Vodafone Idea's Ambitious 3-Year Plan: IIFL Calls it a 'Tall Ask'

• Vodafone Idea targets sustained subscriber additions, double-digit revenue growth, and a threefold increase in cash EBITDA by FY29.
• The company plans a ₹45,000 crore capital expenditure over three years, funded by ₹25,000 crore debt and ₹10,000 crore bank guarantees.
• IIFL flags execution risks, stating tripling cash EBITDA requires 16% revenue CAGR and market share gains from better-capitalized peers.
• Vodafone Idea lost 3.8 million subscribers, taking its base to 193 million; gross debt stands at ₹2.098 lakh crore.
• The company expects market leader to initiate tariff hikes, with Vodafone Idea following suit; AGR relief reassessment has begun.

Why It Matters: Vodafone Idea sets ambitious growth targets for the next three years, but analysts express concerns over execution risks.