Vodafone Idea (Vi) reported a consolidated net loss of Rs 5,975 crore for the September quarter of FY27, widening 8.2 percent from Rs 5,524 crore in the corresponding quarter last year. The increase in reported losses was primarily attributable to an adverse mark-to-market impact on the company's treasury assets.

However, the company's underlying operating performance showed some improvement. Excluding exceptional items, its net loss narrowed marginally to Rs 5,513 crore from Rs 5,562 crore in Q2 FY26.

Revenue from operations increased 6.2 percent year-on-year to Rs 11,884 crore, compared with Rs 11,195 crore in the year-ago quarter. Reported EBITDA grew 6.3 percent to Rs 4,981 crore from Rs 4,685 crore.

Cash EBITDA, which excludes the impact of Ind AS 116, recorded stronger growth of 11.2 percent to Rs 2,498 crore, compared with Rs 2,246 crore in Q2 FY26. Consequently, cash EBITDA margin expanded by 96 basis points to 21 percent from 20.1 percent a year earlier.

The company's average revenue per user (ARPU), excluding machine-to-machine connections, improved 9.7 percent year-on-year to Rs 198 from Rs 180. The increase was primarily driven by customer upgrades to higher-value plans.

On the subscriber front, Vodafone Idea's total customer base stood at 194.4 million at the end of September 2026, compared with 196.7 million a year earlier. However, its 4G and 5G subscriber base increased 2.5 percent to 131 million from 127.8 million, indicating continued migration towards higher-value data services.

Average data consumption per user increased 27.1 percent year-on-year to 93.6 GB per month, compared with 73.6 GB in Q2 FY26.

Vodafone Idea also accelerated its network expansion during the quarter. The company extended its 5G coverage to 400 cities and towns across the 17 telecom circles where it holds 5G spectrum. Its total unique broadband tower count increased to 213,616 at the end of September 2026, compared with 191,096 a year earlier.

The company added nearly 22,500 broadband sites over the past 12 months, including approximately 9,000 during the September quarter.

Capital expenditure for Q2 FY27 stood at Rs 3,946 crore, more than doubling sequentially. Vodafone Idea stated that it had placed capital expenditure orders worth over Rs 13,200 crore as part of its three-year investment guidance, of which nearly Rs 6,000 crore had already been executed.

On the funding front, the company secured total funding of more than Rs 10,500 crore during the first half of FY27 through warrants and fund-based and non-fund-based facilities. Additionally, it arranged incremental bank funding of Rs 4,000 crore during Q2 FY27 to support its investment and network expansion plans.

Commenting on the performance, CEO Abhijit Kishore said the company's Q2 FY27 results reflected steady progress against its strategic priorities. He highlighted improvements in net subscriber additions, supported by network expansion and an enhanced customer experience.

Overall, Vodafone Idea's September-quarter performance reflects improving operating metrics, with higher ARPU, stronger cash EBITDA and accelerated network investments. However, continued net losses, a declining overall subscriber base and substantial capital requirements remain key challenges for the telecom operator.