Vodafone Idea Q3FY26 Results: Revenue Up 1.9% YoY to ₹11,323 Cr; ARPU Rises to ₹186
Vodafone Idea reported Q3FY26 revenue of ₹11,323 Cr, up 1.9% YoY. ARPU increased to ₹186, a 7.3% YoY rise. The company raised ₹3,300 Cr via NCDs. AGR dues frozen at ₹87,695 Cr, with a new payment plan providing long-term clarity.
The resolution of AGR dues and the successful fundraising are crucial for Vodafone Idea's financial stability and future growth plans, significantly impacting its operational and strategic outlook.
The company reported YoY revenue growth, an increase in ARPU, and significant progress in resolving legacy issues like AGR dues and promoter receivables. The successful NCD raise also indicates growing lender confidence.
Vodafone Idea Limited (IDEA) announced its unaudited financial results for the third quarter and nine months ended December 31, 2025. The company reported a consolidated revenue from operations of ₹11,323 crore, marking a year-on-year growth of 1.9%. The Average Revenue Per User (ARPU) (ex M2M) increased to ₹186 from ₹173 in Q3FY25, a growth of 7.3% YoY.
The 4G/5G subscriber base grew to 128.5 million from 126.0 million in the previous year, with average data usage by these subscribers reaching 19.2 GB per day, up 26.7% YoY. The company expanded its 4G coverage to 85.5% of the population, with a 43% increase in 4G data capacity and approximately 22% improvement in speeds compared to March 2024.
Cash EBITDA (pre-Ind AS 116) for the quarter was ₹2,358 crore, showing a sequential growth of 5.0%. The company raised ₹3,300 crore via Non-Convertible Debentures (NCDs) through a subsidiary, with proceeds intended for capital expenditure.
A significant development is the confirmation from the Department of Telecommunications (DoT) that the Adjusted Gross Revenue (AGR) dues frozen as of December 31, 2025, amount to ₹87,695 crore. This amount is subject to reassessment and a payment plan with limited cash outflow over the next 10 years has been confirmed. The company also concluded the settlement of a receivable of ₹6,394 crore with Vodafone Group Promoters, with approximately ₹2,300 crore expected over the next 12 months.
The company's net worth stood at a negative ₹87,744 crore as of December 31, 2025. The financial results have been prepared on a going concern basis, with the company confident of generating sufficient cash flow to meet its obligations over the next 12 months.
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