Vodafone Idea Limited (IDEA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-23.8%

₹9.42

vs ₹12.36 price

Levered DCF

-₹4.29

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.55

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	2.66×	-2.02×	-2.18×	-0.69×	-0.98×	-0.6×	-0.11×	-0.84×
P/B	-2.57×	-0.79×	-0.65×	-0.27×	-0.45×	-0.7×	1.4×	0.21×
P/S	2.05×	1.27×	1.6×	0.48×	0.72×	0.63×	0.19×	0.33×
EV / EBITDA	3.57×	16.07×	18.34×	15.32×	15.04×	13.45×	10.07×	33.93×
Gross margin	-4.6%	43.9%	42.9%	43.5%	45.7%	44.9%	39.3%	18.2%
Operating margin	-6.9%	42.8%	41.6%	41.2%	43.1%	43.0%	36.7%	14.2%
Net margin	77.0%	-63.0%	-73.4%	-69.5%	-73.4%	-105.5%	-164.5%	-39.5%
Current ratio	0.55×	0.56×	0.24×	0.23×	0.28×	0.21×	0.17×	0.34×
Debt / equity	-5.38×	-3.32×	-2.34×	-3.2×	-3.45×	-5.28×	23.73×	2.11×
Interest coverage	-0.14×	0.76×	0.69×	0.78×	0.82×	1×	1.12×	0.57×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-96.6%	38.9%	30.0%	39.4%	45.6%	115.7%	-1235.4%	-24.5%
Return on invested capital	-1.9%	11.4%	12.0%	10.2%	10.4%	10.6%	10.3%	2.4%
Return on assets	18.0%	-13.8%	-16.9%	-14.1%	-14.6%	-21.7%	-32.6%	-6.4%
Free cash flow yield	7.0%	-4.3%	28.2%	65.7%	40.7%	39.0%	-12.3%	-51.5%
Earnings yield	37.6%	-49.5%	-45.8%	-145.4%	-101.9%	-166.5%	-879.4%	-119.2%
Enterprise value	₹2.8T	₹2.9T	₹3.1T	₹2.6T	₹2.4T	₹2.3T	₹1.5T	₹1.4T
Net debt / EBITDA	2.39×	12.99×	14.33×	14.12×	13.3×	11.89×	9.5×	30.9×
Cash conversion cycle (days)	-52	-144	-187	-188	-206	-113	-132	-119