Vodafone Idea Ltd Q1FY26 concall decoded: 5G dreams, AGR nightmares & CEO musical chairs

Opening Hook
India just celebrated 10 years of Digital India, where the government claimed internet reached every hut—except maybe the one where your Vi signal dies mid-Zoom. Into this backdrop, Vodafone Idea (still carrying ₹1.95 lakh crore AGR + spectrum dues) reported revenue of ₹11,020 crore (+4.9% YoY). The company finally slowed subscriber losses to just 0.5 million, its “best performance since the merger.” Translation: fewer people rage-ported to Jio. With 5G rolled out in 22 cities and ARPU up 14.9% YoY to ₹177, Vi insists it’s not dead yet. Outgoing CEO Akshaya Moondra signed off after 17 years, handing the hot potato to Abhijit Kishore. Investors are left asking—will Vi’s survival strategy finally load, or is this just another buffering screen?

At a Glance

• Revenue ₹11,020 cr – growth thanks to ARPU, not subs
• EBITDA ₹4,610 cr – up from ₹4,200 cr YoY, still thin vs peers
• Capex ₹2,440 cr – mostly 5G rollouts, but miles to go
• Net debt: ~₹1.95 lakh cr (AGR + spectrum) – elephant still in room
• Subs: 0.5 mn loss (vs 5 mn earlier) – Vi calls it victory

Management’s Key Commentary

1. “Churn reduced by 90% vs last year.”
   Translation: People still leaving, just at a slower crawl.
2. “5G services now in 22 cities across 13 circles.”
   Translation: Jio/Airtel launched nationwide, we launched Navi Mumbai.
3. “ARPU grew 14.9% to ₹177.”
   Translation: Price hikes working; customers paying more to buffer.
4. “Capex of ₹24.4 bn this quarter.”
   Translation: We’re spending like a startup with VC cash—except it’s debt.
5. “Partnership with AST for satellite broadband.”
   Translation: If towers fail, maybe space will save us.
6. “Enterprise IoT win: 5 million smart meters with Genus.”
   Translation: Lightbulbs may soon rely on Vi, but your phone calls still don’t.
7. “We’re moving from telco to techco.”
   Translation: Sounds cooler in PPT than in reality.

Numbers Decoded

Analyst Questions

• On churn: “Has BSNL porting slowed?”
  Mgmt: Yes, losses cut sharply.
  Translation: Even BSNL is no longer the upgrade