Vodafone Idea shares decline 3% as Q2 net loss widens; analysts flag slowest ARPU among peers

The company saw its consolidated loss after tax expand to ₹5,975 crore in the July-September quarter of FY27 as compared to a loss of ₹3,754 crore in the quarter-ago period and ₹5,524 crore in the same period last year.

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).

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.

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.

Nomura analysts on Vodafone Idea

In a note on Friday, Nomura analysts said Vi’s Q2 FY27 EBITDA stood at ₹4,980 crore, down 1.1% sequentially but up 6.3% YoY, and 1.6% below estimates. EBITDA excluding the Ind AS impact stood at ₹2,500 crore, up 0.9% QoQ and 11.2% annually.

ARPU came in below Nomura’s estimate of ₹180.9, with quarterly growth of 0.6%, the slowest among peers. However, quarterly net subscriber additions stood at 1.3 million, the highest in several years and above the estimated 1.1 million.

The analysts identified a successful debt capital raise, industry tariff hikes, faster subscriber additions and strategic equity investment as key catalysts for Vodafone Idea. They also highlighted slower-than-expected subscriber and ARPU growth and delays in industry tariff hikes as key downside risks.

Vodafone Idea share price trends

At 12:51 PM, Vodafone Idea shares were trading at ₹12.53 apiece on the National Stock Exchange, falling 3.39%.

From the beginning of the year, Vodafone Idea shares have jumped 8%, while over a month’s time, the stock has fallen 2%.

Shares of the firm had hit a 52-week high of ₹15.79 on September 9, 2026, and a 52-week low of ₹8.13 on April 2, 2026.

According to NSE data, as of November 13, 2026, Vodafone Idea has a total market capitalisation of ₹1.36 lakh crore.