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BSE LIVE NSE LIVE 26 Aug, 2025 12:21 Volume Todays L/H More ×

Emkay Global Financial' research report on Vodafone Idea

Per media reports, the Supreme Court (SC) has permitted the Centre to reconsider the issue of reassessment for Vodafone Idea (VI)’s AGR dues. This allows the government (GoI) to grant significant relief on AGR dues to VI. However, only ~Rs0.76trn of VI's total debt of ~Rs1.96trn pertains to AGR liabilities. Even excluding AGR dues, VI’s debt of ~Rs1.18trn (largely pertaining to spectrum payment) is high, considering the current EBITDA (Rs92bn in FY25, excluding IndAS-116 impact).

Outlook

Hence, we expect the GoI to take a holistic view on the solvency of the company and, accordingly, structure the r

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