I-Sec maintains Hold on Vodafone Idea, lowers target price to Rs 7

ICICI Securities maintains a Hold call on Vodafone Idea, revising the target price to Rs 7. Despite a slight ARPU increase, Vodafone Idea experienced subscriber losses and a marginal dip in data subscribers. Debt conversion into equity offers relief and aids network expansion funding discussions, while ICICI Securities has cut its FY26E/FY27E EBITDA by 1% each.