Vedanta LimitedQ2 FY27 Results & Financial Update
Vedanta Limited: Q2 FY27 consolidated results and company financials – revenue ₹26,356.00 Cr, PAT ₹6,202.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Vedanta Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Vedanta Limited reported consolidated revenue from operations of ₹25,812 crore for Q2 FY27 in its earnings release presentation, representing a 57% increase year-on-year and a 10% increase quarter-on-quarter, supported by higher commodity prices, favorable foreign exchange rates, and increased production volumes.
Quarterly EBITDA reached a record ₹9,938 crore, up 106% year-on-year and 17% sequentially over Q1 FY27, driven by favorable market and regulatory factors along with volume growth and marketing benefits, translating to a strong EBITDA margin of 60% excluding the copper business.
Profit after tax for continuing operations stood at ₹6,202 crore, higher by 151% year-on-year and 17% sequentially, benefiting from robust operational efficiencies and lower cost of production across key operating verticals.
The company demonstrated aggressive balance sheet deleveraging, reducing net debt by ₹4,624 crore during the quarter from ₹8,299 crore at June 30, 2026, down to ₹3,675 crore as of September 30, 2026.
Robust operating cash generation enabled a strong pre-capex free cash flow of ₹5,803 crore for the quarter, while liquidity remained comfortable with cash and cash equivalents totaling ₹26,622 crore.
Operational milestones included the commissioning of Gamsberg Phase II at Zinc International, record mined metal production at Zinc India, and successful underground ore extraction from Ostapal Mines at FACOR.
The Board declared a first interim dividend of ₹5 per share, reflecting continued capital return commitments alongside active project growth investments.
01 · Business model
What does Vedanta do?
Vedanta Limited is a globally diversified natural resources conglomerate with substantial operating footprint spanning zinc, lead, silver, aluminum, oil and gas, iron ore, steel, ferroalloys, copper, and commercial power generation.
The company operates core mining and smelting assets primarily through subsidiaries and divisions such as Hindustan Zinc Limited (HZL), Zinc International, Ferro Alloys Corporation Limited (FACOR), and Sterlite Copper.
Vedanta's business model leverages large-scale captive resource extraction, cost-leadership initiatives, and continuous capacity expansion across critical minerals to supply domestic and international industrial markets.
Revenue generation is driven by commodity price realizations across base metals and precious metals, supported by long-term strategic port logistics and value-added product lines.
02 · Historical context
What shaped the business before this quarter
Vedanta Limited maintained an AA+/Stable credit rating from both ICRA and CRISIL, marking the highest rating level achieved by the company since 2014.
During H1 FY27, Vedanta Resources Limited successfully tied up $2.15 billion of international bonds at an average coupon rate of 7.4% and an average maturity of 7.6 years, alongside a $1.85 billion syndicate term loan.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹26,356.00 Cr | ₹33,515.00 Cr |
| Total income | ₹26,866.00 Cr | ₹24,747.00 Cr |
| Profit before tax | ₹8,390.00 Cr | ₹10,630.00 Cr |
| Profit after tax | ₹6,202.00 Cr | ₹7,918.00 Cr |
| EPS | ₹9.35 | ₹14.02 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue expansion was supported by favorable LME price movements and higher average realization prices across zinc, silver, and aluminum.
Higher sales volumes in Zinc India, record port dispatch volumes, and increased cathode production in Copper India contributed positively to top-line growth.
What drove margins
Zinc India achieved its lowest cost of production post-underground transition at $703 per tonne, lower by 29% YoY and 17% QoQ.
Increased renewable energy sourcing across operations, including 100% renewable sourcing for the zinc alloy plant and 65% renewable share in Copper India, reduced power overheads.
05 · Demand, customers & order book
Where demand is coming from
Vizag General Cargo Berth (VGCB) registered record Q2 dispatch volume of 1.74 MMT (up 26% YoY) and discharge volume of 1.83 MMT (up 22% YoY).
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Delivered record Q2 mined metal production of 271 kt (up 5% YoY) and refined metal production of 264 kt (up 7% YoY), with silver production rising 20% YoY to 173 tonnes.
Achieved mined metal production of 53 kt in Q2 FY27; successfully commissioned Gamsberg Phase II, adding 200 ktpa of MIC capacity and bringing total VZI capacity to 500 ktpa.
Reported record Q2 ore production of 50 kt (up 6% YoY) and ferrochrome production of 24 kt (up 26% YoY), supported by 100% captive ore procurement.
Copper India achieved its highest-ever quarterly cathode production at 46 kt (up 17% YoY), while Copper International sales were temporarily affected by supply chain disruptions due to the closure of the Strait of Hormuz.
Geography and market mix
Fujairah operations in Copper International experienced regional shipping bottlenecks from the Strait of Hormuz before revival efforts targeted a 20+ kt quarterly run rate by Q3 FY27.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Hot commissioning and stabilization began in September 2026, with first metal in concentrate achieved and operating parameters scaling toward rated capacity.
Projects, capex and execution
The company invested ₹1,135 crore in growth capex during Q2 FY27, bringing cumulative H1 FY27 growth capex to ₹2,283 crore across ongoing expansion projects.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Vedanta secured a portfolio of 11 critical mineral blocks, with 5 currently under active exploration to build long-term material security.
09 · Reported developments
What changed operationally
LTIFR improved to 0.50 from 0.70 in Q2 FY26, backed by over 80,000 Critical Risk Management verifications.
GHG emissions intensity dropped to 3.36 tCO2e per tonne of metal, with total GHG emissions declining 19% YoY.
10 · Pressure points & risks
What is not going smoothly
Geopolitical tensions causing temporary closure of the Strait of Hormuz impacted Copper International sales volumes during the quarter.
11 · Items worth noticing
The line items that can distort a quick read
Recorded a normalized tax charge of ₹2,188 crore for Q2 FY27, reflecting an effective tax rate of approximately 26%.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Generated strong pre-capex free cash flow of ₹5,803 crore in Q2 FY27, taking cumulative H1 pre-capex FCF to ₹10,215 crore.
Capital allocation & funding
Total gross debt stood at ₹30,297 crore, while net debt dropped sharply by ₹4,624 crore QoQ to ₹3,675 crore, pushing the net debt-to-EBITDA ratio down to a best-in-class 0.1x.
13 · Management guidance & targets
What management is targeting from here
Management guided for mined metal production of 1,140–1,160 kt, finished metal of 1,090–1,110 kt, silver of 670–690 tonnes, and CoP of $825–$850/t with capex of $0.5–$0.6 billion.
Management guided for Gamsberg production of 250–270 kt, BMM of 30–35 kt, CoP of $1,500–$1,550/t, and capex of $0.12 billion.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG and Community Impact
Vedanta's social impact programs reached 0.46 million individuals through skilling and livelihood initiatives, alongside 9.04 million women and children supported via health and education programs.
15 · Previous-quarter changes
What changed since the previous quarter
Improved from 0.3x in Q1 FY27 to 0.1x in Q2 FY27 due to robust operational cash flows and debt repayment.
16 · Key Q&A
The quarter, answered directly
What does Vedanta do?
Vedanta Limited is a globally diversified natural resources conglomerate with substantial operating footprint spanning zinc, lead, silver, aluminum, oil and gas, iron ore, steel, ferroalloys, copper, and commercial power generation.
What is the clearest takeaway from Q2 FY27?
Vedanta Limited reported consolidated revenue from operations of ₹25,812 crore for Q2 FY27 in its earnings release presentation, representing a 57% increase year-on-year and a 10% increase quarter-on-quarter, supported by higher commodity prices, favorable foreign exchange rates, and increased production volumes.
What drove revenue or demand?
Revenue expansion was supported by favorable LME price movements and higher average realization prices across zinc, silver, and aluminum.
What mattered most for margins or profitability?
Zinc India achieved its lowest cost of production post-underground transition at $703 per tonne, lower by 29% YoY and 17% QoQ.
What changed operationally beyond the headline numbers?
Hot commissioning and stabilization began in September 2026, with first metal in concentrate achieved and operating parameters scaling toward rated capacity.
What is management guiding or targeting from here?
Management guided for mined metal production of 1,140–1,160 kt, finished metal of 1,090–1,110 kt, silver of 670–690 tonnes, and CoP of $825–$850/t with capex of $0.5–$0.6 billion.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Gamsberg Phase II Ramp-up: Monitor commercial stabilization and throughput ramp-up toward full-rated capacity following the September 2026 commissioning.
- 02
Copper International Volume Recovery: Track delivery against the targeted 20+ kt quarterly run rate for Fujairah operations by Q3 FY27.
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