Vodafone Idea Q1FY27 Results: Revenue up 6% to ₹11,689 crore
- Revenue grew 6.0% YoY to ₹11,689 crore in Q1FY27
- EBITDA rose 9.1% to ₹5,034 crore; ARPU up 10.2% to ₹195
- Net positive subscriber additions of 0.3 million end Q1FY27
- Data usage surged 27.9% to 88.4 petabytes per day
- Bank debt reduced to ₹211 crore from ₹1,926 crore YoY
*this image is generated using AI for illustrative purposes only.
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.
| Metric | Q1FY26 | Q1FY27 | Growth |
|---|---|---|---|
| Revenue (₹ crore) | 11,023 | 11,689 | 6.0% ↑ |
| EBITDA (₹ crore) | 4,612 | 5,034 | 9.1% ↑ |
| Cash EBITDA (₹ crore) | 2,181 | 2,475 | 13.5% ↑ |
| ARPU (₹) | 177 | 195 | 10.2% ↑ |
| Data Usage (Pb/day) | 69.1 | 88.4 | 27.9% ↑ |
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.
Historical Stock Returns for Vodafone Idea
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.27% | -2.60% | +13.50% | +50.67% | +97.44% | 0.0% |
How will Vodafone Idea's ₹45,000 crore capex plan through FY29 impact its debt-to-equity ratio and liquidity position given the current cash reserves?
What is the projected timeline for achieving 'coverage parity' in the 17 key circles, and how might this affect competitive dynamics with Reliance Jio and Airtel?
Can the 50% reduction in assisted customer interactions via AI initiatives sufficiently offset rising operational costs to sustain the tripling of cash EBITDA within three years?
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