Vodafone Idea Limited reported a net loss of ₹5,975 crore for the second quarter of FY27 (July–September 2026), sharply wider than the ₹3,747 crore loss posted in the preceding June quarter, primarily due to an exceptional charge of ₹462 crore tied to the mark-to-market remeasurement of earmarked settlement shares. The results were disclosed in the company's stock exchange filing on Thursday, 12 November 2026.

What Drove the Wider Loss

The swing in the bottom line was largely an accounting effect. The June quarter (Q1 FY27) had benefited from an exceptional gain of ₹1,611 crore, which flattered that period's headline numbers. In contrast, the September quarter absorbed a ₹462 crore exceptional loss from the remeasurement of settlement shares, reversing that tailwind and amplifying the reported deficit.

Stripping out these one-time items, the underlying operational picture was more stable — though not without its own pressure points.

Revenue and EBITDA Performance

Revenue from operations rose 1.7% quarter-on-quarter to ₹11,884 crore in Q2 FY27, up from ₹11,689 crore in Q1 FY27. However, earnings before interest, taxes, depreciation, and amortisation (EBITDA) dipped 1.1% sequentially to ₹4,981 crore from ₹5,034 crore, causing the EBITDA margin to contract by 120 basis points to 41.9% from 43.1%.

Average revenue per user (ARPU), a closely watched industry metric, also declined — falling to ₹180 in the September quarter from ₹195 in the June quarter, according to the regulatory filing.

Subscriber Trends: Positives Amid the Pressure

Vodafone Idea's total subscriber base expanded to 194.4 million during Q2 FY27, up from 193.1 million in the previous quarter. Within this, the postpaid customer base grew to 33.9 million from 31.9 million — the company's strongest quarterly postpaid addition in nine quarters, a figure the management cited as a sign of improving traction in the premium segment.

The combined 4G and 5G subscriber base stood at 131 million, compared with 127.8 million a year earlier. Average daily data consumption surged 27.1% year-on-year to 93.6 petabytes per day, reflecting deepening data engagement among its user base.

What Management Said

Chief Executive Officer Abhijit Kishore said the company's focus 'remains firmly on execution' and that the quarter reflected 'continued progress on its strategic priorities.' He pointed to improving subscriber additions, network expansion, and enhanced customer experience as the key operational drivers.

Broader Context and What to Watch

This comes amid a fiercely competitive Indian telecom landscape where Reliance Jio and Bharti Airtel continue to dominate market share. The declining ARPU signals ongoing pricing pressure and possible subscriber mix shifts. Vodafone Idea, which has been navigating a prolonged financial recovery backed by a government-led restructuring package, will need to demonstrate sustained ARPU recovery and free cash flow improvement to reassure investors. The company's ability to monetise its expanding 4G/5G base and convert data growth into revenue will be watched closely in the quarters ahead.