The shares of Vodafone Idea have more than doubled in a year, jumping more than 120% to turn into a multibagger stock after long months of underperformance.

After hitting a 52-week low of Rs 6.46 apiece in September last year, Vodafone Idea shares skyrocketed around 138% in less than a year to hit a 52-week high of Rs 15.37 apiece earlier this week. The telecom company's shares were recently boosted by multiple tailwinds.

In the beginning of May, the Department of Telecommunications (DoT) reduced the telco’s adjusted gross revenue (AGR) dues by 27% to Rs 64,046 crore as of December 31, resulting in bullish calls for the stock.

Later, the stock jumped after the company named billionaire industrialist Kumar Mangalam Birla as its non-executive chairman, around five years after he resigned from the same role in the telecom giant amid financial stress. Additionally, Vodafone Idea in June announced that it has raised Rs 1,182 crore from promoter Aditya Birla group through an issue of warrants.

Vodafone Idea CEO Abhijit Kishore earlier this month said the telecom company has secured the first Rs 6,400 crore tranche of funding for its planned Rs 45,000 crore network expansion over the next three years and is close to concluding discussions with an State Bank of India (SBI)-led consortium of public sector banks, demonstrating initial progress in its long-pending debt raise plans.

Vodafone Idea story: From question on survival to turnaround

Kishore said the company's turnaround efforts were beginning to translate into customer gains. "All seven of our critical business parameters are now trending positively," he said, highlighting the company's first quarter of positive net subscriber additions since the Vodafone-Idea merger, a 6% increase in revenue and ARPU growth to Rs 195.

Notably, this comes around a year after Vodafone Idea’s management said due to the enormous AGR liability and no bank funding, its "very survival is under peril".

Also read | Vodafone Idea engaged with SBI-led consortium for debt funding: CEO

What lies ahead for Vodafone Idea shares?

After the company’s Q1 earnings announced earlier this month, Nomura maintained Neutral on Vodafone Idea with a target price of Rs 12.60, saying the company's Q1FY27 performance was broadly in line with expectations, while the three-year capex programme has now kicked off. Nomura said management commentary on the planned debt raise will be a key monitorable, with progress on the fundraise also likely to benefit Indus Towers.

Vodafone Idea shares have gained over 6% in a week and 14% in a month, being overall up 29% on 2026 so far.

In the longer term, Vodafone Idea shares have delivered 72% returns over three years and 149% in five years. The company currently has a market capitalisation of more than Rs 1.62 lakh crore.

Also read | Vodafone Idea Q1 Results: Loss narrows to Rs 3,754 crore; revenue rises 6% YoY