Vedanta Oil and Gas Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Vedanta Oil and Gas Ltd filed with BSE on 05 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Vedanta Oil & Gas reported its first quarterly results as a newly listed company, with revenue of Rs 2,507 crore and EBITDA of Rs 1,232 crore for Q1 FY27. Vedanta Power, Vedanta Iron & Steel and Vedanta Aluminium each reported results as newly demerged entities, with Vedanta Aluminium posting record revenue of Rs 21,105 crore and EBITDA of Rs 10,499 crore. Vedanta Limited reported its first quarter as a demerged entity with revenue of Rs 23,456 crore and EBITDA of Rs 8,469 crore, along with updates on capex, deleveraging and dividend policy across the group.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: Rs 2,507 crores (Q1 FY27)
p. 5
“Our revenue stood at INR 2,507 crores, which is 3% lower quarter-on-quarter basis and EBITDA at INR1,232 crores being 16% higher on a quarter-on-quarter basis, resulting in an EBITDA margin of 49% for the current quarter.”
Arpit Mundra, page 5 of the filed PDF · View the filing
Gross operated production: 77.7 thousand barrels of oil equivalent per day (Q1 FY27)
p. 4
“Gross operated production averaged 77.7 thousand barrels of oil equivalent per day during the quarter, comprising 63.1 thousand barrels of oil equivalent per day from Rajasthan, 11.6 from offshore assets and 3.1 from OALP blocks.”
Jim Gast, page 4 of the filed PDF · View the filing
Reported PAT: Rs 945 crores (Q1 FY27)
p. 5
“Consequently, the reported PAT for the company from continuing as well as discontinued operations stands at INR945 crores.”
Arpit Mundra, page 5 of the filed PDF · View the filing
Revenue: Rs 2,607 crores (Q1 FY27)
p. 7
“During the quarter, Vedanta Power reported revenue of INR2,607 crores, 31% Y-o-Y growth on sales of 5,224 million units, which increased 38% Y-o-Y.”
Pankaj Jha, page 7 of the filed PDF · View the filing
EBITDA: Rs 291 crores (Q1 FY27)
p. 7
“While EBITDA for the quarter stood at INR291 crores, the overall performance was impacted by the sakti boiler incident.”
Pankaj Jha, page 7 of the filed PDF · View the filing
Revenue: Rs 3,662 crores (Q1 FY27)
p. 8
“During the quarter, revenue stood at INR3,662 crores, an 18% increase year-on-year, and EBITDA of INR515 crores, a 54% increase year-on-year.”
Navin Jaju, page 8 of the filed PDF · View the filing
Revenue: Rs 21,105 crores (Q1 FY27)
p. 9
“Revenue for the quarter stood at a record INR21,105 crores, reflecting a 45% increase Y-o-Y and a 13% increase quarter-on-quarter.”
Anup Agarwal, page 9 of the filed PDF · View the filing
EBITDA: Rs 10,499 crores (Q1 FY27)
p. 10
“EBITDA was at INR10,499 crores, up 134% Y-o-Y and up 24% quarter-on-quarter.”
Anup Agarwal, page 10 of the filed PDF · View the filing
Hot metal cost: USD1,698 per ton (Q1 FY27)
p. 9
“On the cost side, our hot metal cost in Q1 FY27 stood at USD1,698 per ton, lower by 4% Y-o-Y and lower by 3% quarter-on-quarter despite inflationary prices due to the Middle East disruptions.”
Anup Agarwal, page 9 of the filed PDF · View the filing
PAT: Rs 6,597 crores (Q1 FY27)
p. 10
“The profit after tax was at INR6,597 crores, up over 200% Y-o-Y.”
Anup Agarwal, page 10 of the filed PDF · View the filing
EBITDA: Rs 8,459 crores (Q1 FY27)
p. 10
“I'm pleased to note that in the maiden quarter itself, since demerger, we have delivered EBITDA of INR8,459 crores and PAT of INR5,294 crores for the continuing businesses.”
Arun Misra, page 10 of the filed PDF · View the filing
Revenue: Rs 23,456 crores (Q1 FY27)
p. 11
“On Vedanta Limited's Q1 performance, revenue increased by 51% Y-o-Y to INR23,456 crores.”
Ajay Goel, page 11 of the filed PDF · View the filing
Net debt to EBITDA: 0.3x (Q1 FY27)
p. 12
“In Q1, Vedanta's balance sheet remains exceptionally strong, with leverage ratio net debt to EBITDA down to 0.3x, amongst the best in the industry.”
Ajay Goel, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Direct operating cost (Oil & Gas) — in line with FY26 levels · FY27
stated firmly by Jim Gast
p. 5
“The direct operating cost trend demonstrates that cost discipline has been sustained, with full year '27 currently expected to be in line with the full year '26 levels.”
Jim Gast, page 5 of the filed PDF · View the filing
Vedanta Power operating capacity — 4.8 gigawatts · end of financial year
stated firmly by Rajinder Ahuja
p. 6
“Vedanta Power is India's fifth largest private thermal company with 4.2 gigawatt current operating assets, aims to reach at 4.8 gigawatts by the end of the financial year.”
Rajinder Ahuja, page 6 of the filed PDF · View the filing
Sakti Unit 1 restart — restart Unit 1 · end of Q2 FY27
stated firmly by Rajinder Ahuja
p. 7
“We plan to start Unit 1 by the end of quarter 2 FY27, and Unit 1 remains on track for completion by quarter 4 of FY27.”
Rajinder Ahuja, page 7 of the filed PDF · View the filing
Bokaro expansion — complete project · end of financial year
stated firmly by Pankaj Sharma
p. 8
“We remain on track to deliver the project by end of financial year.”
Pankaj Sharma, page 8 of the filed PDF · View the filing
Aluminium hot metal cost (VAML) — USD1,650 to USD1,700 per ton · FY27
stated firmly by Anup Agarwal
p. 10
“Our guidance on the cost for full year remains unchanged at USD1,650 to USD1,700 per ton.”
Anup Agarwal, page 10 of the filed PDF · View the filing
Green power at VAML — more than 371 megawatts · end of this financial year
stated firmly by Rajesh Kumar
p. 9
“we remain on track to achieve more than 371 megawatts of green power by the end of this financial year”
Rajesh Kumar, page 9 of the filed PDF · View the filing
Vedanta demerged EBITDA — USD5 billion EBITDA · FY30
stated as an aspiration by Arun Misra
p. 11
“We remain focused in our pursuit of growth of the demerged Vedanta with a USD5 billion EBITDA enterprise by FY30.”
Arun Misra, page 11 of the filed PDF · View the filing
Kuraloi coal mine volume — 2 million tons this year, 8 million tons next year · FY27 and FY28
stated firmly by Management
p. 19
“So we expect from Kuraloi this financial year to mine up to 2 million tons.”
Management, page 19 of the filed PDF · View the filing
Zinc International volume — 300 kt, then 500 kt, finally 750 kt
stated as an aspiration by Management
p. 26
“Volume expectation is the immediate goal is to get 300 kt mark and then go to 500 kt mark. So the Phase 2 expansion and finally finish at 750 kt mark.”
Management, page 26 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said monsoon months are difficult and volumes will be more second-half weighted, reaffirming the full-year target.
Answered by Management
Asked by Indrajit Agarwal: How will the company achieve the 4.1 million ton alumina production target given the run rate so far?
p. 13
“we expect a much higher volume in the H2. If you would have noticed, even the last year, the trends were similar.”
Management, page 13 of the filed PDF · View the filing
Management said the outlook for consolidated Vedanta India EBITDA is 9.5-10 billion dollars with free cash flow enough to fund both growth and deleveraging without trade-offs.
Answered by Management
Asked by Sumangal Nevatia: Can a large part of deleveraging at VRL be considered complete, with focus shifting to growth?
p. 15
“the outlook for the EBITDA for Vedanta India on a consol basis is at about 9.5 billion to 10 billion.”
Management, page 15 of the filed PDF · View the filing
Management declined to quantify the number, citing that the matter is under litigation.
Answered by Management
Asked by Ritesh Shah: What is the procurement rate of bauxite from OMC and has it changed over the years?
p. 20
“Ritesh, you are aware that this matter is sub judice, that is where I did not want to indicate the number because you are aware that we are getting this under the court order as of now.”
Management, page 20 of the filed PDF · View the filing
Management said there is some shortfall early on but they will try to stay close to guidance, revising costs in H2 if needed.
Answered by Management
Asked by Rashi: What are the cost and volume expectations for the Zinc International business for FY27?
p. 26
“There is some shortfall in the beginning, but yes, we'll try to be close to the guidance.”
Management, page 26 of the filed PDF · View the filing
Management said the plant is already under revival with the contractor working on-site, and stated there is no hurdle seen.
Answered by Management
Asked by Abhishek Poddar: What are the regulatory bottlenecks for the Sakti plant restart and is work contractor-dependent on approvals?
p. 21
“We are expecting to start the units by end of September or first week of October, that's the plan. So I said, there is no hurdle we are seeing at this moment.”
Management, page 21 of the filed PDF · View the filing
Management said hot metal cost is expected to fall by $175-200 per ton in 3-4 quarters, driven mainly by Lanjigarh ramp-up and captive bauxite.
Answered by Management
Asked by Jashandeep Singh: What cost savings and efficiency measures are planned for aluminium over the next couple of years and how much value will they add?
p. 23
“in, say, 3, 4 quarters now, when you look at the costs, say from $1,700 today, we expect a reduction of $175 to $200.”
Management, page 23 of the filed PDF · View the filing
Risks flagged
Safety performance requires further improvement despite leadership focus
p. 4
“Safety remains our Number 1 priority. And while we continue to strengthen safety leadership, critical risk management and frontline engagement, our safety performance shows that there is more work to do.”
Jim Gast, page 4 of the filed PDF · View the filing
Natural reservoir decline affecting Oil & Gas production
p. 4
“Our assets continue to demonstrate resilience whilst maintaining natural reservoir decline.”
Jim Gast, page 4 of the filed PDF · View the filing
Import coal price increases pressuring costs at Vedanta Power
p. 6
“Despite import coal prices increasing by over 60%, our team on ground has done exceptional work by containing the coal cost by 12% on Y-o-Y basis.”
Rajinder Ahuja, page 6 of the filed PDF · View the filing
Sakti operational disruption from boiler incident
p. 7
“At Sakti, despite the operation disruption, the team has demostrated remendous resilience, and we remain focused on restoring unit 1and completion of Unit 2, which will be key for our growth catalyst for the company.”
Rajinder Ahuja, page 7 of the filed PDF · View the filing
Alumina production stabilization issues in Q1
p. 9
“Alumina production was, however, 6% lower than the previous quarter due to stabilization issues in the power plant, red mud filtration and bauxite handling.”
Rajesh Kumar, page 9 of the filed PDF · View the filing
Middle East geopolitical disruptions affecting copper rod sales and costs
p. 11
“At Copper International business, rod sales were down 51% year-on-year as the supply chain in the entire Middle East region was impacted due to geopolitical tensions.”
Arun Misra, page 11 of the filed PDF · View the filing
Planned power plant shutdowns during monsoon expected to raise Q2 aluminium costs
p. 10
“Though in quarter 2, the cost may be marginally higher due to the planned power plant shutdowns timed with the monsoon period.”
Anup Agarwal, page 10 of the filed PDF · View the filing
Seasonal volume moderation in iron ore business
p. 8
“Sequentially, the volume we are moderated by seasonal impact during later part of the quarter.”
Pankaj Sharma, page 8 of the filed PDF · View the filing
Higher discounts and elevated ocean freight costs impacting iron ore margins
p. 8
“On quarter-on-quarter basis, margin lowered due to higher discounts on low-grade ore and elevated ocean freight costs.”
Pankaj Sharma, page 8 of the filed PDF · View the filing
Global oil supply disruptions from Strait of Hormuz and Red Sea conflict
p. 30
“Continued disruptions in global oil production and supply chains with swinging status of opening of Strait of Hormuz, with Red Sea conflict further disrupting it”
From the transcript, page 30 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.