Pune-A new report released by IIFL Capital, based on the latest TRAI data, reveals that more than one in every five Vodafone Idea (Vi) users is inactive, highlighting a significant gap between the company’s reported subscriber numbers and its actual active user base. According to the analysis, Vi reported 197.2 million subscribers for the June–September quarter, but only 154.7 million of these users are active on the network. The report further notes that when the 2G-only base is removed, the effective high-value 4G user base becomes even smaller, underscoring a deep structural weakness in the company’s core operations.

The study also recalculates Vi’s average revenue per user (ARPU) to paint a clearer picture of revenue realities. While Vi’s reported ARPU for Q2 FY26 stood at ₹167—well below Airtel’s ₹256 and Jio’s ₹211.4—IIFL’s recalculation, based only on active users and after excluding low-revenue M2M connections, shows that Vi’s ARPU rises to ₹209. In comparison, Jio’s recalculated ARPU stands at ₹220. Despite the improved ARPU figure, the report stresses that Vi’s fundamental challenge lies not in revenues from active subscribers but in the shrinking size of that subscriber base.

Voice usage data further exposes the extent of customer disengagement. TRAI’s October figures show that active Vi users consume only 746 minutes of voice per month, far below Airtel’s 1,071 minutes and Jio’s 1,105 minutes. In India, where voice remains the largest component of telecom usage, this weak engagement represents a critical operational vulnerability for Vi. It signals not only lower customer stickiness but also limited opportunities for cross-selling and future monetisation.

TRAI’s October wireless subscriber report reinforces this downward trajectory. While Reliance Jio added 2.7 million users and Bharti Airtel added 2 million, Vodafone Idea recorded a sharp loss of 2,083,618 subscribers—the steepest decline among private telecom operators. Even on the more reliable VLR (active subscriber) metric, Jio gained 3.9 million active users and Airtel added 2.8 million, whereas Vi lost another 0.4 million active subscribers, reversing a marginal gain from the previous month. The report concludes that Vi’s true paying user base is substantially smaller than reported, which restricts its ability to monetise upgrades, expand 5G offerings, or justify large-scale network investments.

The fixed-line segment shows a similar pattern. Jio continued its strong momentum in FTTH and FWA connections, while Airtel maintained steady growth. In contrast, Vodafone Idea remained largely absent from the fixed-line broadband narrative, further widening the competitive gap. Overall, the IIFL study portrays a telecom operator struggling with both subscriber activity and market relevance, raising concerns about its ability to compete effectively in India’s rapidly evolving digital communication landscape.