Vodafone Idea Q2 Preview: Losses to narrow on better ARPU and cost control

Vodafone Idea (Vi) is expected to post another weak quarter for Q2FY26, with muted revenue growth as subscriber erosion continues and 5G-related costs weigh on profitability. According to an average of five brokerages, Vi’s revenue is likely to grow around 2% year-on-year and stay almost flat sequentially, while losses may narrow to around Rs 6,600-7,077 crore.

Kotak Equities expects Vodafone Idea’s revenue to improve 2.1% quarter-on-quarter, driven by a marginal rise in average revenue per user (ARPU), even as subscriber attrition continues. The brokerage models a 1 million decline in end-of-period subscribers to around 196.7 million, while ARPU could increase to Rs 169 per month, aided by tariff adjustments and one extra day in the quarter.