Vodafone Idea shares fell more than 3% on Friday, 13 November 2026, after the telecom operator reported a wider net loss for the quarter ended 30 September 2026, even though revenue and average revenue per user both improved.

The shares touched an intraday low of Rs 12.52 on the National Stock Exchange, down 3.54% from the previous close of Rs 12.98, according to FinBrooks. The stock had opened at Rs 12.60 and was down 3.16% at Rs 12.57 by 9.37am. Upstox reported that the shares were trading at Rs 12.53 at 12.51pm, down 3.39% on the day.

Vodafone Idea, known as Vi, reported a consolidated loss after tax of Rs 5,975 crore for the second quarter of financial year 2026-27. That compared with a loss of Rs 5,524 crore in the same quarter a year earlier and Rs 3,754 crore in the June quarter, Upstox reported.

Exceptional charge added to the loss

The reported loss included a Rs 462 crore exceptional loss linked to the reassessment of Vodafone Plc equity shares, FinBrooks reported. The shares accrue to Vodafone Idea over five years under a 2018 settlement, and the charge arose from reassessing their fair market value.

FinBrooks also reported that the company had a negative net worth of Rs 44,298 crore, a reminder of the balance-sheet pressure behind the headline result. The wider loss was worse than expected, the report said, although it did not give a consensus forecast figure.

Revenue from operations rose to Rs 11,884 crore, up 6.15% from Rs 11,195 crore a year earlier and up 1.7% from Rs 11,689 crore in the June quarter, according to Upstox. Earnings before interest, tax, depreciation and amortisation, known as EBITDA, were Rs 4,981 crore, down 1.05% from Rs 5,034 crore in the previous quarter but up 6.32% from Rs 4,685 crore a year earlier. The EBITDA margin narrowed to 41.9% from 43.1% in the June quarter, while remaining broadly flat year on year.

Revenue per user rises as subscribers grow

Average revenue per user, or ARPU, rose to Rs 198 for the quarter, up 1.54% from Rs 195 in the June quarter and up 9.7% from Rs 180 in the same quarter last year, Upstox reported. The improvement was supported by customer upgrades to higher-value plans, according to the report.

The total customer base grew to 194.4 million from 193.1 million in the June quarter. Nomura analysts said in a note on Friday that quarterly net subscriber additions of 1.3 million were the highest in several years and above their estimate of 1.1 million, Upstox reported.

Nomura put Vi's quarterly EBITDA at Rs 4,980 crore, down 1.1% sequentially but up 6.3% year on year, and 1.6% below its estimates. The analysts also flagged that ARPU growth was the slowest among peers, even as subscriber additions beat expectations.

Funding secured, but pressures remain

Vodafone Idea said it secured Rs 4,000 crore of additional funding during the quarter, taking total funds raised to around Rs 10,500 crore, FinBrooks reported. That funding matters because the company continues to face substantial deferred payment obligations and high funding requirements, the report said.

Nomura identified a successful debt capital raise, industry tariff increases, faster subscriber additions and strategic equity investment as key catalysts for the company, Upstox reported. The analysts also highlighted slower-than-expected subscriber and ARPU growth, and delays in industry tariff increases, as key downside risks.

Despite Friday's fall, Vodafone Idea shares have risen 8% since the start of the year, although they have fallen 2% over the past month, Upstox reported. The shares hit a 52-week high of Rs 15.79 on 9 September 2026 and a 52-week low of Rs 8.13 on 2 April 2026. The company's total market capitalisation stood at Rs 1.36 lakh crore, according to National Stock Exchange data cited by Upstox.

The results show a telecom operator making operating progress on revenue, subscribers and ARPU, while still reporting heavy losses and relying on fresh funding to support its network plans and payment obligations. Investors will now watch whether subscriber growth and ARPU gains can be sustained, and whether tariff increases arrive, as the company works through its funding needs.