Vodafone Idea shares hit fresh 52-week high—What’s driving the rally?

Vodafone Idea shares extended their strong upward momentum on Friday. The stock climbed to a new 52-week high in early trade. The telecom stock touched Rs 11.65 on NSE, up 3.3 per cent, marking its highest level since September 2024. The counter has surged more than 15 per cent from December 1.

Vodafone Idea share price

At 1:24 pm, Vodafone Idea shares were trading at Rs 11.58 on NSE. On BSE, the stock quoted at Rs 11.62, staying close to the day’s high. The counter had also touched a fresh 52-week high of Rs 11.31 on NSE in the previous session.

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Brokerages stay positive

JM Financial Institutional Securities reiterated its positive stance on the telecom sector and maintained an ADD rating on Vodafone Idea. The brokerage raised its target price to Rs 11.5 from Rs 11 (which it already achieved in today's session), factoring in a slightly higher waiver of adjusted gross revenue (AGR) dues after recent encouraging developments. It expects a 12 per cent ARPU CAGR for telcos in FY25–28, supported by ongoing market consolidation, Jio’s ARPU needs ahead of its H1CY26 IPO, and the sector’s capex cycle.

Analysts also forecast a 14–18 per cent EBITDA CAGR over FY25–28, driven by tariff hikes and premiumisation trends. A possible shift to ‘pay-as-you-use’ plans may further aid long-term ARPU growth.

AGR matter back in focus

On December 2, Vodafone Idea said it had already addressed the AGR issue in earlier filings and would update exchanges only if new developments arise. The clarification came after the Union Telecom Minister indicated that the Centre may finalise recommendations on AGR relief for the operator in the coming weeks.

Q2 Results highlights

Vodafone Idea (Vi) reported a steady improvement in its financial performance for Q2 FY26. The telecom company posted a consolidated net loss of Rs 5,524.2 crore for the quarter ended 10 November 2025. Revenue rose 2.4 per cent year-on-year to Rs 11,194.7 crore.

Average revenue per user (ARPU) increased 8.7 per cent year-on-year to Rs 180.