Vodafone Idea: When Shareholders Cheer While Subscribers Disappear

A Year Ago: Shareholders Were Hopeful

On 6 May 2024, we flagged a strange trend in Vodafone Idea. Despite its weak business fundamentals, the stock saw a surge in shareholder interest, thanks in part to the ₹18,000 crore FPO. Over 47 lakh investors lined up to bet on a turnaround.

But we warned:

"It's great when shareholders believe in the company. But if customers start losing faith, no investor support can save it."

One Year Later: The Warning Rings Louder

Fast forward to May 2025, and the cracks are too big to ignore.

Here's what's happened:

• Subscriber base has fallen sharply – from 27.1 crore in Sep 2021 to just 20.53 crore in Mar 2025
• Shareholder count exploded – now over 60.5 lakh people hold Vodafone Idea shares
• Vodafone Idea warns it may not survive beyond FY26 without government support
• Supreme Court rejects plea for relief on AGR dues
• Debt overhang: The company is now burdened with ₹1.9 lakh crore in liabilities

Snapshot of the Disconnect

While Vodafone Idea's share price attracted millions of investors, its core telecom business was losing customer trust.

Vodafone Idea Warnings Are Real

The company's recent disclosures are grim:

• It may not be a going concern beyond 2026
• It is struggling to refinance debt
• Business fundamentals are deteriorating

This is no longer a theory—Vodafone Idea is on life support.

Final Thought

The Vodafone Idea share price may still flash green now and then. But remember:

A telecom company can't survive on hope and hype—it needs subscribers, not just shareholders.

So next time someone says "Vodafone Idea is making a comeback," ask them:

"Sure—but who's left using it?"