Vedanta Power (VEDPOWER) Q2 26/27 earnings summary

Executive summary

• Record Q2FY27 revenue of ₹2,908 crore, up 38% YoY, and EBITDA of ₹421 crore, up 122%; reported PAT was ₹83 crore and EPS was ₹0.21, the first positive quarterly EPS.

• Sakti Unit 1 synchronized on 25 October 2026; the operating portfolio stood at 4,180 MW, with another 600 MW under commissioning.

Financial highlights

• Q2 sales volume rose 26% YoY to 5,593 MU; realization improved to ₹5.20/kWh from ₹4.74/kWh.

• Q2 PAT before exceptional items was ₹101 crore; reported PAT was ₹83 crore after exceptional items net of tax of ₹18 crore.

• H1 revenue rose 35% YoY to ₹5,515 crore and EBITDA rose 17% to ₹712 crore; reported PAT was a loss of ₹340 crore.

• H1 sales totaled 10,817 MU, up 32% YoY; realization was ₹5.10/kWh versus ₹5.00/kWh, and power costs were ₹4.40/kWh versus ₹4.20/kWh.

• Standalone Q2 revenue was ₹2,066 crore and PAT ₹51 crore; H1 revenue was ₹3,902 crore with a net loss of ₹397 crore.

Outlook and guidance

• Sakti Unit 2 start-up and commissioning are planned by Q4FY27; project progress was 70% at quarter-end, with 600 MW under commissioning and post-expansion capacity of 1,200 MW.

• Sakti Unit 1 is ramping up after synchronization; priorities include stabilizing it and converting Meenakshi to 100% domestic coal use.

• Long- or medium-term PPAs are targeted for 85%–90% of capacity versus ~74% currently; remaining open capacity can participate in short-term markets.

• Brownfield expansion is the first priority, with an aspiration to reach 13 GW; a proposed 12,780 MW FY33 roadmap includes an 8,000 MW Sakti expansion and remains subject to board approval.

• Growth plans include thermal generation growth to 12 GW and an ambition to rise from fifth- to third-largest private-sector power player within five years; expansion is tied to fuel, offtake and returns.