Vodafone Idea Q2 loss widens to ₹5,975 crore, postpaid subscriber base grows 6% QoQ, ARPU at ₹198; key details

The company had logged a loss of ₹3,754 crore in the quarter-ago period and ₹5,524 crore in the same period last year, according to a regulatory filing.

Vi recorded a 1.7% quarter-on-quarter (QoQ) increase in its consolidated revenue from operations to ₹11,884 crore during the quarter under review, compared with ₹11,689 crore in the first quarter of the current fiscal year (Q1 FY27).

On an annual basis, its revenue advanced by 6.15% year-on-year (YoY) from ₹11,195 crore in the second quarter of the 2025-26 fiscal year (Q2 FY26).

EBITDA margin declines QoQ

The teleco’s EBITDA (earnings before interest, tax, depreciation and amortisation), also known as operating profit, declined 1.05% QoQ to ₹4,981 crore for the reporting period, as against ₹5,034 crore in Q1 FY27.

However, the EBITDA advanced 6.32% YoY from ₹4,685 crore in the year-ago period.

Its EBITDA margin contracted by 120 basis points (bps) QoQ to 41.9% in Q2 FY27, in contrast to 43.1% in the preceding quarter. It remained flat YoY.

ARPU grows

Its average revenue per user (ARPU) increased 1.54% QoQ to ₹198 for the quarter ended September 30, 2026, from ₹195 in the preceding quarter.

At a YoY level, the ARPU surged 9.7% from ₹180 in the September quarter of FY26, primarily supported by customer upgrades.

Its total customer base grew nearly 1% QoQ to 194.4 million for the reporting quarter, from 193.1 million in the first quarter of FY27.

Vi saw the highest sequential increase in its postpaid subscriber base to 33.9 million, up 6.3% QoQ from 31.9 million in the quarter-ago period.

It closed the quarter with 131.0 million 4G/5G subscribers, up from 127.8 million in the same period last year.

The data usage improved from 73.6 PB/Day to 93.6 PB/Day, a YoY increase of 27.1%, the firm added.

Key highlights

“We have secured a total funding of over Rs. 10,500 Cr till H1FY27 including warrants, fund & nonfund based facilities of which over Rs. 4,000 Cr of incremental bank funding was arranged in Q2FY27,” it said in a press release.

Furthermore, its capex orders worth over ₹13,200 crore were placed towards its three-year capex guidance.

It expanded its 5G coverage to 400 Indian cities and towns across the 17 key circles where Vi holds 5G spectrum.

Alongside the 5G rollout, the company continued to invest in expanding its high-speed broadband network by adding new 4G sites and upgrading its core and transmission network.

“We added over 22,500 new unique broadband towers over the last twelve months, and our total unique broadband tower count now stands at nearly 214,000,” it further stated.

During the second quarter, it added nearly 9,000 towers, which is the highest quarterly addition in the last nine quarters.

“Our 4G population coverage increased to almost 88% as of September 2026. We have extended our 4G coverage to an additional 45 million people since Q2FY26,” it said.

It said that with its planned investments, the 4G population coverage in the 17 key circles is expected to increase to over 95%.

What the management said

Commenting on the earnings, Abhijit Kishore, CEO, Vodafone Idea, said: “Our focus continues to remain firmly on execution. Our Q2FY27 performance reflects steady progress against our priorities. We are encouraged by the continued improvement in our net subscriber additions, supported by our network expansion and enhanced customer experience.”

He further stated that building on the improvements, the firm strengthened its 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. We have placed capex orders of over ₹13,200 crore, of which nearly ₹6,000 crore capex has been executed. Encouraged by our progress in discussions to raise funding, we are confident of placing additional orders and sustaining the momentum in our network expansion,” Kishore added.

Shares of Vi closed 0.70% higher at ₹12.97 per unit on the National Stock Exchange (NSE) on Thursday, November 12. However, the results were declared after the market closed.

Vodafone Idea (Vi) has a total market capitalisation of ₹1.4 lakh crore as of November 12, 2026, according to data on the NSE.