Vodafone Idea's stock, which closed at Rs 7.34 on Thursday, has been rated as a 'Buy' by Nomura India with a target price of Rs 14, signaling a potential 90% upside. The brokerage highlights reduced subscriber losses since August after initial declines due to tariff hikes in July 2024. Vodafone Idea plans to expand 4G coverage to 120 crore by September 2025 and start 5G rollout by Q4FY25. Capex guidance stands at Rs 8,000 crore for 2H FY25 and Rs 50,000–55,000 crore over three years. ARPU is projected to grow from Rs 161 in FY25 to Rs 205 in FY27. Nomura sees a 14% annual EBITDA growth for FY24–27 but stresses the need for a timely debt raise to support network investments.