VEDANTA OIL AND GAS (VOGL) Q2 26/27 earnings summary

Executive summary

• First full quarter as a listed entity; priorities include safely managing mature production, improving recovery, progressing exploration and development, and selective capital deployment.

• H1FY27 gross operated production averaged 74.9 kboepd, down 18% YoY; revenue rose 8% and EBITDA rose 14%.

• Zero fatalities in H1; TRIFR was 1.31 and LTIFR 0.28.

• Resource base comprised 137 MMboe of 2P reserves and 1,155 MMboe of 2C resources across 45 blocks and ~47,000 sq. km of acreage.

Financial highlights

• Q2 revenue was INR 2,486 crore versus INR 2,507 crore in Q1; consolidated revenue from operations was INR 2,488 crore versus INR 2,342 crore in Q2FY26.

• Q2 EBITDA was INR 1,393 crore, up 34% YoY and 13% QoQ, with a 56% margin; H1 EBITDA was INR 2,625 crore, up 14% YoY, with a 53% margin.

• H1 revenue was INR 4,993 crore, up 8% YoY; consolidated revenue from operations was INR 4,995 crore.

• Continuing-operations PAT was INR 746 crore in Q2 and INR 594 crore in H1; PAT before exceptionals was INR 775 crore in Q2 and INR 889 crore in H1.

• H1 discontinued operations contributed INR 1,097 crore PAT, including an INR 1,056 crore exceptional gain; Q2 had no discontinued-operations contribution.

Outlook and guidance

• FY27 guidance: production 73–77 kboepd, OpEx $19.5–$20/bbl, and CapEx $320–$340 million; guidance depends on market and operating conditions.

• H2 priorities include operating efficiency, balance-sheet discipline, and funding the planned CapEx program.

• Ambe production is anticipated in the next financial year, at a level expected in the thousands of hydrocarbon barrels per day; timing and scale depend on development plans.

• Management cited 300,000 bbl/day as a mid-to-long-term production ambition; no best- or worst-case range was quantified.

• Exploration targets include 1,200 MMboe basin potential in the North-East, 500+ MMboe on the West Coast, and 200 MMboe in East Coast deepwater.