Shares of telecom company Vodafone Idea has surged over 19 per cent so far in November on hopes of debt relief after the Supreme Court allowed the government to review and reassess the telecom's AGR-related liabilities.On the Q2 earnings front, Voda Idea narrowed its loss of ₹5,584 crore in the quarter ended September 2025 as against ₹7,176 crore in Q2FY25. Revenue from operations increased by 2.4 per cent year-on-year (YoY) to ₹11,194.70 crore in Q2FY26. Vodafone Idea’s current price stands at ₹10.34, with a likely target of ₹15, indicating an upside potential of 45 per cent. The stock finds support at ₹9.76, ₹9.40, and ₹8.70, while resistance levels are placed at ₹10.69 and ₹11.88.
The price-to-moving averages action has turned favourable for Voda Idea stock for the first time since July 2024; with shorter-term moving averages such as the 20-Day Moving Average (20-DMA) and the 50-DMA placed above the longer-term 100-DMA and 200-DMA. This trend also indicates that the support levels are moving higher for the stock. Motilal Oswal maintained its recently upgraded "neutral" rating on the stock and marginally revised its price target to ₹9.5 from ₹10 earlier in its note on Wednesday, November 12.
The rally has prompted several brokerages to turn positive on the stock, with global brokerage firm Citi assigning a target price of Rs 14 per share, implying a potential upside of nearly 36% from its market price of Rs 10.30. Citi reiterated its “BUY” rating on Vodafone Idea following the Supreme Court’s recent order, which permits reassessment of the telecom operator’s AGR dues. The brokerage noted that the development provides the government with a legal framework to potentially extend financial relief by enabling a full-scale review of the dues.
In September, Vodafone Idea had sought a waiver of penalty and interest on an AGR demand of Rs 9,450 crore raised by the Department of Telecommunications, arguing that much of it pertained to the pre-FY17 period already settled by the apex court in 2020. Of this, Rs 2,774 crore relates to post-merger liabilities of Vodafone Idea, while Rs 5,675 crore pertains to pre-merger dues of the Vodafone Group. The government became Vodafone Idea’s largest shareholder in March this year after converting dues worth Rs 36,950 crore into equity, taking its stake to about 49%. In 2023, the Centre had also acquired a 33% stake by converting statutory dues of over Rs 16,000 crore.