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Shares of Vodafone Idea Ltd (Vi) surged nearly 12% on Friday, January 30, as strong buying interest emerged ahead of the Union Budget 2026, despite the absence of any fresh corporate announcement or stock exchange filing. The rally reflects growing optimism in the telecom sector, which is pinning hopes on supportive policy measures in the upcoming Budget.In its Budget 2026 note, Axis Securities said the telecom industry is seeking GST relief on regulatory payments, including an exemption or reduction of GST from 18% to 5% on license fees and spectrum charges. The brokerage also expects permission for input tax credit (ITC) utilisation for reverse charge mechanism (RCM) liabilities, which could ease cash flows and support higher investments in network expansion. Additionally, Axis Securities anticipates continued government support for 5G expansion and 6G preparedness through extensions of production-linked incentive (PLI) schemes.The Cellular Operators Association of India (COAI) has also called for a reduction in the license fee from the current 3% to 0.5–1% of adjusted gross revenue (AGR) dues, Axis Securities noted. These Budget-related expectations pushed Vodafone Idea’s stock to the highest level of the day, with the counter outperforming its sector peers by over 7% and marking its third consecutive session of gains. Over the past three trading sessions, the stock has delivered a cumulative return of over 9%, highlighting sustained buying momentum.The sharp rally has also been driven by the company’s improved third-quarter performance and its ambitious ₹45,000 crore capital expenditure plan over the next three years. Vodafone Idea reported a narrower consolidated net loss of ₹5,286 crore for the quarter ended December 2025, compared with ₹6,609 crore in the corresponding period last year. The improvement was primarily attributed to customer upgrades and higher average revenue per user (ARPU).During the quarter, Vodafone Idea’s ARPU rose 7.3% year-on-year to ₹186 from ₹173 in the year-ago period. Consolidated revenue from operations remained largely flat at ₹11,323 crore, compared to ₹11,117 crore in the same quarter last year. While the company’s overall subscriber base declined 3.4% year-on-year to 19.29 crore, it reported healthy growth in key segments. The postpaid subscriber base grew 14.2% to 2.88 crore, while the 4G and 5G subscriber base increased to 12.85 crore from 12.6 crore a year ago.The company also received relief from the government during the quarter, leading to the freezing of its adjusted gross revenue liability at ₹87,695 crore, which will be reassessed. In addition, Vodafone Idea raised ₹3,300 crore through debt bonds via a subsidiary, with the funds set to be utilised for capital expenditure and network expansion.Vodafone Idea recently unveiled a comprehensive ₹45,000 crore capital expenditure roadmap aimed at reviving its business, centred on heavy investments in network infrastructure, stabilising subscriber trends, and improving service quality. Nearly 70% of the planned investment will be directed towards radio and tower infrastructure. As part of this expansion strategy, the telecom operator plans to add 40,000–45,000 unique towers over the next two years, after having already added nearly 20,000 towers in the past 18 months.With the long-standing AGR issue largely resolved and a supportive regulatory environment anticipated, the company has outlined a three-year strategy to regain competitiveness against industry leaders Reliance Jio and Bharti Airtel. Reflecting improved investor confidence, Vodafone Idea shares have gained 61% over the past six months, delivering strong returns to shareholders.

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