Vodafone Idea refreshes brand, taps Shah Rukh Khan after subscriber gains

Vi has unveiled a refreshed identity and Shah Rukh Khan-led campaign after recording its first quarterly subscriber gain since the 2018 merger. The push comes as it sustains elevated marketing spend, seeks ₹35,000 crore for network expansion and faces sizeable spectrum dues.

— Source publishedSat, 5 Sept, 2026, 06:00 IST·First seen Sat, 5 Sept, 2026, 06:06 IST·Source Mint · Companies

What happened

Vodafone Idea (Vi) · Vodafone Idea refreshed its brand identity and launched a Shah Rukh Khan-led campaign after its first quarterly subscriber gain since the

Key facts

  • Vi shares rose 3.3% to ₹14.53 on 2 September and 4% to ₹15.06 on 4 September
  • Vi plans to raise ₹35,000 crore from banks for network expansion
  • Vi faces ₹49,000 crore in spectrum dues over the next three years
  • Vi free cash flow was negative at ₹12,340 crore in FY25 and ₹6,400 crore in FY26
  • Vi spent ₹4,718 crore, or 10.5% of revenue, on marketing, content, customer acquisition and service costs in FY26
  • Vi marketing expense was nearly 3% higher than FY25
  • Airtel spent ₹5,030 crore on sales and marketing in FY26
  • Reliance Jio spent ₹4,507 crore on sales and marketing in FY26
  • Shah Rukh Khan's brand value was $177.9 million in 2025, up more than 22% year-on-year

Why this matters

Vi’s renewed consumer positioning could improve strategic relevance for potential capital or network partners, though its funding gap and infrastructure needs will shape deal attractiveness.

What to watch

  • Two consecutive quarters of net subscriber additions, especially in 4G/5G data subscribers rather than low-usage voice users.
  • Porting trends and churn rates after campaign launch, including whether Vi gains share from Airtel and Jio in priority circles.
  • ARPU growth, recharge-duration mix and postpaid additions, which indicate whether brand spending is attracting higher-value users.
  • Capex guidance, vendor agreements and progress toward the ₹35,000 crore funding target.
  • Measured changes in network availability, 4G coverage and 5G rollout versus campaign reach.
  • Marketing expense as a share of revenue and whether customer-acquisition costs rise faster than gross additions.
  • Spectrum-dues payment developments, relief measures or refinancing that could alter available cash for network investment.
  • Sustain high-reach campaign bursts around cricket, festive periods and digital video while shifting messaging from celebrity-led recall to network-proof points.
  • Bundle refreshed plans, handset financing and targeted upgrades to convert prepaid recharges into longer-validity and higher-ARPU plans.
  • Use first-party usage and churn data to target campaign spend toward circles where incremental coverage investment can most quickly improve retention.
  • Publicize phased 4G/5G rollout milestones and third-party network-quality metrics to prevent the relaunch from being viewed as cosmetic.
  • Seek vendor financing, lender commitments and asset monetization structures tied to clearly sequenced capex deployment.

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