Vodafone Idea Q3FY26 Revenue at ₹11,323 Crore, Up 1.9% YoY
Vodafone Idea Limited reported Q3FY26 revenue of ₹11,323 crore, a 1.9% YoY increase. EBITDA was ₹4,816 crore. Customer ARPU rose 7.3% YoY to ₹186. The company raised ₹3,300 crore via NCDs and expanded 5G services to 43 cities. 4G population coverage reached 85.5%.
The results show positive operational and financial trends, including revenue growth, increased ARPU, and successful fundraising, which are significant for the company's turnaround and future prospects.
The company reported revenue growth, improved ARPU, and expanded 5G services. The successful fundraising through NCDs and positive outlook on debt reduction indicate financial stability and progress.
Vodafone Idea Limited (VIL) announced its financial results for the third quarter and nine months ended December 31, 2025. The company reported revenue from operations of ₹11,323 crore for the quarter, marking a year-on-year growth of 1.9%. EBITDA for the quarter stood at ₹4,816 crore. Cash EBITDA, excluding the impact of IndAS 116, was ₹2,358 crore, compared to ₹2,450 crore in Q3FY25.
Depreciation and amortization expenses for the quarter were ₹5,550 crore, and net finance costs were ₹5,632 crore. Excluding the impact of IndAS 116, these figures were ₹3,975 crore and ₹4,617 crore, respectively.
Capital expenditure (Capex) for the quarter and the first nine months of FY26 amounted to ₹2,252 crore and ₹6,448 crore, respectively. As of December 31, 2025, the company's debt from banks was ₹1,126 crore. Additionally, VIL raised ₹3,300 crore through Non-Convertible Debentures (NCDs) during the quarter. The total cash and bank balance stood at ₹6,963 crore.
Operationally, VIL has expanded its 5G services to 43 cities across all 17 priority circles where it holds 5G spectrum, which contribute to approximately 99% of its revenue. The company continues to invest in expanding its high-speed broadband network, with 4G population coverage increasing to 85.5% as of December 2025, up from approximately 77% in March 2024. The 4G data capacity has improved by over 43%, leading to a 22% enhancement in 4G speeds compared to March 2024. Planned investments are expected to increase 4G population coverage in the 17 circles to over 95%.
The Customer Average Revenue Per User (ARPU) increased to ₹186 in Q3FY26 from ₹173 in Q3FY25, a year-on-year increase of 7.3%, primarily driven by customer upgrades. The total subscriber base was 192.9 million, with 128.5 million 4G/5G subscribers, an increase from 126.0 million in the same period last year.
Key developments during the quarter included the launch of India's first recharge-linked handset theft and loss insurance plan for prepaid customers. VIL also partnered with Niyo Forex and MakeMyTrip to enhance its international roaming proposition. A significant partnership was established with Netflix to build engagement through limited edition SIM kits and merchandise. The company also raised ₹3,300 crore via NCDs, reflecting lenders' confidence in the business turnaround. Vodafone Group is supporting the closure of CLAM receivables amounting to ₹6,394 crore, with approximately ₹2,300 crore expected over the next 12 months.
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