Vodafone Idea Share Price Target 2026, 2027, 2028, 2029, 2030

Vodafone Idea share price today

Vodafone Idea remains one of India’s major mobile operators, but the equity is a capital-structure story before it is a telecom growth story. The network produces positive EBITDA; interest, depreciation and statutory obligations have consumed more than that EBITDA for years. Shareholders sit behind those claims.

The low rupee price is psychologically attractive and economically irrelevant. With a market value around ₹1.39 lakh crore and a vastly enlarged share count, it is not a small company. A move from ₹13 to ₹26 requires roughly another ₹1.4 lakh crore of equity value unless further dilution changes the denominator.

Operating improvement has not yet produced recurring profit

Consolidated, ₹ crore	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	11,022	11,195	11,323	11,332
Operating profit	4,612	4,684	4,817	4,889
OPM	42%	42%	43%	43%
Interest	5,893	4,784	5,828	4,990
Depreciation	5,472	5,567	5,550	5,518
Net profit	−6,608	−5,524	−5,286	51,970

March’s ₹51,970 crore reported profit came from ₹57,595 crore of other income, not from a suddenly profitable mobile operation. It must not be used to calculate a normal P/E or to project EPS. Recurring operating profit was still below interest plus depreciation.

The annual record shows the real gap

Consolidated, ₹ crore	FY22	FY23	FY24	FY25	FY26
Sales	38,516	42,177	42,652	43,572	44,873
Operating profit	15,968	16,753	17,072	18,048	18,859
Interest	20,981	23,354	25,766	24,543	21,495
Net profit	−28,245	−29,301	−31,238	−27,384	34,552

Sales grew only about 2% annually over the last three years. EBITDA improved, but the company needs far more: higher ARPU, lower churn, competitive 4G/5G coverage, fresh funding and a durable settlement of government obligations.

Negative net worth changes the valuation method

At March 2026, equity capital was ₹1,08,343 crore and reserves were negative ₹1,44,101 crore. Borrowings remained ₹1,92,528 crore. Book value was negative, so price-to-book and conventional ROE are meaningless.

Government conversion or relief can reduce immediate cash pressure, but it can also enlarge the share count and transfer more of the company to the government. That may improve survival probability while reducing the value per existing share. Both can be true at the same time.

Ownership shows how the rescue changed the equity

Holder	Mar 2025	Jun 2025	Mar 2026	Jun 2026
Promoters	38.80%	25.57%	25.64%	25.64%
Government	22.63%	49.02%	49.02%	49.02%
FIIs	10.10%	5.98%	5.56%	6.17%
DIIs	4.90%	4.14%	6.19%	6.05%
Public	23.55%	15.28%	13.57%	13.11%

The government now owns almost half the company. That improves alignment around survival and continuity of a three-player telecom market, but the government’s objective is not necessarily maximum minority-shareholder return. Policy, spectrum collections, competition and fiscal recovery can pull in different directions.

Promoter ownership falling does not mean a conventional market sale; it largely reflects the denominator expanding. Future fundraising should be analysed the same way: cash raised, shares issued and value created per share—not just the size of the headline cheque.

Why ARPU growth alone is insufficient

Higher tariffs can raise average revenue per user, but EBITDA must grow faster than network cost and customer losses. If prices rise while users port out because coverage remains weaker, the benefit can disappear. Vodafone Idea also needs enough capex to add 4G/5G sites before the customer-experience gap widens further.

A useful turnaround sequence would be: funded capex, better coverage, lower churn, higher ARPU, positive free cash flow and only then sustainable equity value. The order matters. Forecasts that begin with a desired share price and work backward skip the financing steps that decide what each share will own.

The numbers

Metric	Screener snapshot
Market capitalisation	₹1.39 lakh Cr
P/E	Not meaningful
Book value per share	−₹3.30
ROCE	−1.72%
Dividend yield	0.00%
52-week range	₹6.12 – ₹15.4

Vodafone Idea share price target 2026 to 2030

These scenarios are explicitly speculative. The bear case assumes further dilution and continuing subscriber pressure. The base case assumes survival and gradual network catch-up, not a quick return to normal profitability. The bull case requires adequate funding, competitive service quality, ARPU expansion and eventual recurring profit.

What would change our mind

Recurring cash break-even: quarterly EBITDA must cover interest, spectrum payments, maintenance capex and enough growth capex to remain competitive.

Subscriber and ARPU trend: tariff hikes help only if customers do not leave faster than revenue per user rises.

Funding clarity: signed, funded facilities matter more than fundraising headlines or non-binding discussions.

Dilution: always evaluate enterprise value and share count together. A better company does not guarantee a higher value per old share.

Should you buy at the current price?

This is a high-risk turnaround security with negative net worth and unresolved capital needs. We classify it as avoid rather than create a misleading buy range. Investors should not confuse an affordable-looking share price with a low valuation.

FAQ

Can Vodafone Idea reach ₹50 by 2030? It is mathematically possible, but would require a very large market value, much stronger operations and limited future dilution. It is not our base case.

Why was March 2026 profit so high? A ₹57,595 crore other-income item drove reported profit. The core operation remained loss-making after financing and depreciation.

Is Vodafone Idea debt free? No. Borrowings and statutory liabilities remain central to the investment case.

What is the biggest risk? Dilution or financial restructuring can preserve the company while leaving existing shareholders with a smaller economic claim.

Source: Screener consolidated financials, checked 10 August 2026, and company filings linked there.

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This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.