Shares of Vodafone Idea surged more than 7% intraday on Monday, May 4, as analysts and brokerages turned bullish on the telecom stock after the debt-ridden company received clarity on its long-standing adjusted gross revenue (AGR) dues last week. The Department of Telecom (DoT) finalised Vodafone Idea's AGR dues at about Rs 64,000 crore on Thursday, April 30, 2026 late evening, providing the much-needed clarity on the long-pending liability for the stressed telcom operator.
The surge in the share price also comes as Vodafone Idea is said to be in talks with lenders to raise up to Rs 35,000 crore via banks, sources told NDTV Profit on May 4. An SBI- led consortium is considering lending to the telecom major. The banks are considering extending working capital and term loans to the firm. Bankers may approve fresh lending after the government provided relief on Vodafone's AGR dues, as per sources. Vodafone Idea shares last traded 3% higher to Rs 10.6 apiece.
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On Monday, shares of Vodafone Idea opened more than 7% higher at Rs 11 from its previous close of Rs 10.22 apiece on the NSE. The telecom stock has gained 23% in one month, tanked nearly 9% on a year-to-date basis, however it has surged 50% in the last one year. The company commands a market cap of Rs 1,14,410.24 crore, according to stock exchange data.
Vodafone Idea intraday share price
Vodafone Idea Gets AGR Relief
Vodafone Idea will begin repayments with a minimum annual payment of Rs 100 crore over a four-year period from FY32 to FY35. The remaining dues will then be cleared in six annual instalments from FY36 to FY41 which will be Rs 10,608 crore annually. The AGR payment of Rs 124 crore will be done between March 2026 to March 2031. These are the dues for FY2018 and FY2019 and were not part of the reassessment, according to Vodafone's stock exchange filing.
This extended repayment framework offers the company a long runway to manage its obligations, easing near-term cash flow pressures while allowing it to focus on operational recovery and network investments. The government in December handed the debt-laden telco a relief based on the Supreme Court order and froze its AGR dues of Rs 87,685 crore for the period between FY07 to FY19. These frozen dues are subject to reassessment. The amount does, however, exclude AGR dues of FY18 and FY19, which stand finalised by the Supreme Court order in 2020 and therefore, are payable.
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Brokerages Bullish on Vodafine Idea: Should You Buy?
In view of the development, global brokerage Citi turned bullish on the stock, issuing a 'buy' call with Rs 14 as the target price. This implies a potential upside of 37%, against the current market price. The brokerage, in its note, said the "AGR saga has finally concluded". The government's re-assessing of dues has reduced the liability to Rs 64,046 crore as of December 2025, which is 20% lower than the outstanding amount of Rs 80,500 crore, it pointed out. This, said Citi, improves the economics of liability, reducing burden on the company. The chapter of regulatory uncertainty is now largely behind, the brokerage added.
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