Vodafone Idea has recorded its fourth consecutive month of net customer additions since the start of FY26, with the latest data from TRAI showing 240,114 subscriber additions in July 2026. The company's subscriber base now stands at 199.06 million, just short of the 200 million mark, marking a significant turnaround from the 3.6 million customer losses during the preceding six months from February through July. Since April, Vi has added more than 570,000 customers and over 690,000 since February, representing the first quarter of net customer additions since the Idea-Vodafone merger in 2018. As per Business Standard, the six months from February through July mark a sharp reversal for Vi, with the company achieving its first quarter of net customer additions since the merger.
Vodafone Idea's AGR reassessment significantly strengthened the company's balance sheet and improved visibility on future cash obligations, according to chairman Kumar Mangalam Birla speaking at the 31st annual general meeting. The government slashed adjusted gross revenue liability by about 27% to ₹64,046 crore after reassessment of statutory dues, with the Department of Telecom freezing AGR dues at ₹87,695 crore as of December 31, 2025. Following reassessment, Vi must pay a minimum of ₹100 annually over four years between March 2032 and March 2035, with the remaining AGR dues to be paid in equal instalments annually over six years from March 2036 to March 2041. Birla noted that the reduction in liability, together with the recognition of the present value of future payments, was one of the primary reasons for the one-time profit after tax of ₹34,552 crore, which removed a major source of uncertainty by establishing a clear long-term repayment schedule.
CEO Abhijit Kishore attributed the improvement to sustained network investments, with Vi adding 15,500 4G sites over the past year and 32,000 over two years. As reported by Business Standard, these network improvements have enhanced customer satisfaction and retention, with Kishore noting visible differences across circles. Vi began rolling out 5G services in Delhi in March 2025 and has since expanded to 16,000 5G sites as of June, with plans to cover more than 200 cities over the next two quarters. The company has also introduced differentiated offerings including a Spotify partnership for postpaid subscribers and Vi edu+, a digital-learning offering developed with PhysicsWallah in Uttar Pradesh and Rajasthan. Despite the financial difficulties, Vi's quality-of-service parameters were always comparable with market leaders Jio and Airtel, with the company's long history in India supporting customer retention.
Vodafone Idea shares have delivered an impressive return of over 120% in the last year, skyrocketing around 138% in less than a year to hit a 52-week high of ₹15.37 earlier this week. The stock had climbed from a 52-week low of ₹6.46 in September last year to its current levels, representing a remarkable turnaround from months of underperformance. The telecom operator's shares have staged a strong comeback, rising from ₹6.50 to around ₹15, translating into a gain of nearly 131% over the last year. This remarkable rally has propelled the company's market capitalisation above the ₹1.62 lakh crore mark, significantly outperforming the broader indices and establishing it as a multibagger stock. Analysts remain cautious about declaring a turnaround for the debt-laden carrier, with experts noting that quarterly net additions of 200,000 to 300,000 remain modest and would need to build into more than 2 million quarterly additions over time to demonstrate a meaningful recovery.
Birla described the February-July period as "an important milestone" reflecting the impact of sustained investments in network infrastructure and customer experience. The company is currently expanding its 4G and 5G services across the country, with 5G services available in over 200 cities and towns, with further expansion planned across all key circles where it holds spectrum. Looking ahead, Vodafone Idea is currently seeking ₹35,000 crore in bank debt to support its ₹45,000-crore, three-year network expansion plan and pay ₹49,000 crore in spectrum fees over the same period. The company has placed orders worth around ₹9,000 crore as it looks to accelerate investment in its network to support its expansion plans. Kishore has identified customer additions as one of the three key pillars of Vodafone Idea's Vi 2.0 strategy to revive the business, with the latest numbers suggesting that strategy is beginning to gain traction.
