Quick Facts / Company Snapshot
- Full Company Name: Vodafone Idea Limited
- Primary Business: Major telecommunication operator in India offering voice, data, and value-added services
- Promoters: Aditya Birla Group and Vodafone Group
- Government Equity Stake: 49%
- Subscriber Market Share: 17.7% as of March 31, 2025
- Applicable Gross Revenue (ApGR) Market Share: 16.2% for FY25
- Revenue FY25: ₹435.7 billion (2.2% YoY growth)
- Cash EBITDA FY25: ₹92 billion (9.5% YoY growth)
- ARPU Trend: Increased for 15 consecutive quarters
- 4G Population Coverage: Approximately 83% (over 1.1 billion people)
- Network Partners: Nokia, Ericsson, and Samsung
- Planned Capex Cycle: ₹500–550 billion over three years
- Capex Invested FY25: ₹74.4 billion
- Broadband Towers Added FY25: Net ~14,100
- 5G Status: Launched in multiple cities, phased rollout progressing
- Registered Office: Gandhinagar, Gujarat
- Corporate Office: Mumbai, Maharashtra
- CEO: Mr. Akshaya Moondra
- CFO: Mr. Murthy GVAS
- Brand: Vi
Company Overview
Vodafone Idea Limited operates as a major telecommunication operator in India. The company delivers voice, data, and other value-added services (VAS), alongside business connectivity solutions including IoT, Cloud, and Managed Services to millions of users across the country. Supported by strong promoters—the Aditya Birla Group and Vodafone Group—the company maintains operational control with promoters despite government ownership.
The company focuses on bridging connectivity across rural and urban areas through mobile technology and affordable data plans. It drives digital inclusion while addressing remaining gaps, particularly in rural regions, as growth opportunities. Investments in network expansion enhance coverage, capacity, and customer experience, positioning the company to capitalize on India’s expanding mobile telecommunications industry.
Key Operational Metrics:
- Subscriber Market Share: 17.7%
- ApGR Market Share: 16.2%
- Leading ApGR Positions: Mumbai and Kerala
- Strong ApGR >20%: Haryana, Kolkata, Uttar Pradesh (West), Maharashtra, and Delhi
The company prioritizes superior 4G and emerging 5G networks, cost optimization, and digital initiatives to strengthen competitiveness.
Business Segments
Vodafone Idea Limited primarily operates in the mobile telecommunications industry. It focuses on mobility services for consumers and enterprise solutions, without separate revenue breakdowns disclosed.
Mobility Services
This core segment includes voice, data, and value-added services for individual customers. It drives the majority of operations through prepaid and postpaid plans, unlimited data offerings, and digital entertainment. The company emphasizes 4G penetration, tariff interventions, and customer upgrades to boost ARPU and subscriber acquisition.
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Enterprise Services
This segment provides business connectivity, including IoT, Cloud, and Managed Services. It targets enterprises with fast-growing digital solutions, supporting new requirements in India’s digital society.
The company reports performance on a consolidated basis for the overall mobile telecommunications industry.
Products and Services
Vodafone Idea Limited offers a range of products and services centered on connectivity and digital entertainment. Primary revenue derives from voice and data services, supplemented by value-added offerings. Specific revenue per product remains undisclosed.
Voice Services
Voice services form a foundational offering, integrated with data plans for unlimited calls.
Data Services
Data services drive growth, with focus on 4G and 5G rollout. Offers include SuperHero (unlimited data midnight to noon) and Non-Stop Hero (24×7 unlimited data) to meet rising data needs.
Value-Added Services (VAS)
VAS enhance user engagement, including caller tunes with songs, movie dialogues, and customized options.
Digital Entertainment Services
- Vi Movies & TV: Provides access to 13+ OTT platforms via a single app, including Hollywood/Bollywood movies, TV shows, live news, sports, and content in multiple languages.
- Vi Games: Offers online games across action, board, fantasy, and tournaments with rewards and VIP options.
Enterprise Solutions
Enterprise solutions include IoT, Cloud, and Managed Services for business connectivity.
Postpaid Plans
Postpaid plans feature Vi Max and REDX, with benefits like unlimited data, international roaming, OTT subscriptions (e.g., Netflix), and priority service.
The company adopts a digital-first approach, digitizing touchpoints and distribution.
Brand Portfolio
Vodafone Idea Limited operates under the unified brand Vi, which encompasses all consumer and enterprise offerings.
Vi
Vi serves as the primary brand, delivering voice, data, VAS, and digital services. It includes sub-offerings like Vi Movies & TV, Vi Games, SuperHero, Non-Stop Hero, and REDX postpaid plans. The brand emphasizes connectivity, unlimited data, and digital ecosystem for engagement and loyalty.
All operations and offerings align under Vi, strengthening customer stickiness through rich digital experiences.
Geographical Presence
Vodafone Idea Limited operates exclusively in India, providing pan-India services across multiple service areas (circles).
India Operations
The company maintains a nationwide footprint with registered office in Gandhinagar, Gujarat, and corporate office in Mumbai, Maharashtra. It leads ApGR market share in Mumbai and Kerala, holds second position in Gujarat, and exceeds 20% in Haryana, Kolkata, Uttar Pradesh (West), Maharashtra, and Delhi.
Network expansion covers urban and rural areas, with 4G population coverage reaching approximately 83% (over 1.1 billion people). 5G launches occur in multiple cities with phased progression.
All revenue generates from Indian mobile telecommunications services, with no international operations.
Financial Performance Analysis
Vodafone Idea Limited achieved third consecutive year of growth in revenue and cash EBITDA in FY25, reflecting operational improvements from network investments and tariff measures.
Consolidated total assets stood at ₹1,978,666 million as of March 31, 2025, up from ₹1,849,977 million in 2024. Non-current assets dominated at ₹1,668,271 million, driven by property, plant, equipment, and intangibles. Current assets rose significantly to ₹310,395 million, supported by higher bank balances and other financial assets.
Key Highlights:
- Revenue Growth: 2.2% YoY to ₹435.7 billion, marking sustained recovery.
- Cash EBITDA Growth: 9.5% YoY to ₹92 billion, benefiting from cost optimization despite expansion.
- ARPU Improvement: 15 consecutive quarters of rise from tariff hikes and upgrades.
- Subscriber Trends: Outperforming gross acquisition; reduced declines post-investments.
Borrowings remained high at ₹1,972,557 million (including accrued interest), with covenant breaches leading to reclassifications. These trends connect to capex-driven network enhancements improving coverage (4G +73 million population) and capacity (+31% data), boosting speeds (~28%) and experience.
Profit and Loss Analysis
| Particulars | FY25 (₹ million) | FY24 (₹ million) | YoY Change |
|---|---|---|---|
| Revenue from Operations | 435,700 | N/A | +2.2% |
| Cash EBITDA | 92,000 | N/A | +9.5% |
Revenue growth stems from strategic tariff increases and data penetration. Cash EBITDA margin improvement reflects declining network costs amid expansion. No detailed expenses or net profit disclosed; focus remains on operational metrics like ARPU and market share gains in key circles.
Balance Sheet Analysis
Consolidated Balance Sheet as at March 31, 2025 (₹ million)
| Particulars | Notes | March 31, 2025 | March 31, 2024 |
|---|---|---|---|
| Non-Current Assets | |||
| Property, Plant and Equipment (incl. RoU) | 8 | 561,956 | 521,760 |
| Capital Work-in-Progress | 8 | 24,716 | 6,388 |
| Intangible Assets | 9 | 851,240 | 879,488 |
| Intangible Assets under Development | 9 | 157,406 | 175,503 |
| Investments (Equity Method) | 10 | – | 3 |
| Other Non-Current Financial Assets | 11 | 7,280 | 71,002 |
| Deferred Tax Assets (Net) | 55 | 116 | 138 |
| Other Non-Current Assets | 12 | 65,557 | 66,597 |
| Total Non-Current Assets | 1,668,271 | 1,720,879 | |
| Current Assets | |||
| Inventories | 13 | 11 | 12 |
| Trade Receivables | 15 | 20,003 | 21,948 |
| Cash and Cash Equivalents | 16 | 2,568 | 1,678 |
| Bank Balances (Other) | 17 | 103,117 | 3,684 |
| Other Current Financial Assets | 18 | 69,262 | 534 |
| Other Current Assets | 19 | 115,434 | 100,688 |
| Total Current Assets | 310,395 | 128,605 | |
| Assets Held for Sale | 20 | – | 493 |
| Total Assets | 1,978,666 | 1,849,977 |
Asset growth reflects capex in network (towers +14,100; capacity +31%). Liquidity improved via higher current assets and bank balances from funding. High intangibles tie to spectrum. Borrowings ~₹1,972,557 million indicate leveraged position with covenant issues and going concern considerations.
Cash Flow Analysis
Detailed cash flow statement not extracted in available sections. Investments highlight ₹74.4 billion capex in FY25, part of ₹500–550 billion cycle. Funding raises (~₹245 billion equity + government conversion) support investing activities. Operational cash supports EBITDA growth, while financing manages high debt.
Board of Directors and Leadership Team
The Board comprises 12 members: Non-Executive Chairman, six Independent Directors (including one woman), and five Non-Executive Directors.
Mr. Ravinder Takkar (Non-Executive Chairman)
Over 33 years in telecom, 30 with Vodafone Group. Former MD & CEO; held roles in Romania, Partner Markets, and Enterprise.
Mr. Kumar Mangalam Birla (Non-Executive)
Chairman of Aditya Birla Group; Chartered Accountant, MBA London Business School. Led expansions, acquisitions; Chancellor BITS Pilani.
Mr. Himanshu Kapania (Non-Executive)
Alumnus IIM Bangalore, BIT Mesra; former MD Idea Cellular. Leads Grasim paints; 39+ years in telecom, consumer sectors.
Mr. Sushil Agarwal (Non-Executive)
Group CFO Aditya Birla; expertise in financings, restructurings.
Mr. Selcuk Karacay (Non-Executive)
Chief Legal Officer Vodafone Turkey; 40+ years legal experience.
Mr. Sunil Sood (Non-Executive)
Harvard, IIM Calcutta, IIT Delhi alumnus; former MD Vodafone India.
Mr. Anjani Kumar Agrawal (Independent)
44+ years consulting; expertise risk, governance.
Mr. Rajat Kumar Jain (Independent)
IIT Delhi, IIM Ahmedabad; startup mentoring, corporate roles.
Mr. Ashwani Windlass (Independent)
MBA FMS Delhi; founded Hutchison Max Telecom.
Mr. Sunirmal Talukdar (Independent)
30+ years finance; former CFO Hindalco.
Ms. Neena Gupta (Independent)
Law graduate; Group General Counsel InterGlobe.
Mr. Suresh Vaswani (Independent)
IIT Kharagpur, IIM Ahmedabad; tech leadership.
Leadership Team:
- CEO: Mr. Akshaya Moondra
- CFO: Mr. Murthy GVAS
- Company Secretary: Mr. Pankaj Kapdeo
Subsidiaries, Associates, Joint Ventures
Disclosed entities include:
- Vodafone Idea Business Services Limited (subsidiary)
- Vodafone Idea Manpower Services Limited (subsidiary)
- Vodafone Idea Telecom Infrastructure Limited (subsidiary)
- You Broadband India Limited (subsidiary)
- Vodafone Idea Next-Gen Solutions Limited (subsidiary)
- Vodafone Idea Technology Services Limited (subsidiary)
- Vodafone Idea Shared Services Limited (subsidiary)
Joint venture: FireFly Networks Limited (ceased February 2025). Associate: Aditya Birla Idea Payments Bank Limited (liquidated January 2025).
No individual revenue or % contributions disclosed; consolidated into group performance.
Physical Properties
Registered Office: Suman Tower, Plot No. 18, Sector-11, Gandhinagar-382011, Gujarat. Corporate Office: Birla Centurion, 10th Floor, Century Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400030.
Network includes broadband towers and spectrum assets.
Segment-wise Performance
The company operates primarily as a single segment in mobile telecommunications. YoY improvements include revenue +2.2%, cash EBITDA +9.5%, driven by mobility (4G/5G expansion) and enterprise growth in IoT/Cloud.
Founders
The company draws support from promoters Aditya Birla Group (led by Mr. Kumar Mangalam Birla) and Vodafone Group, without individual founders specified.
Shareholding Pattern
- Government: 49% (largest shareholder)
- Promoters: Aditya Birla Group and Vodafone Group entities (retain operational control)
- Public/Institutional: Remaining
Parent
No single parent; joint promoters Aditya Birla Group (diversified conglomerate: metals, cement, financials) and Vodafone Group (global telecom).
Investments and Capital Expenditure Plans
Equity raise ~₹245 billion (FPO ₹180 billion, preferential ₹65 billion). Spectrum dues ₹369 billion converted to equity. Network agreements ~₹300 billion with Nokia, Ericsson, Samsung. Three-year capex ₹500–550 billion; ₹74.4 billion invested FY25. Priorities: 4G/5G coverage, capacity; cost optimization.
Future Strategy
Sustain network investments for superior experience; drive 4G penetration and ARPU via attractive offers; digital-first digitization; strengthen enterprise (IoT, Cloud); deepen engagement through Vi Movies & TV, Games, etc. Leverage government support while promoters drive long-term value.
Key Strengths
- Strong promoters and government stake for transformation.
- Network expansion: +14,100 towers, 4G coverage to 83%, capacity +31%.
- Consistent ARPU growth (15 quarters); outperforming subscriber acquisition.
- Cost optimization: declining network opex.
- Digital ecosystem for loyalty.
Key Challenges and Risks
- High borrowings (~₹1,973 billion) with covenant breaches and reclassifications.
- Going concern uncertainty from debt and funding needs.
- Competitive industry pressures on market share.
- Regulatory dependencies (spectrum, AGR).
Conclusion and Strategic Outlook
Vodafone Idea Limited shows positive trajectory through funding, network investments, and operational gains. Sustained capex, digital expansion, and excellence position it for growth in India’s telecom market, despite debt challenges.
FAQ Section
1. What is Vodafone Idea Limited? Vodafone Idea Limited (Vi) is a major Indian telecom operator providing voice, data, VAS, and enterprise solutions, backed by Aditya Birla and Vodafone Groups.
2. What is Vi’s market share? Subscriber market share stands at 17.7%; ApGR market share at 16.2% for FY25.
3. What are key Vi plans? Offers include SuperHero (midnight-noon unlimited data), Non-Stop Hero (24×7 unlimited), and REDX postpaid with premium benefits.
4. What digital services does Vi offer? Vi Movies & TV (13+ OTTs), Vi Games (tournaments, rewards), caller tunes.
5. What is Vi’s network status? 4G covers ~83% population; 5G launched in cities; partners Nokia, Ericsson, Samsung.
6. What was Vi’s FY25 revenue? ₹435.7 billion, up 2.2% YoY; cash EBITDA ₹92 billion, up 9.5%.
7. Who leads Vodafone Idea? CEO Mr. Akshaya Moondra; Chairman Mr. Ravinder Takkar.
8. What capex plans does Vi have? ₹500–550 billion over three years; ₹74.4 billion invested FY25.
9. Where are Vi’s offices? Registered in Gandhinagar, Gujarat; corporate in Mumbai.
10. What is government stake in Vi? 49%, from spectrum dues conversion.
