Vodafone Idea continues be in troubled waters

With Bharti Airtel and RJio capturing 40% each of the telco’s revenue, its net debt at Rs 2.23 lakh crore-end Q3 FY23, its first payment toward the spectrum dues starting from October 2025, and AGR dues from March 2026, the situation is grim. Even after the instalments have been converted into equity by the government , there is a shortfall of Rs 13500 crore in FY26 and Rs 19000 crore in FY27.

The telco would need to increase tariffs by 85% in FY26 and 122% in FY27, according to Emkay Global Financial Services Ltd., that may not be feasible.

CT Bureau