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Vodafone Idea reported a loss of ₹5,975 crore for the second quarter ended September 30 (Q2FY27), widening from a net loss of ₹3,747 crore in the preceding quarter ended June 30 (Q1FY27).
The bottom line during the September quarter was weighed down by an exceptional loss of ₹462 crore arising from the mark-to-market remeasurement of earmarked settlement shares, whereas Q1FY27 had been cushioned by an exceptional gain of ₹1,611 crore.
Revenue from operations rose 1.7% quarter-on-quarter (QoQ) to ₹11,884 crore during the quarter under review, compared with ₹11,689 crore in the June quarter.
However, operating performance saw a marginal moderation, with earnings before interest, tax, depreciation and amortisation (EBITDA) dipping 1.1% QoQ to ₹4,981 crore against ₹5,034 crore in Q1FY27.
Consequently, the telecom operator's EBITDA margin contracted by 120 basis points sequentially to 41.9% from 43.1%. Average revenue per user (ARPU) stood at ₹180 compared with ₹195 in the preceding quarter.
"Our focus continues to remain firmly on execution. Our Q2FY27 performance reflects steady progress against our priorities," said Abhijit Kishore, Chief Executive Officer of Vodafone Idea.
"We are encouraged by the continued improvement in our net subscriber additions, supported by our network expansion and enhanced customer experience. Building on these improvements, we strengthened our customer proposition through innovative, differentiated and industry-first propositions such as free international roaming and family prepaid plans. Our refreshed brand identity and related campaigns are resonating well with our subscribers."
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Subscriber additions and network rollout
On the operational front, Vodafone Idea expanded its total customer base to 194.4 million in Q2FY27 from 193.1 million in Q1FY27. Its postpaid subscriber base climbed to 33.9 million from 31.9 million sequentially, marking the highest quarterly postpaid addition in nine quarters. The company closed the quarter with 131.0 million 4G and 5G subscribers, up from 127.8 million a year ago, while daily data usage rose 27.1% year-on-year to 93.6 petabytes per day.
Capital expenditure more than doubled sequentially, jumping 104.5% to ₹3,946 crore during the quarter. The operator expanded its 5G coverage to 400 Indian cities and towns across 17 key circles and added nearly 9,000 unique broadband towers during the quarter—its highest quarterly addition in nine quarters—taking its total unique broadband tower count to nearly 214,000. Its 4G population coverage reached nearly 88% as of September 2026, extending coverage to an additional 45 million people since Q2FY26.
"We have placed capex orders of over ₹13,200 Crore of which nearly Rs. 6,000 Crore capex has been executed," Kishore added. "Encouraged by our progress in discussions to raise funding, we are confident to place additional orders and sustain the momentum in our network expansion."
Funding and strategic initiatives
Till H1FY27, Vodafone Idea secured total funding of over ₹10,500 crore through warrants, fund-based, and non-fund-based facilities, including over ₹4,000 crore of incremental bank funding arranged during Q2FY27. As of 30 September 2026, bank debt stood at ₹943 crore, while cash and bank balances were ₹5,470 crore. Deferred payment obligations stood at ₹1,31,268 crore towards spectrum and ₹26,264 crore towards Adjusted Gross Revenue (AGR).
Shares of Vodafone Idea ended higher on Thursday, closing 0.70% up at ₹12.97, gaining ₹0.09 during the session ahead of the quarterly earnings announcement.
