Vodafone Idea shares rise over 37% in six months; what analysts say

Shares of Vodafone Idea Ltd ended almost flat on Wednesday, slipping marginally by 0.10 per cent to Rs 10.12. At this price, the stock has advanced 37.13 per cent over the past six months.

Earlier this month, the telecom operator announced an update on its adjusted gross revenue (AGR) dues. In an exchange filing, the company said it received a communication from the Department of Telecommunications (DoT) providing relief in the long-pending AGR issue.

Voda Idea said the AGR dues -- including principal, interest, penalty and interest on penalty for the period from FY2006-07 to FY2018-19 -- will be frozen as of December 31, 2025, and repaid in a phased manner over multiple years.

The company said it will pay up to Rs 124 crore per year for six years from March 2026 to March 2031, followed by annual payments of Rs 100 crore for four years between March 2032 and March 2035. The balance AGR dues will then be cleared in equal yearly instalments over six years from March 2036 to March 2041.

Voda Idea also said the DoT will constitute a committee to reassess the AGR dues, adding that the committee’s decision will be final. The reassessed amount, once finalised, will be repaid in equal annual instalments between March 2036 and March 2041.

From a technical standpoint, the counter has key support at Rs 10–9.60 and stronger long-term support near Rs 9, while resistance is seen at Rs 10.72–11.

Drumil Vithlani, Technical Analyst at Bonanza, said immediate support for the stock lies in the Rs 9.80–9.60 range, which coincides with the rising short-term EMA cluster and recent consolidation lows, making it a demand zone. He added that a stronger structural support is seen near Rs 9, aligned with the 200-DMA and the earlier breakout base, indicating solid long-term buying interest. On the upside, resistance is placed at Rs 10.80–11, an area marked by recent swing highs and profit booking. A major overhead supply zone is seen at Rs 12–12.30, corresponding to previous distribution and rejection levels. Vithlani noted that as long as the stock holds above Rs 9.60, the broader uptrend remains intact, while a decisive break below this level could weaken momentum.

According to AR Ramachandran, part-time Sebi-registered research analyst at Tips2trades, Vodafone Idea's stock remains bearish on daily charts, with strong resistance at Rs 10.72. He said a daily close below the Rs 10 support could lead to a decline towards Rs 8.76 in the near term.

Vodafone Idea was formed in 2018 following the merger of Vodafone Group's India operations with Idea Cellular.