Can Vodafone Idea stage a comeback? SC opens door to relief, analysts see revival but with risks

Vodafone Idea’s long-awaited turnaround hopes flickered back to life after the Supreme Court allowed the Centre to re-examine its adjusted gross revenue (AGR) dues, a move analysts say could pave the way for long-term relief and revive investor sentiment. But brokerages remain split on how much the ruling changes the company’s prospects.

Emkay Capital called the verdict a “lifeline for Vodafone Idea,” noting that the government now has “enough wiggle room to create a plan for Vi’s long-term sustainability.” Yet it retained a ‘Sell’ rating with a target price of ₹6, citing “high leverage, expensive valuations, and lack of clarity on the government’s stance on spectrum debt.”