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India's third-largest wireless carrier, formed from the Vodafone India-Idea Cellular merger, offering mobile voice, data and broadband.
India's third-largest wireless carrier, formed from the Vodafone India-Idea Cellular merger, offering mobile voice, data and broadband.
Subscribers mostly pay monthly for prepaid recharge packs, so income follows subscriber numbers and the price per user, which industry-wide tariff moves set. The Indian government became the largest shareholder after turning part of the dues it was owed into equity, ahead of Vodafone Group and the Aditya Birla Group.
In one line: A financially distressed Indian wireless carrier.
Moat: none (installed base). Large but shrinking subscriber base; heavy debt and underinvestment versus Jio/Airtel erode any network edge.
Headquarters: Mumbai, India · Founded: 2018 · Employees: 17,612
Size Vodafone Idea (IDEA.NS) is an India Communication Services company (Wireless Telecommunications) with a market value of $14.6B, the 74th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹12.76 on 6 Nov 2026.
Performance Over six months the shares gained 13.6%, against -11.3% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 3.3% over the last twelve months (peer median +7.8%); the operating margin is -5.9% (peer median 15.6%).
Valuation It trades at 7.3× enterprise value to sales against a peer median of 2.3× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +28 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.8 points below its cost of capital (10.5% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹455B | ₹448B | ₹435B | ₹426B | ₹422B |
| Revenue growth | — | +3% | +2% | +1% | — |
| Gross profit | -₹16.8B | -₹15.9B | -₹26.0B | -₹44.3B | -₹50.9B |
| EBITDA | ₹194B | ₹188B | ₹179B | ₹170B | ₹167B |
| Net income | ₹374B | ₹346B | -₹274B | -₹312B | -₹293B |
| Free cash flow | n/a | ₹64.7B | -₹23.5B | ₹164B | ₹129B |
| Capital expenditure | n/a | ₹110B | ₹100B | ₹16.1B | ₹39.4B |
| Total debt | ₹2.01T | ₹1.93T | ₹2.33T | ₹2.44T | ₹2.38T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Vodafone Idea IDEA.NS | $14.6B | +14% | +3% | -6% | 7.3× | 29.6% |
| Bharti Airtel BHARTIARTL.NS | $139B | +15% | +20% | 32% | 6.8× | 20.4% |
| Bharti Hexacom BHARTIHEXA.NS | $8.84B | +10% | +8% | 29% | 9.2× | 33.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IDEA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.2% | +1.0% | 9th lowest of 21 |
| 6-month return | +13.6% | -11.3% | 3rd highest of 21 |
| Distance from 52-week high | -19.2% | -23.6% | 9th highest of 21 |
| Revenue growth (TTM) | +3.3% | +7.8% | 9th lowest of 21 |
| Operating margin | -5.9% | 15.6% | lowest of 21 |
| EV / Sales | 7.3× | 2.3× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 29.6% | 2.6% | 2nd most demanding of 20 |
| Growth delivered (Del g) | +1.3% | +3.6% | 8th lowest of 20 |
| Hurdle (Req g minus delivered) | +28.3 pp | -3.2 pp | most demanding of 20 |
| ROIC minus cost of capital | -11.8 pp | +1.7 pp | lowest of 21 |
| EV / EBITDA | 17.0× | 6.9× | 2nd most expensive of 19 |
| Net debt / EBITDA | 9.9× | 1.8× | most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vodafone Idea IDEA.NS | India | $14.6B | +14% | +3% | -6% | 7.3× | 29.6% | +1.3% |
| TELUS T.TO | Canada | $14.5B | -27% | -1% | 15% | 2.5× | 2.6% | +5.8% |
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 3.5× | 3.6% | +6.9% |
| Telecom Italia TIT.MI | Italy | $13.6B | -20% | 0% | 11% | 1.8× | 5.3% | -2.8% |
| Airtel Africa AAF.L | United Kingdom | $13.5B | -33% | +27% | 34% | 2.5× | -1.2% | +10.0% |
| Far Eastone Telecommunications 4904.TW | Taiwan | $12.2B | +17% | +10% | 15% | 3.8× | 3.8% | +6.8% |
| SKTelecom 017670.KS | South Korea | $12.1B | -18% | +2% | 10% | 0.9× | -9.8% | +1.2% |
| Telefonica Brasil SA Sponsored ADR VIV | United States | $18.2B | -27% | +16% | 16% | 1.7× | -3.6% | +5.0% |
| Rogers Communications RCI-B.TO | Canada | $18.3B | -6% | +8% | 23% | 3.3× | 1.1% | +9.3% |
| Globalstar GSAT | United States | $10.9B | +3% | +8% | 5% | 38.9× | n/a | n/a |
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 1.6× | -16.1% | -1.1% |
| Bharti Hexacom BHARTIHEXA.NS | India | $8.84B | +10% | +8% | 29% | 9.2× | 33.4% | +15.2% |
| TIM S.A. Sponsored ADR TIMB | United States | $8.61B | -24% | +14% | 25% | 2.1× | -12.4% | +7.3% |
| Elisa ELISA.HE | Finland | $6.11B | -17% | 0% | 20% | 3.1× | -2.7% | +3.6% |
| Vodafone Group Public VOD.L | United Kingdom | $36.3B | +4% | +11% | 10% | 1.8× | 4.2% | -2.2% |
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 2.4× | 8.1% | +3.0% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 2.1× | 13.2% | +2.7% |
| Telstra TLS.AX | Australia | $39.0B | -4% | -1% | 16% | 3.3× | 5.6% | +1.2% |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 1.8× | -4.8% | -9.1% |
| Orange ORA.PA | France | $45.0B | -19% | +3% | 12% | 2.3× | 4.9% | -0.9% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 1.0× | -12.0% | +8.1% |