The GST authorities had raised a ₹363 crore show-cause notice against Vodafone Mobile in connection with the company’s sale of tower assets to ATC Telecom.
The transaction took place in 2017, before Vodafone Mobile subsequently merged with Vodafone Idea in 2018.
During the proceedings, the Supreme Court questioned how a GST demand could be raised against an entity that had ceased to exist following the merger.
The court’s dismissal of the Centre’s plea effectively provides relief to Vodafone in the ₹363 crore GST matter.
Q1FY27 results
Vodafone Idea reported a net loss of ₹3,754 crore in the first quarter, compared to a ₹51,970 crore profit in the prior quarter. The previous quarter’s profit was boosted by a ₹57,491 crore exceptional gain, making the sequential comparison less reflective of underlying operations.
Revenue rose 3.2% sequentially to ₹11,689 crore, while Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased 3% to ₹5,034 crore. EBITDA margin was broadly stable at 43.07%, compared with 43.14% in the previous quarter. On a year-on-year basis, revenue grew 6%, and EBITDA rose 9.1%.
Average revenue per user (ARPU) improved to ₹195 from ₹177, while the subscriber base rose to 193.1 million from 192.8 million, marking the company’s first quarter of net subscriber additions since the merger.
Vodafone Idea said it has secured ₹6,400 crore in funding, while capex stood at ₹1,930 crore during the quarter.
Shares of Vodafone Idea gained 4.2% to hit an intraday and 52-week high of ₹15.65 apiece on Monday. The stock was up 3.2% to ₹15.5 apiece at 1.31 pm. The stock has It has gained 21.8% in the past month, 33.71% in 2026 so far, and around 112% over the last one year.
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