Vodafone Idea Limited (IDEA)

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Vodafone Idea Limited (IDEA) · mywealthgrid

About

Vodafone Idea Limited operates cellular and fixed-line telecom services in India with a market cap of ₹1,52,872 crore. Though operating margins reach 40–43%, net losses of ₹3.7–5.6 thousand crore in recent quarters point to a severe financing burden below the operating line.

Founded: 2018
Face value: ₹10

Market cap

₹1,36,946 Cr

P/E

3.7×

P/B

—

Dividend yield

ROE

—

ROCE

-1.7%

Debt / equity

—

OPM

42.4%

EPS (TTM)

₹3.5

Book value

₹-3.3

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Quarterly net losses of ₹3,712–₹5,584 crore (Jun 2026: -₹3,712 Cr; Dec 2025: -₹5,286 Cr; Sep 2025: -₹5,584 Cr) despite operating margins of 40–43% indicate debt service and depreciation are overwhelming profitability. Verify debt levels, refinancing obligations, and covenant status.
Negative equity (ROE and D/E both n/a) suggests negative book value or minimal earnings relative to equity. Verify solvency position and whether covenant breaches are near.
Revenue stagnant at ~₹11.2 thousand crore per quarter with no growth trend. Verify whether subscriber base is contracting or tariffs are under pressure.
Capital-intensive telecom operations—verify whether constrained cash flow limits ability to fund spectrum, network maintenance, and debt service.

Generated analysis · source review pending

Growth drivers

Operating margins of 40–43% provide leverage if revenue grows above the ₹11.2–11.5 thousand crore quarterly run rate—verify if regulatory or market dynamics are enabling growth.
Stock recovered 109.97% in one year from ₹6.15 to ₹14.11, suggesting market perceives stabilization—verify the catalyst (debt restructuring, capital infusion, operational turnaround).
FII shareholding rose from 5.56% (Mar 2026) to 6.17% (Jun 2026) while public shareholding fell—verify if international investor entry reflects improving fundamentals.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹12.6-6.8%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 42.4%

Cons

−Low return on equity of -130.3% (3-yr avg)
−Modest revenue growth of 1.4% a year over the last 5 years
−Weak interest coverage of -0.1×
−Low promoter holding of 25.6%

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 33
Growth: 23
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	35,949	35,576	37,093	44,958	41,952	38,516	42,177	42,555	43,571	44,873
COGS	—	—	26	13	3	7	8	16	2	6
	—	—	32,827	29,677	24,772	22,471	25,352	25,516	25,441	25,864
	—	—	4,240	15,268	17,177	16,037	16,818	17,024	18,128	19,003
OPM %	—	—	11.4%	34%	40.9%	41.6%	39.9%	40%	41.6%	42.4%
Depreciation	—	—	14,536	24,356	23,639	23,584	23,050	22,634	21,973	22,108
Interest	1,779	4,012	9,463	15,392	17,998	20,981	23,354	25,766	24,543	21,495
	213	307	1,583	-37,316	-19,794	294	289	966	1,021	59,148
Profit before tax	4,250	-863	-18,175	-61,797	-44,253	-28,234	-29,298	-30,410	-27,368	34,548
Tax	1,522	-464	-3,572	12,081	-20	11	4	829	16	-4
Tax %	35.8%	-53.7%	-19.7%	19.6%	-0.1%	0%	0%	2.7%	0.1%	-0%
	2,728	-400	-14,604	-73,878	-44,233	-28,245	-29,301	-31,238	-27,383	34,552
PAT margin %	7.6%	-1.1%	-39.4%	-164.3%	-105.4%	-73.3%	-69.5%	-73.4%	-62.9%	77%
EPS (₹)	7.4	-1.2	-21.2	-27.3	-15.4	-9.8	-8.4	-6.4	-4	3.2
EPS adjusted (₹)	7.6	—	—	-25.7	-15.4	-8.8	-6	-6.2	-3.8	3.2
	8.1%	—	—	—	—	—	—	—	—	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	3,601	28,735	28,735	32,119	48,680	50,120	71,393	1,08,343
Reserves	22,165	—	-66,963	-94,084	-1,23,039	-1,54,287	-1,41,713	-1,44,101
	38,214	—	1,80,310	1,90,918	2,01,586	2,07,630	1,96,296	1,49,455
	18,670	—	61,398	65,076	80,016	81,535	71,891	77,941
Total equity & liabilities	82,650	—	2,03,481	1,94,029	2,07,243	1,84,998	1,97,867	1,91,638
	68,292	1,85,771	1,67,490	1,56,819	1,56,255	1,40,125	1,41,320	1,43,086
CWIP	6,099	—	600	324	300	639	2,472	1,454
Investments	1,374	—	4	5	6	1	0	107
	6,886	—	35,387	36,881	50,681	44,234	54,075	46,991
Total assets	82,650	—	2,03,481	1,94,029	2,07,243	1,84,998	1,97,867	1,91,638

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	10.9%	33.2%	40.4%	41.6%	39.9%	40%	41.6%	42.4%
EBIT margin %	-28.3%	-21%	-16%	-19.6%	-14.8%	-13.2%	-8.8%	-6.9%
PAT margin %	-39.4%	-164.3%	-105.4%	-73.3%	-69.5%	-73.4%	-62.9%	77%
Working capital
Receivable days	—	—	22	23	19	19	17	16
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	194	214	195	196	154	125
NWC days	—	—	-172	-191	-176	-178	-137	-108
Leverage
Current ratio	—	—	0.21	0.28	0.23	0.24	0.56	0.55
Debt to EBITDA	—	—	10.64	11.91	11.99	12.19	10.83	7.86
Debt to equity	—	—	-4.72	-3.08	-2.71	-1.99	-2.79	-4.18
Interest coverage	-1	-0.5	-0.4	-0.4	-0.3	-0.2	-0.1	-0.1
Asset turnover	—	—	0.21	0.2	0.2	0.23	0.22	0.23
Return ratios
Return on assets %	—	—	-21.7%	-14.6%	-14.1%	-16.9%	-13.8%	18%
Return on capital employed %	—	—	-4.8%	-5.5%	-4.2%	-3.9%	-2.1%	-1.7%
Return on equity %	—	—	115.7%	45.6%	39.4%	30%	38.9%	-96.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.36%	50.36%	48.91%	38.17%	37.32%	38.8%	38.8%	25.57%	25.57%	25.57%	25.64%	25.64%
	2.46%	2.27%	1.98%	12.67%	12.69%	9.89%	10.11%	5.98%	5.99%	6%	5.56%	6.17%
	1.84%	3.08%	2.24%	7.47%	4.9%	4.2%	4.93%	4.16%	4.73%	5.59%	6.19%	6.05%
	0%	0%	0%	0%	0%	0%	0%	0%	49.02%	49.02%	49.02%	49.02%
	45.34%	44.29%	46.87%	41.69%	45.09%	47.11%	46.16%	64.29%	14.69%	13.82%	13.59%	13.12%
No. of shareholders	—	—	—	—	—	—	—	—	61,55,526	60,11,025	59,39,398	58,09,457

Promoter holding down 24.72 percentage points since Sep 2023.

77 deals · 4 Aug 2021 – 1 Jan 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
1 Jan 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Buy	61,62,03,480	₹11.46	₹706.17 Cr
1 Jan 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Sell	61,62,03,480	₹11.46	₹706.17 Cr
31 Dec 2025	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Sell	65,46,92,733	₹11.63	₹761.41 Cr
31 Dec 2025	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Buy	65,46,92,733	₹11.63	₹761.41 Cr
27 Oct 2025	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Buy	59,38,01,153	₹9.98	₹592.61 Cr
27 Oct 2025	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Sell	59,38,01,123	₹9.98	₹592.61 Cr
3 Jun 2025	ERICSSON INDIA PRIVATE LIMITED	Bulk	BSE	Sell	63,37,83,780	₹6.76	₹428.44 Cr
25 Apr 2025	NOKIA SOLUTIONS AND NETWORKS INDIA PRIVATE LIMITED	Bulk	NSE	Sell	1,02,70,27,024	₹7.65	₹785.68 Cr
25 Apr 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Bulk	NSE	Buy	59,86,43,729	₹7.65	₹457.96 Cr
30 Sept 2024	TRANS GALACTIC TRADING FZ	Block	NSE	Sell	99,99,999	₹10.32	₹10.32 Cr

1–10 of 77

1 / 8

Mr. Kumar Mangalam BirlaNon-Executive Vice Chairperson
Mr. Kumar Mangalam BirlaNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Ravinder TakkarNon-Executive - Non Independent Director
Mr. Himanshu KapaniaNon-Executive - Non Independent Director
Mrs. Neena GuptaNon-Executive - Independent Director
Mr. Ashwani WindlassNon-Executive - Independent Director
Mr. Suresh Choithram VaswaniNon-Executive - Independent Director
Mr. Sunil SoodNon-Executive - Non Independent Director
Mr. Sushil AgarwalNon-Executive - Non Independent Director
Mr. Anjani Kumar AgrawalNon-Executive - Independent Director
Mr. Rajat Kumar Jain

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹13.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹13.0	-0.6	-4.4%	₹13.0	90,393	-7	6,980	71475
23 Nov 2026	₹13.1	-0.6	-4.4%	₹13.1	2,507	+435	969	71475
29 Dec 2026	₹13.1	-0.6	-4.6%	₹13.1	49	+49	95	71475

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 20 fund houses

Held by these funds

1.06%

of the company's equity

All mutual funds

5.64%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

84 schemes · 20 fund houses

		Shares
Arbitrage FundNEW	SBI Mutual Fund	41.52 Cr	594.98	1.26%	0.383%	—
Arbitrage Fund	Nippon India Mutual Fund	17.77 Cr	254.63	1.45%	0.164%	+42.17 L
Arbitrage Fund	Axis Mutual Fund	9.06 Cr	129.77	1.22%	0.084%	-11.44 L
Portfolio of Kotak Multi Asset Allocation Fund	Kotak Mahindra Mutual Fund	8.26 Cr	118.4	0.77%	0.076%	+16.53 Cr
Franklin India Arbitrage Fund	Franklin Templeton Mutual Fund	3.76 Cr	53.87	2.83%	0.035%	+65.04 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.6 Cr	51.52	1.48%	0.033%	-0
Arbitrage Fund	Baroda BNP Paribas Mutual Fund	3.57 Cr	51.11	4.84%	0.033%	-0
Portfolio of Kotak Special Opportunities FundNEW	Kotak Mahindra Mutual Fund	2.7 Cr	38.69	2.27%	0.025%	—

1–8 of 84

1 / 11

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

4

Final dividend22 Sept 2016 · ex-date₹0.6
Final dividend18 Sept 2015 · ex-date₹0.6
Final dividend18 Sept 2014 · ex-date₹0.4
Final dividend5 Sept 2013 · ex-date₹0.3

1

Board meeting to consider results10 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

31 announcementsExport CSV

28 Sept 2026, 4:20 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	10.9%	33.2%	40.4%	41.6%	39.9%	40%	41.6%	42.4%
EBIT margin %	-28.3%	-21%	-16%	-19.6%	-14.8%	-13.2%	-8.8%	-6.9%
PAT margin %	-39.4%	-164.3%	-105.4%	-73.3%	-69.5%	-73.4%	-62.9%	77%
Working capital
Receivable days	—	—	22	23	19	19	17	16
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	194	214	195	196	154	125
NWC days	—	—	-172	-191	-176	-178	-137	-108
Leverage
Current ratio	—	—	0.21	0.28	0.23	0.24	0.56	0.55
Debt to EBITDA	—	—	10.64	11.91	11.99	12.19	10.83	7.86
Debt to equity	—	—	-4.72	-3.08	-2.71	-1.99	-2.79	-4.18
Interest coverage	-1	-0.5	-0.4	-0.4	-0.3	-0.2	-0.1	-0.1
Asset turnover	—	—	0.21	0.2	0.2	0.23	0.22	0.23
Return ratios
Return on assets %	—	—	-21.7%	-14.6%	-14.1%	-16.9%	-13.8%	18%
Return on capital employed %	—	—	-4.8%	-5.5%	-4.2%	-3.9%	-2.1%	-1.7%
Return on equity %	—	—	115.7%	45.6%	39.4%	30%	38.9%	-96.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharti AirtelBHARTIARTLBHARTIARTL	₹10,86,655 Cr	₹12,08,327 Cr	₹2,20,049 Cr	₹1,25,139 Cr	56.7%	₹28,915 Cr	16%	19.6%	20.3%	-164
Vodafone Idea LimitedIDEAIDEA	₹1,36,946 Cr	₹2,86,401 Cr	₹45,539 Cr	₹19,425 Cr	42.4%	₹37,406 Cr	77%	-1.7%	—	-108
Bharti Hexacom LimitedBHARTIHEXABHARTIHEXA	₹68,960 Cr	₹71,654 Cr	₹9,601 Cr	₹5,052 Cr	52.3%	₹1,824 Cr	18.5%	22.7%	26.5%	-127
Tata Communications LimitedTATACOMMTATACOMM	₹47,966 Cr	₹58,547 Cr	₹25,426 Cr	₹4,916 Cr	19.4%	₹946 Cr	4%	16.1%	31%	-16
Tata Teleservices (Maharashtra) LimitedTTMLTTML	₹6,807 Cr	₹27,470 Cr	₹1,178 Cr	₹643 Cr	53.9%	₹38 Cr	-18.6%	—	—	-133
Mahanagar Telephone Nigam LimitedMTNLMTNL	₹1,554 Cr	₹36,979 Cr	₹975 Cr	₹-122 Cr	-14.8%	₹-3,006 Cr	-324.9%	—	—	-215
Reliance Communications LimitedRCOMRCOM	₹238 Cr	₹47,450 Cr	₹305 Cr	₹-167 Cr	-59.9%	₹-9,374 Cr	—	—	—	-2,545
Quadrant Televentures LtdQUADRANTQUADRANT	₹52 Cr	₹2,149 Cr	₹429 Cr	₹9 Cr	16.3%	₹-296 Cr	-11.1%	—	—	-58

12

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
2,400	+146	1,295	₹0.1	17	₹3.9	30	+1	441
789	+35	547	₹0.0	18	₹0.0	0	0	0
232	+15	72	₹0.0	19	₹4.7	0	0	4
847	+37	142	₹0.0	20	—	—	—	—

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
28 Sept 2026, 4:20 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 4:34 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
21 Sept 2026, 6:22 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Notice of Postal Ballot	PDF
16 Sept 2026, 5:52 pm	Company Update General	Intimation Pursuant To Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
15 Sept 2026, 2:14 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
15 Sept 2026, 11:49 am	Company Update General	Intimation Pursuant To Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
15 Sept 2026, 11:38 am	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
1 Sept 2026, 5:59 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF

₹ Cr	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	11,815	5,332	5,268	—	15,640	17,387	18,869	20,826	9,291	19,411
	-12,993	-9,272	-7,379	—	1,075	-5,730	-5,414	-1,907	-16,248	-6,104
	-9,749	3,925	-2,870	—	-16,731	-10,554	-14,680	-18,980	7,047	-11,458
Net cash flow	-10,927	-14	-4,980	—	-17	1,103	-1,224	-61	89	1,849
Free cash flow	4,262	—	—	—	10,930	11,378	14,927	19,212	-714	8,432
CFO / Operating profit %	—	—	130.3%	—	92.3%	108.4%	112.2%	122.3%	51.3%	102.2%

Vodafone Idea Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

4

1

Announcements

4

1

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

12

Compounded sales growth

Return on equity

Vodafone Idea Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Dividends4

Board meetings1

Announcements

Ratio timeline

Dividends4

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Option chain12

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

3

4

1

4

1

3

12