18 August 2025

1QFY26 Results Update | Sector: Telecom

Vodafone Idea
Estimate changes
TP change
CMP: INR6.5 TP: INR6.0 (-8%) Sell
Rating change In-line 1Q; debt raise crucial for long-term survival
 Vodafone Idea’s (Vi) reported EBITDA declined 1% QoQ (vs.3%/5% QoQ for
Bharti India Wireless/RJio), ~1% above our estimates, as lower network
Bloomberg IDEA IN
opex (+1% QoQ) was offset by higher SG&A costs (+8% QoQ).
Equity Shares (m) 108343
M.Cap.(INRb)/(USDb) 699.9 / 8  Operationally, subscriber losses moderated further to a modest 0.5m (vs. -
52-Week Range (INR) 17 / 6 1.6m in 4Q), while ARPU inched up 0.6% QoQ to INR165 (+13% YoY, in line).
1, 6, 12 Rel. Per (%) -16/-28/-61  Vi continued to lose market share as wireless revenue remained flat QoQ
12M Avg Val (INR M) 5068 (+6% YoY, in line), compared to ~3% QoQ growth for peers.
 After a record high capex in 4QFY25, Vi’s capex moderated to INR24b (vs.
Financials & Valuations (INR b) INR42b QoQ). Management indicated a capex of ~INR25-35b in 2QFY26,
INR b FY26E FY27E FY28E while future capex plans remain contingent on the successful closure of
Net Sales 449 473 513
debt raise. Vi continues to engage with lenders; however, the fund raise has
EBITDA 190 200 222
Adj. PAT -266 -261 -221 remained elusive thus far.
EBITDA Margin (%) 42.4 42.2 43.2  Despite equity infusion and acceleration in network capex, Vi has continued
Adj. EPS (INR) -35.9 -2.0 -15.4 to lose market share to peers. On our estimates, Vi lost further ~20bp QoQ
BV/Sh. (INR) -18.7 -26.8 -33.7 (110bp YoY) in subscriber market share (SMS) and ~30bp QoQ (~140bp YoY)
Ratios
in revenue market share (RMS) among the three private telcos.
Net D:E -3.1 -2.5 -2.1
RoE (%) NM NM NM  Further, as we have argued earlier, tariff hikes do not benefit Vi as much as
RoCE (%) -1.9 -0.8 1.6 its peers. We note, Vi’s revenue grew a modest ~6% YoY, translating into an
Payout (%) 0.0 0.0 0.0 annualized increase of ~INR22b vs. ~INR195b/INR140b for Bharti/RJio).
Valuations  In the absence of relief on AGR dues (~INR164b annual repayments starting
EV/EBITDA (x) 11.5 12.4 11.8
Mar’26) and the closure of debt raise, Vi’s planned capex of INR500-550b
P/E (x) -2.6 -2.7 -3.2
P/B (x) -0.3 -0.2 -0.2
remains in jeopardy, potentially resulting in higher subscriber churns.
Div. Yield (%) 0.0 0.0 0.0  We cut our FY27-28 revenue and EBITDA estimates by ~4-5%, each driven
by higher subscriber declines. We reiterate our SELL rating on Vi with a
Shareholding Pattern (%) revised TP of INR6, based on DCF implied ~12.5x Sep’27E EV/EBITDA.
As On Jun-25 Mar-25 Jun-24
Promoter 25.6 38.8 38.2 Broadly in line 1Q; subscriber losses moderate further
DII 53.2 27.5 31.3  Vi’s overall subscriber base at 197.7m declined 0.5m QoQ (further
FII 6.0 10.1 12.7 moderation vs. 1.6m declines in 4QFY25 and our expectation of -1.2m.
Others 15.3 23.6 17.9  Wireless ARPU rose 0.6% QoQ (in line) at INR165 (+13% YoY, vs. +1%/+2%
FII includes depository receipts
QoQ for RJio/Bharti), driven largely by one extra day QoQ.
 Monthly churn was stable QoQ at 4.1% (vs. a 40bp QoQ uptick for Bharti at
2.7%) and remains a key monitorable.
 Wireless revenue at INR98b (+6% YoY, in line) was flat QoQ (vs. ~3% QoQ
increase for Bharti/RJio), as slightly higher ARPU was offset by modest
subscriber declines.
 Reported EBITDA at INR46.1b (-1% QoQ, +10% YoY vs. ~3%/5% QoQ for
Bharti-India Wireless and RJio) was ~1% above our estimate, as lower
network opex (+1% QoQ, 4% below) was offset by higher SG&A (+8% QoQ,
8% above).
 EBITDA margin contracted ~50bp QoQ (35bp above) to 41.8% (up 185bp
YoY, +20bp/+125bp QoQ for Bharti-India Wireless and RJio).
 Pre-Ind-AS 116 EBITDA at INR21.8b (in line) declined ~6% QoQ (+4% YoY), as
margin contracted ~130bp QoQ to 19.8% (-20bp YoY, in line).

Aditya Bansal - Research Analyst (Aditya.Bansal@MotilalOswal.com)

Research Analyst: Siddhesh Chaudhari (Siddhesh.Chaudhari@MotilalOswal.com) | Avinash Karumanchi (Avinash.Karumanchi@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Vodafone Idea

 Losses narrowed to INR66b (vs. INR72b QoQ and our estimate of INR75b), due
to lower interest costs (-8% QoQ, interest savings from recent GoI equity
conversions).
 Net debt (excl. leases but including interest accrued) increased INR69b QoQ to
INR1.94t. Vi still owes ~INR1.99t to GoI for the deferred spectrum and AGR
dues. External/banking debt declined to ~INR19.3b (vs. INR23b QoQ).
 Capex moderated to INR24.4b (vs. a record high of INR42b in 4QFY25).
Key highlights from the management commentary
 CEO change: Following the completion of a three-year tenure, Mr. Akshaya
Moondra has stepped down as CEO of Vi. The current COO, Mr. Abhijit Kishore,
will assume the role of CEO from 19th Aug’25.
 Capex: 4Q capex stood at INR24.4b, with 4,600+ new broadband towers,
bringing 4G coverage to 84% of the population. Management reiterated its
commitment to INR50-60b capex in 1HFY26, but noted that major capex beyond
1HFY26 remains contingent on the closure of the debt raise and will be funded
by internal accruals in the interim.
 Debt raise: Vi continues to engage with lenders other than banks as well for
closing the long-awaited debt raise. Discussions with banks have progressed
following the GoI equity conversion and credit rating upgrades, but banks
continue to seek additional assurance on the AGR dues. Management remains
confident that the GoI is committed to maintaining a three-private-telcos
construct and is hopeful of relief on AGR dues.
 5G: Vi has rolled out 5G in 22 cities across 13 circles, marking steady progress
since the Mar’25 launch in Mumbai. Adoption has been encouraging, with 60-
70% of customers owning 5G devices already using the services where available.
The company’s focus remains on expanding 5G to key cities across 17 priority
circles by Sep’25.
 Subscriber trends: Subscriber churn, particularly to BSNL, has stabilized since
Jan’25, with the company confident that the worst is behind. Efforts to enhance
network quality and customer engagement have begun yielding results.
Seasonality and labor migration impacted VLR subs in 1Q, but management sees
an improving subscriber trend as population coverage expands.
Valuation and view
 Despite equity infusion and acceleration in the network capex, Vi continues to
lose market share to peers due to lower ARPU translation from tariff hikes, given
its inferior subscriber mix and elevated subscriber churn.
 While Vi’s subscriber losses have moderated further in 1QFY26, we believe that
without the closure of its debt raise, Vi’s plans for a significant capex cycle
(INR500-550b over the next 2-3 years) remain in jeopardy, potentially resulting
in elevated churn going ahead.
 Further, as we have argued earlier, tariff hikes do not benefit Vi as much as its
peers. We note, Vi’s revenue grew at a modest ~6% YoY, or an annualized
increase of ~INR22b, vs. ~INR195/140b for Bharti/RJio).
 In the absence of a relief on AGR dues (~INR164b annual repayments starting
Mar’26) and closure of debt raise, Vi’s planned capex of INR500-550b remains in
jeopardy, potentially resulting in higher subscriber churns.
 We cut our FY27-28E revenue and EBITDA estimates by ~4-5% each, driven by
higher subscriber declines. We reiterate our SELL rating on Vi with a revised TP
of INR6, based on DCF implied ~12.5x Sep’27E EV/EBITDA.

18 August 2025 2
 Vodafone Idea

Consolidated - Quarterly Earning Model (INR b)

Y/E March FY25 FY26E FY25 FY26E FY26E Est Var
1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1QE (%)
Revenue 105 109 111 110 110 111 112 116 436 449 110 0.2
YoY Change (%) -1.4 2.0 4.2 3.8 4.9 1.5 1.0 5.3 2.2 3.1 3.7
Total Expenditure 63 64 64 64 64 65 65 65 254 259 64 -0.4
EBITDA 42 45 47 47 46 46 47 51 181 190 46 1.0
YoY Change (%) 1.1 6.2 8.3 7.5 9.7 1.3 -0.3 9.8 5.8 5.0 -73.1
Depreciation 54 54 56 56 55 55 55 54 220 219 57 -3.2
Net Finance Costs 53 63 57 63 58 57 61 62 235 238 64 -9.8
PBT before EO expense -64 -72 -66 -72 -66 -66 -69 -65 -274 -266 -75 11.4
PBT -64 -72 -66 -72 -66 -66 -69 -65 -274 -266 -75 11.4
Tax 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0
Rate (%) -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 0.0
Reported PAT -64 -72 -66 -72 -66 -66 -69 -65 -274 -266 -75 11.4
YoY Change (%) -18.0 -17.9 -14.6 -6.6 2.7 -8.2 4.5 -9.0 -14.4 -2.8 -3.6

Exhibit 1: Valuation based on Sep’27E EV/EBITDA

Methodology Driver Multiple Fair Value (INRb) Value/sh (INR)
Consol EBITDA EV/EBITDA 211 12.4(DCF based) 2,617 24
Less Net debt 2,064 1,968
Total Value 649 6.0
Diluted shares o/s 108.3
CMP (INR) 6.5
Upside (%) -8
Source: MOFSL, Company

Exhibit 2: Summary of our estimate revisions

FY26E FY27E FY28E
EoP subscribers (m)
Old 194.8 197.3 198.3
Actual/New 193.5 190.0 191.0
Change (%) -0.7 -3.7 -3.7
ARPU (INR/sub/month)
Old 171 187 204
Actual/New 170 183 201
Change (%) -0.4 -2.4 -1.5
Revenue (INRb)
Old 451 492 536
Actual/New 449 473 513
Change (%) -0.4 -3.8 -4.4
EBITDA (INRb)
Old 185 208 232
Actual/New 190 200 222
Change (%) 3.1 -4.0 -4.7
EBITDA margin (%)
Old 40.9 42.3 43.4
Actual/New 42.4 42.2 43.2
Change (bp) 143bp -9bps -17bp
Pre IND-AS EBITDA
Old 88.3 108.2 128.0
Actual/New 90.6 95.8 114.8
Change (%) 2.6 -11.5 -10.3
Net Profit (INRb)
Old -316 -309 -276
Actual/New -266 -261 -221
Change (%) 15.9 15.6 19.9
Source: Company, MOFSL

18 August 2025 3
 Vodafone Idea

Detailed takeaways from the earnings call

 CEO change: After the completion of a three-year tenure, Mr. Akshaya Moondra
has stepped down as CEO of Vi. The current COO, Mr. Abhijit Kishore, will take
over as CEO from 19th Aug’25.
 Capex: 4Q capex stood at INR24.4b with 4,600+ new broadband towers,
bringing 4G coverage to 84% of the population. Management reiterated its
commitment to INR50-60b capex in 1HFY26, but noted that major capex beyond
1HFY26 remains contingent on the closure of the debt raise and will be funded
by internal accruals in the interim.
 Debt raise: Vi continues to engage with lenders other than banks as well for
closing the long-awaited debt raise. Discussions with banks have progressed
following the GoI equity conversion and credit rating upgrades, but banks are
still seeking additional assurance on the AGR dues. Management continues to
believe that GoI remains committed to a three-private-telcos construct and
remains hopeful of relief on AGR dues.
 5G: Vi has rolled out 5G in 22 cities across 13 circles, marking a steady progress
since the Mar’25 launch in Mumbai. Adoption has been encouraging, with 60-
70% of customers owning 5G devices already using the services where available.
The focus remains on expanding 5G to key cities across 17 priority circles by
Sep’25.
 Subscriber trends: Subscriber churn, particularly to BSNL, has stabilized since
Jan’25, with the company confident that the worst is behind. Efforts to enhance
network quality and customer engagement have begun yielding results.
Seasonality and labor migration impacted VLR subs in 1Q, but management sees
an improving subscriber trend as population coverage expands.
 Tower count: The tower count is not expected to inch up materially in 2QFY26
as the focus will remain on 5G rollouts and redeploying some 4G equipment to
boost capacity. Management indicated that for achieving the guidance of ~215-
220k towers, fund raise has to materialize.
 Postpaid: Postpaid subscriber base rose 1.1m QoQ, driven largely by M2M
additions (~0.8m). However, the consumer postpaid base has also shown
growth over the past few quarters.
 IoT: The company continues to gain traction in IoT and has recently won a
tender of installing ~5m smart meters from Genus Power.

1QFY26 review: Broadly in-line results; subscriber losses moderate further

 Vi’s overall revenue at INR110b (flat QoQ, +5% YoY) was in line with our
estimate.
 Reported EBITDA at INR46.1b (-1% QoQ, +10% YoY, vs. ~3%/5% QoQ for Bharti-
India wireless and RJio) was ~1% above our estimate due to lower network opex
(+1% QoQ, 4% below), offset by higher SG&A expenses (+8% QoQ, 8% above).
 Reported EBITDA margin contracted ~50bp QoQ to 41.8% (up 185bp YoY,
+20bp/+125bp QoQ for Bharti-India wireless and RJio) and was ~35bp above our
estimate.
 Pre Ind-AS 116 EBITDA at INR21.8b declined ~6% QoQ (+4% YoY) and was in line
with our estimate. Pre Ind-AS 116 EBITDA margin contracted ~130bp QoQ to
19.8% (-20bp YoY, in line with our estimate).
 Vi's reported losses narrowed to INR66b (vs. INR72b QoQ, and our estimate of
INR75b), primarily due to lower interest costs (-8% QoQ, likely due to interest
savings from recent GoI equity conversions).

18 August 2025 4
 Vodafone Idea

 Reported net debt (excluding leases but including interest accrued and not due)
increased INR69b QoQ to INR1.94t. Vi still owes ~INR1.99t to GoI for the
deferred spectrum and AGR dues. External/banking debt declined to ~INR19.3b
(vs. INR23b QoQ).
 Capex moderated to INR24.4b (vs. a record high of INR42b in 4QFY25).

Subscriber losses moderate, but wireless revenue rose by modest 6% YoY

despite tariff hike boost
 Wireless ARPU rose 0.6% QoQ to INR165 (+13% YoY, vs. +1%/+2% QoQ for
RJio/Bharti) and was in line with our estimate, driven largely by one extra day
QoQ.
 Vi indicated that customer ARPU (excluding M2M) rose ~1% QoQ to INR177 (vs.
+2% QoQ to INR250 for Bharti).
 Vi's overall subscriber base at 197.7m declined by 0.5m QoQ (significant
moderation vs. 1.6m net declines in 4QFY25, and better than our expectation of
1.2m QoQ decline).
 Monthly churn was stable QoQ at 4.1% (vs. 40bp QoQ uptick for Bharti at 2.7%)
and remains a key monitorable.
 Postpaid subscriber base (including M2M) further improved ~1m QoQ to 26.6m,
largely driven by ~0.8m M2M net adds. 4G/5G subscriber base inched up ~1m
QoQ, while data subs rose ~0.7m QoQ. We believe Vi has lost ~0.1m pure-play
data subs (excl. M2M subs).
 Wireless revenue at INR98b (+6% YoY, in line) was flat QoQ (vs. ~3% QoQ
increase for Bharti/RJio), as slightly higher ARPU was offset by modest
subscriber declines.

Other highlights: Data usage improves, driven by IPL and unlimited data
offerings, but remains well below peers
 Enterprise revenue at INR12.1b (+5% QoQ, -2% YoY) was ~2% above our
estimate.
 Vi's data volume grew ~9% QoQ (+5% QoQ in 4QFY25), driven by an IPL boost,
and trended largely in line with 8%/12% QoQ growth for Bharti/RJio, including
FTTH, albeit on a much lower base.
 Data usage per data subscriber increased to 16.3GB/month (from 15.3GB QoQ)
but remained significantly below RJio (37GB including FTTH contribution) and
Bharti (26.9GB).
 Voice usage on Vi network declined ~2% QoQ (vs. -1% QoQ in 4QFY25, weaker
vs. flat to -1% QoQ for Bharti and RJio).
 Implied minute of usage per subscriber declined to 590min/month (vs. 598min
QoQ) but remained significantly below 1,143mins/1,007mins for Bharti/RJio.
 Vi's trade payables were stable QoQ at INR107b, primarily comprising dues to
tower and network vendors such as Indus Towers.

5G services expanded to 22 cities; network rollout slightly moderated (from

record levels in 4QFY25)
 After the largest-ever quarterly rollout since the merger, Vi's network rollout
moderated to ~1.9k towers (~4.6k MBB towers) and ~21.6k net broadband sites
in 1Q.
 Vi's 4G population coverage increased further to ~84% by Jun'25 (vs. 77% in
Mar'24).

18 August 2025 5
 Vodafone Idea

 Management indicated that 4G population coverage would be further ramped

up to ~1.2b (or 90% of overall population).
 Vi has expanded its 5G services to 22 cities across 13 circles and plans to expand
5G services to all key cities in 17 priority circles by Sep'25.

Bharti was once again the biggest gainer on RMS in 1QFY26

 On our estimates, Bharti was once again the biggest gainer on RMS in 1QFY26,
gaining 28bp QoQ (+206bp YoY), with RJio gaining modest 3bp QoQ (but losing
67bp YoY) and Vi losing further 31bp QoQ RMS in 1QFY26 (and -139bp YoY)
among the three private telcos.
 Based on SMS, RJio was the biggest gainer in 1QFY26 with a 35bp QoQ gain
(+22bp YoY), as Bharti lost 15bp QoQ (but gained 91bp YoY) and Vi lost further
19bp QoQ (and 113bp YoY) among the three private telcos.

Exhibit 3: Vi’s 1Q results summary

Vodafone Idea (INR m) 1QFY25 4QFY25 1QFY26 YoY QoQ 1QFY26E vs. est
Revenue 1,05,083 1,10,135 1,10,225 4.9 0.1 1,09,997 0.2
Interconnection costs 10,852 11,961 11,139 3 (7) 11,611 (4.1)
License fee and spectrum charges 8,924 9,283 9,473 6 2 9,273 2.2
Network operating costs 23,935 23,255 23,493 (2) 1 24,481 (4.0)
Employee costs 5,467 5,495 5,435 (1) (1) 5,494 (1.1)
SG&A expenses 13,858 13,544 14,564 5 8 13,477 8.1
Total costs 63,036 63,538 64,104 2 1 64,336 (0.4)
EBITDA 42,047 46,597 46,121 9.7 (1.0) 45,661 1.0
EBITDA margin (%) 40.0 42.3 41.8 183 (47) 41.5 33
Pre-INDA AS EBITDA 21,000 23,200 21,800 3.8 (6.0) 21,761 0.2
Pre Ind-AS EBITDA margin (%) 20.0 21.1 19.8 (21) (129) 19.8 (1)
D&A 53,691 55,713 54,721 1.9 (1.8) 56,507 (3.2)
EBIT (11,644) (9,116) (8,600) 26.1 5.7 (10,846) 20.7
Net interest income/(expense) 52,623 62,565 57,511 9.3 (8.1) 63,754 (9.8)
PBT (64,267) (71,681) (66,111) (2.9) 7.8 (74,600) 11.4
Taxes (55) - 30 —
MI and share of associates 1 20 - —
PAT (64,321) (71,661) (66,081) (2.7) 7.8 (74,600) 11.4
Extraordinaries - — — —
Reported net income (64,321) (71,661) (66,081) (2.7) 7.8 (74,600) 11.4
Key performance indicators
Subscriber base (EoP) (m) 210.1 198.2 197.7 (5.9) (0.3) 197.0 0.4
Net adds/(declines) (m) (5.1) (6.8) (0.5) (1.2)
Data subscribers(EoP) (m) 136.9 134.1 134.8 (1.5) 0.5 134.1 0.5
Reported ARPU (INR/month) 146 164 165 13.0 0.6 165 (0.1)
Total minutes of use (b) 385 357 350 (9.1) (2.0) 353 (1.0)
Average MoU (min/month) 607 598 590 (2.8) (1.3) 596 (1.0)
Data volume (Petabyte) 6,111 6,166 6,748 10.4 9.4 6,228 8.4
Implied data usage (GB/month) 14.9 15.3 16.7 12.6 9.2 15.5 8.1
Wireless revenue 92,571 97,908 97,985 5.8 0.1 97,940 0.0
Enterprise revenue 12,298 11,575 12,094 (1.7) 4.5 11,807 2.4
Other operating revenue 214 652 146 (31.8) (77.6) 250 (41.6)
Debt and capex (INRb)
Gross debt 2,210 1,973 2,011 (9.0) 1.9
GoI debt 2,162 1,949 1,991 (7.9) 2.2
Spectrum debt 1,458 1,190 1,217
AGR dues 703 759 775
External debt 46 23 19 (58.2) (17.1)
OCDs to ATC 1.6 -
Cash and equivalents 181.5 99.3 68.3 (62) (31.2)
Net debt 2,028 1,873 1,943 (4.2) 3.7
Capex 7.6 42.3 24.4 221.1 (42.3) 38.2 (36.1)

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 Vodafone Idea

Exhibit 4: Vi – Key operating metrics

Key performance indicators 1QFY24 2QFY24 3QFY24 4QFY24 1QFY25 2QFY25 3QFY25 4QFY25 1QFY26
Paying subscriber base (EoP) (m) 221.4 220 215 213 210 205 200 198 198
Paying net adds (m) (4.5) (1.6) (4.6) (2.6) (2.5) (5.1) (5.2) (1.6) (0.5)
VLR subscribers (EoP) (m) 202.7 199.8 196.7 193.3 188.3 179.5 176.5 175.3 172.7
Net VLR subscriber addition (m) (5.1) (3.0) (3.1) (3.4) (5.0) (8.8) (3.0) (1.2) (2.6)
Pre-paid subscribers (% of EoP subscribers) 89.7 89.5 89.0 88.8 88.5 88.0 87.4 87.1 86.5
Total data subscribers (2G+3G+4G) (m) 135.9 137 137 137 137 135 134 134 135
4G subscribers (m) 122.9 124.7 125.6 126.3 126.7 125.9 126.0 126.4 127.4
Blended monthly churn rate (%) 3.9 4.1 4.3 3.9 4.0 4.5 4.5 4.1 4.1
Blended ARPU (INR/month) 139.0 142.0 145.0 146.0 146.0 156.0 163.0 164.0 165.0
Total data volume (2G+3G+4G) (b MB) 6,002.0 6,119 6,004 6,049 6,111 5,992 5,859 6,166 6,748
Data usage by data subscribers (2G+3G+4G)
14,705 14,937 14,576 14,680 14,858 14,697 14,515 15,321 16,730
(MB/month)
Voice traffic (b min) 420.0 406 401 402 385 365 360 357 350
Average MoU (min/subscriber/month) 626 613 615 626 607 586 593 598 589
Total unique towers (EoP) 1,83,638.0 1,83,565 1,83,358 1,83,758 1,83,323 1,84,245 1,87,708 1,95,284 1,97,139
Total unique broadband towers (EoP) 1,70,411 1,70,423 1,70,351 1,70,530 1,70,813 1,72,103 1,76,133 1,84,644 1,89,229
Total broadband sites (3G+4G) 4,42,062.0 4,40,467 4,38,901 4,30,705 4,17,245 4,39,599 4,60,250 4,94,596 5,16,183

Exhibit 5: Vi’s net debt inched up slightly ~INR69b QoQ; while capex increased to a record high
Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-26
Debt and capex trends (INR b)
Gross debt 1,803 1,948 1,979 2,203
2,093 2,128 2,156 2,210 2,257 2,297 1,973 2,011
External debt 231 228 181 151
114 79 40 46 33 23 23 19
OCD issuance to ATC 16 16 2 2 - - - -
GoI debt 1,572 1,720 1,798 2,052 1,963 2,033 2,114 2,162 2,225 2,273 1,949 1,991
Deferred spectrum liabilities 963 1,086 1,139 1,367 1,307 1,351 1,411 1,458 1,522 1,570 1,190 1,217
AGR dues 610 634 660 686 656 682 703 703 703 703 759 775
Cash and equivalents 3.5 2.5 14.6 1.9 2.3 1.2 1.7 181.5 136.2 120.9 99.3 68.3
Net debt 1,800 1,945 1,964 2,201 2,090 2,127 2,155 2,028 2,121 2,176 1,873 1,943
Net debt (ex-leases) to annualized pre
26 34 25 26 25 26 25 24 23 22 20 22
Ind-AS EBITDA
Capex 15.4 13.0 12.1 12.1 5.6 5.2 5.5 7.6 13.6 32.1 42.3 24.4
as % of revenue 16.1 13.8 11.8 11.4 5.3 4.9 5.2 7.2 12.4 28.9 38.4 22.1

Exhibit 6: Vi’s debt build-up as of 1QFY26

Vi debt build-up (INR b)
External debt (a) 19
Government debt (c) 1,991
Deferred spectrum liabilities 1,217
AGR dues 775
Gross debt (a) + (b) + (c) 2,011
Cash and equivalents (d) 68
Net debt (a) + (b) + (c) - (d) 1,943

Exhibit 7: Despite equity conversions, Vi still has large GoI debt repayments from FY26 and
beyond
Vi debt repayments (INR b) FY26E FY27E FY28E FY29E
External loans 18.7 4.6 — —
NCDs / OCDs — — — —
Government dues 190 234 320 435
Total debt repayment 208 238 320 435

18 August 2025 7
 Vodafone Idea

Exhibit 8: Despite equity conversions, Vi likely to face ~INR300b+ annual cash shortfall over FY26-28E on average
(INR b) FY23 FY24 FY25 FY26E FY27E FY28E FY26-28E
Wireless subs (m) 226 213 198 193 190 191
Wireless ARPU (INR/month) 132 143 157 170 183 201
Cash inflows 83 95 308 405 96 115 615
Cash EBITDA 83 84 92 91 96 115 301
Other non-operational cashflows — 11 64 64
Equity fund raise 216 0
Likely debt fund raise 250 250
Cash outflows 117 121 196 334 397 435 1,166
External dues repayments 67 74 19 19 5 - 23
GoI spectrum repayments 17 19 22 131 270 270 670
Recent GoI equity conversion (106) (200) (114) (420)
AGR dues 164 164 164 493
Vendor past dues repayments (20) (2) 55
Capex 34 19 96 129 118 87 334
Likely interest on external dues 20 11 4 17 30 30 77
Gross cash surplus / (shortfall) (34) (25) 112 50 (291) (321) (562)
Change in cash and equivalents (12) (1) 98
Net cash surplus / (shortfall) (22) (25) 41 50 (291) (321) (562)
Cash surplus/(shortfall) excl. AGR dues (22) (25) 41 214 (127) (157) (70)

Exhibit 9: Key assumptions for Vi’s wireless business

2021 2022 2023 2024 2025 2026E 2027E 2028E
Key assumptions
Paying subscriber base (EoP) (m) 268 244 226 213 198 193 190 191
Paying net adds (m) (23.3) (24.0) (17.9) (13.3) (14.4) (4.8) (3.5) 1.0
VLR subscribers (EoP) (m) 255.7 226.1 207.9 193.3 175.3 167.7 163.0 162.1
Net VLR subscriber addition (m) (38.0) (29.6) (18.2) (14.6) (17.9) (7.6) (4.7) (0.9)
Pre-paid subscribers (% of EoP subscribers) 92.2 91.8 90.1 88.8 87.1 85.5 83.5 85.3
Total data subscribers (2G+3G+4G) (m) 140 136 136 137 134 135 137 139
4G subscribers (m) 113.9 118.1 122.6 126.3 126.4 128.4 130.9 135.9
Blended ARPU (INR/month) 114 112 132 143 157 170 183 201
Total data volume (2G+3G+4G) (b MB) 18,208 21,493 22,707 24,174 24,128 26,520 27,335 29,124
Data usage by data subscribers (2G+3G+4G)
10,861 12,998 13,919 14,731 14,817 16,422 16,774 17,613
(MB/month)
Voice traffic (b min) 2,210 1,901 1,727 1,629 1,467 1,390 1,342 1,347
Average MoU (min/subscriber/month) 659 619 613 619 595 591 584 589
Total unique towers (EoP) 1,80,484 1,84,794 1,84,382 1,83,758 1,95,284 2,07,889 2,18,389 2,25,000
Total unique broadband towers (EoP) 1,65,409 1,69,016 1,70,359 1,70,530 1,84,644 2,03,731 2,18,389 2,25,000
Total broadband sites (3G+4G) 4,52,650 4,55,264 4,43,537 4,30,705 4,94,596 5,39,888 5,78,731 5,98,564

Exhibit 10: For every INR10 ARPU change, Vi’s reported EBITDA changes by ~INR13b (~6%)
FY27E Wireless ARPU (INR)
163 173 183 193 203
180 169 182 194 206 218
185 172 184 197 209 222
FY27E Paying subs
190 175 187 200 213 225
(m)
195 177 190 203 216 229
200 180 193 206 219 232

Exhibit 11: For every INR10 ARPU change, Vi’s pre IND-AS EBITDA changes by ~INR13b
(~13%)
FY27E Wireless ARPU (INR)
163 173 183 193 203
180 65 77 90 102 114
185 68 80 93 105 118
FY27E Paying subs
190 70 83 96 108 121
(m)
195 73 86 99 112 124
200 76 89 102 115 128

18 August 2025 8
 1QFY21 579 -6.0 1QFY21 280 114 1QFY21 106.6 38.4
2QFY21 555 -4.1 2QFY21 272 119
3QFY21 547 -1.4 3QFY21 270 121

18 August 2025
2QFY21 107.9 38.5
4QFY21 529 -3.3 4QFY21 268 107
1QFY22 503 -4.9 1QFY22 255 104 3QFY21 108.9 39.3
2QFY22 480 -4.5 2QFY22 253 109
Story in charts

3QFY22 465 -3.2 3QFY22 247 115 4QFY21 96.1 45.9

4QFY22 449 -3.4 4QFY22 244 124
1QFY23 450 0.2 1QFY23 240 128 1QFY22 91.5 40.5
2QFY23 427 -5.3 2QFY23 234 131

Voice traffic (b min)

Subscriber base (m)
3QFY23 426 -0.2 3QFY23 229 135 2QFY22 94.1 41.1
4QFY23 425 -0.2 4QFY23 226 135
1QFY24 421 -1.0 1QFY24 221 139 3QFY22 97.2 39.3
2QFY24 406 -3.6 2QFY24 220 142
3QFY24 401 -1.2 3QFY24 215 145 4QFY22 102.4 45.4

Exhibit 15: Voice traffic further declined QoQ

4QFY24 402 0.4 4QFY24 213 146
1QFY25 385 -4.3 1QFY25 210 146 1QFY23 104.1 41.6
2QFY25 365 -5.2 2QFY25 205 156

QoQ growth (%)

ARPU (INR)
3QFY25 360 -1.4 3QFY25 200 163 2QFY23 106.1 38.6
4QFY25 357 -0.8

Exhibit 13: ARPU broadly stable; subs decline moderates

4QFY25 198 164
Revenue (INR b)

1QFY26 350 -2.0 1QFY26 198 165

Source Company, MOFSL

3QFY23 106.2 39.4

1QFY21 4,523 11 1QFY21 2.0 4QFY23 105.3 40.0

2QFY21 4,340 -4 2QFY21 2.6
3QFY21 4,489 3 3QFY21 2.3 1QFY24 106.6 39.0
Exhibit 12: Revenue remained flat QoQ; EBITDA margin contracts ~50bp QoQ

4QFY21 4,856 8 4QFY21 3.0

1QFY22 5,497 13 1QFY22 3.5 2QFY24 107.2 40.0
2QFY22 5,517 0 2QFY22 2.9
EBITDA margin (%)

3QFY22 5,242 -5 3QFY22 3.4 3QFY24 106.7 40.8

4QFY22 5,237 0 4QFY22 3.4

Data traffic (b MB)

1QFY23 5,425 4 1QFY23 3.5 4QFY24 106.1 40.9
2QFY23 5,718 5 2QFY23 4.3
3QFY23 5,762 1 3QFY23 4.4 1QFY25 105.1 40.0
4QFY23 5,802 1 4QFY23 3.8
1QFY24 6,002 3 1QFY24 3.9 2QFY25 109.3 41.6
2QFY24 6,119 2 2QFY24 4.1
3QFY24 4.3

Exhibit 16: Data volume increased 9% QoQ

3QFY24 6,004 -2 3QFY25 111.2 42.4
4QFY24 3.9
Monthly churn (%)

QoQ growth (%)

Exhibit 14: Monthly churn stable QoQ at 4.1%

4QFY24 6,049 1
1QFY25 6,111 1 1QFY25 4.0
4QFY25 110.1 42.3
2QFY25 5,992 -2 2QFY25 4.5
3QFY25 5,859 -2 3QFY25 4.5
1QFY26 110.2 41.8
4QFY25 6,166 5 4QFY25 4.1
1QFY26 4.1

9
Source: MOFSL, Company

Source: Company, MOFSL

Vodafone Idea

1QFY26 6,748 9
Source Company, MOFSL
 Vodafone Idea

Financials and valuations

Consolidated - Income Statement (INR b)
Y/E March FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E
Total Income from Operations 420 385 422 427 436 449 473 513
Change (%) -6.7 -8.2 9.5 1.1 2.2 3.1 5.3 8.4
Total Expenditure 250 225 254 255 254 259 273 291
% of Sales 59.6 58.4 60.1 59.8 58.4 57.6 57.8 56.8
EBITDA 169 160 168 171 181 190 200 222
Margin (%) 40.4 41.6 39.9 40.2 41.6 42.4 42.2 43.2
Depreciation 236 236 230 226 220 219 211 197
EBIT -67 -75 -62 -55 -38 -29 -12 25
Int. and Finance Charges 178 209 230 257 235 238 250 245
PBT bef. EO Exp. -245 -284 -293 -312 -274 -266 -261 -221
Share of profits of associates 2 0 0 0 0 0 0 0
EO Items 200 -2 0 -8 0 0 0 0
PBT after EO Exp. -443 -282 -293 -304 -274 -266 -261 -221
Total Tax 0 0 0 8 0 0 0 0
Tax Rate (%) 0.0 0.0 0.0 -2.7 -0.1 0.0 0.0 0.0
Minority Interest 0 0 0 0 0 0 0 0
Reported PAT -442 -282 -293 -312 -274 -266 -261 -221
Adjusted PAT -243 -284 -293 -320 -274 -266 -261 -221
Change (%) 11.7 17.1 3.1 9.3 -14.4 -2.8 -2.0 -15.4
Margin (%) -57.8 -73.8 -69.4 -75.0 -62.8 -59.3 -55.2 -43.0

Consolidated - Balance Sheet (INR b)

Y/E March FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E
Equity Share Capital 287 321 487 501 714 1,083 1,083 1,083
Total Reserves -670 -941 -1,230 -1,543 -1,417 -1,683 -1,944 -2,165
Net Worth -382 -620 -744 -1,042 -703 -600 -861 -1,082
Total Loans 1,660 2,138 2,444 2,511 2,121 2,154 2,380 2,555
Deferred Tax Liabilities 0 0 0 0 0 0 0 0
Capital Employed 1,277 1,518 1,701 1,469 1,418 1,554 1,519 1,473
Net Fixed Assets 1,675 1,568 1,563 1,401 1,413 1,324 1,231 1,120
Goodwill on Consolidation 0 0 0 0 0 0 0 0
Capital WIP 6 4 179 182 182 182 182 182
Total Investments 0 0 0 0 0 0 0 0
Curr. Assets, Loans&Adv. 354 368 331 267 383 583 523 590
Inventory 0 0 0 0 0 0 0 0
Account Receivables 25 24 22 22 20 20 21 23
Cash and Bank Balance 22 35 9 5 106 296 219 264
Loans and Advances 307 309 301 239 258 267 283 304
Curr. Liability & Prov. 757 422 372 381 560 535 417 419
Account Payables 757 422 372 380 557 532 413 416
Provisions 1 1 0 0 3 3 3 3
Net Current Assets -404 -54 -41 -114 -177 48 106 171
Appl. of Funds 1,277 1,518 1,701 1,469 1,418 1,554 1,519 1,473

18 August 2025 10
 Vodafone Idea

Financials and valuations

Ratios
Y/E March FY22 FY23 FY24 FY25 FY26EE FY27E FY28E
Basic (INR)
EPS -8.8 -6.0 -6.4 -3.8 -2.5 -2.4 -2.0
Cash EPS -1.7 -2.2 -3.3 -1.9 -1.6 -1.7 -0.8
BV/Share -19.3 -23.2 -32.4 -21.9 -18.7 -26.8 -33.7
DPS 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Payout (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Valuation (x)
P/E -0.7 -1.1 -1.0 -1.7 -2.6 -2.7 -3.2
Cash P/E -3.9 -3.0 -2.0 -3.5 -3.9 -3.8 -7.8
P/BV -0.3 -0.3 -0.2 -0.3 -0.3 -0.2 -0.2
EV/Sales 6.0 6.5 6.6 5.4 4.9 5.3 5.1
EV/EBITDA 14.4 16.4 16.5 12.9 11.5 12.4 11.8
Dividend Yield (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Return Ratios (%)
RoE NM NM NM NM NM NM NM
RoCE -5.4 -3.9 -3.6 -2.7 -1.9 -0.8 1.6
RoIC -5.5 -4.2 -4.0 -3.2 -2.6 -1.1 2.3
Working Capital Ratios
Fixed Asset Turnover (x) 0.1 0.1 0.1 NA NA NA NA
Asset Turnover (x) 0.3 0.2 0.3 0.3 0.3 0.3 0.3
Inventory (Days) 0 0 0 0 0 0 0
Debtor (Days) 23 19 19 17 16 16 16
Leverage Ratio (x)
Current Ratio 0.9 0.9 0.7 0.7 1.1 1.3 1.4
Interest Cover Ratio -0.4 -0.3 -0.2 -0.2 -0.1 0.0 0.1
Net Debt/Equity -3.4 -3.3 -2.4 -2.9 -3.1 -2.5 -2.1

Y/E March FY22 FY23 FY24 FY25 FY26E FY27E FY28E

OP/(Loss) before Tax -282 -293 -304 -274 -266 -261 -221
Depreciation 236 230 226 220 219 211 197
Interest & Finance Charges 209 234 258 235 238 250 245
Direct Taxes Paid 15 -13 0 0 0 0 0
(Inc)/Dec in WC -3 6 6 -93 7 233 131
CF from Operations 174 164 186 89 197 433 352
Others 0 0 0 -129 -66 -57 -115
CF from Operating incl EO 174 164 186 -40 132 376 237
(Inc)/Dec in FA -57 -55 -20 -108 -129 -118 -87
Free Cash Flow 117 108 167 -148 2 258 151
(Pur)/Sale of Investments 0 0 0 0 0 0 0
Others 0 1 0 -56 66 57 115
CF from Investments -57 -54 -19 -164 -64 -62 28
Issue of Shares 45 4 0 241 370 0 0
Inc/(Dec) in Debt -53 -51 -74 0 -9 -142 25
Interest Paid -28 -21 -29 -38 -238 -250 -245
Others -69 -79 -87 0 0 0 0
CF from Fin. Activity -106 -147 -190 203 123 -392 -220
Inc/Dec of Cash 11 -37 -23 -1 190 -77 45
Opening Balance 4 15 2 2 3 193 115
Closing Balance 15 -23 -20 1 193 115 161
Other Balances 20 31 26 105 103 103 103
Total Balance 35 9 5 106 296 219 264

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

18 August 2025 11
 Vodafone Idea

NOTES

18 August 2025 12
 Vodafone Idea

Explanation of Investment Rating

Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
NEUTRAL < - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National
Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for
its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of
Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of
associate entities of Motilal Oswal Financial Services Limited are available on the website at http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or
derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and
other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are
completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL
may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage
service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com. Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can
have an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary
to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg.
No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to
“Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with
professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian
Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the
United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and
under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and
services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act
and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any
investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption
from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission
("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities
International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of Singapore (“SFA”) or (b)
are considered "accredited investors" as defined in section 2(1) of the Financial Advisers Regulations of Singapore read with section 4A(1)(a) of the SFA. Accordingly, if a recipient is neither an “institutional
investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL
write to grievances@motilaloswal.com.
Nainesh Rajani
Email: nainesh.rajani@motilaloswal.com
Contact: (+65) 8328 0276
.
Specific Disclosures
1. Research Analyst and/or his/her relatives do not have a financial interest in the subject company(ies), as they do not have equity holdings in the subject company(ies).
MOFSL has financial interest in the subject company(ies) at the end of the week immediately preceding the date of publication of the Research Report: Yes.
Nature of Financial interest is holding equity shares or derivatives of the subject company
2. Research Analyst and/or his/her relatives do not have actual/beneficial ownership of 1% or more securities in the subject company(ies) at the end of the month immediately
preceding the date of publication of Research Report.
MOFSL has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research
Report:No
3. Research Analyst and/or his/her relatives have not received compensation/other benefits from the subject company(ies) in the past 12 months.
MOFSL may have received compensation from the subject company(ies) in the past 12 months.
4. Research Analyst and/or his/her relatives do not have material conflict of interest in the subject company at the time of publication of research report.
MOFSL does not have material conflict of interest in the subject company at the time of publication of research report.
5. Research Analyst has not served as an officer, director or employee of subject company(ies).
6. MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months.
7. MOFSL has not received compensation for investment banking /merchant banking/brokerage services from the subject company(ies) in the past 12 months.
8. MOFSL may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies)
in the past 12 months.
9. MOFSL may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.
10. MOFSL has not engaged in market making activity for the subject company.
********************************************************************************************************************************
The associates of MOFSL may have:
- financial interest in the subject company

18 August 2025 13
 Vodafone Idea

- actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public appearance.
- received compensation/other benefits from the subject company in the past 12 months
- any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations
made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in
some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as
an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
- Served subject company as its clients during twelve months preceding the date of distribution of the research report.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is,
or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any
way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures
and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources
believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All
such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or
subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not
treat recipients as customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to
any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an
offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation
that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make
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of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject
to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its
associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document.
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Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.

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