HSBC Warns Vodafone Idea Needs Cash-Flow Surge for Spectrum Payments
HSBC said Vodafone Idea would need to nearly triple its operating cash flow over the next three years to meet upcoming spectrum payment obligations. The brokerage raised its target price to ₹8.25 but warned cash flows may still fall short in FY29E, even with a planned tariff hike in Q1CY27E. It also flagged additional capital needs for spectrum renewals from 2030, keeping a stock overhang.