Indian government's relief to Vodafone Idea insufficient, Emkay says

Vodafone Idea

01/01/2026 07:22

** India's partial moratorium on telecom dues of Vodafone Idea VODA.NS  is insufficient to solve its liquidity woes, Emkay Research says

** While relief package addresses AGR dues, VODA also has nearly 1.2 trln rupees ($13.34 bln) in spectrum payment obligations; co's current EBITDA is insufficient to meet capex or spectrum repayments - Emkay

** Adds, to make VODA structurally strong with manageable leverage, government, which is VODA's largest shareholder, will need to make deeper reforms

** Maintains "sell" on VODA at PT 6 rupees

** Stock rated "hold" on avg; median PT 9.6 rupees - data compiled by LSEG

** VODA ended Wed lower by 10.8% at 10.8 rupees

** On day, stock up 6.5%, gained 35.5% in 2025

($1 = 89.9775 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

((aleefjahan.cs@thomsonreuters.com))