Vodafone Idea Shares Surge Today: Shares of Vodafone Idea surged over 8 per cent in early trade on Monday, rising to Rs 6.68, after the telecom operator posted a mixed set of Q1FY26 results. While revenue and EBITDA came in slightly below estimates, improvement in average revenue per user (ARPU) and a narrowing loss cheered investors.

The company reported consolidated revenue of Rs 11,023 crore, almost flat quarter-on-quarter, and marginally below street estimates of Rs 11,116 crore. EBITDA stood at Rs 4,613 crore, down 1 per cent QoQ, also slightly below expectations.

However, the net loss narrowed to Rs 6,608 crore from Rs 7,166 crore in the previous quarter — an 8 per cent improvement and better than the expected Rs 7,023 crore. The highlight of the quarter was a strong 7 per cent sequential rise in ARPU to Rs 177, compared to Rs 164 in Q4FY25, significantly beating expectations of Rs 166.

Vodafone Idea Operational metrics:

4G/5G subscriber base rose to 127.4 million

5G services are now live in 22 cities

Capex for Q1 stood at Rs 2,440 crore

Debt from banks reported at Rs 1,930 crore

Brokerage reactions on Vodafone Idea:

Citi noted that Vodafone Idea’s subscriber loss has narrowed, though cash EBITDA missed estimates by 7 per cent. The brokerage flagged a 42 per cent QoQ drop in capex, amid ongoing delays in its critical debt-raising efforts. It added that AGR relief remains a key near-term trigger with the end of the moratorium nearing.

UBS maintained a ‘Neutral’ rating with a target price of Rs 8.5, calling the results broadly in line. It highlighted a 5 per cent YoY rise in revenue and a 9.7 per cent YoY increase in EBITDA. Margins dipped slightly by 47 bps QoQ to 41.8 per cent, but were still up 183 bps YoY.