Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹1,11,485Cr
Rev Gr TTM
Revenue Growth TTM
3.22%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

IDEA
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 2.9 | 2.4 | 1.0 | 0.5 | 0.7 | -1.4 | 2.0 | 4.2 | 3.8 | 4.9 | 2.4 | 1.9 |
| 6,322 | 6,499 | 6,434 | 6,323 | 6,271 | 6,304 | 6,382 | 6,405 | 6,354 | 6,410 | 6,511 | 6,506 |
Operating Profit Operating ProfitCr |
| 40.0 | 39.0 | 40.0 | 40.8 | 40.9 | 40.0 | 41.6 | 42.4 | 42.3 | 41.8 | 41.8 | 42.5 |
Other Income Other IncomeCr | 71 | 21 | 33 | 779 | 30 | 256 | 300 | 250 | 217 | 142 | 140 | 1,271 |
Interest Expense Interest ExpenseCr | 5,002 | 6,398 | 6,569 | 6,518 | 6,280 | 5,519 | 6,614 | 5,940 | 6,471 | 5,893 | 4,784 | 5,828 |
Depreciation DepreciationCr | 5,704 | 5,617 | 5,667 | 5,598 | 5,751 | 5,369 | 5,404 | 5,629 | 5,571 | 5,472 | 5,567 | 5,550 |
| -6,424 | -7,837 | -7,920 | -6,987 | -7,666 | -6,427 | -7,168 | -6,607 | -7,166 | -6,611 | -5,527 | -5,290 |
| -5 | 3 | 818 | -1 | 9 | 6 | 8 | 2 | 0 | -3 | -3 | -4 |
|
Growth YoY PAT Growth YoY% | 2.2 | -7.5 | -15.0 | 12.6 | -19.6 | 18.0 | 17.9 | 5.4 | 6.6 | -2.7 | 23.0 | 20.0 |
| -61.0 | -73.6 | -81.5 | -65.5 | -72.4 | -61.2 | -65.6 | -59.5 | -65.1 | -60.0 | -49.3 | -46.7 |
| -1.5 | -1.6 | -1.8 | -1.4 | -1.6 | -1.0 | -1.0 | -0.9 | -1.0 | -0.6 | -0.5 | -0.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 19.1 | 13.9 | -1.0 | -20.5 | 31.2 | 21.2 | -6.7 | -8.2 | 9.5 | 1.1 | 2.2 | 2.3 |
| 20,759 | 24,299 | 25,361 | 22,231 | 32,970 | 30,045 | 25,007 | 22,479 | 25,360 | 25,526 | 25,445 | 25,781 |
Operating Profit Operating ProfitCr |
| 34.3 | 32.4 | 28.7 | 21.4 | 11.1 | 33.2 | 40.4 | 41.6 | 39.9 | 40.1 | 41.6 | 42.1 |
Other Income Other IncomeCr | 470 | 635 | 729 | 675 | 1,780 | -36,961 | -19,563 | 295 | 289 | 863 | 1,022 | 1,770 |
Interest Expense Interest ExpenseCr | 1,045 | 1,779 | 3,979 | 4,813 | 9,543 | 15,392 | 17,998 | 20,981 | 23,354 | 25,766 | 24,543 | 22,976 |
Depreciation DepreciationCr | 5,304 | 6,256 | 7,827 | 8,409 | 14,536 | 24,356 | 23,639 | 23,584 | 23,050 | 22,634 | 21,973 | 22,160 |
| 4,933 | 4,250 | -863 | -6,499 | -18,175 | -61,797 | -44,253 | -28,234 | -29,298 | -30,410 | -27,368 | -24,594 |
| 1,740 | 1,522 | -464 | -2,331 | -3,572 | 12,081 | -20 | 11 | 4 | 829 | 16 | -10 |
|
| 62.3 | -14.6 | -114.7 | -942.8 | -250.4 | -405.9 | 40.1 | 36.1 | -3.7 | -6.6 | 12.3 | 10.2 |
| 10.1 | 7.6 | -1.1 | -14.7 | -39.4 | -164.3 | -105.4 | -73.3 | -69.5 | -73.2 | -62.9 | -55.2 |
| 5.5 | 4.5 | -0.7 | -6.9 | -17.2 | -27.3 | -15.4 | -9.8 | -8.4 | -6.4 | -4.0 | -2.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 3,598 | 3,601 | 3,605 | 4,359 | 8,736 | 28,735 | 28,735 | 32,119 | 48,680 | 50,120 | 71,393 | 1,08,343 |
| 19,429 | 19,950 | 21,127 | 22,903 | 50,899 | -22,756 | -66,963 | -94,084 | -1,23,039 | -1,54,287 | -1,78,663 | -1,90,803 |
Current Liabilities Current LiabilitiesCr | 17,396 | 15,589 | 17,061 | 10,634 | 54,152 | 95,779 | 66,403 | 61,134 | 60,023 | 54,141 | 55,614 | 52,671 |
Non Current Liabilities Non Current LiabilitiesCr | 20,043 | 40,986 | 54,911 | 60,681 | 1,15,913 | 1,25,161 | 1,75,306 | 1,94,860 | 2,21,579 | 2,35,023 | 2,12,573 | 2,18,337 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 15,466 | 4,497 | 7,633 | 9,184 | 18,200 | 16,686 | 14,100 | 16,836 | 13,854 | 12,861 | 31,040 | 24,084 |
Non Current Assets Non Current AssetsCr | 45,001 | 75,629 | 89,072 | 89,394 | 2,11,500 | 2,10,234 | 1,89,381 | 1,77,194 | 1,93,389 | 1,72,137 | 1,66,827 | 1,64,464 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 10,418 | 10,949 | 10,476 | 5,332 | 5,348 | 7,328 | 15,640 | 17,387 | 18,869 | 20,826 | 9,291 |
Investing Cash Flow Investing Cash FlowCr | -5,726 | -2,389 | -15,556 | -9,272 | -7,379 | -2,790 | 1,075 | -5,730 | -5,414 | -1,907 | -16,248 |
Financing Cash Flow Financing Cash FlowCr | 8,028 | -9,330 | 4,506 | 3,925 | -2,949 | -5,019 | -16,731 | -10,554 | -14,680 | -18,980 | 7,047 |
|
Free Cash Flow Free Cash FlowCr | 6,260 | 3,824 | 5,144 | -3,269 | -2,238 | -474 | 11,108 | 11,499 | 15,012 | 19,296 | -600 |
| 326.3 | 401.3 | -2,620.9 | -127.9 | -36.6 | -9.9 | -35.4 | -61.6 | -64.4 | -66.7 | -33.9 |
CFO To EBITDA CFO To EBITDA% | 96.4 | 94.0 | 102.6 | 88.2 | 129.7 | 49.1 | 92.3 | 108.4 | 112.2 | 121.6 | 51.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 66,110 | 39,516 | 30,898 | 33,022 | 52,155 | 8,937 | 26,580 | 31,091 | 28,332 | 66,359 | 48,619 |
Price To Earnings Price To Earnings | 21.8 | 14.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Price To Sales Price To Sales | 2.1 | 1.1 | 0.9 | 1.2 | 1.4 | 0.2 | 0.6 | 0.8 | 0.7 | 1.6 | 1.1 |
Price To Book Price To Book | 2.9 | 1.7 | 1.3 | 1.2 | 0.3 | 1.5 | -0.7 | -0.5 | -0.4 | -0.6 | -0.5 |
| 7.5 | 6.5 | 8.1 | 14.9 | 38.7 | 6.9 | 13.3 | 15.1 | 15.8 | 18.1 | 15.0 |
Profitability Ratios Profitability Ratios |
| 99.5 | 99.9 | 99.9 | 100.0 | 99.9 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 34.3 | 32.4 | 28.7 | 21.4 | 11.1 | 33.2 | 40.4 | 41.6 | 39.9 | 40.1 | 41.6 |
| 10.1 | 7.6 | -1.1 | -14.7 | -39.4 | -164.3 | -105.4 | -73.3 | -69.5 | -73.2 | -62.9 |
| 15.0 | 9.9 | 4.1 | -2.0 | -5.1 | -45.4 | -16.1 | -4.8 | -3.6 | -3.3 | -2.2 |
| 13.9 | 11.6 | -1.6 | -15.3 | -24.5 | -1,235.4 | 115.7 | 45.6 | 39.4 | 30.0 | 25.5 |
| 5.3 | 3.4 | -0.4 | -4.2 | -6.4 | -32.6 | -21.7 | -14.6 | -14.1 | -16.9 | -13.8 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Vodafone Idea Ltd (VIL), a joint venture between the **Aditya Birla Group** and **Vodafone Group PLC**, is a major telecommunications provider in India. Operating under the unified **Vi™ brand** since 2020, the company serves approximately **198.2 million subscribers** as of March 31, 2025, with over 83% 4G population coverage. VIL holds the **highest 4G spectrum per million subscribers among private operators** in India, positioning it strongly for 5G expansion and enterprise digital transformation.
The company has embarked on a strategic transformation from a **traditional telecom operator (Telco)** into a **technology-driven enterprise solution provider (TechCo)**, leveraging the global expertise of the Vodafone Group and local market understanding.
---
### **Strategic Transformation: From Telco to TechCo**
VIL is aggressively reshaping its identity by expanding beyond core connectivity into a full-stack **digital and technology services provider**, with a dual focus on **consumer digital engagement** and **enterprise digital transformation**.
#### **1. Vi Business: The TechCo Engine**
The **Vi Business** division is central to VIL’s transformation, serving as a **technology enabler** for **global corporations, Indian enterprises, government entities, and SMEs**.
- **Enterprise Offerings**:
- **Enterprise Mobility Solutions**: Custom postpaid plans (e.g., **Vi Business Plus**, **Easy+**) with data pooling, mobile security, location tracking, and integration with **Google Workspace**.
- **Integrated IoT Solutions**: End-to-end, secure IoT solutions across:
- **Smart Mobility**: Vehicle tracking, EV battery monitoring, and fleet management (leadership in India’s automotive and utility sectors; connects **2 out of 3 smart meters**).
- **Smart Infrastructure**: Smart street lighting, industrial automation, and solar/water management.
- **Smart Utilities**: Advanced Metering Infrastructure (AMI) for DISCOMs.
- **Cybersecurity (Vi Secure)**: Comprehensive suite co-developed with **Cisco, Fortinet, IBM, and Netscout Arbor**, offering threat monitoring, infrastructure protection, and compliance solutions.
- **Cloud & Colocation**:
- Partnerships with **Yotta Data Services**, **HPE**, and hyperscalers to provide **colocation**, **IaaS**, and **multi-cloud marketplace** offerings.
- Developing **edge computing** and **private 4G/5G networks** for Industry 4.0.
- **Contact Center as a Service (CCaaS)**: AI-powered cloud-based platform in partnership with **Genesys** and **Startele**, enabling real-time, omnichannel customer engagement.
- **Rich Business Messaging (RBM)**: India’s first RBM provider (launched 2023), enabling brands to send interactive, rich-media messages via native SMS, achieving **2X higher engagement** and **premium pricing**.
- **Infrastructure & Innovation**:
- **GIGANet**: 5G-ready 4G network with **13,100+ Massive MIMO sites**, **~12,300 small cells**, and **E-band technology** for high throughput and low latency.
- **Vi-C-DOT IoT Lab**: India’s first **"Lab-as-a-Service"**, issuing over 26 certifications in FY25; serves as a **Center of Excellence** for IoT standardization and innovation.
- **Pan-India 5G NSA Core** ready for commercial deployment.
- **Multi-Operator eSIM Solution**: World-class B2B eSIM capability via **IoT Smart Central**, a self-service platform for lifecycle management.
#### **2. Digital Ecosystem: The Vi App as a Super App**
VIL is transforming the **Vi App** into a **digital lifestyle hub**, offering a unified experience for telecom, entertainment, finance, and utility services.
- **Entertainment & Media**:
- **Vi Movies & TV**: Paid OTT bundling service aggregating **17+ platforms**, including **Disney+ Hotstar, SonyLIV, Zee5, SunNxt, Amazon MX Player, Lionsgate**, and **Netflix**.
- Offers **350+ live TV channels** across **smartphones, Smart TVs, and streaming devices**.
- Bundled with **unlimited data plans (e.g., Vi Max, Vi One)** to drive ARPU and retention.
- **Ad-Supported Model (Vi Ads)**: AI/ML-driven ad-tech platform enabling targeted advertising across Vi’s ecosystem and third-party networks; empanelled with **top media agencies and brands**.
- **Gaming & eSports**:
- **Vi Games**: Hyper-casual and multiplayer games (Ludo, Rummy, Solitaire).
- **CloudPlay**: On-demand mobile cloud gaming in partnership with **CareGame**, streaming AAA titles without downloads.
- Partnership with **GamerJi** and **Team Vitality** for national eSports tournaments.
- **Financial Services (Vi Finance)**:
- Offers **personal loans (via Aditya Birla Capital)**, **credit cards**, and **fixed deposits** directly through the Vi App.
- Positioned as a gateway to **embedded finance**, enhancing customer stickiness.
- **Daily Life Services**:
- **Bill Payments**: Electricity, water, FASTAG, insurance, EMIs.
- **Vi Shop**: Integrated marketplace for **entertainment, food, travel, and shopping** (in partnership with Swiggy, EaseMyTrip, etc.).
- **Jobs & Education**: Partnerships with **Apna, Enguru, and Pariksha** to offer job access, English training, and exam prep.
#### **3. Consumer Strategy: Premiumization & Bundling**
VIL is focusing on **ARPU improvement** through differentiated, high-value plans.
- **Postpaid Growth**:
- **Vi Max Postpaid**: Only plan in India with **"Choose Your Benefit"** feature, allowing customization of OTT, travel, and security benefits (e.g., Netflix, Norton, SwiggyOne).
- **Vi RedX**: Premium postpaid plan with **Netflix, SonyLIV, EazyDiner, lounge access**, and **international roaming (unlimited in 40 countries)**.
- **Easy+**: Enables corporate users to buy personal add-ons (roaming, OTT) via the app.
- **Prepaid Differentiation**:
- **Vi Hero Unlimited**: Free night data (12 AM–6 AM), weekend rollover.
- **Vi Super Hero**: 12 hours of unlimited data daily.
- **Vi Non-Stop Hero**: Truly **unlimited 24x7 data**—rolled out nationwide.
- **Converged Offers (Vi One)**:
- Bundles **broadband, mobile, and OTT** into a single subscription.
- Launched via **You Broadband (Mumbai, Gujarat, Maharashtra)** and **Asianet (Kerala)**.
- Targets **urban households** seeking a single-bill digital lifestyle.
---
### **Technology & Network Readiness**
- **Spectrum & Infrastructure**:
- **~195,300 tower locations** and **317,500+ km of optical fiber network** (including IRU).
- 5G spectrum acquired in **17 priority circles** (mid-band and mmWave).
- **900 MHz band refarmed** for improved indoor 4G coverage.
- **5G & Future Tech**:
- **5G NSA Core** and **vRAN/ORAN** deployed across India.
- Strategic partnership with **AST SpaceMobile** to deliver **satellite-based broadband** to standard smartphones—aimed at remote and rural areas.
- Live 5G use cases include **Digital Twin for construction**, **Smart Ambulance**, **Autonomous Guided Vehicles (Industry 4.0)**.
- **AI & Data Science**:
- **Big Data + AI/ML Platform on AWS**: Processes 1 billion+ data points daily.
- Predictive models for **churn, upgrade potential, and cross-selling**.
- **Anti-spam AI** system filters phishing and spam messages in real time.
---
### **Strategic Partnerships & Ecosystem Model**
VIL follows a **platform-led, partnership-driven model** to co-create value:
- **Technology Partners**: **Genesys, HPE Aruba, Yotta, Cisco, Fortinet**.
- **Content & OTT**: **Netflix, Amazon Prime, Disney+ Hotstar, Zee5, Lionsgate, Hungama**.
- **Financial & Lifestyle**: **Aditya Birla Capital, Swiggy, EaseMyTrip, Blue Ribbon Bags (roaming insurance)**.
- **Government & Industry**: **C-DOT, West Bengal State Export Promotion Society (WBSEPS), Department of Telecom (DoT)**.
---
### **Retail & Distribution**
- **Over 600 cities** covered via **500+ company-owned** and **2,000+ franchise stores**.
- **Digital KYC**, **Self-KYC**, and **home delivery** in major cities.
- **Vi Priority counters** for senior citizens and high-value customers.
---
### **Financial & Capital Position**
As of March 31, 2025:
- **Equity raised in FY25**: ₹614 billion
- ₹180 billion via FPO
- ₹40 billion from promoters
- ₹369 billion from **Government of India** (via capital infusion)
- **Subscriber Base**: 198.2 million (126.4 million 4G users)
- **4G ARPU**: ₹175 (14.2% YoY growth), driven by tariff hikes and plan upgrades.