LONDON, Jan 9, 2026, 11:32 GMT — Regular session
Vodafone shares slipped on Friday, down 0.7% at 102.9 pence by 1105 GMT, easing after a Berenberg upgrade earlier in the week. Berenberg lifted the stock to “buy” from “hold” and raised its target to 119 pence from 82, pointing to improving free cash flow — cash left after spending and investment — and a stronger balance sheet. 1
The pullback comes as investors weigh a new twist in India, where the government capped Vodafone Idea’s adjusted gross revenue dues — a levy tied to licence fees and spectrum charges — at $13.79 million a year for the next six years. Vodafone owns about 16% of the debt-laden Indian carrier, which has been losing ground to Bharti Airtel and Reliance’s Jio and still needs funding for a 5G rollout. “Vodafone Idea’s repayment timeline is offering ‘ease of life’ and government backing, which are positives for survival,” said Vinit Bolinjkar, head of research at Ventura Securities, while flagging the need for a clearer funding plan. 2
Vodafone, meanwhile, disclosed another slice of its share buyback, purchasing 1,355,080 shares on Thursday at an average price of 103.38 pence and planning to hold them in treasury, a filing showed. Treasury shares are stock a company buys back and keeps off the open market, which can lift earnings per share by shrinking the tradable share count. The buyback sits inside a €500 million programme Vodafone launched in November that is due to end no later than Feb. 4. 3
That mix leaves the stock tugged in two directions. The broker upgrade and steady capital returns argue for patience. The India stake, while small, is a reminder that Vodafone still has pockets of risk it cannot fully control.
In Britain, investors are also watching a franchise dispute after Prime Minister Keir Starmer said he would “look closely” at the outcome of a legal claim involving former Vodafone franchisees before considering tougher rules. Vodafone is contesting the case and said it runs a “successful franchise business”, the Guardian reported. 4
Near term, traders will be looking for the stock to hold around the 100p level as the market digests the India headline and the daily buyback disclosures. Any fresh sign that Vodafone Idea needs new money could complicate the story quickly.
The next hard catalyst is Vodafone’s fiscal third-quarter trading update on Feb. 5, with full-year results scheduled for May 12. Investors will be watching for an update on Germany trends, cash generation and the pace of buybacks going into that Feb. 4 programme deadline. 5
