Vi's ARPU Mirage Exposed: 1 in 5 Users Inactive Dilutes True Strength

Vodafone Idea's Q2FY26 ARPU of ₹167 lags Jio (₹211) and Airtel (₹256), but recalculating for active users (154.7M out of 197.2M reported) yields ₹209, nearly equaling Jio's adjusted ₹220. Voice usage jumps from 585 to 800+ min/month, data from 19GB to 24GB—peer comparable.​

IIFL attributes distortions to ~8-10M inactive SIMs and low-ARPU M2M connections (₹33/month), questioning TRAI-compliant subscriber churn drop claims despite ₹12,000 Cr capex on 4G/5G.​

Key Highlights:

Active Base: 154.7M vs reported 197.2M (22% inactive).​

Adjusted ARPU: ₹209 (ex-M2M inactive); official ₹167.​

Usage Boost: Data 24GB/mo, voice ~800 min (peer levels).​

Peer Gap: Jio/Airtel report cleaner active metrics.​

Implications: Questions recovery; capex yet to stem churn fully.​

Sources: Economic Times, IIFL Capital report.