	33	24	21	23	18	18	16
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	11	11	12	13	12	33	24	21	23	18	18	16
Working Capital Days	-86	-169	-107	-148	-93	-416	-623	-429	-410	-371	-327	-266
ROCE %	11%	12%	10%	4%	-3%	-7%	-5%	-5%	-5%	-4%	-4%	-2%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.99%	50.36%	50.36%	50.36%	50.36%	48.91%	38.17%	37.32%	37.32%	38.80%	25.57%	25.57%
FIIs	3.59%	2.28%	2.29%	2.46%	2.27%	1.97%	12.67%	12.69%	10.17%	10.10%	5.98%	5.99%
DIIs	1.21%	0.54%	0.73%	1.80%	3.05%	2.20%	7.44%	4.86%	4.28%	4.90%	4.14%	4.74%
Public	20.14%	13.64%	13.44%	12.19%	11.14%	14.69%	17.89%	21.94%	25.05%	23.55%	15.28%	14.69%