Vodafone Idea posts wider Q2 loss of Rs 5975 crore on treasury assets
Telecommunications operator Vodafone Idea reported a wider consolidated net loss of Rs 5,975 crore for the second quarter, driven by exceptional treasury asset impacts despite a 6.2% rise in revenue.
Vodafone Idea posted a wider second-quarter loss driven by exceptional treasury asset impacts even as top-line figures nudged upward, according to financial filings released on Thursday, 12 November 2026. The telecommunications operator reported a consolidated net loss of Rs 5,975 crore for the July-September quarter of fiscal year 2027, according to a regulatory filing highlighted in The Hindu BusinessLine earnings live updates. That bottom-line figure compares with a net loss of Rs 5,524 crore in the corresponding period of the previous year. On a sequential basis, the loss deepened from Rs 3,754 crore recorded in the April-June quarter, Business Upturn notes, with CNBC TV18 citing a Q1 loss figure of Rs 3,747 crore.
Company disclosures attribute the heavier reported loss to the adverse impact of mark-to-market valuations on treasury assets. Specifically, the firm booked an exceptional loss of Rs 462 crore during the quarter following the remeasurement of shares earmarked by Vodafone Group entities for a five-year period. By contrast, the entity recorded a gain of Rs 1,816 crore on those same shares during the preceding quarter. When adjusted for exceptional items, the quarterly loss narrowed slightly to Rs 5,513 crore, compared to Rs 5,562 crore in the year-ago period.
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Revenue from operations grew 6.2 per cent year-on-year to reach Rs 11,884 crore, up from Rs 11,195 crore. Sequentially, revenue edged up 1.7 per cent from Rs 11,689 crore in the first quarter, according to Business Upturn and CNBC TV18. Operational profitability metrics presented a mixed picture across reporting desks. EBITDA declined 1.1 per cent sequentially to Rs 4,981 crore, down from Rs 5,034 crore in the previous quarter. The corresponding EBITDA margin contracted by 120 basis points sequentially to 41.9 per cent, down from 43.1 per cent.
Subscriber metrics showed divergent trends depending on the comparison window. Total subscribers increased to 19.44 crore at the close of the quarter, recovering from 19.31 crore at the end of June, though remaining below the 19.67 crore recorded a year earlier. Meanwhile, the carrier closed the quarter with 131.0 million 4G and 5G subscribers, marking an expansion from 127.8 million in the corresponding period of the previous year. Customer average revenue per user rose 10 per cent year-on-year to Rs 198, supported by customer upgrades, according to the filing. However, CNBC TV18 noted a sequential contraction in ARPU from the June quarter, reporting a figure of Rs 180 compared to the previous quarter's Rs 195.
| Financial Metric | Q2 FY27 Reported | Q1 FY27 (Previous Quarter) | Q2 FY26 (Year-Ago Period) |
|---|---|---|---|
| Consolidated Net Loss | Rs 5,975 crore | Rs 3,754 crore / Rs 3,747 crore | Rs 5,524 crore |
| Revenue from Operations | Rs 11,884 crore | Rs 11,689 crore | Rs 11,195 crore |
| EBITDA | Rs 4,981 crore | Rs 5,034 crore | Not reported |
| EBITDA Margin | 41.9% | 43.1% | Not reported |
| Subscriber Base | 19.44 crore | 19.31 crore | 19.67 crore |
| ARPU | Rs 198 | Rs 195 (Q1 figure cited) / Rs 180 | Rs 180 |
The broader market on Thursday absorbed earnings announcements from hundreds of companies, as reported by Upstox, with more than 400 firms posting earnings for the period. Sector peers such as Ola Electric Mobility, Manappuram Finance, Hitachi Energy India, Oil India, Page Industries, and Bharat Dynamics also declared their financial scorecards alongside Vodafone Idea during the peak reporting day. As the corporate reporting season concludes, market participants will monitor ongoing debt restructuring efforts, subscriber retention strategies, and tariff adjustments across the telecommunications sector.
