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Motilal Oswal Maintains 'Sell' On Vodafone Idea; AGR Relief, Debt Raise Remain Key For Long-Term Survival
Vodafone Idea Q4 Results: Stabilization of the subscriber base, along with further relief from the Government of India, remains imperative for Vodafone Idea's long-term survival, adds Motilal Oswal.
03 Jun 2025, 12:51 PM IST 
Vodafone Idea’s reported Ebitda declined 1% QoQ (vs+2% QoQ for RJio/Bharti India wireless), which was above estimates due to lower network opex and SG&A costs.
(Image source: NDTV Profit)
With no relief so far on adjusted gross revenue dues (repayments commence March 2026) and no breakthrough on the debt raise, the brokerage believes Vodafone Idea is likely to face an annual cash shortfall of ~Rs 200 billion and may be unable to meet its capex guidance of Rs 500-550 billion over FY25-27E.
