Vodafone Idea Ltd

Financial Performance

• Revenue for Q1 FY27: Rs 11,689 crore, up 6.0% YoY.
• Cash EBITDA: Rs 2,475 crore, up 13.5% YoY.
• EBITDA: Rs 5,034 crore; margin 43.1% (vs 41.8% prior).
• EBITDA margin expanded by 120 bps to 43.1%.
• Capex in quarter: Rs 1,930 crore.
• Exceptional item: Rs 1,816 crore benefit from CLAM fair value adjustment.
• Net subscriber addition turned positive for the first time since merger.
• Total subscribers: 193.1 million; 4G/5G subscribers: 130.1 million.
• ARPU: Rs 195; YoY +10.2%; QoQ +2.6%.

Operations and Enterprise Update

• 4G coverage expanded to 87.0% pan-India.
• 5G live in 200+ cities across 17 circles; 15,600 5G sites live.
• 5G sites deployed: ~16,000; 4G towers deployed: 32,000 in 2 years.
• Nearly 15,500 new broadband towers added in 12 months.
• Average data per 4G/5G subscriber: 21.7 GB.
• Total data usage: 88.4 PB/day, up from 69.1 PB/day YoY.
• Churn reduced by 0.24 percentage points YoY.
• Enterprise updates: MSME ReadyForNext 5.0; MoU with APMSMEDC for 100,000+ MSMEs.
• Spotify postpaid collaboration; Vi Edu+ with PhysicsWallah; Vi Instadata launched.
• Roaming: Choose Your Own Plan available in 59 countries.
• Meta silent verification with safe authentication; SPARC AI upgrade.

Balance Sheet and Liquidity

• Bank debt: Rs 211 crore as of 30 June 2026 (vs Rs 1,926 crore 30 Jun 2025).
• Free cash and bank balance: Rs 6,558 crore as of 30 June 2026.
• Net debt: Rs 3,489 crore as of the quarter.
• Warrant proceeds received: Rs 1,183 crore (part of funding).
• First tranche funding: Rs 6,400 crore; mix of debt and non-fund facilities.
• Funding landscape: ECB and Indian private banks; PSU banks engagement ongoing.

Capex and Projects

• Capex plan: Rs 45,000 crore over the next 3 years.
• Capex orders placed to date: Rs 9,000 crore; Q1FY27 capex deployed: Rs 1,930 crore.
• Capex deployment pace: ~3,500 sites per month going forward.
• Network vendors: orders with Ericsson, Nokia, Samsung, etc.
• 4G rollout target: 55,000–57,000 sites; 5G target: 86,000–90,000 sites.
• 5G rollout may extend into Year 3 due to fiber requirements.
• Enterprise milestone: APMSMEDC MoU to empower 100,000 MSMEs.

Guidance and Outlook

• 3-year targets: sustained net addition, double-digit revenue growth, 3x cash EBITDA.
• Financial architecture in place to support capex and road map.

Q&A Highlights

• Subscriber transition: postpaid additions positive; churn improving; M2M stable.
• ARPU drivers: 2G→4G/5G upgrades and NonStop Hero impact.
• ARPU level: current mix with 66% smartphone (4G/5G); 34% 2G.
• Capex pace: 3,500 sites per month; 4G rollout to complete in 18 months.
• Debt strategy: debt-raising path continues; promoter support reiterated.

Meeting Details

• 17–18 August 2026: Ambit Singapore Conference; one-on-one and group meetings in Singapore (time not disclosed).
• 19 August 2026: Non-Deal Roadshow; one-on-one and group meetings in Hong Kong (time not disclosed).
• 16 September 2026: Jefferies 5th India Forum; one-on-one and group meetings in Delhi (time not disclosed).

Participants

• Company representatives (including Company Secretary) will participate.

Purpose

• Participation in Analyst and Institutional Investor Meetings.

Additional Notes

• Schedule may change due to exigencies.

Meeting Details

• Analysts/Investors call regarding Vodafone Idea's Q1 2026 performance (audio recording).
• Type: group call; mode: audio recording.

Participants

• Key company participants: company management (roles not specified).

Purpose

• Purpose: discuss the first quarter ended 30 June 2026 performance.

Availability

• Audio recording of the call is available on Vodafone Idea's investor results page.

Issue Overview

• Type of issue: preferential issue of convertible warrants.
• Size and proceeds not disclosed in this chunk.
• Use of proceeds: objectives not detailed in this chunk.

Utilisation of Proceeds

• Utilisation details are not provided in this chunk.
• No deviations or reallocations described in this filing.
• No status updates for each object are included here.
• No information on unutilised funds is stated.

Governance and Compliance

• Audit Committee reviewed the Monitoring Agency Report; Board took it on record.
• Report is available on the company website.

GCP

• GCP not discussed in this filing.

Cessations of Independent Directors

• Cessation of Ashwani Windlass as Independent Director effective Aug 30, 2026, post second term.
• Cessation of Neena Gupta as Independent Director effective Sep 16, 2026, post second term.

Appointment of Independent Director

• Appointment of Anil Berera as Independent Director for five years from Aug 31, 2026 to Aug 30, 2031.
• Profile: 66-year-old CA with 45+ years in governance, IPOs, M&A; ex-Whirlpool CFO Asia Pacific.
• Relation: Not related to any Director.
• Not debarred from holding the office of director by SEBI or any authority.

Appointment of Internal Auditor

• Appointment of Rajmeet Singh as Internal Auditor with effect from Aug 10, 2026.

Appointment of Company Secretary Designate

• Appointment of Nilufer Shekhawat as Company Secretary Designate from Sep 1, 2026.
• Profile: Qualified Company Secretary with 17 years’ governance, regulatory compliance experience.

Q1 FY27 financial highlights

• Revenue from operations: Rs 11,689 crore in Q1 FY27.
• EBITDA Rs 5,034 crore with 43.1% margin.
• PAT loss Rs 3,754 crore; PBT loss Rs 3,747 crore.
• Subscribers: 193.1m total; 4G/5G 130.1m; capex quarter Rs 1,930 crore.

Funding and liquidity

• Funding secured: Rs 6,400 crore including warrants.
• Debt and liquidity: cash Rs 6,558 crore; bank debt Rs 211 crore.

Ratings and capex plan

• Ratings upgrades: Crisil A- (Stable); ICRA A (Stable) in 2026.
• Capex plans: capex orders Rs 9,000 crore; 3-year capex guidance Rs 45,000 crore.

Operations and footprint

• 5G expansion: over 200 cities; 4G population coverage 87%.
• ARPU and data: Customer ARPU Rs 195; data usage 88.4 Pb/day.

Financial results and approvals

• Board approved unaudited consolidated and standalone Q1 FY27 results for quarter ended 30 June 2026.
• Consolidated revenue from operations Rs 11,689 Cr; EBITDA Rs 5,034 Cr; PAT Rs (3,754) Cr.
• Standalone revenue from operations Rs 11,539 Cr; PAT Rs (3,712) Cr for the quarter.
• Group net worth negative Rs 38,327 Cr consolidated and Rs 37,890 Cr standalone as of 30 June 2026.
• Group debt: consolidated bank and other debt Rs 3,708 Cr; installments due by June 2027 Rs 211 Cr.
• Deferred payment obligations: Spectrum Rs 130,299 Cr; AGR Rs 25,759 Cr.
• Installments due by June 2027 Rs 9,259 Cr.
• Going concern: management expects operational cash flow to meet spectrum and AGR obligations.
• Exceptional items: Rs 1,611 Cr in June 2026 quarter; includes AGR deferral and Labour Code impacts.
• Regulatory matter: DOT demands revised; company challenged at TDSAT; provided Rs 205 Cr as partial charge.
• Auditor remarks: Independent Review concluded no material misstatement; reviews are not audits.
• Results include both consolidated and standalone; press release attached.