Will Vodafone Idea Ever Reach a Thriving State? Let’s Talk

We all know Vodafone Idea has been suriving in phases of good and bad. Well, less good, and more bad. The ailing telecom operator has not requested, or asked, but begged for help from the government. The help was granted, not once, but several times, whenever it was desperately required. Whether it was the AGR (adjusted gross revenue) dues moratorium in 2021, or the moratorium in 2026, or the dues to equity conversion in two tranches, which made Government of India (GoI) the largest stakeholder of the telco.

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The investors putting money into Vi are looking for a return. The telco’s stock goes through a cycle of extreme highs and lows every once or twice a year. This shapes the question, will Vodafone Idea always keep chasing the good, and never really attain it? It takes me back to the words of Sunil Bharti Mittal, chairman of Bharti Enterprises, who a few years back said, Vi needs time to recover and eventually make a comeback. Mittal had said that the telco needs an investor/investors, who can put in capital and sit patiently for a long time to see any returns.

Here’s the true story though, which often gets hidden by marketing campaigns and PR activities: Vodafone Idea has been losing customers every single quarter since its merger in 2018. While the postpaid mobile user base is growing, its overall mobile customer base has been on a steady decline. The financials, they don’t show any major positive light either, except for the recent quarter (Q3 FY26) which displayed a narrowed net loss.