Overview

• Outgoing CEO Akshaya Moondra said banks are holding off on a proposed Rs 25,000 crore loan pending government clarity on AGR dues, so the company is pursuing smaller non‑bank funding to sustain its capex cycle.
• Chief operating officer Abhijit Kishore takes over as CEO on 19 August for a three‑year term.
• For Q1 FY26, subscriber losses narrowed to about 5 lakh, ARPU rose to Rs 177, revenue reached Rs 11,022.5 crore, and net loss stood at Rs 6,608 crore.
• Capex was Rs 2,440 crore in the quarter, a three‑year plan of Rs 50,000–55,000 crore remains contingent on new funding, and 5G is live in 22 cities with expansion to all 17 priority circles planned by September.
• Motilal Oswal reiterated a Sell rating with a Rs 6 target, warning that without AGR relief and financing closure—before roughly Rs 16,400 crore in annual AGR repayments begin in March 2026—Vi’s capex plans and market share could deteriorate further.