** Shares of Vodafone Idea VODA.NS fall 2.6% to 12.74 rupees

** Stock set for worst day in over one-month if losses hold

** VODA reports surprise Q4 profit, driven by one-time gain in statutory liabilities

** Promoter Aditya Birla Group to invest 47.3 billion rupees ($500 million) through fully convertible warrants

** Brokerages warn that growth remains fragile and early-stage, with UBS highlighting only marginal net subscriber decline and limited evidence of sustained recovery

** Citi notes promoter support could help unlock long-pending bank financing, while UBS said a significantly larger capital raise is still required

** Both analysts say VODA turnaround remains contingent on securing significant external funding, with its high debt burden and ongoing losses still posing risks despite improving operating metrics

** Of 19 analysts tracking stock, 13 rate "hold" or lower, while six rate "buy" or higher

** YTD, VODA up 17.3%