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Vi ka apna alag hi funda
Bade bade hikes karne ke bajaye, Vi ab chhote-chhote rate adjustments kar raha hai. CEO Abhijit Kishore ka kehna hai ki ye sab market ke hisaab se chal raha hai. Iske opposite, Bharti Airtel ne toh apne rates 4-5% tak badha diye hain. Industry mein umeed thi ki pehle half of 2026 tak rates 15% tak badh sakte hain, lekin Vi abhi is trend ko poora follow karne se kuch raha hai. 24 April 2026 tak, Vi ka stock NSE par lagbhag ₹9.49 par trade kar raha tha. March mein thode customers badhe hain, par company abhi bhi financially kaafi pressure mein hai.
Telecom Sector Mein Kaun Kahan Hai?
Indian telecom sector mein growth dikhi hai, March 2026 mein 9.28 million naye subscribers jude, jisse total 1.33 billion ho gaye. Broadband mein Jio sabse aage hai 523.44 million subscribers ke saath, uske baad Airtel (368.84 million) aur phir Vi (128.91 million). Active wireless users mein Airtel ka ratio 99.24% hai, Jio ka 98.62%, lekin Vi ka sirf 85.30% hai. Iska matlab hai ki Vi ko apne active users ko retain karne mein mushkil ho rahi hai. Vi ka Average Revenue Per User (ARPU) Q3 FY26 mein ₹186 tha, jo Airtel ke ₹259 aur Jio ke ₹213.7 se kaafi kam hai. Government ke paas 49% stake hai, jo stability deta hai, par ye company ki pehle ki financial problems ko bhi dikhata hai. Vi par AGR dues bhi hain jo restructure hone ke baad bhi ₹87,695 crore hain.
Vi Ki Financial Tension
Vi ke chhote tariff adjustments uski weak financial position ko dikhate hain. Company par lagbhag ₹2.33 lakh crore ka debt hai aur shareholder equity negative mein hai. Isi wajah se company consistently loss mein hai aur uska P/E ratio negative hai, jisse valuation karna mushkil ho jata hai. March mein 100,000 se zyada subscribers judne ke bawajood, Vi Jio aur Airtel se market share kho raha hai. Unka 5G rollout bhi rivals se kaafi late hai, shayad is wajah se woh high-ARPU customers ko attract nahi kar paa rahe.
Future Kaise Dikhta Hai?
Vi ki strategy gradual subscriber growth aur operational improvements par depend karti hai, jisme government ka support bhi hai. Lekin, network mein consistent investment aur competitive pricing bahut zaruri hai. Analysts bhi divided hain; kuch ko restructuring aur 5G rollout se potential dikh raha hai, jabki kuch Vi ki core financial issues aur competition mein weakness ko lekar skeptical hain. 5G expansion ke liye funding arrange karna aur tariff adjustments se ARPU badhana, ye sab Vi ke future ke liye crucial hoga.