Earnings Outlook
Higher Average Revenue Per User to help narrow Vodafone Idea adjusted net loss
This story was originally published at 15:36 IST on 8 August 2026
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By Shakshi Jain
NEW DELHI – Vodafone Idea Ltd.'s adjusted net loss is expected to narrow sequentially on a consolidated basis for the June quarter, helped by a marginal growth in average revenue per user from subscriber migration to higher-generation network. Revenues are expected to grow marginally on the back of new subscriber additions and one extra day in the quarter.
Vodafone Idea is expected to post a consolidated net loss of INR 54.06 billion for the June quarter compared with a net profit of INR 519.70 billion for the March quarter, according to the average of estimates from seven brokerages. However, in the absence of the one-time income of INR 574.91 billion reported for the March quarter, the company would have posted a consolidated net loss of around INR 55 billion. Going by this, the company is expected to showcase improved performance for the June quarter.
The bottom-line estimates range from a loss of INR 60.50 billion by Motilal Oswal Financial Services Ltd. to INR 47.71 billion by Kotak Securities Ltd.
The telecommunications player's consolidated revenues are expected to rise a little over 1% sequentially to INR 114.64 billion for the reporting quarter from INR 113.32 billion for the March quarter, as per the average of estimates. The highest top-line estimate is INR 115.31 billion from JM Financial Institutional Securities Pvt. Ltd. and the lowest is INR 113.71 billion from Nuvama Wealth Management Ltd.
Vodafone Idea net added over 338,000 users in the June quarter, according to data released by the Telecom Regulatory Authority of India, which also includes machine-to-machine cellular mobile connections. The company had lost 100,000 subscribers during the March quarter, taking its total customer base to 192.80 million.
The company's average revenue per user per month for the reporting quarter is expected to rise to INR 175-INR 177, according to estimates from five brokerages. Excluding machine-to-machine services, JM Financial pegged the average revenue per user at INR 194. "ARPU expected to grow by ~1.5% QoQ led by 2G to 4G migration, and higher number of days in the quarter," Centrum Broking Ltd. said.
Vodafone Idea had reported a blended average revenue per user of INR 174 for the March quarter. The company's customer average revenue per user, excluding machine-to-machine services, was INR 190.
Vodafone Idea's consolidated earnings before interest, tax, depreciation, and amortisation are expected to rise to INR 49.34 billion for the June quarter from INR 48.90 billion for the March quarter, as per the average of six estimates. Three brokerages estimate a 6-40 basis point sequential expansion in the company's consolidated EBITDA margin for the quarter while two expect a 30-115 bps contraction. Kotak Securities said the margin could shrink sequentially due to higher operating expenditure.
The Mumbai-based company had reported an EBITDA margin of 43.1% for the March quarter.
Vodafone Idea will announce its June-quarter earnings on Monday. Market participants await management commentary on progress tied to the INR-450-billion turnaround plan and the related fundraising programme.
Friday, shares of Vodafone Idea closed 0.8% higher at INR 12.73 on the National Stock Exchange. The stock has dropped 1.7% since the company announced its March-quarter earnings. The stock is down around 17% from its 52-week high of INR 15.34, hit on Jun 15.
Of the seven research reports on the company available with Informist, three have a 'buy' recommendation and three have a 'hold' recommendation while one has a 'sell' call. The average target price of the 'buy' recommendations is INR 13 and that of the 'hold' calls is INR 12. These are over 2% higher and around 6% lower than the closing price Friday, respectively.
The following are the June-quarter earnings estimates for Vodafone Idea from seven brokerage firms in descending order of the estimate of net loss in INR billion:
| Centrum Broking Ltd | Net Sales | Net Profit | EBITDA |
| Kotak Securities Ltd | 114.35 | (-)47.71 | 48.75 |
| 360 ONE Capital Market Pvt Ltd | 115.02 | (-)52.84 | |
| JM Financial Institutional Securities Pvt Ltd | 115.31 | (-)53.20 | 50.00 |
| Nuvama Wealth Management Ltd | 113.71 | (-)53.43 | 49.38 |
| Centrum Broking Ltd | 114.98 | (-)54.72 | 49.68 |
| Nomura Equity Research | 115.10 | (-)56.00 | 50.10 |
| Motilal Oswal Financial Services Ltd | 114.00 | (-)60.50 | 48,100.00 |
| Average | 114.64 | (-)54.06 | 49,335.67 |
End
Edited by Akul Nishant Akhoury
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