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A new IIFL Capital report of TRAI data shows that over one in five Vi users are inactive, underlining the difference with the company’s reported numbers. More Than 20% of Vi’s Subscriber Base Exists Only on Paper IIFL Capital’s report highlights the core structural weakness: Vi reported 197.2 million subscribers for the June–September quarter, but given its other parameters, Vi has only 154.7 million active users. Interestingly, if you take away the 2G numbers, then the 154 million essentially 4G subscriber base goes further down sharply, exposing an even smaller, fragile high-value user base. What Happens When You Remove the Inactive Users? On paper, Vi’s ARPU in Q2 FY26 was Rs 167, far below Airtel’s Rs 256 and Jio’s Rs 211.4. But when IIFL recalculated ARPU only for active users and removed low-revenue M2M SIMs: ● Vi’s ARPU jumps to Rs 209 ● Jio’s recalculated ARPU stands at Rs 220 Voice Usage: The Single Metric That Exposes Vi’s Weakest Link Voice remains the biggest red flag. TRAI’s October usage data shows how disengaged Vi’s customers truly are: ● Vi: 746 minutes/month (active subs) ● Airtel: 1,071 minutes ● Jio: 1,105 minutes TRAI Numbers: Vi Lost 2.08 Million Subscribers in October Alone According to TRAI’s October wireless report, the market moved in two opposite directions: ● Reliance Jio added 2.7 million 4G/5G users ● Bharti Airtel added 2 million ● Vodafone Idea lost 2,083,618 subscribers (the worst monthly performance among private telcos) On an active subscriber (VLR) basis the metric that actually reflects customer presence on the network the divergence is even more telling: ● Jio added 3.9 million active subs ● Airtel added 2.8 million ● Vi lost 0.4 million, reversing a negligible gain the month before Inference: Vi’s true paying user base is far smaller than what it reports. The company earns respectably from its paying users, but not enough of them remain A telco with shrinking active subs cannot monetise upgrades, upsell 5G, or compete on network investments. In India, still the world’s largest voice market, weak voice engagement is a critical vulnerability. Fixed-Line Trends Show the Same Pattern: Others Grow, Vi Watches In broadband and FWA: ● Jio continued its steady FTTH + FWA run ● Airtel maintained a consistent (though smaller) growth trajectory ● Vi remained largely absent from the narrative

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Vodafone Idea’s One in Five Users Are Inactive: IIFL Report