Vodafone Idea Q1 FY27 Earnings Call — Analysis (NSE: IDEA)
Vodafone Idea reported its first positive net subscriber additions since merger and raised ₹6,400 Cr in first-tranche funding, while reiterating ₹45,000 Cr capex and 3x cash EBITDA targets.
Result quality: watch — Loss narrowed. Management sentiment: neutral.
The take
Q1FY27 Revenue ₹11,689 Cr ( +6.0% YoY ) .
Results
Revenue ₹11,689 Cr +6.0% YoY (+3.2% QoQ); EBITDA ₹5,034 Cr +9.1% YoY with margin 43.1% (+120 bps); Cash EBITDA ₹2,475 Cr +13.5% YoY; ARPU ₹195 +10.2% YoY; first positive net subscriber adds since merger.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue | ₹11,689 Cr | +6.0% | yoy · Q1FY27 · Sequential growth +3.2% QoQ |
| EBITDA | ₹5,034 Cr | +9.1% | yoy · Q1FY27 · EBITDA margin 43.1% vs 41.8% in Q1FY26 |
| Cash EBITDA | ₹2,475 Cr |
Guidance
Management reiterated FY29 targets of 3x cash EBITDA, a ~16.8% revenue CAGR, and ₹45,000 Cr capex over three years; plans ~3,500 4G sites/month and another 200-plus 5G cities over the next two quarters.
Key themes
Network rollout momentum and subscriber recovery
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