Vodafone Idea Gets Second Upgrade in Rating

Vodafone Idea Limited (VIL), the third-largest telecom operator in India, has received a second upgrade in rating over the short-term. This has led to the rise in share price of the telco. Vi shares received an upgrade in rating by ICRA on June 2, 2026, and now the updated rating is A-/ Stable. Now the telco’s business is being seen as stable by the ratings agency, and this was communicated by Vi to the stock exchanges on Tuesday. Much recently, even Crisil Ratings upgraded Vi’s credit rating to A- with a stable outlook.

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Key Highlights

  • Vodafone Idea has received another credit rating upgrade.
  • ICRA upgraded Vi's rating to A-/Stable on June 2, 2026.
  • Earlier, CRISIL also upgraded Vi's rating to A-/Stable.
  • Citi Research has upgraded its view on Vi to "Buy".
  • Citi raised its target price from Rs 14 to Rs 17 per share.

Citi Research, another major analyst firm said that Vi is no more a high-risk rated company. The firm changed its call on the telco’s business to ‘buy’. Further, as per Citi, the telco’s price target is now set at Rs 17 per share from the previous target of Rs 14 a share. The previous target has already been reached over the last few days. If the telco’s shares reach Rs 17, that’s a decent upside, of about 20% and more than the previous closing price.

Citi said that the money which was recently put in by one of the promoters underscores the confidence in the telco. For the unaware, Vodafone Idea recently said that it is getting Rs 4,700 crore equity infusion via a promoter entity. Citi has further raised the enterprise value (EV)/EBITDA multiple to 13x from 12x given there is operational improvement and as going concern risks have also lowered.