CNBC TV18 and NDTV Profit reported that Jefferies lowered its Vodafone Idea target to ₹16 from ₹20 while retaining a Buy rating, as the analyst tied its scenarios to tariffs and network growth.
The higher case values shares at ₹29 on assumptions of a 25% cumulative tariff increase over FY27-FY29 and a 22-times ratio of enterprise value to cash EBITDA. The ₹9 case assumes no tariff increases over those years and an 18-times ratio, CNBC TV18 reported. CNBC TV18 and NDTV Profit said the ₹16 target implied about 34% upside from Monday’s close. Financial Express separately reported that Jefferies’ base case included a 15% tariff increase in April 2027. That tariff path is an analyst assumption, not company guidance.
Jefferies estimates cited by Business Today and Financial Express project revenue to compound at 11% annually and cash EBITDA at 25% between FY26 and FY29. The reported model also calls for network sites to rise 26% to 261,000 by FY29 and six million more consumer subscribers between FY27 and FY29. NDTV Profit reported Jefferies estimated that a 10% tariff increase could lift cash EBITDA by 17% and market capitalization by 38%. LiveMint also reported cash EBITDA projections of ₹147 billion to ₹224 billion under tariff-hike assumptions. The operating test behind those projections is whether network investment can help attract or retain customers as tariffs change.
Vodafone Idea’s FY26 quarterly report recorded 192.8 million subscribers at March 31, 2026. It put Q4 FY26 customer average revenue per user at ₹190, excluding machine-to-machine connections. During FY26, Vodafone Idea added more than 17,300 new unique broadband towers; 4G population coverage was 86.3%. The company said planned investment was expected to lift 4G population coverage beyond 95% in its 17 priority circles. Its report also said monthly subscriber additions turned positive in February 2026.
Mint reported Oct. 22 that, as of that date, Vodafone Idea had not announced a date for its Q2 FY27 results, while expectations cited by the outlet pointed to a mid-November release. EconoTimes previously outlined subscriber trends to watch in its Q2 report preview.
