Vodafone Idea (Vi) has spent years just trying not to die. But as of late January 2026, the vibe has shifted. Chairman Kumar Mangalam Birla says the “fog has cleared.” They finally have a plan that looks beyond just survival, but it’s a massive, high-stakes bet.
Vi isn’t asking for more money from its owners right now. Instead, they are pinning their entire revival on ₹45,000 crore in bank debt and internal cash. This isn’t bonus money. They need it to add roughly 45,000 new towers over the next two years.
While Jio and Airtel are already arguing about who has the best 5G, Vi is just getting started.
- The Target: Cover all major urban areas (towns with 20k+ people) within 30 months.
- The Focus: They are prioritizing 17 “circles” that make almost all their money. If you live outside those, you might be waiting a while.
- The Strategy: They are using AI-driven 4G to keep things stable while they slowly roll out 5G “parity” with the big guys.
The government gave them a huge breather by freezing ₹87,695 crore in dues. They only have to pay about ₹124 crore a year for the next few years. That sounds great, but don’t be fooled. Their total debt is still a staggering ₹2.09 lakh crore. Starting in 2027, the real bills come due. They have exactly two years to get their act together before the “spectrum payment” wall hits them.
However, You can’t pay debt if you don’t have customers. Vi is bleeding subscribers, but they’re trying to stop the leak with new premium perks:
- Vi Protect: An AI tool that’s already blocked 2.5 billion spam calls.
- Handset Insurance: Protection for phones up to ₹25,000.
- Zero Forex Cards: Built right into their app for travelers.
Is it going to work? Analysts are skeptical. Vi needs a 16% revenue growth every year to make this math work. That’s a tall ask in a market dominated by Jio’s deep pockets. 2026 is the year we find out if Vi is a serious player or just a very expensive zombie.
