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ICICI Securities Report
Vodafone Idea Ltd. has outlined an aggressive three‑year turnaround strategy following the resolution of its adjusted gross revenue issue, but ICICI Securities believes that execution remains the single most critical factor for success. The brokerage has maintained a Hold rating with an unchanged target price of Rs 10.
Ambitious turnaround plan hinges on network investments
As per ICICI Securities, Vodafone Idea plans to invest Rs 45,000 crore in network expansion over FY26–29, with a large share of the capex front‑loaded over the next 12–18 months. The telco aims to achieve:
- Sustained subscriber additions
- Double‑digit revenue growth
- Cash EBITDA tripling over the period.
Key risks cited include lower‑than‑expected market share, failure to secure future capital, and adverse regulatory outcomes.
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