Shares of Vodafone Idea extended their recent rally, hitting a fresh 52-week high of ₹11.48 with a uptick of 1% today. The telecom stock surged 5% yesterday buoyed by heavy volumes and renewed investor interest. In the past two trading days, the stock price of the telecom services provider has surged 9 per cent. Thus far in the month of December, it rallied 13 per cent.The stock price of Vodafone Idea surpassed its previous high of ₹11.08 touched on November 14, 2025. It has bounced back 83 per cent from its 52-week low of ₹6.12 touched on August 14, 2025. The stock now quotes at its highest level since September 18, 2024.
Meanwhile, Vodafone Idea narrowed its consolidated net loss during the July to September quarter (Q2FY26) to ₹5,584 crore. The company had posted a net loss of ₹7,176 crore in the same period last year (Q2FY25). The company narrowed losses owing to a drop in finance costs, which the company said came from settlements from vendors which were earlier provisioned into its accounts. Lower forex fluctuation also contributed to the improved financials. The customer ARPU rose to ₹180 in Q2FY26 compared to ₹166 in Q2FY25, a year-on-year (YoY) increase of 8.7 per cent supported primarily by customer upgrades and tariff increase.Sentiment has been improving over the past few weeks, fuelled by expectations of some relief on the long-pending AGR dues. While there is still no formal clarity from the government, investor hopes have kept the stock afloat. The Centre has repeatedly maintained that it will not raise its stake beyond the existing 49 per cent.
Vodafone Idea clarified that it has already addressed the AGR issue in earlier disclosures and will update exchanges only if further developments occur. This is in response to the Union Telecom Minister statement that the Centre may finalise the telecom company's AGR relief recommendations in the coming weeks According to Motilal Oswal Financial Services, the recent Supreme Court judgement allowing the GoI to re-evaluate AGR dues for Vodafone Idea is a positive outcome and could lead to the long-pending debt raise. However, beyond a potential reduction in AGR dues (the brokerage firm assumes 50 per cent waiver), Vodafone Idea will also require favorable payment terms for both AGR and spectrum dues, along with tariff hikes and a reduction in competitive intensity in customer acquisitions, to ensure a sustained revival. JM Financial Institutional Securities maintains 'ADD' rating on Vodafone Idea;s based on recent positive development around Vodafone Idea’s AGR dues matter. The brokerage also expects telcos to clock 14–18 per cent EBITDA CAGR over FY25–28, driven by tariff hikes and ongoing premiumisation strategies. A potential shift towards a ‘pay-as-you-use’ tariff structure could further support long-term ARPU improvement.