IDEA · Telecommunication
Vodafone Idea Ltd. reported revenue of ₹11,332 cr for January to March 2026, +2.9% on the year and +0.1% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹44,872 cr, +3.0% on the four before.
Operating profit (EBITDA) was ₹4,889 cr, a margin of 43.1%, +85 bps on the year and +60 bps on the quarter. It is the widest margin of the last 8 quarters (range 40.0% to 43.1%). Operating costs grew +1.4% against revenue growth of +2.9%, so more of each rupee of sales reached operating profit.
The company swung to a net profit of ₹51,970 cr from a loss of ₹7,167 cr a year earlier, with earnings per share of ₹4.80.
Telecom is capital-heavy: depreciation and interest take a large share of operating profit, so the operating line matters more than net profit in any one quarter. The quarterly statements do not carry revenue per user, subscribers and capital spending; those come with the filing read.
On earnings per share of ₹3.19 over the last four quarters, the stock at ₹12.67 trades at 4.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹10,716 cr | ₹10,673 cr | ₹10,607 cr | ₹10,508 cr | ₹10,932 cr | ₹11,117 cr | ₹11,015 cr | ₹11,022 cr | ₹11,195 cr | ₹11,323 cr | ₹11,332 cr | ₹11,689 cr |
| YoY | — | — | — | −1% | +2% | +4% | +4% | +5% | +2% | +2% | +3% | +6% |
| EBITDA margin | 40.0% | 40.7% | 40.9% | 40.0% | 41.6% | 42.4% | 42.3% | 41.8% | 41.8% | 42.5% | 43.1% | 43.1% |
| Other income, % of PBT | — | — | — | — | — | — | — | — | — | — | 111% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | — | — | — | — | — | — | — | — | 0% | — |
| Net profit | −₹8,738 cr | −₹6,986 cr | −₹7,675 cr | −₹6,432 cr | −₹7,176 cr | −₹6,609 cr | −₹7,167 cr | −₹6,608 cr | −₹5,524 cr | −₹5,286 cr | ₹51,970 cr | −₹3,754 cr |
| YoY | — | — | — | — | — | — | — | — | — | — | — | — |
| Core profit YoY | — | — | — | — | — | — | — | — | — | — | — | — |
| EPS | −₹1.79 | −₹1.44 | −₹1.53 | −₹0.95 | −₹1.03 | −₹0.95 | −₹1.00 | −₹0.61 | −₹0.51 | −₹0.49 | ₹4.80 | −₹0.35 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Vodafone Idea Ltd. reported revenue of ₹11,332 cr (+2.9% on the year) and net profit of ₹51,970 cr (— on the year) for January to March 2026.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.