Vodafone Idea Shares Fall Over 3% After Q2 Loss Widens; Brokerages Split:

Shares of India’s third-largest telecom operator, Vodafone Idea Limited (Vi), came under sharp selling pressure on Friday, November 13, 2026, after the company reported a wider-than-expected consolidated net loss of ₹5,975 crore for the second quarter of financial year 2026–27 (Q2 FY27). Following the post-market earnings announcement on Thursday evening, Vi shares slid 3.54 percent intraday to touch a low of ₹12.52 on the exchanges before paring marginal losses to settle 3.08 percent lower at ₹12.57 at the closing bell.

While operational indicators showed encouraging signs—including a 6.2 percent year-on-year rise in revenue from operations to ₹11,884 crore, an increase in Average Revenue Per User (ARPU) to ₹198, and continued net subscriber additions—global and domestic brokerage houses remained sharply divided on whether the debt-laden carrier can sustain its network turnaround without larger external bank funding and regulatory relief.

JPMorgan Sees Downside to ₹9; Nomura Keeps ‘Neutral’ at ₹13.50

Reacting to the September-quarter scorecard, leading international brokerages flagged margin pressure and funding bottlenecks as critical overhangs on the stock:

JPMorgan (‘Underweight’ | Target Price: ₹9): Delivering the most bearish assessment on Dalal Street, JPMorgan reiterated its ‘Underweight’ stance with a ₹9 target price—implying a downside of roughly 28 percent from Friday’s close. While noting that revenue met estimates, analysts at JPMorgan observed that EBITDA fell short of consensus expectations and warned that securing fresh bank debt remains decisive for executing capital expenditure, defending market share, and retaining subscribers. “The key issue for the stock remains the lack of bank funding, which is critical for capex and share retention. We stay underweight,” the brokerage stated.

Nomura (‘Neutral’ | Target Price: ₹13.50): Japanese brokerage Nomura maintained a ‘Neutral’ rating with a target price of ₹13.50 per share. Nomura acknowledged healthy subscriber additions and a noticeable step-up in capital expenditure during the quarter, but pointed out that operating margins missed estimates due to elevated network and selling expenses.

JM Financial and Motilal Oswal Highlight Debt Load and Capex Acceleration

Domestic institutional brokerages took a closer look at Vodafone Idea’s balance-sheet trajectory and government obligations:

JM Financial (‘Add’ | Target Price: ₹14.70): Maintaining a constructive ‘Add’ rating with a target price of ₹14.70, JM Financial noted that Vi’s long-term financial viability continues to hinge heavily on timely government relief regarding its Adjusted Gross Revenue (AGR) and deferred spectrum liabilities.

Motilal Oswal Financial Services (Balance Sheet & Capex Breakdown): Highlighting the mounting debt burden in its post-results note, Motilal Oswal pointed out that Vodafone Idea’s deferred spectrum obligations stand at ₹1.31 lakh crore, alongside AGR dues of ₹26,300 crore and external debt of ₹4,540 crore. Meanwhile, cash and cash equivalents declined sequentially to ₹5,470 crore from ₹6,560 crore in Q1 FY27—pushing net debt up by ₹3,400 crore quarter-on-quarter to ₹1.57 lakh crore. On the operational front, however, Motilal Oswal noted a sharp acceleration in network investment, with Q2 capital expenditure more than doubling to ₹3,950 crore compared with ₹1,930 crore in the preceding quarter.

Brokerage Ratings & Q2 FY27 Financial Snapshot

For retail investors across Mumbai, New Delhi, Ahmedabad, Bengaluru, and Lucknow tracking telecom turnaround plays, Vodafone Idea’s Q2 scorecard presents a classic tug-of-war: improving ARPU and doubled network capex on one hand, weighed against a widening ₹5,975 crore bottom-line loss and a ₹1.57 lakh crore net debt mountain on the other.