“Maintained a 'neutral' rating on Vodafone Idea shares with a revised target price of ₹11, based on DCF and 14.3 times September 2028E EV/EBITDA. The firm raised FY27-28E revenue by 1-3% due to higher ARPU assumptions, but believes revival hinges on sustained tariff hikes, stable subscriber trends, rational competition, and continued regulatory relief on spectrum dues.”

Motilal Oswal Analysis’s track record: 6 graded calls · 95% CI 19–81%