<div id="readability-page-1"><div id="parent_top_div"><p>Vodafone Idea (Vi) reported a 3 per cent rise in revenue in the fourth quarter of 2025-26, in results released on Saturday. Yet the broader trend tells a different story. Vi's revenue market share stood at 11.48 per cent in Q3 FY26, down from 29.26 per cent at the time of its 2018 merger — the steepest decline among the top three telecom operators, which together hold over 95 per cent of the market. Earlier this month, Vodafone Group was reported to be weighing a stake transfer to shore up Vi's finances.</p> <div><p>  The telecom sector expanded sharply over the past 15 years, with AGR rising 2.5 times between 2009-10 and 2024-25. Reliance Jio's entry in 2016 and subsequent mergers — including Vodafone-Idea and Telenor-Airtel in 2018 — pushed teledensity past 90 per cent during 2016-19.<small> </small></p></div>  <div><p>  Since the merger, Vi has shed nearly 61 per cent of its revenue market share by Q3 FY26, even as Reliance Jio and Bharti Airtel grew their shares by 39 per cent and 53 per cent, respectively.<small> </small></p> </div> <div><p>Vi's subscriber base has halved since the merger, while Reliance Jio's has nearly doubled.<small> </small></p> </div> </div></div>

沃达丰

通信服务 ETF - SPDR

标普电信 ETF - SPDR

电信业 ETF - Vanguard

美国电信股指 ETF - iShares

标普全球电信股指数 ETF - iShares

<p>沃达丰创意（Vi）在 2025-26 财年的第四季度报告了 3% 的收入增长，但自 2018 年合并以来，其市场份额已从 29.26% 骤降至 11.48%，成为主要电信运营商中下降幅度最大的。Vi 的用户基础已减半，而竞争对手信实电信（Reliance Jio）和巴蒂电信（Bharti Airtel）则显著增加了市场份额。沃达丰集团正在考虑转让股份以改善 Vi 的财务状况</p>

Datanomics: Vi's market share down 60%, subscriber base halves since merger

Business Standard

沃达丰集团

数据经济学：Vi 的市场份额下降了 60%，自合并以来用户数量减少了一半