Vedanta (VEDL) Q2 26/27 earnings summary

Executive summary

• Q2 continuing-operations revenue was ₹26,356 crore, segment EBITDA ₹9,938 crore and PAT ₹6,202 crore; H1 revenue was ₹50,561 crore and PAT ₹11,496 crore.

• Q2 post-capex FCF was ₹4,668 crore; net debt fell ₹4,624 crore QoQ to ₹3,675 crore, with net debt/EBITDA at 0.1x.

• Gamsberg Phase II was commissioned with 200 KTPA capacity; Q2 growth capex was ₹1,135 crore.

• The May 1, 2026 demerger transferred Aluminium, Oil & Gas, Iron Ore and Merchant Power undertakings to resulting entities.

Financial highlights

• Q2 revenue was reported at ₹25,812 crore, up 57% YoY; Q2 continuing-operations revenue was ₹26,356 crore vs ₹16,736 crore YoY and ₹24,205 crore QoQ.

• Q2 continuing profit before tax was ₹8,390 crore vs ₹3,207 crore YoY; continuing net profit was ₹6,202 crore vs ₹2,471 crore YoY.

• 1H revenue was reported at ₹49,268 crore, up 54% YoY; continuing-operations revenue was ₹50,561 crore vs ₹32,490 crore in the comparative period.

• 1H EBITDA was ₹18,407 crore, up 103%, and PAT ₹11,496 crore, up 151%; 1H post-capex FCF was ₹7,932 crore.

• Q2 pre-capex FCF was ₹5,803 crore, up 32% YoY; cash and cash equivalents were ₹26,622 crore.

Outlook and guidance

• FY27 Zinc India guidance: mined metal 1,140–1,160 kt, finished metal 1,090–1,110 kt, silver 670–690 tonnes; zinc CoP excluding royalty $825–850/t.

• FY27 Zinc International guidance: 250–270 kt, including Gamsberg 30–35 kt; CoP $1,500–1,550/t and capex $0.12bn.

• FY27 copper guidance: cathodes 195–205 kt, India rods 210–220 kt and international rods 80–90 kt; FACOR ferrochrome 105–115 kt.

• FY27 Port guidance: discharge 8.8–9.0 MMT and dispatch 8.9–9.1 MMT.