Brokerage Emkay Global maintained a ‘Sell’ rating with a ₹6 price target, warning that even excluding AGR dues, Vi’s debt of approximately ₹1.18 trillion largely pertaining to spectrum payment remains high given current earnings. | Photo Credit: ANUSHREE FADNAVIS
The pessimism stemmed from the Supreme Court’s written judgment, which clarified that its ruling applied solely to Vodafone Idea, given the specific facts and circumstances of the case. The court’s order allows the central government to revisit only the additional AGR demand raised against Vodafone Idea for the period up to FY2016-17, based on the government’s 49 per cent equity stake in the company and the large subscriber base potentially impacted.
The exchanges have sought clarification from the company regarding news reports about the uncertainty created by the written order, with the company’s response awaited.
On October 27, Vodafone Idea had informed exchanges of a “positive development” after the Supreme Court permitted the Department of Telecommunications to take a fresh look at Vodafone Idea’s AGR dues, though the Court clarified it was not reopening its earlier 2019 judgment. The stock had rallied over 4 per cent that day, briefly touching a 52-week high of ₹10.57.
Brokerage Emkay Global maintained a ‘Sell’ rating with a ₹6 price target, warning that even excluding AGR dues, Vi’s debt of approximately ₹1.18 trillion largely pertaining to spectrum payment remains high given current earnings.
Published on October 30, 2025
