VODAFONE IDEA LIMITED · Research view

VODAFONE IDEA LIMITED

NSE: IDEABSE: 532822ISIN INE669E01016Face value ₹10standalone

₹12.65

−2.32% · 2026-10-01 · 52-wk ₹8–₹16

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Volatile earnings

Profit has swung sharply over 7 years (from ₹-73,878 to ₹34,552) — one year is a weak guide to the earnings power.

Importance 64 / 95 · growth

ConcernTalking point

Less profitable than peers

ROE of -65.1% is below the telecom cellular and fixed line services median of 19.4%.

Importance 61 / 95 · profitability

ContextTalking point

Cheaper than peers — but earns less

P/E of 3.66× is below the telecom cellular and fixed line services median (29.14×) — but ROE of -65.1% is also below that peer set (19.4%), so the lower multiple tracks the lower profitability.

Importance 58 / 95 · valuation

Context

Lower P/E than peers

Trades at 3.66× earnings — 87% below the telecom cellular and fixed line services median of 29.14×.

Importance 57 / 95 · valuation

Section 03 · The company

Who is this company?

Classified by the exchange under Telecommunication › Telecommunication › Telecom - Services › Telecom - Cellular & Fixed line services.

Market cap: ₹1.37 L cr
FY2026 revenue: ₹44,385 cr
FY2026 net profit: ₹34,482 cr
Net worth: ₹−35,363 cr
Total debt: ₹1,46,305 cr
EPS (basic): ₹3.20
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 3 telecom - cellular & fixed line services.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Profit has swung sharply over 7 years (from ₹-73,878 to ₹34,552) — one year is a weak guide to the earnings power.

Rule EARNINGS_VOLATILE

Revenue growth per year: +2.7%over 7 years
Revenue growth: +2.8%vs last year
Net profit growth: —vs last year
Change in net profit since FY19: +345%

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Watch

Q1 FY27 net profit was ₹-3,754 cr, down 107.2% from ₹51,970 cr in the previous quarter (Q4 FY26).

Rule QTR_PROFIT_SEQUENTIAL_CHANGE

Strength

Q1 FY27 EBITDA margin was 44.7%, up 1.61 percentage points from 43.1% a year earlier.

Rule QTR_MARGIN_CHANGED_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	10,932	—	−7,176	—	−65.6%
Q3 FY25	11,117	+4.2%	−6,609	−5.4%	−59.5%
Q4 FY25	11,014	+4.2%	−7,166	−6.6%	−65.1%
Q1 FY26	11,023	+4.9%	−6,608	+2.7%	−60.0%
Q2 FY26	11,195	+2.4%	−5,524	−23.0%	−49.3%
Q3 FY26	11,323	+1.9%	−5,286	−20.0%	−46.7%
Q4 FY26	11,332	+2.9%	51,970	−825.2%	458.6%
Q1 FY27	11,689	+6.0%	−3,754	−43.2%	−32.1%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹45,539 crTTM
EBITDA: ₹20,019 crTTM
EBIT: ₹−2,084 crTTM
PBT: ₹37,412 crTTM
Net profit: ₹37,406 crTTM

C. Corporate actions

29 Mar 2019Rights issueRight Issue of Equity Shares

22 Sept 2016DividendFinal Dividend - Rs. - 0.6000 — ₹0.60/share

18 Sept 2015DividendFinal Dividend - Rs. - 0.6000 — ₹0.60/share

18 Sept 2014DividendFinal Dividend - Rs. - 0.4000 — ₹0.40/share

5 Sept 2013DividendFinal Dividend - Rs. - 0.3000 — ₹0.30/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

ROE of -65.1% is below the telecom cellular and fixed line services median of 19.4%.

Rule ROE_BELOW_PEER_MEDIAN

EBITDA margin now: 42.0%
8-year range: 13.4–42.5%
ROE FY2026: −65.5%
ROCE FY2026: −2.4%

ROE declined from 31.4% to -65.1% year on year.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Concern

Net debt is 7.35× EBITDA.

Rule HIGH_LEVERAGE

Operating cash flow vs net profit₹ crore · FY21–FY26

Operating cash flowNet profit

Total debt: ₹1,46,305 cr
Operating cash flow ÷ net profit: 0.54×FY2026
Free cash flow: ₹8,302 cr
Current ratio: 0.55×

Operating profit covers interest only -0.12× (FY2026).

Operating cash flow was only 0.56× reported profit (FY2026).

Debt-to-equity fell from -2.79× to -4.18× year on year.

Free cash flow has been positive in 5 of the last 6 years.

Section 08 · Relative position

How does it compare with peers?

Ranked against 3 telecom - cellular & fixed line services (FY2026, consolidated).

Revenue growth

IDEA · 3rd of 3 · set median 7.3%

EBITDA margin

IDEA · 2nd of 3 · set median 43.6%

Return on equity

IDEA · 3rd of 3 · set median 19.4%

P/E ratio

IDEA · 1st of 3 · set median 29.1×

Context

P/E of 3.66× is below the telecom cellular and fixed line services median (29.14×) — but ROE of -65.1% is also below that peer set (19.4%), so the lower multiple tracks the lower profitability.

Rule CHEAP_VS_LOW_RETURNS

P / E: 3.7×TTM to Jun 26
P / B: —latest book
P / S: 3.0×TTM sales
Earnings yield: 27.3%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 4.0× · P/S 3.0× · ROE -65.1%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Long-term price performance is shown above.

1-year return: +48.5%
3-year return: +8.6%
5-year return: +11.0%
From 52-wk high: −18.9%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹14
vs 200-day avg: Above₹12
RSI (14): 32.8neutral
MACD histogram: -0.2
From 52-wk high: −18.9%
From 52-wk low: +51.3%
30-day volatility: 43.3%ann.
6-month return: +48.3%

RSI (14) · 0–10032.8 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Volatile earnings
Profit has swung sharply over 7 years (from ₹-73,878 to ₹34,552) — one year is a weak guide to the earnings power.
EARNINGS_VOLATILE · conviction 64
Concern
Less profitable than peers
ROE of -65.1% is below the telecom cellular and fixed line services median of 19.4%.
ROE_BELOW_PEER_MEDIAN · conviction 61
Concern
Returns declining
ROE declined from 31.4% to -65.1% year on year.
ROE_DETERIORATED_YOY · conviction 54
Concern
Meaningful debt load
Net debt is 7.35× EBITDA.
HIGH_LEVERAGE · conviction 52
Concern
Thin interest cover
Operating profit covers interest only -0.12× (FY2026).
INTEREST_COVER_LOW · conviction 52
Concern
Weak cash conversion
Operating cash flow was only 0.56× reported profit (FY2026).
WEAK_CASH_CONVERSION · conviction 52
Watch
Reported profit carries a one-off
FY2026 pre-tax profit includes a ₹58,607 exceptional gain (169.6% of PBT) — the underlying trend differs from the reported number.
PROFIT_INCLUDES_EXCEPTIONALS · conviction 48
Watch
Unusual tax rate
Effective tax rate of -0.0% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
EFFECTIVE_TAX_UNUSUAL · conviction 42

Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
The price-adjusted series does not correct for a rights issue (ex-date 2019-03-29) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning that date may be modestly overstated or understated.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	36,859	44,715	41,673	38,221	41,917	42,243	43,157	44,385
Total income	37,932	45,801	41,931	38,318	42,188	42,383	44,183	44,949
EBITDA	4,952	15,704	16,687	15,531	16,547	16,582	18,357	18,632
Profit before tax	−17,692	−62,287	−46,315	−28,237	−29,308	−30,414	−27,442	34,482
Net profit	−14,056	−73,132	−46,294	−28,237	−29,308	−31,236	−27,442	34,482
EPS (₹)	−20.3	−27.0	−16.1	−9.8	−8.4	−6.4	−4.0	3.2
Net worth	63,505	9,001	−37,708	−61,436	−73,839	−1,03,644	−69,856	−35,363
Total debt	1,08,524	96,435	1,57,489	1,91,074	2,01,821	2,07,885	1,96,410	1,46,305
Operating cash flow	—	—	15,126	16,861	18,366	20,164	8,441	18,473
Free cash flow	—	—	10,631	11,136	14,622	18,753	−1,201	8,302

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	21.3	-6.8	-8.3	9.7	0.8	2.2	2.8
Profit growth YoY	—	—	—	—	—	—	—	—
Profitability
EBITDA margin %	13.4	35.1	40.0	40.6	39.5	39.3	42.5	42.0
Net margin %	-37.1	-159.7	-110.4	-73.7	-69.5	-73.7	-62.1	76.7
Return on equity %	-22.1	-201.7	322.5	57.0	43.3	35.2	31.6	-65.5
Return on capital %	-5.5	-5.9	-5.5	-5.9	-4.5	-4.7	-2.6	-2.4
Leverage & cash
Debt to equity	1.71	10.71	-4.18	-3.11	-2.73	-2.01	-2.81	-4.14
Cash flow ÷ profit	—	—	—	—	—	—	—	0.54
Current ratio	0.36	0.23	0.29	0.35	0.30	0.31	0.62	0.55