Less debt, more cash
Debt repayment will absorb about 91% of gross IPO proceeds. Meanwhile, cash capital expenditure fell from ₹53,510 crore in FY24 to ₹34,184 crore in FY26, while operating cash flow increased from ₹57,662 crore to ₹77,556 crore,.
Including spectrum and lease obligations, net debt stood at about ₹1.46 trillion in FY26, with net debt-to-Ebitda at 1.99 times, down from 3.2 times in FY24. Further deleveraging could improve financial flexibility, according to Emkay.
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