Troubled telcom player Vodafone Idea has reported modest recovery in the third quarter of FY26. Vodafone-Idea’s losses narrowed to Rs 5,286 crore in the Q3 FY26. The telecom company had posted a loss of Rs 6,609 crore in Q3 FY25.
VI’s revenue from operations grew marginally by 1.85 per cent YoY in the quarter. The company reported consolidated revenue of Rs 11,323 crore in Q3 FY26, compared to Rs 11,117 crore in the corresponding quarter of the last fiscal year.
“This quarter marked an important inflection point for the company with positive resolution of key legacy issues. We are thankful to the Government for offering a definitive, long-term and conclusive solution on the AGR matter. We also concluded the settlement of CLAM receivable of Rs. 6,394 Crore with the Vodafone Group” Abhijit Kishore, CEO, Vodafone Idea, said in statement.
Vodafone Idea debt and AGR
At the end of the December quarter, Vodafone-Idea’s outstanding debt from banks and others stood at Rs 4,424 crore. The company said an instalment of Rs 1,126 crore is payable by December 2026.
The company has due total deferred payment obligation of Rs 124,877 crore towards spectrum and Rs 80,502 crore towards AGR by the end of the December quarter.
By the end of the December quarter, Vodafone-Idea’s net worth stands at negative Rs 87,744 crore.
Vodafone-Idea Q3 operations
In Q3 FY26, Vodafone-Idea raised Rs 3,300 crore via NCDs through its subsidiary for capital expenditure requirements. The company said that the capital raising, even before clarity on the AGR matter, reflects lenders’ confidence in its business turnaround.
The telecom company said its Average Revenue per User stood at Rs 186 in Q3 FY26, up from Rs 173 in the same quarter of the previous year, resulting in 7.3 per cent YoY growth. The company’s total subscriber base stood at 192.9 million.
“Since the launch of Vi 5G services in Mumbai in March 2025 we have expanded it to all 17 priority circles where we hold 5G spectrum. These circles contribute to ~99% of our revenue.” the company said.