Vodafone Idea Share Price: Rs 9 Stock poised for 50% upside as global brokerage turns super bullish — Is a turnaround coming?

Global brokerage firm Citi has turned upbeat on telecom operator Vodafone Idea (VI), raising its price target from Rs 10 to Rs 14 — an upside potential of nearly 49 per cent from current levels. The brokerage maintained its ‘Buy/High-risk’ rating, calling the stock a high-risk, high-reward bet following the Supreme Court’s recent ruling on the Adjusted Gross Revenue (AGR) matter.

Supreme Court order brings major relief prospects

Citi noted that the top court’s decision to allow the recalculation of AGR dues has opened a significant window of opportunity for Vodafone Idea. The move could enable the government to reassess outstanding liabilities, potentially easing the company’s financial burden.

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According to Citi, this legal relief strengthens the possibility of government support and could pave the way for smoother debt restructuring — a key step in restoring the company’s balance sheet and operational stability.

Citi’s outlook: Opportunity amid risk

The brokerage reaffirmed its Buy/High-risk stance on Vodafone Idea, citing improving prospects in both financing and network expansion. It also maintained a High Conviction Buy on Indus Towers, with a price target of Rs 500, as the tower company is expected to directly benefit from Vodafone Idea’s ongoing network rollouts and any potential regulatory relief.

Improving fundamentals and future triggers

Vodafone Idea’s total debt stands at roughly Rs 2 lakh crore, including Rs 1.2 lakh crore of spectrum liabilities and Rs 83,400 crore in AGR dues. Citi expects the company to complete a Rs 50,000–55,000 crore Capex programme over the next three years to accelerate 4G and 5G expansion.

It forecasts a 3–5 per cent EBITDA growth between FY26 and FY28 and anticipates a reduction in net losses by FY27.

What could drive the next rally

Analysts believe several near-term developments could trigger a sharp move in the stock, including:

1) Concrete progress on debt restructuring, possibly by March 2026

2) Announcement of an equity fundraise

3) Formal confirmation of government relief

Any of these factors, Citi said, could push the stock decisively above Rs 10 levels.