According to a study by IIFL, Vodafone Idea Limited (Vi) is confronting a renewed challenge in subscriber quality, indicating that roughly one in five of the company’s reported mobile users is inactive and not contributing meaningful revenue.
IIFL Capital’s assessment for the June-September 2025 quarter estimated that of Vi’s 197.2 million reported users, only about 154.7 million are active, suggesting that over 20 per cent of its base consists of inactive or very low-usage SIMs.
Further, the disparity implied that Vi’s headline subscriber figure substantially overstates its actual paying base compared to Reliance Jio and Bharti Airtel, deepening concerns about the operator’s fragile turnaround and long-term competitiveness.
