The Supreme Court’s order last week asking telecom companies to pay Rs 92,000 crore to the government is likely to hit Vodafone Idea Ltd the most. The operator may have to again opt for a large equity fund raising round to meet the payout, according to brokerages.

Analysts also feel that much will also depend on the government. If the Centre does not take steps to reduce the impact, it will have a negative effect on the industry.

Last Thursday, the apex court had ordered telecom players, including Bharti Airtel and Vodafone, to pay the Centre around Rs 92,000 crore in dues, which includes penalty and interest. The order was related to a dispute on the definition of adjusted gross revenue (AGR).

Telecom firms pay the department of telecommunications (DoT) nearly 3-5 per cent of their AGR in usage charges for spectrum and 8 per cent of AGR as licence fees. The companies had contended that the AGR should include revenue accrued from core services only, while the DoT insisted that it should include all revenue.

In a separate order, the Supreme Court gave three months’ time to the operators to deposit the due amount and report compliance.

In a report, analysts at Kotak Institutional Research said the aggregate demand from 15 operators (10 of whom have exited the industry) stands at a hefty Rs 92,600 crore. Of this Bharti Airtel’s liability stands at Rs 21,700 crore, while that of Vodafone Idea at Rs 28,300 crore.

“Assuming no relief comes through, the outstanding liability would make the already-stressed situation even tougher for Vodafone. The company may need to resort to another large equity raise round to fund these payouts. This may not be easy, however, given that the amounts we are talking about are a multiple of the company’s current market capitalisation,” the brokerage added.

A note from BNP Paribas Securities Pvt Ltd said some of the measures that can be taken to reduce the impact of the decision could be charging the principal but forgoing the interest and penalty, thus bringing down the dues.