Shares of Vodafone Idea Ltd (VIL) are in focus on Wednesday morning after the telecom operator in a stock exchange filing said that its board has appointed Kumar Mangalam Birla as Non-Executive Chairman with effect from May 5. Birla currently serves as a Non-Executive Director. The telecom operator also said that Non-Executive Chairman Ravinder Takkar has stepped down and has been appointed Non-Executive Vice Chairman of the board.

In a BSE filing, Vodafone Idea said its board "approved the appointment of Mr. Kumar Mangalam Birla (DIN:00012813), a Non-Executive Director, as the Non-Executive Chairman of the Board of Directors of Vodafone Idea Limited with effect from 5th May 2026."

Vodafone Idea shares have rallied 24 per cent in the past one month. The recent rise in the stock came as a few brokerages turned positive following the telecom operator’s Adjusted Gross Revenue (AGR) reassessment, which lowered its dues from Rs 87,695 crore to Rs 64,046 crore. Analysts believe the AGR relief is expected to improve prospects for the planned fundraising, noting a tariff hike remains the key catalyst for the telecom stock.

CLSA in a note dated May 3 said that although Vodafone Idea’s reassessed AGR dues were lower by only 27 per cent, the reduction, along with the payment moratorium, provided definitive long-term relief. This, the brokerage said, would improve the prospects of management’s planned fundraising for its Rs 45,000 crore investment plan.

CLSA said it continued to factor in AGR dues in Vodafone Idea’s valuation, as payments were largely deferred to FY36-FY41. “We retain O-PF and our target price of Rs 11, as we roll forward but use a higher 11 times EV and Ebitda (previously 10 times) given AGR relief,” the foreign brokerage said.

Citi termed Vodafone Idea Ltd a high-risk buy idea with a target price of Rs 14. The brokerage said the phase of regulatory uncertainty was now largely behind the company and that the telecom operator was better placed to close its pending Rs 25,000 crore bank debt raise.

Citi said this would enable VIL to begin execution of its Rs 45,000 crore three-year capex plan outlined in the January strategy update. “A closure of the debt funding will therefore now be key to monitor,” it said.