Vodafone Idea Share Price Today: AGR Relief Hopes, Debt Overhang and 5G Rollout Shape the Next Move

As of 5 December 2025, Vodafone Idea Ltd (Vi, NSE: IDEA, BSE: 532822) is trading around ₹10.5 per share, consolidating after a sharp rally driven by hopes of government relief on adjusted gross revenue (AGR) dues and strong trading volumes. At these levels the stock sits close to its 52‑week high but still carries heavy leverage, a negative net worth and a business model that many analysts say remains dependent on favourable policy decisions and fresh funding. ^[1]

This article is strictly informational and not investment advice. Stock prices and data referenced here are approximate and as of the morning/early afternoon of 5 December 2025; investors should always check live quotes before acting.

Vodafone Idea share price today (5 December 2025)

On 5 December 2025, intraday data from multiple market trackers show Vodafone Idea trading in a narrow band around the mid‑₹10 levels:

Last traded price: roughly ₹10.4–₹10.6, with one widely used feed showing ₹10.47–₹10.57 through the morning. ^[2]
Day’s range: about ₹10.40 to ₹10.60–₹10.70, indicating modest intraday volatility. ^[3]
Change vs previous close: roughly –1% to –2% at different points in the session, following a strong 7% two‑day surge earlier this week. ^[4]
Volumes: between ~240–280 million shares traded across NSE and BSE, keeping Vodafone Idea among the most actively traded mid‑cap stocks by value. ^[5]
52‑week range: from a low near ₹6.12 (August 2025) to a high around ₹11.06–₹11.08 (November 2025). ^[6]

At current levels, the share price is up more than 70% from its 52‑week low and only a few percentage points below its recent high, underscoring the extent of the turnaround trade that has unfolded since August. ^[7]

AGR relief speculation and clarification: what moved the stock this week

The main driver of Vodafone Idea’s volatility in the first week of December has been expectations of relief on AGR dues, one of the company’s biggest liabilities.

On 2 December 2025, Union Telecom Minister Jyotiraditya Scindia said the government may be able to finalise relief recommendations on Vodafone Idea’s AGR dues “in the coming weeks”, potentially by year‑end, after receiving a formal proposal from the company and evaluating the recent Supreme Court judgment. ^[8]
Following those comments, Vodafone Idea’s stock jumped nearly 4% intraday, briefly touching around ₹10.3 and extending its year‑to‑date gains to more than 25%. The rally also built on a recovery from an August low of ₹6.12 to a November high above ₹11. ^[9]

On 3 December, the company issued a clarification to stock exchanges after media reports suggested “AGR relief by year‑end” as if it were guaranteed:

Vi reiterated that it had already issued detailed disclosures on the Supreme Court’s orders regarding AGR dues in October–November and would make further announcements only when new developments actually occur. ^[10]
Despite the cautious language, the stock rallied again: reports from Business Standard and Business Today note that the share price was up about 6–7% over two days, hitting intraday highs near ₹10.6–₹10.59 on heavy volumes while the broader market was weak. ^[11]

NDTV Profit’s recap framed the move as a combination of “AGR relief hopes” plus the company’s clarification, which reassured investors that the Supreme Court’s more flexible stance on AGR calculations is indeed in play, even though specifics are pending. ^[12]

In short: the market is trading on expectations and hints, not on a final government package yet. Any disappointment or delay on this front remains a key risk.

Debt, AGR dues and the trimmed bond issue

Behind the short‑term price action sits a much heavier story: Vodafone Idea’s debt mountain and the structure of its liabilities.

How big is the liability problem?

Livemint’s analysis of Q2 FY26 results pegs Vi’s total debt at just over ₹2 trillion, with repayments ramping up from 2026 onward. ^[13]
As of March 2025, the company’s AGR dues alone were around ₹83,400 crore, on top of large spectrum‑related liabilities. ^[14]
A detailed breakdown in a Smart Stocks column on The Indian Express estimates total debt at around ₹1.99 lakh crore as of 30 June 2025, including: roughly ₹1.19 lakh crore in spectrum dues to the government, ₹76,000 crore in AGR dues and about ₹1,930 crore of bank debt. ^[15]

The same Indian Express piece models a potential one‑time AGR waiver of ₹45,000–₹55,000 crore, arguing that such a move would materially strengthen the balance sheet, boost book value and unlock room to raise an additional ₹25,000–₹35,000 crore in bank funding for planned capex. ^[16]

Supreme Court’s role in reshaping AGR risk

Two recent Supreme Court orders — in late October and early November 2025 — allowed the government to reconsider additional AGR demands and reassess all AGR dues up to FY17, including interest and penalty. ^[17]

Analysts at Motilal Oswal called this a “positive outcome” and, in one scenario, assume a roughly 50% waiver on AGR dues. But they also caution that even with such relief, Vi would still need:

More favourable payment terms on AGR and spectrum dues,
Further tariff hikes, and
Lower competitive intensity in customer acquisition

to reach a sustainable revival path. ^[18]

Bond issue cut to ₹32 billion

While the Supreme Court and government work through AGR issues, Vi’s infrastructure arm has quietly adjusted its funding plan:

Vodafone Idea Telecom Infrastructure, a wholly owned subsidiary, has cut its planned bond issue from ₹50 billion to about ₹32 billion, according to a Reuters report carried by The Economic Times. ^[19]
The revised issue will be split between two‑year bonds at around 12% and three‑year‑and‑two‑month bonds near 14%, with a call option after one year and guarantees from the parent company. ^[20]
Management reportedly aims to complete the placement by the end of December 2025 and hopes to tap cheaper bank funding in 2026, once there is more clarity on AGR dues. ^[21]

This is a reminder that, while the equity story has improved, Vi is still borrowing at double‑digit yields, reflecting the risk investors see in its capital structure.

Q2 FY26 results: narrowing loss, but survival still policy‑linked

Vodafone Idea’s latest reported quarter (Q2 FY26, July–September 2025) offered some genuine improvements — but also reinforced how dependent its survival is on policy support.

Key numbers from the September quarter: ^[22]

Net loss: ₹5,524 crore
- Better than the loss of ₹7,176 crore a year earlier and below Bloomberg’s estimated loss of ₹6,712 crore.
Revenue from operations: ₹11,194.7 crore
- Up 2.4% year‑on‑year and 1.6% sequentially.
Finance costs: ₹4,784 crore
- Down ~18.8% QoQ and ~28% YoY, but still about 43% of revenue — an enormous drag on profitability.
ARPU (average revenue per user): ₹180 vs ₹166 a year ago, an 8.7% increase, helped by tariff hikes and customer upgrades.
Subscribers: total base 196.7 million, including 127.8 million 4G/5G users, slightly up year‑on‑year.

Management highlighted progress on the network side:

4G coverage expanded to over 84% of India’s population by the end of the quarter.
5G rollout has been completed in all 17 circles where Vi holds 5G spectrum, building on earlier 5G launches in Mumbai, Delhi, Chandigarh and Patna. ^[23]
Data volume grew 21% year‑on‑year, indicating stronger usage on the network. ^[24]

However, Livemint notes that with debt above ₹2 trillion and repayments looming, “survival hinges on government relief”, and Vi itself acknowledges that its ability to settle liabilities depends on AGR reassessment, successful equity and debt fund‑raising, and continued cash generation from operations. ^[25]

Citi’s post‑results note, cited in the same article, doesn’t explicitly build AGR relief into its base forecast yet, but implicitly assumes Vi manages to raise funds and remain serviceable so it can deliver on a ₹50,000–55,000 crore capex plan over three years. ^[26]

5G rollout, capex and government stake: structural positives

While the balance sheet is stretched, there are genuine structural positives that bulls point to.

5G and network investments

A detailed report from RCR Wireless outlines Vi’s 5G strategy: ^[27]

Vi has launched commercial 5G services in key cities, including Mumbai, Delhi, Chandigarh and Patna.
The company targeted 5G rollout across all 17 priority telecom circles by August 2025, focusing on high‑value markets such as Mumbai, Delhi, Punjab and Uttar Pradesh.
In Mumbai, around 70% of eligible users are already using 5G, with nearly 20% of Vi’s data traffic routed over 5G.
Vi signed network‑equipment deals worth about $3.6 billion with Nokia, Ericsson and Samsung over three years to support 4G densification and 5G expansion.

The late start to 5G, relative to Bharti Airtel and Reliance Jio, has been spun by management as a way to deploy newer, more efficient technology (including disaggregated radio access networks and AI‑enabled self‑organising networks), potentially lowering long‑term operating costs. ^[28]

Government as largest shareholder

On the ownership side, Vi has effectively become a quasi‑public‑private hybrid:

After converting spectrum‑related dues worth around ₹36,950 crore and other liabilities into equity, the Government of India now owns close to 49% of Vodafone Idea, making it the single largest shareholder as well as a major creditor. ^[29]

For equity investors, this cuts both ways:

It reduces the probability of a disorderly collapse, since the state has a vested interest in preserving a three‑player private telecom market.
It also means Vi’s path is heavily policy‑driven; decisions on AGR relief, payment schedules and future reforms will directly shape its equity value.

What analysts and technical indicators are saying on 5 December 2025

Street consensus: cautious, with downside to targets

Trendlyne’s live consensus page on 5 December shows: ^[30]

Average long‑term share price target: ₹7.33
Last traded price used in the calculation: ₹10.47
Implied downside: about –30% from current levels
Coverage: 8 reports from 4 analysts, with an overall “Hold” stance

Individual broker reports over the past 18 months, including from Motilal Oswal, ICICI Securities and Geojit, repeatedly emphasise that AGR relief and a credible debt‑raise are critical for long‑term survival, and that Vi continues to underperform peers on revenue and EBITDA growth even as ARPU inches higher. ^[31]

Technical and trading‑based views

The short‑term technical picture is more constructive than the long‑term fundamental one:

Business Today notes that several technical analysts see support in the ₹9–₹9.50 zone with strong support near ₹8, while resistance lies between ₹11 and ₹11.75. The stock is trading above key short‑term moving averages, though it still sits below the 200‑day moving average on the weekly timeframe — a classic “short‑term uptrend, long‑term caution” setup. ^[32]
Some analysts mentioned in that article suggest trading setups with stop‑losses just below current prices and targets in the ₹11–₹11.75 band, highlighting the stock’s appeal to momentum and swing traders rather than conservative long‑term investors. ^[33]

MarketsMojo’s “Stocks in Action” piece characterises Vodafone Idea as: ^[34]

A high‑value, high‑liquidity mid‑cap, with total traded volume around 23 crore shares and value near ₹245 crore in one recent session.
A stock trading just ~4% below its 52‑week high, above its 5‑, 20‑, 50‑, 100‑ and 200‑day moving averages, signalling sustained positive price momentum.
A counter with rising delivery volumes, suggesting increasing participation from investors willing to hold beyond the intraday churn.

The same portal’s related‑news section flags heavy call‑option activity and “robust trading activity amid market volatility”, indicating that derivatives traders are actively using Vi to express directional bets heading into the December expiry. ^[35]

Valuation snapshot

Angel One’s live blog on 5 December quotes some key metrics that need interpretation: ^[36]

P/E ratio appears negative (around –4.4), since the company is loss‑making.
Debt‑to‑equity is shown as a negative number due to Vi’s negative net worth after years of accumulated losses and large government equity conversion; this is a sign of a stressed balance sheet rather than low leverage.

For valuation‑focused investors, metrics like EV/EBITDA and enterprise value per subscriber are more relevant — and on those gauges, many brokers still see Vi as expensive relative to its fragile fundamentals, which is why so many targets sit below the current price. ^[37]

Key triggers and risks to watch

Based on the latest data and commentary, here are the main moving parts for Vodafone Idea’s stock going forward:

Potential upside catalysts

Concrete AGR relief package
- A sizeable waiver or softening of payment terms on AGR dues (and possibly spectrum dues) could meaningfully reduce liabilities and unlock cheaper funding. The range of ₹45,000–₹55,000 crore discussed in independent valuations shows how impactful such a decision could be. ^[38]
Successful completion of the December bond issue and follow‑on bank funding
- If the ₹32 billion bond sale is fully subscribed at acceptable yields and followed by bank loans at lower rates in 2026, the near‑term refinancing risk would ease. ^[39]
Further tariff hikes and ARPU expansion
- ARPU has already risen from the mid‑₹160s to around ₹180; sustained tariff discipline across the industry would directly strengthen Vi’s cash flows. ^[40]
Execution on 5G and 4G coverage
- Completing the planned ₹50,000–55,000 crore capex programme, expanding 4G coverage toward 90% of the population and deepening 5G adoption in key circles could help Vi stabilise or even regain market share in higher‑value segments. ^[41]

Major risks

Policy disappointment or delay
- If the AGR relief package is smaller than the market is currently pricing in, heavily back‑loaded, or significantly delayed beyond the “by year‑end” narrative, the stock could quickly re‑rate downward. ^[42]
Execution and competitive pressure
- Vi still trails Jio and Airtel in both 4G and 5G coverage and in network perception. Failure to execute on capex or a renewed price war could choke the ARPU gains that are currently supporting the story. ^[43]
High cost of capital
- Borrowing at 12–14% on new bonds is expensive. If AGR relief is limited, lenders may continue to demand such high yields, keeping interest costs elevated and constraining growth. ^[44]
Governance and operational risks
- Recent reports from Bengaluru about an illegal international call exchange allegedly using Vodafone Idea SIM cards under the guise of corporate connections — and the scrutiny of a company sales manager in that probe — highlight ongoing compliance and reputational risks in India’s telecom ecosystem, even if such incidents are often driven by third‑party mis‑use. ^[45]

Takeaways for Vodafone Idea investors on 5 December 2025

Putting it all together:

Price action: Vodafone Idea is trading near the top of its one‑year range, supported by strong volumes, active options trading and short‑term technical strength. Momentum traders see a buy‑the‑dip story as long as prices hold above support zones in the ₹9–₹9.5 region. ^[46]
Fundamentals: The company has narrowed losses and grown ARPU, completed 5G rollout in its key circles and enjoys implicit support as the government’s largest telecom equity holding. Yet debt levels remain extremely high, finance costs consume a large chunk of revenue, and survival is still tightly linked to policy decisions on AGR dues and funding. ^[47]
Street view: Consensus from published broker targets is cautious, with an average long‑term target in the ₹7–₹8 range implying downside from current prices, even as near‑term charts look constructive. ^[48]

For investors, Vodafone Idea in December 2025 is less a classic value or growth play and more a high‑beta policy trade: the equity price is extremely sensitive to the eventual contours of AGR relief, the cost and availability of new funding, and Vi’s ability to turn network investments into sustainably higher cash flows.