Vodafone Idea Ltd, whose shares have soared 93.15 per cent in the past one year and 111 per cent from August 2025 closing lows, has received target prices in a wide range of Rs 9-14 per share following its March quarter results. In a fresh note, Nuvama said capex remains elevated and it is an uphill task for Vodafone Idea to meet financial obligations. Similarly MOFSL said everything must go right for Vodafone Idea for the long-term revival. Among fresh targets, Nuvama suggested 'Hold' rating and a target price of Rs 13.50 per share. MOFSL, which is neutral on the stock, suggested a revised target of Rs 10 on VIL against Rs 9.50 earlier. Earlier, Citi had suggested a ‘Buy’ rating on the stock with a target price of Rs 14. UBS had a ‘Neutral’ rating with a target of Rs 12.40, while Macquarie suggested an ‘Underperform’ rating on Vodafone Idea with a target price of Rs 9. Separately, JM Financial raised its target price on VIL by 55 per cent to Rs 14 from Rs 9

Nuvama said VIL appears to be making steady progress with improvement in ARPU and subscriber additions on one hand and reassessment of AGR dues and the 10-year moratorium on the other. "However, investor attention remains focused on the delayed debt fund raise, which is critical to support capex, along with sustainability of subscriber net addition and ARPU growth. Maintain ‘HOLD’," it said.

MOFSL said the management’s ambitions of double-digit revenue growth and increasing cash Ebitda by three times over FY26-29 remain a tall ask and would require several things such as closure of the debt raise, sustained tariff hikes or a change in tariff construct, stabilization in subscriber trends, more rational competition in subscriber acquisition, and continuation of a benign regulatory regime, including likely relief on spectrum repayment. 

"Our TP has also been revised to Rs 14 per share due to reduction in debt by Rs 55,000 crore post AGR relief). We maintain ADD. Key variables to monitor remains lenders’ approval of Rs 25,000 crore debt-raise and its impact on VIL’s subs market share trends, and any potential relief on huge spectrum dues of Rs 1,27,400 crore like AGR relief," JM Financial said.