Below is a structured extraction and summary of the relevant and actionable financial information from Vodafone Idea Limited’s Q1 FY26 (quarter ended 30 June 2025) results filing:

1. Auditor’s Note

• No qualifications or adverse remarks in the auditor’s review report.
• Material uncertainty related to going concern is highlighted due to:
  • Significant debt obligations falling due in the next 12 months.
  • Dependence on support from Department of Telecommunications (DoT) on AGR (Adjusted Gross Revenue) matter.
  • Need to successfully arrange funding and generate cash flows to meet liabilities.
• Auditor’s conclusion not modified despite this uncertainty.
• Associate’s interim financials included but not audited; considered immaterial to the Group.

2. Financial Performance

Consolidated Financials (Rs. Mn)

Standalone Financials (Rs. Mn)

Key Margins and EBITDA (Consolidated)

3. Detailed Notes / Management Commentary

• Going Concern: The Group and Company have significant debt and deferred payment obligations (spectrum and AGR dues) totaling approx. Rs. 2 trillion, with near-term installments due in FY26 (Rs. 164.3 billion AGR installment, Rs. 26.4 billion spectrum installment, Rs. 17.2 billion bank debt).
• The Group’s ability to meet obligations depends on:
  • Support from DoT on AGR matter (ongoing discussions, legal petitions dismissed but engagement continues).
  • Successful fund raising via equity and debt.
  • Cash flow generation from operations.
• The financial results are prepared on a going concern basis based on management’s belief in securing support and funding.
• Exceptional Items (Standalone):
  • Gain on sale of partial stake in wholly owned subsidiary: Rs. 1,421 Mn (FY25).
  • Reversal and write-off of impairment on investment in Aditya Birla Idea Payments Bank Limited (ABIPBL): Net nil impact.
  • Reversal of impairment provision on loan receivable from subsidiary: Rs. 762 Mn (Q1 FY26).
• Subsidiaries and Associates:
  • Joint venture Firefly Networks Limited ceased w.e.f. Feb 4, 2025.
  • Associate Sangli Wind Energy Pvt Ltd acquired w.e.f. May 16, 2025.
  • Aditya Birla Idea Payments Bank Limited liquidated w.e.f. Jan 27, 2025.
• Regulatory / Legal:
  • AGR dues moratorium till FY25; amounts subject to revision and final determination by Dec 31, 2025.
  • AGR liability payable in six equal installments starting FY26.
  • Company filed writ petition on AGR matter dismissed by Supreme Court; ongoing engagement with DoT.
• Recoverables: Assets include recoverable amounts from promoters of erstwhile Vodafone India Limited under Implementation Agreement, settlement extended to Dec 31, 2025.
• No change in accounting policies or material adjustments reported.

4. Segment Information

• The Group operates in a single reportable segment: Mobility.
• No separate segment disclosures required.

5. Capex, Projects, and Corporate Activity

• Capex: Rs. 24.4 billion spent in Q1 FY26.
• 5G Rollout:
  • 5G services launched in 22 cities across 13 circles (vs launch in Mumbai in Mar’25).
  • Further expansion planned to additional key cities across all 17 circles by September 2025.
• 4G Network Expansion:
  • 4G population coverage increased to ~84% (from ~77% in Mar 2024).
  • 4G data capacity increased by ~36%, speeds improved by ~24%.
  • Added 4,800+ new unique 4G towers in the quarter.
  • Total broadband sites ~516,200; deployed ~13,100 Massive MIMO sites and 12,300+ small cells.
• Digital Initiatives:
  • Launch of digital-first prepaid and postpaid plans (Non-Stop Hero Plan, Vi Max Family Plan with OTT bundles).
  • Introduction of ‘Vi Guarantee’ program offering additional data and validity benefits.
  • eSIM upgrade enabled fully digitally via My Vi app.
  • New feature displaying country of origin for incoming international calls to enhance user safety.
• Financial Services Launch:
  • Vi Finance platform launched on Vi App offering personal loans, fixed deposits, credit cards.
  • Partnership with Aditya Birla Capital for personal loans.
• Strategic Partnership:
  • Collaboration with AST SpaceMobile to provide satellite-based mobile broadband to remote and underserved areas.
• Debt Position:
  • Bank debt reduced to Rs. 19.3 billion as of June 30, 2025.
  • Cash and bank balance Rs. 68.3 billion.
• Subscriber Metrics:
  • Total subscribers: 197.7 million.
  • 4G/5G subscribers: 127.4 million (up from 126.7 million in Q1 FY25).
  • Subscriber decline in Q1 FY26 restricted to 0.5 million, ~90% lower than losses in Q2 and Q3 FY25.
  • Customer ARPU increased 15% YoY to Rs. 177 (Q1 FY26 vs Rs. 154 in Q1 FY25).

6. Standalone vs Consolidated

• Both Standalone and Consolidated financial results are provided.
• Financial trends and losses are broadly consistent across standalone and consolidated results.
• Consolidated results include subsidiaries, joint ventures, and associates as listed.
• No exceptional items reported in consolidated results for Q1 FY26.

Summary for Investment Analysis Team

This detailed extraction provides a comprehensive view of Vodafone Idea Limited’s financial and operational status as of Q1 FY26, highlighting key risks, performance metrics, and strategic initiatives relevant for investment decision-making.