Vedanta Aluminium Metal LimitedQ1 FY27 Results & Financial Update
Vedanta Aluminium Metal Limited: Q1 FY27 consolidated results and company financials – revenue ₹21,105.00 Cr, PAT ₹6,597.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Find an answer
Ask this result
Chart · Market context
Vedanta Aluminium Metal price & chart
Quarter overview
Quarterly earnings analysis
Vedanta Aluminium posted a robust debut as an independent listed entity for Q1 FY27, reporting a highest-ever quarterly revenue from operations of Rs 21,105 crore, up 13% quarter-on-quarter and 45% year-on-year.
Profitability expanded sharply, with EBITDA surging 134% year-on-year to a record Rs 10,499 crore and profit after tax reaching Rs 6,597 crore, representing a 205% year-on-year surge supported by strong operating performance, higher sales volumes, and market tailwinds.
The company achieved a best-ever quarterly EBITDA margin of 50%, up 455 basis points sequentially and 1,897 basis points over the corresponding period of the previous year.
Aluminium production reached an all-time high of 632 thousand tonnes, driven by higher volumes from the newly expanded BALCO smelter, while value-added product output scaled to a record 389 thousand tonnes.
Alumina production at the Lanjigarh refinery rose 41% year-on-year to 826 thousand tonnes, benefiting from the ramp-up of the 3 MTPA circuit and enhanced asset utilization.
The balance sheet strengthened considerably through ongoing deleveraging, with net debt to EBITDA improving to 0.9x compared with 1.3x in Q4 FY26, alongside a credit rating upgrade to AA+ (Stable) by both CRISIL and ICRA.
01 · Business model
What does Vedanta Aluminium Metal do?
Vedanta Aluminium Metal Limited (VAML) is India's largest aluminium producer, operating world-class integrated assets including a state-of-the-art alumina refinery at Lanjigarh and large-scale smelter complexes in Odisha and at Bharat Aluminium Company Limited (BALCO).
The company produces a diverse portfolio of high-quality aluminium products, including value-added products (VAP), catering to discerning global customers across more than 60 countries to serve sectors such as energy transition, infrastructure, transportation, and advanced manufacturing.
Following the demerger scheme effective May 1, 2026, VAML began operating as an independent entity listed on BSE and NSE, integrating upstream bauxite mining, alumina refining, captive power generation, and metal smelting.
02 · Historical context
What shaped the business before this quarter
Pursuant to an NCLT Mumbai Bench order dated December 16, 2025, the demerger of the aluminium division of Vedanta Limited into VAML became effective on May 1, 2026.
VAML entered into a share purchase agreement on April 30, 2026, to acquire a 51% equity stake in Bharat Aluminium Company Limited from Vedanta Limited, making it a subsidiary accounted for under common control pooling of interests.
Earlier operational investments enabled the Lanjigarh refinery to commission its 3 MTPA capacity expansion circuit, significantly increasing alumina output prior to Q1 FY27.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹21,105.00 Cr | ₹14,557.00 Cr | ₹18,753.00 Cr |
| Total income | ₹21,702.00 Cr | ₹14,862.00 Cr | ₹19,432.00 Cr |
| EBITDA | ₹10,499.00 Cr | ₹4,479.00 Cr | ₹8,475.00 Cr |
| Profit before tax | ₹8,832.00 Cr | ₹2,893.00 Cr | ₹6,638.00 Cr |
| Profit after tax | ₹6,597.00 Cr | ₹2,162.00 Cr | ₹4,958.00 Cr |
| EPS | ₹14.39 | ₹4.55 | ₹10.76 |
| EBITDA margin | 50.00% | 31.00% | 45.00% |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Strong London Metal Exchange (LME) price realizations averaging $3,571/t alongside marketing contributions supported top-line growth.
What drove margins
EBITDA margin improved to 50% due to higher volumes of value-added products, disciplined cost management, and operating leverage despite fuel cost headwinds.
Hot metal cost of production stood at $1,698/t, down 4% year-on-year, though furnace oil prices faced headwinds due to Middle East conflicts affecting the Lanjigarh refinery.
05 · Demand, customers & order book
Where demand is coming from
Catered to accelerating demand from energy transition, infrastructure, transportation, packaging, and advanced manufacturing sectors across India and international markets.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Value-added products (VAP) achieved a record quarterly volume of 389 thousand tonnes, reflecting continued focus on product mix enhancement.
Geography and market mix
The company catered to discerning customers across more than 60 countries, maintaining robust international distribution channels.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Reached an all-time high of 632 thousand tonnes, comprising 464 thousand tonnes from Jharsuguda and 168 thousand tonnes from BALCO.
Lanjigarh refinery produced 826 thousand tonnes of alumina, up 41% year-on-year, achieving a record purity of 98.81%.
Projects, capex and execution
Total project capex spent in Q1 FY27 stood at Rs 413 crore, bringing cumulative spend to Rs 20,057 crore out of Rs 27,203 crore approved capex.
Kuraloi Coal Mine secured its mining lease and mine opening permission for Q2 FY27 commissioning, while Sijimali Bauxite Mine received environmental and Stage II forest clearances.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Continued to strengthen raw material security and vertical integration by advancing captive coal and bauxite mine projects and expanding renewable energy sourcing.
09 · Reported developments
What changed operationally
Received a credit rating upgrade to AA+ (Stable) from both CRISIL and ICRA, reflecting strengthened balance sheet metrics.
The Board of Directors approved a maiden interim dividend of Rs 8 per equity share of face value Re 1 for financial year 2026-27.
10 · Pressure points & risks
What is not going smoothly
Experienced furnace oil price headwinds at the Lanjigarh refinery due to geopolitical tensions in the Middle East.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Consolidated net debt reduced to Rs 29,532 crore as of June 30, 2026, down from Rs 33,013 crore at the end of Q4 FY26.
Capital allocation & funding
Total consolidated debt stood at $3.8 billion (Rs 35,600 crore) with cash and cash equivalents of Rs 6,068 crore, maintaining an average term debt maturity of approximately 3.5 years.
12 · Management guidance & targets
What management is targeting from here
Management targeted alumina production of 4.0-4.1 million tonnes and total aluminium production of 2.6-2.7 million tonnes for FY27.
Hot metal cost of production guidance was maintained at $1,650-$1,700/t, incorporating potential war-related impacts of $50-$100/t in H1 FY27.
13 · Beyond the numbers
What changed beyond the numbers
Sustainability and Safety
Renewable energy consumption rose 38% year-on-year to 701 million units, while LTIFR dropped 80% quarter-on-quarter to 0.04 with zero employee or partner fatalities.
ESG Recognition
Achieved a robust S&P Global CSA score of 84/100, securing first-ever inclusion among the top 10% of companies in the S&P Global Sustainability Yearbook 2026.
14 · Previous-quarter changes
What changed since the previous quarter
Transitioned from a subsidiary of Vedanta Limited to an independently listed standalone entity on BSE and NSE as of June 15, 2026.
15 · Key Q&A
The quarter, answered directly
What does Vedanta Aluminium Metal do?
Vedanta Aluminium Metal Limited (VAML) is India's largest aluminium producer, operating world-class integrated assets including a state-of-the-art alumina refinery at Lanjigarh and large-scale smelter complexes in Odisha and at Bharat Aluminium Company Limited (BALCO).
What is the clearest takeaway from Q1 FY27?
Vedanta Aluminium posted a robust debut as an independent listed entity for Q1 FY27, reporting a highest-ever quarterly revenue from operations of Rs 21,105 crore, up 13% quarter-on-quarter and 45% year-on-year.
What drove revenue or demand?
Strong London Metal Exchange (LME) price realizations averaging $3,571/t alongside marketing contributions supported top-line growth.
What mattered most for margins or profitability?
EBITDA margin improved to 50% due to higher volumes of value-added products, disciplined cost management, and operating leverage despite fuel cost headwinds.
What changed operationally beyond the headline numbers?
Reached an all-time high of 632 thousand tonnes, comprising 464 thousand tonnes from Jharsuguda and 168 thousand tonnes from BALCO.
What is management guiding or targeting from here?
Management targeted alumina production of 4.0-4.1 million tonnes and total aluminium production of 2.6-2.7 million tonnes for FY27.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Kuraloi Coal Mine Commissioning: Monitor the scheduled commissioning of the Kuraloi (A) North Coal Block during Q2 FY27.
- 02
Sijimali Bauxite Mine Progress: Track progress toward the H2 FY27 target commissioning for the Sijimali Bauxite Mine.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.
