Vodafone Idea (Vi) reported a wider net loss of Rs 5,975 crore for the July-September quarter of FY27 on Thursday, even as its revenue grew and more customers paid for higher-value plans. The loss was driven largely by a one-off accounting charge, and the telecom operator’s underlying performance was steadier than the headline number suggests.
The results were announced after the market closed on Thursday, November 12. Vi’s shares had ended the day 0.70 per cent higher at Rs 12.97 on the National Stock Exchange.
What the numbers show
Vi’s consolidated net loss for the second quarter stood at Rs 5,975 crore, compared with Rs 5,524 crore in the same quarter last year and Rs 3,754 crore in the June quarter. Revenue from operations rose 6.2 per cent year on year to Rs 11,884 crore, up from Rs 11,195 crore a year ago and Rs 11,689 crore in the previous quarter.
The company said the quarter’s loss was inflated by an exceptional charge of Rs 462 crore. The charge came from the remeasurement of 328 crore shares earmarked by Vodafone Group entities for a period of five years, a mark-to-market adjustment rather than a cash cost. Excluding that item, the loss was around Rs 5,513 crore, broadly in line with the year-ago period.
Average revenue per user (ARPU), the key metric that shows how much each customer spends, rose to Rs 198 in the quarter. That is up 10 per cent from Rs 180 a year ago and up from Rs 195 in the June quarter, helped by customers upgrading to higher-priced plans.
Subscribers: postpaid shines, total base still below last year
Vi ended September with 194.4 million subscribers, up from 193.1 million in the June quarter. The total is still below the 196.7 million customers it had a year ago, a reminder that the company is still losing ground overall even as the quarterly trend has turned.
The bright spot was postpaid. Vi’s postpaid base climbed to 33.9 million from 31.9 million in the previous quarter, the strongest quarterly postpaid addition in nine quarters. The company closed the quarter with 131.0 million 4G and 5G subscribers, up from 127.8 million a year earlier.
Data usage also kept climbing. Daily data consumption rose 27.1 per cent year on year to 93.6 petabytes per day, according to the company, as more users moved to 4G and 5G services.
Network expansion continues
Vi said its 4G population coverage reached nearly 88 per cent by the end of September, extending coverage to an additional 45 million people since the same quarter last year. The operator has been spending on 4G and 5G capacity to close the network gap with its larger rivals, Reliance Jio and Bharti Airtel.
On the balance sheet, Vi reported bank debt of Rs 943 crore and cash and bank balances of Rs 5,470 crore as of September 30. The company has been working on a proposed Rs 35,000-crore debt financing package, with reports this week saying lenders led by State Bank of India are making progress on the arrangement. The funding is seen as critical for Vi to keep investing in its network and to stay competitive in a market where its two rivals are far larger.
What comes next
For Vi, the story of the September quarter is familiar: the customer mix is improving, ARPU is rising, and postpaid additions are the best in more than two years. The challenge remains the size of the loss and the pace at which the company can fund its network plans.
Investors will now watch for two things. First, whether the debt funding package is finalised, which would give Vi room to accelerate 5G rollout. Second, whether the subscriber base can return to year-on-year growth, rather than just improving quarter on quarter. Until the total base starts growing again, the recovery story stays incomplete.
For now, the September quarter shows a company moving in the right direction on revenue and customer quality, but still carrying a heavy loss. The next few quarters, and the funding decisions around them, will decide how far that improvement can go.
FAQs
What was Vodafone Idea’s loss in Q2 FY27?
Vi reported a consolidated net loss of Rs 5,975 crore for the July-September 2026 quarter, wider than Rs 5,524 crore a year ago.
Why did the loss widen?
A one-off exceptional charge of Rs 462 crore, linked to the remeasurement of shares earmarked by Vodafone Group entities, pushed the reported loss higher. Excluding it, the loss was broadly flat year on year.
What is Vi’s ARPU now?
Average revenue per user rose to Rs 198 in Q2 FY27, up 10 per cent from Rs 180 a year earlier.
How many subscribers does Vi have?
Vi ended September 2026 with 194.4 million subscribers, including 33.9 million postpaid users and 131.0 million 4G and 5G subscribers.
When were the results announced?
The results were filed with the stock exchanges on Thursday, November 12, 2026, after the market closed.
Vi’s September quarter shows improving revenue and customer quality, but the loss remains large. The funding package and subscriber trend will shape what happens next.
