Vodafone Idea’s (Vi) 1QFY27 was ahead of our estimates, with pre-IND AS EBITDA rising ~1.8% QoQ (+13.5% YoY) to INR24.8b (7% beat), driven by subscriber mix improvements (customer ARPU up ~2.6% QoQ to INR195) and lower network opex (flat QoQ and YoY, 6% below).