According to Emkay, Vodafone Idea’s pre-IndAS116 annualized Ebitda is ₹898 crore, which is 6.7% of its spectrum debt, with cash balance of ₹3,080 crore at the end of Q2FY26. Management has guided for capital expenditure of ₹7,500-8,000 crore in FY26. “With this, leverage remains high even without AGR dues, and the government will need to consider a plan for reducing spectrum debt,” added the Emkay report.
