Interim report
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27 January 2026 National Stock Exchange of India Limited “Exchange Plaza”, Bandra - Kurla Complex, Bandra (E), Mumbai – 400 051 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Dear Sirs, Sub: Outcome of Board Meeting – Financial Results and Disclosure under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 Ref: “Vodafone Idea Limited” (IDEA / 532822) Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Unaudited Financial Results (Standalone and Consolidated) of the Company for the third quarter and nine months ended 31 December 2025, together with the Limited Review Report of the Statutory Auditors’ thereon. The aforesaid results have been approved by the Board of Directors of the Company at their meeting held today, which commenced at 5:30 P.M. and concluded at 7:30 P.M. A copy of Press Release being issued in this regard is also attached herewith. We also wish to inform, further to our communication dated 9 January 2026, that the DoT has vide its communication of today (i.e. 27 January 2026), confirmed that the AGR dues frozen as on 31.12.2025 amount to Rs. 87,695 crore and that the said amount is, however, subject to reassessment in terms of letter dated 07.01.2026. The above is for your information and dissemination to the public at large. Thanking you, Yours truly, For Vodafone Idea Limited Pankaj Kapdeo Company Secretary Encl: As above
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S.R. BATL/80/ & ASSOCIATES LLP 67, Institutional Area Sector 44, Gurugram - 122 003 Haryana, India Chartered Accountants Tel: +91 124 681 6000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Vodafone Idea Limited I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Vodafone Idea Limited (the "Holding Company " or "the Company ") and its subsidiaries (the Holding Company and its subsidiaries together refetTed to as "the Group ") and its associates for the quaiter ended December 31, 2025 and year to date from April 01, 2025 to December 31, 2025 (the "Statement ") attached herewith , being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the " Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Repo1ting" prescribed under Section 133 of the Companies Act, 20 I 3 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors . Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 , " Review of Interim Financial Information Performed by the Independent Auditor of the Entity " issued by the Institute of Chattered Accountants of India. This standard requires that we plan and perfo1m the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial info1mation consists of making inquiries , primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion . We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations , to the extent applicable. 4. The Statement includes the results of the entities as referred to in the Annexure. 5. Based on our review conducted and procedures perfonned as stated in paragraph 3 above and based on the consideration of the review report of other auditor referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (' Ind AS' ) specified under Section 133 of the Companies Act, 2013 , as amended , read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the info1mation required to be disclosed in tenns of the Listing Regulations , including the manner in which it is to be disclosed, or that it contains any material misstatement. S.R. Batlib oi & Asso1:iatt1!; LLP, a limi ted Lidb ilit •f Part nersh ip with LLP ld,mtity ~lo. AA8· 42 '?5 Ri!gd Office~:!. l:ima.:: Str ... ..:1. BIG<:1. ·s ·. i rd F!c,Jr. J-.:01l .. 1t1.-~on111,,
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S.R. BATL/80/ & ASSOCIATES LLP Chartered Accountants 6. Emphasis of Matter We draw attention to Note 2 to the accompanying unaudited consolidated financial results, which describes communication received from the Depa11ment of Telecommunication subsequent to the balance sheet date with respect to AGR matter and its consequential effect on the unaudited consolidated financial results. Our conclusion is not modified in respect of this matter. 7. The accompanying Statement of unaudited consolidated financial result s includes the Group ' s share of net loss and total comprehensive loss of Rs. 0.03 Crore and Rs. 0.03 Crore for the quarter ended December 31 , 2025 and year to date from April O 1, 2025 to December 31 , 2025 respectively , as con sidered in the unaudited consolidated financial results in respect of associate, based on its interim financial results reviewed by their independent auditor. 8. The accompanying Statement of unaudited consolidated financial results includes the Group's share of net loss and total comprehensive loss of Rs. 0.12 Crore and Rs. 0.18 Crore for the quarter ended December 31 , 2025 and year to date from April O 1, 2025 to December 31, 2025 respectively, as considered in the unaudited consolidated financial results in respect of associate, based on its interim financial results which have not been reviewed by any auditor. These unaudited interim financial results and other unaudited financial information have been approved and furnished to us by the Management. Our conclusion in so far as it relates to the affairs of the associate, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the mana gement , these interim financial results are not material to the Group. Our conclusion is not modified with respect of this matter. For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm registration number: 101049W /E3 00004 ~ per Vineet Kedia Partner Membership No.: 212230 UDIN: 26212230MTUMWE2550 Place: Gurugram Date: January 27, 2026
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S.R. BATUBOI & ASSOCIATES LLP Chartered Accountants Annexure to Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended List of Subsidiaries, Joint Venture and Associate Subsidiaries I. Vodafone Idea Manpower Services Limited 2. Vodafone Idea Business Services Limited 3. Vodafone Idea Communication Systems Limited 4. Vodafone Idea Next-Gen Solutions Limited (Formerly known as Vodafone M-Pesa Limited) 5. Vodafone Idea Shared Services Limited 6. You Broadband India Limited 7. Vodafone Idea Technology Solutions Limited 8. Vodafone Idea Telecom Infrastructure Limited 9. Vodafone Foundation Joint Venture I. Firefly Networks Limited (ceased w.e.f. February 04, 2025) Associate 1. Aditya Birla Idea Payments Bank Limited (liquidated w.e.f. January 27, 2025) 2. Sangli Wind Energy Private Limited (acquired w.e.f. May 16, 2025) 3. Aditya Birla Renewables SPY 3 Limited (acquired w.e.f. October 23 , 2025)
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VODAFONE IDEA LIMITED a:• VI Regd Office:-Suman Towers, Plot No 18, Sector 11, Gandhinagar-382011, CIN-L321OOGJ1996PLC030976 zf o' Unaudited Consolidated Financial Results for the quarter and nine months ended December 31 , 2025 i (Rs. Cr, except per share data) Particulars Quarter ended Nine months ended Year ended December 31, 2025 September 30, 2025 December 31, 202 4 December 31 , 2025 December 31, 2024 March 31 , 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited INCOME Service Revenue 11,307 11,168 11,100 33,483 32,505 43,454 Sale ofT rading Goods 1 2 ·* 3 * 2 Other Ooeratina Income 15 25 17 55 52 116 REVENUE FROM OPERATIONS 11,323 11,195 11,117 33,541 32,557 43,572 Other Income 193 102 250 437 806 1,020 TOTAL INCOME 11,516 11,297 11,367 33,978 33,363 44,592 EXPENSES Cost ofT rading Goods 1 1 ·* 2 * 2 Employee Benefit Expenses 603 607 549 1,754 1,681 2,232 Network Expenses and IT Outsourcing Costs 2,361 2,363 2,364 7,073 7,114 9,439 License Fees and Spectrum Usage Charges 970 960 944 2,877 2,768 3,696 Roaming & Access Charges 1,160 1,136 1,181 3,410 3,401 4,597 Markelin~ Content, Customer Acquisttion & Service Costs 1,159 1,177 1,120 3,524 3,386 4,592 Finance Costs 5,828 4,784 5,940 16,505 18,072 24,543 Depreciation & Amortisation Expenses 5,550 5,568 5,629 16,590 16,402 21,973 Other Expenses 252 266 247 787 740 888 TOTAL EXPENSES 17,884 16,862 17,974 52,522 53,564 71 ,962 PROFIT /(LOSS) BEFORE SHARE IN PROFIT/ (LOSS) OF JOINT (6,368) (5,565) (6,607) (18,544) (20,201) (27,370) VENTURE AND ASSOCIATE, EXCEPTIONAL ITEMS AND TAX Add: Share in Profit/(Loss) of Joint Venture and Associate ~et of ta~ ·* * * * 2 PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX (6,368) (5,565) (6,607) (18,544) (20,201) (27,368) Exceptional Items (neU (Refer note 8) 1,078 38 1,116 PROFIT/ (LOSS) BEFORE TAX (5,290) (5,527) (6,607) (17,428) (20,201) (27,368) Tax expense: -CurrentTax 3 * ·* 3 2 G) • Deferred Tax (7) (3) 2 (13) 14 19 PROFIT /(LOSS) AFTER TAX (5,286) (5,524) (6,609) (17,418) (20,217) (27,384) Items not to be reclassified to profit or loss in subsequent periods: • Re-measurement gains/ (losses) of defined benefrt plans 2 (2) (5) (4) (16) (17) -Income tax effect on re-measurement gains/ (losses) of defined ·* * * benefit ~ans TOTAL COMPREHENSIVE INCOME/(LOSS) (5,284) (5,526) (6,614) (17,422) (20,233) (27,401) Paid up Equity Share Capital (Face value Rs.10 per share) 108,343 108,343 69,700 108,343 69,700 71,393 OtherEqufy (141,713) Earnings Per Share for the period (Rs) • Basic (0.49) (0.51) (0.95) (1.62) (3.00) (4.01) • Diluted (0.49) (0.51) (0.95) (1.62) (3.00) (4.01) *Below one Cr.
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1. The above unaudited consolidated financial results of Vodafone Idea Limited, its subsidiaries (the Group), joint venture and associates, as reviewed by the Audit Committee of the Board, were approved and taken on record by the Board of Directors at their meeting held on January 27, 2026. 2. In September 2025, the Company filed a writ petition before the Hon'ble Supreme Court seeking quashing of the additional AGR demands for the period up to FY 2017 raised by Department of Telecommunication (DoD and for comprehensive reassessment/reconciliation of all AGR dues including interest and penalty upto said period. The Hon'ble Supreme Court, keeping in view the change in circumstances and the larger public interest, vide its orders dated October 27, 2025 and November 3, 2025, has stated that comprehensive reassessment/reconciliation of all AGR dues falls within the policy domain of the Government of India (Gol) and DoT could re-assess and reconcile all AGR dues including interest and penalty up to the said period. As at December 31 , 2025, the Company is carrying AGR liability of Rs 80,502 Cr, which as per original agreement was payable in six equal instalments starting from March 31, 2026. Subsequently, on January 8, 2026, the Company has received communication from DoT that: The AGR dues (Principal + Interest + Penalty and Interest on Penalty) of the Company (for the period from FY 2006-07 to FY 2018-19) as of December 31 , 2025 shall be frozen and shall be payable as follows: (a) Maximum Rs. 124 Cr to be paid annually over next 6 years i.e. March 2026 to March 2031; (b) Rs. 100 Cr to be paid annually over next 4 years i.e. March 2032 to March 2035; (c) The remaining re-assessed AGR dues, without further interest, has to be paid in equal installments annually over 6 years, i.e. March 2036 to March 2041. A committee is to be constituted by DoT to reassess the AGR dues, whose decision shall be final and the Company has given an undertaking to DoT that the outcome of such reassessment shall be final and binding upon the Company. The DoT, vide its communication of even date, has confirmed that the AGR dues frozen as on December 31, 2025 amount to Rs. 87,695 Cr, which is, however, subject to reassessment. The above being non-adjusting event in accordance with IND AS 10, no effect has been given in these consolidated financial results. 3. The Group has incurred a loss of Rs. 17,418 Cr for the nine months ended December 31 , 2025 and net worth stands at negative Rs. 87,744 Cr at that date. As at December 31 , 2025, the Group's outstanding debt from banks and others (including interest accrued but not due) is Rs. 4,424 Cr and instalments payable, as scheduled, by December 2026 is Rs 1,126 Cr and interest thereon. As at December 31 , 2025, Deferred payment obligation (including interest accrued but not due) of Rs. 124,877 Cr towards Spectrum and Rs. 80,502 Cr towards AGR (subject to note 2 above), and instalments payable, as scheduled, by December 2026 is Rs. 7,001 Cr. As of date, the Group has met all its debt obligations payable to its lenders/ banks and financial institutions along with applicable interest. The Company is in discussion with banks to raise additional funds as required. Based on recent developments with respect to AGR matter as mentioned in Note 2 above, the Group is confident of generating sufficient cash flow from operations to meet its obligations including lenders, spectrum and AGR dues payable over the next 12 months as and when they fall due. Accordingly, these consolidated financial results have been prepared on a going concern basis.
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4. As at December 31, 2025, assets include amounts recorded as recoverable from the promoters of erstwhile Vodafone India Limited ("VlnL") under the Implementation agreement (IA) executed on March 20, 2017 which was amended as on December 31, 2025. Both parties have agreed to settle such recoverable as follows: An amount of Rs. 2,307 Cr (based on exchange rate as of the date of the Amendment Agreement), will be released by the Vodafone Group Promoters over the next 12 months, subject to and in accordance with the terms agreed in the Amendment Agreement. A portion of the Settlement amount is secured through the earmarking of 328 Cr equity shares of the Company by certain Vodafone Group entities for a period of five years. Proceeds from sale of these shares as and when undertaken, at the instructions of a person authorised/ appointed by the Company, will accrue to the Company. As on the date of the Amendment Agreement, the fair market value of such earmarked shares on December 31, 2025 stands at Rs. 3,302 Cr (arrived basis closing market price of the Company as quoted on National Stock Exchange of India Limited, adjusted for transaction and other incidental cost). Accordingly, difference between the carrying amount of Rs. 6,394 Cr and fair value of such recoverable assets basis above settlement mechanism is recognised as loss on remeasurement of Settlement assets. In addition, certain provisions were written back and these are disclosed as "Provisions written back net of loss on remeasurement of Settlement assets" of Rs. 1,228 Cr under "Exceptional Items". 5. The Group operates only in one reportable segment i.e. Mobility and hence no separate disclosure is required for Segments. 6. The Government of India has consolidated 29 existing labour legislations into a united framework comprising four Labour Code viz Code on wages 2019, Code on Social Security 2020, Industrial Relation Code 2020, and Occupational Safety, Health and Working Condition Code 2020 (collectively referred to as the Labour Codes). These Codes have been made effective from November 21, 2025. The labour codes, amongst other things introduces changes, including a uniform definition of wages. The Company has assessed the financial implications of these changes which has resulted in increase in gratuity and Leave liability arising out of past service cost amounting to Rs. 159 Cr and same has been disclosed under "Exceptional items" as "Impact of Labour code". The Group continues to monitor the finalisation of Central/ State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect, if any, on the basis of such developments as needed. 7. Financial results of Vodafone Idea Limited (Standalone):- Rs.Cr Particulars Quarter ended Nine months ended Year ended December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Revenue from Operations 11,214 11,068 11,024 33,188 32,277 43,157 Profit /(Loss) before Tax (5,324) (5,584) (6,493) (17,540) (20,173) (27,442) Net Profit /(Loss) after Tax (5,324) (5,584) (6,493) (17,540) (20,173) (27,442) 8. Exceptional items:- Rs Cr Particulars Quarter ended Nine months ended Year ended December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Reversal of Integration and merger related costs 38 38 Impact of labour Code (Refer note 6) (159) (159) Provisions written back net ofloss on remeasurement of Settlement 1,228 1,228 assets (Refer note 4) Reversal of impairment provision on investment in A8IPBL 160 Write off of investment in ABIPBL on liquidation (160) Others 9 9 Total 1,078 38 1,116
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9. Effective current quarter, the Company has presented the consolidated financial results in Indian Rupees (INR) crores to adopt a more standard approach of effective communication. Previous period figures have also been accordingly presented in Indian Rupees (INR) crores. Previous period figures have been regrouped and rearranged wherever necessary. Date: January 27, 2026 Place: Gurugram For and on behalf of the Board of Directors of VODAFONE IDEA LIMITED Ravinder Takkar Non-Executive Chairman
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S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Vodafone Idea Limited I. We have reviewed the accompanying statement of unaudited standalone financial results of Vodafone Idea Limited (the "Company ") for the quarter ended December 31, 2025 and year to date from April 0 I, 2025 to December 31, 2025 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 20 I 5, as amended (the " Listing Regulations " ). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) " Interim Financial Repo11ing" prescribed under Section 133 of the Companies Act, 2013 as amended , read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement s (SRE) 2410 , "' Review of Interim Financial Information Performed by the Independent Auditor of the Entity " issued by the Institute of Chattered Accountants of India. This standard requires that we plan and perfonn the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial infonnation consists of making inquiries , primarily of persons responsible for financial and accounting matters , and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion. 4. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement , prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India , has not disclosed the information required to be disclosed in tenns of the Listing Regulations , including the manner in which it is to be disclosed , or that it contains any material misstatement.
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S.R. BATL/80/ & ASSOCIATES LLP Chartered Accountants 5. Emphasis of Matter We draw attention to Note 2 to the accompanying unaudited standalone financial results, which describes communication received from the Department of Telecommunication subsequent to the balance sheet date with respect to AGR matter and its consequential effect on the unaudited standalone financial results. Our conclusion is not modified in respect of this matter. For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: 10 I 049W /E3 00004 ~ per Vineet Kedia Pattner Membership No.: 212230 UDIN: 26212230HPYDTE4577 Place : Gurugram Date: January 27, 2026
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VODAfON[ ID[A LIMIT[D - ( VI Regd Office:· Suman Towers, Plot No 18, Sector 11, Gandhinagar-382011, CIN-L32100GJ1996PLC030976 H ... Unaudited financial Results for the quarter and nine months ended 31 -December-2025 0 i (Rs. Cr, except per share data) Particulars Quarter ended Nine months ended Year ended December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March31,2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited INCOM[ Ser11ce Revenue 11,205 11,058 11,007 33,160 32,223 43,045 Sale ofT rading Goods I I Other Ooeratina Income 9 10 17 28 54 112 R[V[NU[ fROM OP[RATIONS 11,214 11,068 11,024 33,188 32,277 43,157 Otherncome 199 108 240 456 809 1,026 TOTAL INCOM[ 11,413 11,176 11,264 33,644 33,086 44,183 [XP[NS[S Cost ofT rading Goods I [mployee Benefit [xpenses 547 550 494 1,586 1,520 2,018 Network [xpenses and IT Outsourcing Costs 2,511 2,507 2,483 7,534 7,470 9,911 license fees and Spectrum Usage Cha~es 969 958 942 2,872 2,762 3,689 Roaming &Access Cha~es 1,160 1,136 1,181 3,410 3,401 4,597 MaMng, Content, Customer Acquisition &SeMce Costs 1,148 1,184 1,127 3,529 3,408 4,624 Finance Costs 5,804 4,772 5,944 16,452 18,068 24,530 Depreciat~n &Amortisation [xpenses 5,403 5,415 5,484 16,155 15,967 21,411 Other [xpenses 277 276 244 842 805 987 TOTAL [XPENSES 17,819 16,798 17,899 52,380 53,401 71,767 PROFIT/(LOSS) BEFORE [XCEPTIONAL ITEMS AND TAX (6,406) (5,62V (6,635) (18,736) (20,315) (27,58-0 [xceptional Items ~ev (Refer Note 7) 1,082 38 142 1,196 142 142 PROFIT/(LOSS) B[fORETAX (5,32-0 (5,58-0 (6,493) (17,540) (20,173) (27,44V Tax expens~ -CurrentTax -Deferred Tax PROFIT/(LOSS) AmRTAX (5,32-0 (5,58-0 (6,493) (17,540) (20,173) (27,442) Items notto be reclassified to profit or loss in subsequent periods: • Re-measurement gains/ Qosses) of defined benefit plans 2 (1) (5) (3) (16) (17) • ncometax effect on re-measurement qains/ (losses) of defined benefit plans TOTAL COMPREHENSIVE INCOME/(LOSS) (5,322) (5,585) (6,498) (17,543) (20,189) (27,459) Paid up Equity Share Ca~tal (face value Rs.10 per share) 108,343 108,343 69,700 108,343 69,700 71,393 Other Equity (141,248) Earnings/loss) Per Share for the penod (Rs.) • Basic (0.49) (0.52) (0.93) (1.63) G.00) (4.01) • Diluted (0.49) (0.52) (0.93) (1.63) G.OOl (4.01) *Below one Cr.
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1. The above unaudited financial results, as reviewed by the Audit Committee of the Board, were approved and taken on record by the Board of Directors at their meeting held on January 27, 2026. 2. In September 2025, the Company filed a writ petition before the Hon'ble Supreme Court seeking quashing of the additional AGR demands for the period up to FY 2017 raised by Department of Telecommunication (Don and for comprehensive reassessment/reconciliation of all AGR dues including interest and penalty upto said period. The Hon'ble Supreme Court, keeping in view the change in circumstances and the larger public interest, vide its orders dated October 27, 2025 and November 3, 2025, has stated that comprehensive reassessment/reconciliation of all AGR dues falls within the policy domain of the Government of India (Gol) and DoT could re-assess and reconcile all AGR dues including interest and penalty up to the said period. As at December 31, 2025, the Company is carrying AGR liability of Rs 80,502 Cr, which as per original agreement was payable in six equal instalments starting from March 31, 2026. Subsequently, on January 8, 2026, the Company has received communication from DoTthat: The AGR dues (Principal+ Interest+ Penalty and Interest on Penalty) of the Company (for the period from FY 2006-07 to FY 2018-19) as of December 31, 2025 shall be frozen and shall be payable as follows: (a) Maximum Rs. 124 Cr to be paid annually over next 6 years i.e. March 2026 to March 2031; (b) Rs. 100 Cr to be paid annually over next 4 years i.e. March 2032 to March 2035; (c) The remaining re-assessed AGR dues, without further interest, has to be paid in equal installments annually over 6 years, i.e. March 2036 to March 2041. A committee is to be constituted by DoT to reassess the AGR dues, whose decision shall be final and the Company has given an undertaking to DoT that the outcome of such reassessment shall be final and binding upon the Company. The DoT, vide its communication of even date, has confirmed that the AGR dues frozen as on December 31, 2025 amount to Rs. 87,695 Cr, which is, however, subject to reassessment. The above being non-adjusting event in accordance with IND AS 10, no effect has been given in these financial results. 3. The Company has incurred a loss of Rs. 17,540 Cr for the nine months ended December 31, 2025 and net worth stands at negative Rs. 87,400 Cr at that date. As at December 31, 2025, the Company's outstanding debt from banks and others (including interest accrued but not due) is Rs. 1,140 Cr, and instalments payable, as scheduled, by December 2026 is Rs 1,126 Cr and interest thereon. As at December 31, 2025, Deferred payment obligation (including interest accrued but not due) of Rs. 124,877 Cr towards Spectrum and Rs. 80,502 Cr towards AGR (subject to note 2 above), and instalments payable, as scheduled, by December 2026 is Rs. 7,001 Cr. As of date, the Company has met all its debt obligations payable to its lenders/ banks and financial institutions along with applicable interest. The Company is in discussion with banks to raise additional funds as required. Based on recent developments with respect to AGR matter as mentioned in Note 2 above, the Company is confident of generating sufficient cash flow from operations to meet its obligations including lenders, spectrum and AGR dues payable over the next 12 months as and when they fall due. Accordingly, these financial results have been prepared on a going concern basis. 4. As at December 31, 2025, assets include amounts recorded as recoverable from the promoters of erstwhile Vodafone India Limited ("Vlnl") under the Implementation agreement (IA) executed on March 20, 2017 which was amended as on December 31, 2025. Both parties have agreed to settle such recoverable as follows: An amount of Rs. 2,307 Cr (based on exchange rate as of the date of the Amendment Agreement), will be released by the Vodafone Group Promoters over the next 12 months, subject to and in accordance with the terms agreed in the Amendment Agreement. A portion of the Settlement amount is secured through the earmarking of 328 Cr equity shares of the Company by certain Vodafone Group entities for a period of five years. Proceeds from sale of these shares as and when undertaken, at the instructions of a person authorised/ appointed by the Company, will accrue to the Company.
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As on the date of the Amendment Agreement, the fair market value of such earmarked shares on December 31, 2025 stands at Rs. 3,302 Cr (arrived basis closing market price of the Company as quoted on National Stock Exchange of India Limited, adjusted for transaction and other incidental cost). Accordingly, difference between the carrying amount of Rs. 6,394 Cr and fair value of such recoverable assets basis above settlement mechanism is recognised as loss on remeasurement of Settlement assets. In addition, certain provisions were written back and these are disclosed as "Provisions written back net of loss on remeasurement of Settlement assets" of Rs. 1,228 Cr under "Exceptional Items". 5. The Company operates only in one reportable segment i.e. Mobility and hence no separate disclosure is required for Segments. 6. The Government of India has consolidated 29 existing labour legislations into a united framework comprising four Labour Code viz Code on wages 2019, Code on Social Security 2020, Industrial Relation Code 2020, and Occupational Safety, Health and Working Condition Code 2020 (collectively referred to as the Labour Codes). These Codes have been made effective from November 21, 2025. The labour codes, amongst other things introduces changes, including a uniform definition of wages. The Company has assessed the financial implications of these changes which has resulted in increase in gratuity and Leave liability arising out of past service cost amounting to Rs. 146 Cr and same has been disclosed under "Exceptional items" as "Impact of Labour code". The Company continues to monitor the finalisation of Central/ State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect, if any, on the basis of such developments as needed. 7. Exceptional Items: Rs Cr Particulars Quarter ended Nine months ended Year ended December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Reversal of Integration and merger related costs 38 38 Gain on sale of partial stake in wholly owned subsidiary to another wholly owned subsidiary 142 142 142 Reveaal of impairment pro11sion on investment in ABIPBL 279 Write off of investment in ABIPBLon liquidation l279) Impact of LabcurCode (Refer note 6) (146) (146) Provision reversal for impairment towards loan receivable from subsidiary 76 Provisions written back net of loss on remeasurement of Settlement assets (Refer note 4) 1,228 1,228 Total 1,082 38 142 1,196 142 142 8. Effective current quarter, the Company has presented the financial results in Indian Rupees (INR) crores to adopt a more standard approach of effective communication. Previous period figures have also been accordingly presented in Indian Rupees (INR) crores. Previous period figures have been regrouped and rearranged wherever necessary. Date: January 27, 2026 Place: Gurugram For and on behalf of the Board of Directors of VODAFONE IDEA LIMITED Ravinder Takkar Non-Executive Chairman
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Page 1 of 3 Media Release – January 27, 2026 Vi narrows losses; ARPU Growth and data usage reflect deeper customer engagement Highlights for the Quarter • Improving operational performance with key business metrics moving in the right direction o Customer ARPU (ex M2M) at Rs. 186 vs Rs. 173 in Q3FY25; YoY growth of 7.3% o 4G/5G subscriber base of 128.5 million vs 126.0 million in Q3FY25 o Average data usage by 4G/5G subscribers at 19.2 GB/day; YoY growth of 26.7% o 4G coverage expanded by 100 mn covering 85.5% of population; 4G data capacity increased by 43%+ and speeds increased by ~22% (vs Mar’24) • Revenue for the quarter stood at Rs. 11,323 Cr; YoY growth of 1.9% • Cash EBITDA for the quarter (pre-Ind AS 116) was Rs. 2,358 Cr; sequential growth of 5.0% Other key developments: • Rs. 3,300 Cr raised via NCDs through subsidiary; proceeds to be utilised towards capex • AGR liability frozen as of December 31, 2025 at Rs. 87,695 Cr, subject to reassessment; o Payment plan with limited cash outflow over next 10 years, offering long term clarity o Reassessment of AGR liability has begun Financial Highlights Abhijit Kishore, CEO, Vodafone Idea Limited, said “This quarter marked an important inflection point for the company with positive resolution of key legacy issues. We are thankful to the Government for offering a definitive, long-term and conclusive solution on the AGR matter. We also concluded the settlement of CLAM receivable of Rs. 6,394 Crore with the Vodafone Group. One of the key milestones for the quarter was the successful NCD raise of Rs. 3,300 Crore, despite an AGR overhang; a clear reflection of lender confidence on our ability to improve the business performance. Collectively, these developments have strengthened the trajectory of our debt discussions which will enable us to execute our larger capex plan to strengthen the network and further elevate the customer experience. On the operational side, our market initiatives translated into deeper customer engagement with ARPU and data consumption improving sequentially.” Revenue from Operations 11,117 11,195 11,323 Cash EBITDA (pre-IndAS 116) 2,450 2,246 2,358 Cash EBITDA (pre-IndAS 116) % 22.0% 20.1% 20.8% Reported EBITDA 4,712 4,685 4,816 Reported EBITDA% 42.4% 41.9% 42.5% Reported PAT (6,609) (5,524) (5,286) Consolidated (Rs Cr) Q2FY26 Q3FY26Q3FY25
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Page 2 of 3 Financial highlights Revenue for the quarter was Rs. 11,323 Cr, a YoY growth of 1.9%. On a reported basis, EBITDA for the quarter was Rs. 4,816 Cr. Cash EBITDA excluding IndAS 116 impact was Rs. 2,358 Cr vs Rs. 2,450 Cr in Q3FY25. Capex for the quarter and for 9MFY26 stood at Rs. 2,252 Cr and Rs. 6,448 Cr respectively. As on December 31, 2025, the debt from banks was Rs. 1,126 Cr. Additionally, we raised Rs. 3, 300 Cr through NCDs during the quarter. The cash and bank balance stood at Rs. 6,963 Cr. Operational highlights Since the launch of Vi 5G services in Mumbai in March 2025 we have expanded it to all 17 priority circles where we hold 5G spectrum. These circles contribute to ~99% of our revenue. We recently expanded our 5G coverage to all districts of Kerala, and are now live in 43 cities in all 17 circles. Alongside 5G rollout, we continue to invest in expanding our high -speed broadband network by adding new 4G sites and upgrading our core and transmission network for high speed broadband network. Our 4G population coverage increased to 85.5% as of December, 2025 compared to ~77% as of March, 2024. Our 4G data capacity expanded by over 43%, driving a 22% improvement in 4G speeds as compared to March, 2024. With our planned investments, the 4G population coverage in the 17 circles expected to increase to over 95%. We added over 6,500 new unique 4G towers during the quarter reinforcing our focus to deliver superior connectivity including enhanced indoor coverage, in addition to adding more sites to expand our capacity to offer superior customer experience . As of December, 2025 , our total broadband site count stood at over 548,000. The Customer ARPU increased to Rs. 186 in Q3FY26 compared to Rs. 173 in Q3FY25, a YoY increase of 7.3% primarily supported by customer upgrades. Our total subscriber base stood at 192.9 million. We closed the quarter with 128.5 million 4G/5G subscribers, up from 126.0 million in the same period last year. Other highlights for the quarter We launched India’s first recharge-linked handset theft & loss insurance plan for prepaid customers, providing protection as an added value benefit to our customers.
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Page 3 of 3 To strengthen our international roaming proposition, we partnered with Niyo Forex to offer seamless forex and international payment benefits for our customers . We a lso partnered with MakeMyTrip to enable more travelers to experience our wide variety of IR benefits. In this quarter, we entered into a high-impact partnership, with Netflix to build engagement through limited edition SIM kits and merchandise, with customers who are fans of the popular series, ‘The Stranger Things’. Other key developments • Rs. 3,300 Cr raised via NCDs before clarity on the AGR matter; reflecting lenders confidence on business turnaround • Vodafone Group support towards closure of CLAM receivable of Rs. 6,394 Cr o AGR payment is no longer a pre-condition to receive this money o Receipt of ~Rs. 2,300 Cr over the next 12 months o Proceeds from sale of 328 Cr shares earmarked in favour of the Company • AGR liability frozen as of December 31, 2025 at Rs. 87,695 Cr and is subject to reassessment o Annual payment of Rs. 124 Cr in next 6 years (FY26 to FY31) and Rs. 100 Cr in following 4 years (FY32 to FY35) o Balance dues to be paid in 6 equal instalments (FY36 to FY41) o Reassessment of AGR liability has begun About Vodafone Idea Ltd. Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership. It is amongst India’s leading telecom service providers. The company holds a large spectrum portfolio including mid band 5G spectrum in 17 circles and mmWave spectrum in 16 circles. The Company provides Voice and Data services across 2G, 4G and 5G platforms and is expanding 5G services across 17 circles. To support the growing demand for data and voice, the Company is committed to delivering delightful customer experiences and contributing towards creating a truly ‘Digital India’ by enabling millions of citizens to connect and build a better tomorrow. The Company is developing infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings, conveniently accessible through an ecosystem of digit al channels as well as extensive on-ground presence. The Company’s equity shares are listed on National Stock Exchange (NSE) and the BSE in India.