Vodafone Idea reported a turnaround in subscriber growth during the first quarter of FY27, posting net positive additions after four consecutive quarters of decline. The telecom operator also delivered double-digit growth in average revenue per user (ARPU) and expanded its EBITDA margins.

The company filed its investor presentation with stock exchanges on September 15, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

Revenue rose 6.0% year-on-year to ₹11,689 crore in Q1FY27, compared to ₹11,023 crore in the same quarter last year. EBITDA grew 9.1% to ₹5,034 crore, while cash EBITDA increased 13.5% to ₹2,475 crore.

Customer ARPU climbed 10.2% to ₹195, driven by a favorable shift in the subscriber mix toward higher-value 4G and 5G users. Data usage surged 27.9% to 88.4 petabytes per day.

Subscriber Trends

Total subscribers stood at 193.1 million at the end of Q1FY27, reflecting net positive additions of 0.3 million. This marks a reversal from the net losses recorded in the preceding four quarters:

• Q4FY26: -0.1 million
• Q3FY26: -3.8 million
• Q2FY26: -1.0 million
• Q1FY26: -0.5 million

The share of 4G/5G subscribers improved to 67.4% of the total base, reaching 130.1 million. Broadband sites expanded by 15.6 thousand to 205 thousand.

What the Numbers Show

The divergence between revenue growth (6.0%) and EBITDA growth (9.1%) indicates operating leverage as fixed costs are spread over higher volumes. Additionally, the sharp rise in data usage (27.9%) outpaced the modest increase in 4G/5G subscriber count (2.2%), suggesting deeper engagement from existing high-speed users rather than just new acquisition driving consumption.

Strategic Initiatives

Vodafone Idea outlined its "1-2-3 Strategy" focusing on sustained subscriber addition, double-digit revenue growth, and tripling cash EBITDA within three years. Key initiatives include:

• Network Expansion: A capex plan of ₹45,000 crore through FY29 to regain coverage parity in 17 key circles, which account for approximately 99% of company revenue.
• Brand Reappraisal: Launch of a new identity campaign featuring brand ambassador Shah Rukh Khan, aiming to drive subscriber growth through inclusivity messaging.
• Service Differentiation: Implementation of AI-led initiatives like "Super Agents" and voice biometrics to reduce assisted customer interactions by 50%.

Debt from banks declined significantly to ₹211 crore in Q1FY27, down from ₹1,926 crore a year earlier, while cash and cash equivalents stood at ₹6,558 crore.

Vodafone Idea Limited shareholders approved all resolutions at its 31st Annual General Meeting held on August 27, 2026. The company disclosed the final scrutinizer’s report and voting results on August 28, 2026.

The meeting was conducted via video conferencing in compliance with Ministry of Corporate Affairs and Securities and Exchange Board of India circulars. Kumar Mangalam Birla, Chairman of the Board of Directors, presided over the proceedings. Pankaj Kapdeo, Company Secretary, confirmed the presence of requisite quorum. Directors Neena Gupta and Sushil Agarwal could not attend due to prior commitments.

Key Resolutions Passed

Shareholders transacted both ordinary and special business items as outlined in the notice dated May 16, 2026. All resolutions were approved by the shareholders with requisite majority. The key resolutions included:

• Adoption of the Audited Standalone Financial Statements for the financial year ended March 31, 2026, along with the Reports of the Board of Directors and Auditors.
• Adoption of the Audited Consolidated Financial Statements for the financial year ended March 31, 2026, along with the Report of the Auditors.
• Reappointment of Director Sushil Agarwal (DIN: 00060017), who retires by rotation.
• Reappointment of Director Sunil Sood (DIN: 03132202), who retires by rotation.
• Ratification of remuneration payable to Cost Auditors for the financial year 2026-27.
• Approval for payment of remuneration to Independent Directors.

Voting Process and Results

Remote e-voting was conducted from August 23, 2026, at 9:00 am to August 26, 2026, at 5:00 pm. Umesh Ved & Associates was appointed as the Scrutinizer to oversee the remote e-voting process and voting during the AGM. Members present at the meeting who had not voted remotely were provided an opportunity to cast their votes electronically.

The cut-off date for voting eligibility was August 20, 2026. A total of 57,65,567 shareholders were on record. Of these, 18 promoter group members and 142 public members attended the meeting through video conferencing.

Resolution-wise Voting Outcome

Promoter and Promoter Group shareholders voted 100% in favour of all resolutions. Public institutional shareholders also showed strong support, particularly for the adoption of financial statements and cost auditor remuneration, where they voted 100% in favour.

Public non-institutional shareholders demonstrated slightly varied support for director reappointments. For Sushil Agarwal’s reappointment, 99.042% of polled votes from this category were in favour. For Sunil Sood’s reappointment, the figure stood at 99.073%. Despite minor dissent in these categories, all resolutions secured the necessary majority across the total shareholder base.

The Chairman announced that consolidated e-voting results and the scrutinizer's report would be shared with stock exchanges and made available on the company’s website and National Securities Depository Limited portal.

Management Update

During the meeting, the Chairman addressed shareholders on the telecom sector landscape and the company’s performance for FY26. He highlighted efforts to address long-standing challenges, strengthen the financial position, upgrade credit ratings, and accelerate network investments. Updates were also provided on consumer and business initiatives, funds raised, and capital expenditure deployed.