Vodafone Idea posts surprise profit as Aditya Birla injects fresh capital

Details: Manny Pham; Category: Operators; 18 May 2026; 157 views

Debt-laden Vodafone Idea unexpectedly posted a profit in its full-year 2026 results and secured a fresh cash injection from Aditya Birla Group, in what could mark a turnaround moment for the Indian operator.

Profit after tax for the financial year ended March 31 stood at INR345 billion ($3.5 billion), despite analysts expecting another annual loss. Revenue increased 3% to INR448 billion ($4.6 billion), while EBITDA rose 4.8% to INR190 billion.

Capex reached INR87 billion as Vodafone Idea accelerated the rollout of its 5G network, which now covers 83 cities following the commercial launch of services in March 2025.

The operator said its 4G network now covers 86% of India’s population after expanding to an additional 48 million people during the year. Total broadband tower sites reached 202,008 after 17,300 new sites were added.

Vodafone Idea’s subscriber base stabilised at 192.8 million users, while its combined 4G and 5G user base rose to 129 million from 126 million a year earlier. The operator expects 4G population coverage to reach 95% across its 17 priority deployment circles.

ARPU increased from INR175 in the fourth quarter of fiscal 2025 to INR190 in the same quarter of 2026, which the operator said represented the highest quarterly increase in the industry.

CEO Abhijit Kishore credited the growth to increased capex investment into network expansion, adding that the fourth quarter marked a “decisive step forward” after the operator achieved seven internal operational targets.

The Vodafone Idea board also approved a fresh capital injection from Aditya Birla Group, one of the two shareholders behind the Vodafone Idea joint venture, as the company continues efforts to stabilise its finances after years of debt pressure.