Beleaguered telecom operator Vodafone Idea Ltd shares gained on Tuesday, August 19, after the firm shared its plan to explore fundraising plans to fund its capex in its post-earnings call with analysts and investors. However, brokerages remained concerned amid delays, coupled with falling market share.

Vodafone Idea is exploring non-bank avenues for its capital expenditure plans, as negotiations with lenders remain stalled due to uncertainty over adjusted gross revenue (AGR) dues, CEO Akshaya Moondra said. Moondra said while talks with banks are advancing, it is likely to take more time before they conclude.

Vi has also formally urged the government to settle the AGR matter ahead of the March 2026 deadline, which Moondra said would help reassure banks and unlock financing support.

At 9.25 am, shared of the firm were quoting Rs 6.55, higher by 1.5 percent on the NSE.

The delay in debt funding continues to cloud visibility on survival while the CEO transition along with meeting AGR and spectrum obligations remain key monitorables, said domestic vrokerage Nuvama Institutional Equities. The brokerage retained its 'hold' call, with a price target of Rs 7, down from Rs 7.5 earlier.

Nuvama added capex intensity may ease down in H2FY26 in the absence of debt funding as operational cash flows would be diverted into investments. The conversion of the government’s stake and improved credit rating are aiding ongoing negotiations for funding debt.

Motilal Oswal suggested that despite equity infusion and acceleration in the network capex, Vi continues to lose market share to peers due to lower ARPU translation from tariff hikes, given

its inferior subscriber mix and elevated subscriber churn. The broking house cut its target price to Rs 6, while maintaining its 'sell' call.

Further, in the absence of a relief on AGR dues and closure of debt raise, Vi’s planned capex remains in jeopardy, potentially resulting in higher subscriber churns. During the quarter, the brokerage estimated that Vi lost 20 bps QoQ (110 bps YoY) in subscriber market share (SMS) and about 30 bps QoQ (140 bps YoY) in revenue market share (RMS) among the three private telcos.

In the previous session, Vodafone Idea shares rallied as much as 9 percent as investors took heart from the telco’s June quarter performance, where losses narrowed sequentially. The upbeat tone in the broader market also added to the momentum.

The company reported its Q1FY26 numbers after market hours on August 14. Net loss came in at Rs 6,608 crore, wider than the Rs 6,432 crore loss a year ago but an improvement from Rs 7,166 crore reported in the March quarter.

Revenue from operations stood at Rs 11,022 crore, up 5 percent year-on-year but flat sequentially. Average revenue per user (ARPU), a key operating metric, improved to Rs 177 against analyst expectations of Rs 167, aided by subscriber upgrades and a better customer mix.