Vodafone Idea licence fee dues may drop up to 65% after DoT reassessment; stock edges higher

Vodafone Idea Share Price Today: Shares of Vodafone Idea edged higher on Thursday after reports that the telecom operator may see a significant reduction in its licence fee liabilities following a reassessment exercise carried out by the Department of Telecommunications.

The stock rose around 0.9 per cent to trade near Rs 10.09 during the session, after the news triggered initial buying interest in the counter.

DoT completes licence fee reassessment

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According to sources, the telecom department has completed the reassessment of Vodafone Idea’s licence fee dues. Officials across all Controllers of Communication Accounts (CCA) offices have finalised the review process.

The department had earlier directed that the reassessment be completed by February 22, and the exercise has now been concluded as instructed.

Sources indicated that after recalculating the dues and adjusting interest and penalty components, the licence fee liability could fall by around 60 per cent to 65 per cent.

Spectrum usage charge assessment still pending

While the licence fee review has been completed, the reassessment of spectrum usage charges (SUC) is still underway. Sources expect this process to be finalised by March 31.

Both licence fees and SUC form part of the telecom sector’s adjusted gross revenue (AGR) calculations. Changes or variations in these elements can majorly impact the total dues payable by telecom operators.

Committee to decide the final decision

Even after the reassessment, The committee set up by the telecom department will be taking the final decision on the revised amount. The panel, headed by a retired IAS officer, will examine the reassessed figures and determine the final liability payable by Vodafone Idea.

AGR dues remain a key issue

Vodafone Idea has been dealing with substantial AGR-related liabilities for several years, which have put pressure on its balance sheet.

Earlier this year, the company had announced that its AGR dues for the period from FY2006–07 to FY2018–19 would be frozen and repaid in instalments beginning March 2026.

A meaningful reduction in licence fee dues could provide some relief to the telecom operator if the reassessment is approved by the committee.

For now, investors will keep a close watch on the outcome of the committee’s decision as well as the pending SUC evaluation, both of which will determine the final financial impact on the company.

Vodafone Idea Q3FY26 result highlights

Vodafone Idea (Vi) announced its Q3FY26 results on January 27, 2026. The telecom company reported consolidated revenue of Rs 11,209 crore for Q3FY26 which came in slightly above Zee Business’s estimate of Rs 11,195 crore. EBITDA stood at Rs 4,710 crore, beating the expected Rs 4,685 crore, while margins improved to 42 per cent from the estimated 41.8 per cent.

However, the company’s net loss widened to Rs 6,333 crore, higher than the projected Rs 5,524 crore. ARPU rose to Rs 169, up from Rs 167 expected, marking a modest 1.2 per cent improvement sequentially.

Revenue was largely flat, up just 0.1 per cent quarter-on-quarter. EBITDA grew 0.5 per cent sequentially, driven by cost control and better operating leverage. Analysts said the 42 per cent margin reflects efficiency gains despite high network and spectrum costs.

The wider loss was driven by higher depreciation and finance charges, along with ongoing legacy obligations. While ARPU is trending up, analysts caution that financial obligations continue to restrict profit growth.