Vodafone Idea Q2 Results: Net Loss Narrows as Revenue and ARPU Improve

Market Performance

The mood around the Vodafone Idea share price turned energetic as the stock reacted to the company’s latest quarterly numbers. Investors had been watching the counter closely, and the sharp move earlier reflected that anticipation. With Vodafone Idea shares gaining momentum in recent weeks, the Q2 update became the new focal point across the telecom space.

Over the last few months, Vodafone Idea's stock price has seen steady traction. The recent strength in the script has largely been shaped by expectations around operational improvement, subscriber mix, and the company’s attempt to stabilise financials. This Q2 earnings report added another layer to that evolving story.

Vodafone Idea Q2 Results 2025: Loss Narrows, Revenue Inches Up

The September quarter numbers offered a clearer look into how the telecom operator is navigating its financial challenges. Its consolidated net loss reduced to ₹5,524.2 crore, compared with ₹7,175.9 crore in the corresponding quarter a year ago. Losses also narrowed compared to the ₹6,608.1 crore reported in the previous quarter.

A closer look at the financials shows the steady shift underneath:

Key Financial Highlights

• Net Loss (Q2FY26): ₹5,524.2 crore
• Net Loss (Q2FY25): ₹7,175.9 crore
• Net Loss (Q1FY26): ₹6,608.1 crore

The company also posted a moderate revenue improvement.

Revenue from operations rose 2.4% YoY to ₹11,194.7 crore, up from ₹10,932.2 crore in Q2 last year. Sequentially, revenue increased 1.5%, supported by a better customer mix and higher user spending.

Revenue & ARPU Data

• Revenue (Q2FY26): ₹11,194.7 crore
• Revenue (Q2FY25): ₹10,932.2 crore
• Sequential Growth: 1.5%
• Customer ARPU: ₹180 vs ₹166 YoY

The rise in ARPU to ₹180—an 8.7% increase YoY—captured the ongoing customer upgrade cycle and earlier tariff adjustments that helped stabilize earnings.

Company Details: Subscriber Base, EBITDA & Debt Profile

The subscriber data gives a clear picture of where the business stands today. Vodafone Idea closed the quarter with a total subscriber base of 196.7 million. Out of this, 4G/5G subscribers stood at 127.8 million, higher than 125.9 million in the previous year.

Subscriber Metrics

• Total subscribers: 196.7 million
• 4G/5G subscribers: 127.8 million vs 125.9 million YoY

On the operational front, the company reported:

EBITDA Performance

• EBITDA: ₹4,690 crore
• Cash EBITDA: ₹2,250 crore
• Cash EBITDA (Q2FY25): ₹2,320 crore

The debt structure continues to remain heavy, reflecting long-term spectrum and AGR liabilities.

Debt & Cash Position

• Gross Debt: ₹2.03 lakh crore
• Deferred spectrum + AGR liabilities: ₹2.01 lakh crore
• Bank Debt: ₹1,530 crore
• Cash & Bank Balance: ₹3,080 crore

These numbers underline the ongoing financial pressure while also highlighting the scale of obligations the company is currently managing.

Vodafone Idea Share Price Movement

The recent upswing in Vodafone Idea's share price has drawn attention from across the market. Over the past month, the stock climbed 11%, and in the last three months, it surged 51%. The momentum extended to a 50% rise in six months, along with a steady 25% YTD gain.

At the same time, the long-term chart still reflects earlier struggles. Over the last two years, the stock has declined 27%, though the five-year picture shows an 18% gain.

Vodafone Idea Shares – Performance Snapshot

• 1 month: +11%
• 3 months: +51%
• 6 months: +50%
• YTD: +25%
• 2 years: -27%
• 5 years: +18%

This blend of recovery and past volatility continues to shape sentiment around the Vodafone Idea stock as investors balance both quarterly improvements and long-term challenges.

Summary

Vodafone Idea’s Q2 update marks another step in its effort to stabilise operations. With losses narrowing to ₹5,524.2 crore, revenue improving to ₹11,194.7 crore, and ARPU rising to ₹180, the quarter showcased early signs of operational resilience.

Key takeaways:

• Loss reduced from ₹7,175.9 crore (YoY) and ₹6,608.1 crore (QoQ)
• Revenue grew 2.4% YoY to ₹11,194.7 crore.
• ARPU increased 8.7% YoY to ₹180
• Subscriber base stood at 196.7 million.
• EBITDA at ₹4,690 crore; Cash EBITDA at ₹2,250 crore
• Gross debt remained at ₹2.03 lakh crore.

As the telecom sector evolves, the company’s Q2 numbers offer a clearer view of where Vodafone Idea stands today and how its financial trajectory is shifting across key business indicators.