The Vi stock saw mild buying interest in early trade as market participants reacted to narrower losses.

Vodafone Idea Share Price Today After Q3 Results Announcement

Vodafone Idea Ltd shares were trading slightly higher in early trade on Wednesday, January 28. The stock was quoted at Rs 9.97 on the NSE at around 10:33 am, registering a gain of Rs 0.14, or 1.42%, for the day.

The telecom stock opened the session at Rs 9.93 and moved within a narrow range during morning trade. It touched an intraday high of Rs 10.03 and slipped to a low of Rs 9.76, reflecting modest volatility as investors tracked recent developments and quarterly performance.

Despite the intraday gains, Vodafone Idea shares remain well below their 52-week high of Rs 12.80.

Vodafone Idea Q3 Results FY2026: Net Losses Shrink as Revenue Shows Modest Growth

For the quarter ended December 31, 2025, Vodafone Idea reported a consolidated net loss of Rs 5,286 crore, marking a significant improvement from Rs 6,609 crore in the same period last year. Losses also narrowed sequentially from Rs 5,524 crore in the September quarter, indicating gradual stabilisation in the business.

Revenue from operations stood at Rs 11,323 crore, reflecting a 2% increase on a year-on-year basis and a 1.1% rise compared with the previous quarter, supported by better customer monetisation.

Vodafone Idea Q3 EBITDA Rises 2.8%, Margins Expand to 42.5%

The telecom operator reported stronger operating metrics during the quarter. EBITDA increased 2.8% quarter-on-quarter to Rs 4,817 crore, while EBITDA margins expanded to 42.5%, up from 41.8% in Q2FY26. The improvement was driven by cost efficiencies and a shift toward higher-value subscribers.

Average Revenue Per User (ARPU), a key profitability indicator, rose to Rs 186 in Q3FY26 from Rs 173 a year earlier, registering a year-on-year growth of 7.3%. Vodafone Idea attributed the increase primarily to customers upgrading to higher-priced plans.

As of December 2025, the company's total subscriber base stood at 192.9 million. Notably, the number of 4G and 5G users increased to 128.5 million, compared with 126.0 million in the year-ago period, reflecting steady migration toward data-centric services.

Vodafone Idea Capex, Liquidity and Fundraising Details

Vodafone Idea invested Rs 2,252 crore in capital expenditure during the December quarter, taking its total capex for the first nine months of FY26 to Rs 6,448 crore. The company reported bank borrowings of Rs 1,126 crore and cash and bank balances of Rs 6,963 crore as of December 31, 2025.

During the quarter, it also raised Rs 3,300 crore through non-convertible debentures, strengthening liquidity for network expansion and operational requirements.

Vodafone Idea AGR Dues Still a Key Overhang

Despite the operational improvements, the company continues to face challenges related to adjusted gross revenue (AGR) liabilities. Vodafone Idea said its AGR dues remain frozen at Rs 87,695 crore as of the end of December and are currently under reassessment by authorities.

Annual payments of Rs 124 crore are scheduled from FY26 to FY31, followed by Rs 100 crore per year between FY32 and FY35. The remaining balance is slated to be paid in instalments from FY36 to FY41. The company has also moved the Supreme Court seeking a reassessment and reconciliation of additional AGR demands.