Vodafone Idea clarifies on 'AGR relief' report; stock up 6% in two days; analysts weigh in
The telecom operator issued a clarification to stock exchanges after a media report suggested possible "AGR (Adjusted Gross Revenue) relief by year-end".
- Dec 3, 2025,
- Updated Dec 3, 2025 1:45 PM IST
Shares of Vodafone Idea Ltd extended gains for the second straight session on Wednesday, rising 4.24 per cent to hit a high of Rs 10.57. With this, the counter has advanced 6.34 per cent in two trading days.
The telecom operator issued a clarification to stock exchanges after a media report suggested possible "AGR (Adjusted Gross Revenue) relief by year-end". The company said, "In this regard, we wish to inform you that the company has already issued a detailed statement on the order of the Hon'ble Supreme Court regarding the AGR dues vide our communication dated October 27, 2025 and November 4, 2024. We will make all necessary disclosures as and when there is any development on the subject matter."
A few analysts remained cautiously optimistic on the stock's technical outlook. Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, "The stock has been hovering above the short-term EMAs with positive bias and favourable technical cues. On levels front, Rs 9.50-9 is likely to cushion any shortcomings, with strong support placed around Rs 8 (200 DSMA). On the higher end, a sustained move above Rs 11 could pave way for the next leg of rally in the upcoming period."
Ravi Singh, Chief Research Officer at Mastertrust, said the stock may move towards Rs 11.50, advising investors to keep a stop loss at Rs 10 to manage near-term volatility.
Drumil Vithlani, Technical Analyst at Bonanza, said the stock's broader trend remains negative. "However, the short-term trend has turned positive following a strong breakout from a year-long consolidation phase. The stock is now trading above key EMAs on the daily charts, though it continues to remain below the 200 EMA on the weekly timeframe, warranting some caution. Immediate support levels are placed at Rs 9.76 and Rs 9.10, while major resistance zones are seen at Rs 11.10 and Rs 11.75. At the current price, a fresh entry may be taken with a stop-loss at Rs 9.76 and upside targets of Rs 11.10 and Rs 11.75," Vithlani noted.
On the operational front, the company narrowed its consolidated net loss to Rs 5,524.2 crore in the July–September quarter (Q2 FY26), compared with Rs 7,175.9 crore in the year-ago period. Quarterly revenue rose 2.4 per cent year-on-year (YoY) to Rs 11,190 crore. EBITDA stood at Rs 4,690 crore.
Voda Idea's capex was Rs 1,750 crore in the quarter and Rs 4,200 crore for the first half of FY26. As of September 30, 2025, debt from banks stood at Rs 1,530 crore, while cash and bank balances totalled Rs 3,080 crore.
The company's average revenue per user (ARPU) increased to Rs 180 in Q2 FY26 from Rs 166 a year earlier, an 8.7 per cent rise, "supported primarily by customer upgrades and tariff increase". Its total subscriber base stood at 196.7 million, including 127.8 million 4G/5G users, up from 125.9 million in the corresponding quarter last year.
Shares of Vodafone Idea Ltd extended gains for the second straight session on Wednesday, rising 4.24 per cent to hit a high of Rs 10.57. With this, the counter has advanced 6.34 per cent in two trading days.
The telecom operator issued a clarification to stock exchanges after a media report suggested possible "AGR (Adjusted Gross Revenue) relief by year-end". The company said, "In this regard, we wish to inform you that the company has already issued a detailed statement on the order of the Hon'ble Supreme Court regarding the AGR dues vide our communication dated October 27, 2025 and November 4, 2024. We will make all necessary disclosures as and when there is any development on the subject matter."
A few analysts remained cautiously optimistic on the stock's technical outlook. Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, "The stock has been hovering above the short-term EMAs with positive bias and favourable technical cues. On levels front, Rs 9.50-9 is likely to cushion any shortcomings, with strong support placed around Rs 8 (200 DSMA). On the higher end, a sustained move above Rs 11 could pave way for the next leg of rally in the upcoming period."
Ravi Singh, Chief Research Officer at Mastertrust, said the stock may move towards Rs 11.50, advising investors to keep a stop loss at Rs 10 to manage near-term volatility.
Drumil Vithlani, Technical Analyst at Bonanza, said the stock's broader trend remains negative. "However, the short-term trend has turned positive following a strong breakout from a year-long consolidation phase. The stock is now trading above key EMAs on the daily charts, though it continues to remain below the 200 EMA on the weekly timeframe, warranting some caution. Immediate support levels are placed at Rs 9.76 and Rs 9.10, while major resistance zones are seen at Rs 11.10 and Rs 11.75. At the current price, a fresh entry may be taken with a stop-loss at Rs 9.76 and upside targets of Rs 11.10 and Rs 11.75," Vithlani noted.
On the operational front, the company narrowed its consolidated net loss to Rs 5,524.2 crore in the July–September quarter (Q2 FY26), compared with Rs 7,175.9 crore in the year-ago period. Quarterly revenue rose 2.4 per cent year-on-year (YoY) to Rs 11,190 crore. EBITDA stood at Rs 4,690 crore.
Voda Idea's capex was Rs 1,750 crore in the quarter and Rs 4,200 crore for the first half of FY26. As of September 30, 2025, debt from banks stood at Rs 1,530 crore, while cash and bank balances totalled Rs 3,080 crore.
The company's average revenue per user (ARPU) increased to Rs 180 in Q2 FY26 from Rs 166 a year earlier, an 8.7 per cent rise, "supported primarily by customer upgrades and tariff increase". Its total subscriber base stood at 196.7 million, including 127.8 million 4G/5G users, up from 125.9 million in the corresponding quarter last year.