Vodafone Idea share price: Telecom major shares have seen renewed buying interest this week, driven by multiple positive triggers that have set the stage for its biggest weekly gain in three months.
After closing the last three sessions in the green, the stock gained another 6% in Friday’s trade on November 14, crossing the FPO price of ₹11 for the first time since September 2024 and touching ₹11.08 apiece, which is also its 1-year high.
The rally has lifted Vodafone Idea stock 14% so far this week, and if it closes around these levels, it will mark its strongest weekly performance since mid-August. The company’s better-than-expected September-quarter results have prompted brokerages to upgrade their ratings on the stock.
Additionally, reports of further tariff hikes next year, along with the Supreme Court allowing the government to consider full relief on Vodafone Idea’s dues, have supported the ongoing rally.
Voda Idea posts better-than-expected Q2 show
For the September-ending quarter (Q2FY26), the company reported a net loss of ₹5,524.2 crore, lower than the net loss of ₹7,176 crore recorded in the same period last year. Sequentially, the net loss also narrowed from ₹6,608 crore reported in the preceding June quarter.
Its consolidated revenue from operations stood at ₹11,194.7 crore during the reported quarter, marking a 2.4% increase from ₹10,932.2 crore in the September 2024 quarter, led by higher ARPU.
The average revenue per user (ARPU), a key metric for telecom companies, came in at ₹180, above analysts’ estimates of ₹166, supported primarily by customer upgrades and tariff increase. The ARPU rose 8.45% from ₹166 in Q2FY25 but was slightly lower than ₹177 in Q1FY26.
The higher ARPU was driven by the addition of 4G users, as the company’s investments in expanding its 4G coverage over recent quarters have started yielding results. It closed the September quarter with 127.8 million 4G/5G subscribers, up from 125.9 million in the same period last year.
The company, in its earnings filing, stated that it continues to invest in capex and to support its broader capex plans of ₹500–550 billion and remains engaged with lenders to secure debt financing. The capex for the September quarter stood at Rs.17.5 billion.
Brokerages see AGR relief as key; raise estimates and maintain a cautious stance
Motilal Oswal maintained its recently upgraded ‘Neutral’ rating on the stock and marginally revised Vodafone Idea share price target to ₹9.5 from ₹10 earlier in its note on Wednesday, November 12.
The brokerage stated the for Vodafone Idea and could help unlock its long-pending debt fundraising. Beyond an expected 50% waiver in AGR dues, the company will still need favourable payment terms for AGR and spectrum liabilities.
It noted that tariff hikes and lower competitive intensity will be crucial for a sustained turnaround, though these factors remain partly outside the company’s control. That said, it raised its FY26–28 EBITDA estimates by 2–6% on improved cost efficiency, adding that downside risks are limited due to continued government support.
JM Financial said the Supreme Court’s order giving the government flexibility on Vodafone Idea’s AGR dues allows room for relief. The brokerage now assumes a partial AGR waiver of about ₹160 billion before FY26-end and an extension of the AGR moratorium beyond March 2026, as the company cannot meet the upcoming ₹160 billion installment.
While operational estimates remain unchanged, JM Financial raised its target price to ₹11 from ₹9.5 and maintained an ‘Add’ rating. It highlighted upside triggers such as higher government waivers, surrender of older spectrum, more dues converted to equity, steep tariff hikes, and stronger subscriber additions.
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