Vodafone Idea Q3FY26 Results: Loss Narrows, ARPU Rises to ₹186, AGR Dues Frozen at ₹87,695 Crore
Vodafone Idea reported Q3FY26 results with revenue at ₹11,323 Cr and ARPU at ₹186. AGR dues are frozen at ₹87,695 Cr, subject to reassessment, with a new payment plan. The company raised ₹3,300 Cr via NCDs and settled a receivable of ₹6,394 Cr. Loss narrowed in the quarter.
The outcome of the AGR dues reassessment and the new payment plan, along with successful fundraising and settlement of receivables, are material events that will significantly impact the company's financial health and future operations.
The company reported improved ARPU, increased data usage, and successful fundraising. The resolution and payment plan for AGR dues provide long-term clarity, which is a significant positive development.
Vodafone Idea Limited (IDEA) announced its unaudited financial results for the third quarter and nine months ended December 31, 2025. The company reported a narrowed loss for the quarter, with Revenue from Operations standing at ₹11,323 Crore, a year-on-year growth of 1.9%. Customer Average Revenue Per User (ARPU) (ex M2M) increased to ₹186, a 7.3% year-on-year growth from ₹173 in Q3FY25. The 4G/5G subscriber base grew to 128.5 million, and average data usage by 4G/5G subscribers reached 19.2 GB/day, a 26.7% year-on-year increase.
The company also provided an update on its Adjusted Gross Revenue (AGR) dues. The Department of Telecommunications (DoT) has confirmed the AGR dues frozen as of December 31, 2025, amount to ₹87,695 Crore. This amount is subject to reassessment and a payment plan has been established with limited cash outflow over the next 10 years, offering long-term clarity. The DoT has initiated the reassessment of AGR liability.
Vodafone Idea successfully raised ₹3,300 Crore via Non-Convertible Debentures (NCDs) through a subsidiary, with proceeds intended for capital expenditure. Additionally, the company concluded the settlement of a receivable of ₹6,394 Crore with the Vodafone Group, with approximately ₹2,300 Crore expected over the next 12 months.
The company's Board of Directors approved these results in a meeting held on January 27, 2026, which commenced at 5:30 PM and concluded at 7:30 PM IST. The financial results have been prepared on a going concern basis, with the company confident of generating sufficient cash flow to meet its obligations.
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