Vodafone Idea Shares Fall Ahead of Q3 Results; Investors Lose 18% in One Month

Shares of Vodafone Idea Ltd declined by over 1% on Monday as investors turned cautious ahead of the company’s Q3 FY26 earnings announcement scheduled for January 27. Ahead of the results, the stock moved in a narrow band, touching an intraday low of ₹9.71 and a high of ₹10. The telecom stock has had a subdued start to 2026, losing nearly 15% on a month-to-date basis, reflecting persistent concerns around its financial health and operating performance. Earlier this month, Vodafone Idea received some relief after the government capped its annual payouts towards past dues at ₹124 crore for the next six years, providing near-term cash-flow support.

As per the company’s exchange filing, the annual outgo will reduce further to ₹100 crore between March 2032 and March 2035, based on a communication from the Department of Telecommunications (DoT). The remaining adjusted gross revenue (AGR) dues will then be paid in equal instalments over six years starting March 2036. Despite this support, brokerages remain cautious on the December-quarter performance. Analysts expect muted Q3FY26 results, with largely flat revenue growth as subscriber losses are likely to offset gains in average revenue per user (ARPU). Nuvama Research expects losses to widen, projecting just 1.1% year-on-year growth in overall revenue, while highlighting progress on 5G rollout, fund-raising plans and the AGR plea as key monitorables.

From a technical perspective, Vodafone Idea has broken below a crucial support level of ₹10.47, signalling structural weakness on higher timeframes, said Anshul Jain, Head of Research at Lakshmishree Investments. He advised investors to use any interim rebound as a sell-on-rallies opportunity, noting that the risk-reward remains unfavourable until the stock reclaims key levels with strong volumes.