Vodafone Idea (Vi), the third-largest telecommunications company in India, has published its financial performance of the second quarter of FY26 with a steady improvement in all important business parameters. The company did note a steep decline in net loss, a stable increase in revenue, a massive increase in ARPU and a fast expansion in 4G/5G network. The announcement of the results occurred at the end of the market, on Monday, 10 November 2025.

Vodafone Idea Q2 Results 2025 Vodafone Idea Fast Results

Net Loss Narrows Acutely (YoY and QoQ Change)

Vodafone Idea In Q2 FY26, Vodafone Idea registered a net loss of 5,524.2 crore, which is a tremendous improvement considering:

• Q2 FY25 ₹7,175.9 crore (decrease in losses)

• ₹6,611.1 crore in Q1 FY26 (QoQ improvement)

This indicates that the company is heading on the path of operational recovery, which is supported by network growth and an increase in revenue per user.

Revenue increased by 2.4 percent on a year-on-year basis, which was driven by an increase in ARPU and data consumption

• Total turnover came to 11,194.7 crore, an increase of 2.4 percent on a year-over-year basis.

• Sequential growth of 1.5% QoQ

• Growth stimulated by tariff rewrite, customer upgrade, and increased digital adoption.

ARPU Bulls Up to 180 highest since the last quarter.

The Average Revenue Per User (ARPU) has shot up:

• ₹180 in Q2 FY26 vs ₹166 in Q2 FY25

•  8.7% all-time YoY jump

• Expansion facilitated by tariff increase and 4G to 5G migration.

This should be an important advancement because ARPU is the largest measure of the profitability of telecom.

4G and 5G Network Expansion News.

4G Network Growth:

• 4G population coverage rose by 77% (March 2024) 84% (Sept 2025)

• Expected to touch 90% soon

• +38 percent capacity growth on 4G, +17 percent increase of speed.

• 1,500+ new 4G towers added

• 3,200+ sub-GHz 900 MHz sites added

• 3,600+ new 1800/2100 MHz sites

• Total broadband sites: 527,000

• Massive MIMO sites: 13,000+

• Small cells deployed: 12,400+

 5G Rollout:

• 5G was deployed in 17 high-revenue circles (99 percent of the total revenue areas).

• 5G live in 29 cities

• More growth on the basis of device penetration and demand.

Debt Report and Financial Position.

• Bank debt reduced to ₹15.3 billion

• Cash and bank balance has increased to 30.8 billion.

• Company is negotiating with the lenders to finance 500-550 billion in capex finance.

AGR Dues Update Relief Supreme Court

The 27 Oct and 3 Nov 2025 Supreme Court determinations permitted the following by Vodafone Idea:

• Revaluation of the AGR dues up to FY 2016-17.

• Interest & penalties reconciliation.

• Follow-up under negotiation in the Department of Telecommunications (DoT)

CEO Statement (Abhijit Kishore)

“We are still on our constant path to providing excellent customer experience… Our goal is to reach 4G coverage for 90 percent of the population and 5G in high-density locations. We are still in our investment process.

 Stock Market and Expectations of the Analysts.

Before results: Emkay Global forecasted:

• Revenue growth of approximately 1.8% YoY

• EBITDA increase ~ 3.8% YoY

• Net loss estimated 6830 crore (actual was 5524 crore)

Key Takeaways

1.  The losses are decreasing steadily.

2.  Last few years, ARPU growth has been the best.

3. 4G/5G networks have been rapidly expanding.

4. Healthy customer upgrading momentum.

5. AGR relief can help reduce financial load in the future.

Conclusion

Vodafone Idea seems to be heading to stability with rising indicators of revenue, ARPU, network growth, and loss minimization. Even though the financial issues are not resolved, the path of aggressive 4G/5G development and AGR relief taken by the telecom gives hope that it will recover in the long run.