Vi targets ₹45,000 crore network investment through FY29 after FY26 growth

Vodafone Idea reported FY26 revenue of ₹44,873 crore, up 3%, and EBITDA of ₹19,003 crore, up 4.8%, as its subscriber base stabilised at 192.8 million. Following a revision to its AGR liability, the telco plans ₹45,000 crore in network investment through FY29, with growth bets spanning 4G/5G, IoT, cloud and smart metering.

— Source publishedThu, 6 Aug, 2026, 13:16 IST·First seen Thu, 6 Aug, 2026, 13:23 IST·Source The Hindu BusinessLine

What happened

Vodafone Idea (Vi) · Vodafone Idea reported FY26 revenue and EBITDA growth, citing a stabilised 192.8 million subscriber base and improving 4G/5G reach.

Key facts

  • Subscriber base: 192.8 million as of March 31, 2026
  • FY26 revenue: ₹44,873 crore, up 3% from ₹43,571 crore
  • FY26 EBITDA: ₹19,003 crore, up 4.8%
  • FY26 EBITDA margin: 43.1%, versus 41.6%
  • AGR liability revised to ₹64,046 crore from ₹87,695 crore provisional figure
  • One-time FY26 profit after tax: ₹34,552 crore
  • Planned network investment: ₹45,000 crore by FY29

Why this matters

Vi’s investment push in 5G, IoT, cloud and smart metering could create partnership and enterprise-service opportunities, provided its balance-sheet constraints continue to ease.

What to watch

  • Timing, size and terms of new equity or debt funding, including any further government support or stake-related developments.
  • Quarterly subscriber additions/losses, active-user mix, churn and 4G/5G data-subscriber growth.
  • ARPU progression and whether tariff increases are sustained without accelerated customer losses.
  • Capex deployment milestones, 5G population coverage and evidence that network quality improves in priority circles.
  • Vendor payment terms and equipment-partner commitments, which will indicate whether the FY29 investment target is financeable.
  • Wins in smart metering, IoT, cloud and government/enterprise connectivity contracts.
  • Rival tariff actions and 5G expansion by Reliance Jio and Bharti Airtel.
  • Prioritize 4G coverage densification and selective 5G rollout in high-ARPU circles before pursuing nationwide parity.
  • Use the revised AGR liability profile to advance equity, debt, vendor-financing or strategic-funding discussions.
  • Expand enterprise revenue through IoT, cloud connectivity, private-network and smart-metering contracts.
  • Increase retailer and digital recharge-channel incentives in circles where network upgrades can most quickly reduce churn.
  • Rationalize low-return distribution and network spending while concentrating capex in dense urban, industrial and government-contract clusters.