Metals & Mining · NSE: VEDL
Vedanta
Q2 FY27 · From the investor presentation
- M.Cap
- ₹1,01,827Cr₹1.02L Cr
- P/E
- 10.5×
- 1Y return
- −49.98%
- From 52W high
- −67.3%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 26,356 | 39,868 | -33.9% | 24,205 | +8.9% |
| EBITDA | 9,915 | 11,397 | -13.0% | 8,501 | +16.6% |
| EBITDA margin | 37.6% | 28.6% | +903 bps | 35.1% | +250 bps |
| One-off items | — | -2,067 | — | — | — |
| PBTProfit before tax | 8,390 | 4,948 | +69.6% | 7,189 | +16.7% |
| Net profit | 3,650 | 1,798 | +103.0% | 5,473 | -33.3% |
| EPS (₹) | 9.30 | 4.56 | +103.9% | 13.93 | -33.2% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
FACOR: FY27 ferrochrome production guided at 105-115 kt
Slides · p. 26
FACOR: FY27 ferrochrome production guided at 105-115 kt
“Ferrochrome (kt) 105 - 115kt”
Zinc International: FY27 Zinc International cost of production guided at $1,500-$1,550 per tonne
Slides · p. 26
Zinc International: FY27 Zinc International cost of production guided at $1,500-$1,550 per tonne
“CoP $1,500/t - $1,550/t”
Copper International (Fujairah): Fujairah operations revived; target 20+ kt quarterly run rate by Q3 FY27
Slides · p. 18
Copper International (Fujairah): Fujairah operations revived; target 20+ kt quarterly run rate by Q3 FY27
“Supply chain disruptions due to closure of Strait of Hormuz led to decline in sales, operations have been revived and target to achieve 20+ kt quarterly run rate by Q3FY27.”
More figures from the presentation
“Finished Metal 1,090 - 1,110 kt”
“Silver 670 - 690 tonnes”
“CoP $825/t - $850/t”
“Discharge MMT 8.8 – 9.0”
“Dispatch MMT 8.9 – 9.1”
“Gamsberg 250 - 270 kt”
In short
- 01Q2 FY27 PAT was Rs 6,202 crore, up 151% YoY; EBITDA Rs 9,938 crore, up 106% YoY.
- 02Net debt fell by Rs 4,624 crore in the quarter to Rs 3,675 crore; Net Debt/EBITDA is 0.1x.
- 03FY27 Zinc India guidance: mined metal 1,140-1,160 kt, silver 670-690 tonnes.
- 04Gamsberg Phase 2 (200 KTPA) commissioned, taking VZI capacity to 500 KTPA.
- 05KSA 155 KTPA copper rod plant expected to be commissioned in Q3 FY27.
- 06Copper International sales fell 74% YoY due to closure of the Strait of Hormuz; target 20+ kt a quarter by Q3 FY27.
- 07First interim dividend of Rs 5 per share declared.
Capex
Zinc India: Rampura Agucha tailing plant: Rs 3,823 crore approved, Rs 3,132 crore unspent
Slides · p. 27
Zinc India: Rampura Agucha tailing plant: Rs 3,823 crore approved, Rs 3,132 crore unspent
“Tailing Reprocessing Plant at Rampura Agucha 3823 426 265 3132”
Zinc India: Fertilizer plant: Rs 1,850 crore approved, Rs 408 crore unspent
Slides · p. 27
Zinc India: Fertilizer plant: Rs 1,850 crore approved, Rs 408 crore unspent
“Fertilizer Plant 1850 1325 117 408”
Zinc International: Zinc International iron ore project: $37 mn approved, $9.5 mn unspent
Slides · p. 27
Zinc International: Zinc International iron ore project: $37 mn approved, $9.5 mn unspent
“Iron Ore Project 37 27 0.5 9.5”
Zinc International: Gamsberg tailings facility (TSF) Phase II construction at 46%
Slides · p. 16
Zinc International: Gamsberg tailings facility (TSF) Phase II construction at 46%
“TSF Phase II Construction is at 46%.”
Zinc International: Gamsberg Phase II hot commissioning and stabilisation in progress
Slides · p. 15
Zinc International: Gamsberg Phase II hot commissioning and stabilisation in progress
“Started in Sep’26. Hot Commissioning and stabilization are in progress.”
Capacity
Zinc International: 200 KTPA Gamsberg Phase 2 commissioned; VZI total capacity 500 KTPA
Slides · p. 16
Zinc International: 200 KTPA Gamsberg Phase 2 commissioned; VZI total capacity 500 KTPA
“Commissioned 200 KTPA Phase 2 at Gamsberg taking VZI’s total capacity to 500 KTPA”
Zinc International: Gamsberg Phase II concentrator at 400 TPH average throughput, 70% of rated capacity
Slides · p. 16
Zinc International: Gamsberg Phase II concentrator at 400 TPH average throughput, 70% of rated capacity
“400 TPH average throughput, 70% of rated capacity”
Segments
Zinc India: Zinc India Q2 mined metal 271 kt, up 5% YoY; H1 539 kt, up 3%
Slides · p. 3
Zinc India: Zinc India Q2 mined metal 271 kt, up 5% YoY; H1 539 kt, up 3%
“Record Q2 mined metal production at 271 kt, up 5% YoY; record H1 at 539 kt, up 3% YoY.”
Zinc India: Silver production 173 t in Q2, up 20% YoY; H1 321 t, up 10%
Slides · p. 3
Zinc India: Silver production 173 t in Q2, up 20% YoY; H1 321 t, up 10%
“Silver production at 173 t in Q2, up 20% YoY; H1 at 321 t, up 10% YoY.”
Zinc India: Silver contributed about 45% of overall profitability in H1
Slides · p. 14
Zinc India: Silver contributed about 45% of overall profitability in H1
“contribution of c.45% towards overall profitability in 1H”
Zinc International: Zinc International Q2 mined metal 53 kt, down 12% YoY, up 9% QoQ
Slides · p. 3
Zinc International: Zinc International Q2 mined metal 53 kt, down 12% YoY, up 9% QoQ
“Mined metal production at 53 kt in Q2, down 12% YoY and up 9% QoQ; H1 at 102 kt, down”
Copper India: Copper India Q2 sales 52 kt, up 16% YoY; H1 105 kt, up 9%
Slides · p. 3
Copper India: Copper India Q2 sales 52 kt, up 16% YoY; H1 105 kt, up 9%
“Copper India sales at 52 kt in Q2, up 16% YoY. H1 sales at 105 kt, up 9% YoY.”
Margins and costs
Q2 EBITDA margin 60%, up 1055 bps YoY and 293 bps QoQ
Slides · p. 2
Q2 EBITDA margin 60%, up 1055 bps YoY and 293 bps QoQ
“Quarterly EBITDA margin of 60%, up by 1055 bps YoY and 293 bps QoQ.”
EBITDA up 17% QoQ on market and regulatory factors, volume; partly offset by costs
Slides · p. 5
EBITDA up 17% QoQ on market and regulatory factors, volume; partly offset by costs
“EBITDA stood at a record ₹9,938 crore in Q2 FY27 and increased 17% QoQ primarily driven by favourable market and regulatory factors, along with volume and marketing & other benefits, partly offset by higher costs.”
Zinc India: Zinc India cost of production $703/t, down 29% YoY and 17% QoQ
Slides · p. 3
Zinc India: Zinc India cost of production $703/t, down 29% YoY and 17% QoQ
“Lowest Zinc COP post underground transition at 703 $/t, lower 29% YoY and 17% QoQ.”
Zinc India: Zinc India renewable power share rose to 27%
Slides · p. 14
Zinc India: Zinc India renewable power share rose to 27%
“Renewable power consumption increased to 27% of the overall power consumption.”
FACOR: FACOR cost $856/MT, down 11% YoY; 100% ore from captive mines
Slides · p. 17
FACOR: FACOR cost $856/MT, down 11% YoY; 100% ore from captive mines
“Cost: $856/ MT, 11% ↓ Y-o-Y | 100% ore procurement through captive mines”
Debt and working capital
Net debt cut by Rs 4,624 crore QoQ to Rs 3,675 crore
Slides · p. 2
Net debt cut by Rs 4,624 crore QoQ to Rs 3,675 crore
“Net Debt reduced by ₹4,624 crore QoQ to ₹3,675 crore, from ₹8,299 crore in June 2026,”
Net Debt/EBITDA improved to 0.1x from 0.3x in Q1 FY27
Slides · p. 2
Net Debt/EBITDA improved to 0.1x from 0.3x in Q1 FY27
“Net Debt/EBITDA improved to 0.1x from 0.3x in Q1 FY27.”
Gross debt Rs 30,297 crore at 30 September 2026
Slides · p. 5
Gross debt Rs 30,297 crore at 30 September 2026
“Gross debt stood at ₹30,297 crore as on 30th September 2026.”
Cash and equivalents Rs 26,622 crore vs Rs 19,992 crore at end of Q1
Slides · p. 2
Cash and equivalents Rs 26,622 crore vs Rs 19,992 crore at end of Q1
“Strong liquidity with Cash & Cash Equivalents at ₹26,622 crore compared to ₹19,992 crore at”
Q2 FCF (pre-capex) Rs 5,803 crore vs Rs 4,412 crore in Q1
Slides · p. 2
Q2 FCF (pre-capex) Rs 5,803 crore vs Rs 4,412 crore in Q1
“Generated strong FCF (pre-capex) of ₹5,803 crore in Q2 FY27, compared with ₹4,412 crore”
Fund raising
Vedanta Resources Limited: Parent VRL raised $2.15 bn bonds at 7.4% average coupon, 7.6 years maturity
Slides · p. 3
Vedanta Resources Limited: Parent VRL raised $2.15 bn bonds at 7.4% average coupon, 7.6 years maturity
“$2.15 bn of international bonds at avg. coupon rate of 7.4% and avg. maturity of 7.6 years.”
Vedanta Resources Limited: Parent VRL tied up $1.85 bn term loan at SOFR + 265 bps, 3 years maturity
Slides · p. 3
Vedanta Resources Limited: Parent VRL tied up $1.85 bn term loan at SOFR + 265 bps, 3 years maturity
“$1.85 bn of syndicate term loan at SOFR + 265 bps with an avg. maturity of 3 years.”
Acquisitions and new business
Portfolio of 11 critical mineral blocks, 5 under exploration
Slides · p. 2
Portfolio of 11 critical mineral blocks, 5 under exploration
“Portfolio of 11 critical mineral blocks, 5 under exploration”
Demerger effective 1 May 2026
Slides · p. 9
Demerger effective 1 May 2026
“Demerger effective 1 May ‘26”
Copper International: Preliminary work started on KSA exploration block at Jabal-Sayid
Slides · p. 18
Copper International: Preliminary work started on KSA exploration block at Jabal-Sayid
“KSA Exploration Block: Preliminary work started for Jabal-”
Dividends and buybacks
First interim dividend of Rs 5 per share declared
Slides · p. 2
First interim dividend of Rs 5 per share declared
“Declared 1st Interim Dividend of ₹5 per share.”
One-offs
Finance cost up QoQ due to one-time demerger adjustment in Q1 FY27
Slides · p. 28
Finance cost up QoQ due to one-time demerger adjustment in Q1 FY27
“QoQ due to one time demerger adj. in 1QFY27”
Risks
Copper International: Copper International Q2 sales 6 kt, down 74% YoY, hit by Strait of Hormuz closure
Slides · p. 3
Copper International: Copper International Q2 sales 6 kt, down 74% YoY, hit by Strait of Hormuz closure
“Copper International sales at 6 kt in Q2, down 74% YoY and 43% QoQ; H1 at 16 kt, down 64% YoY, impacted by closure of the Strait of Hormuz.”
Each rupee of INR/USD depreciation adds about Rs 350-375 crore yearly EBITDA
Slides · p. 36
Each rupee of INR/USD depreciation adds about Rs 350-375 crore yearly EBITDA
“INR/USD ~₹ 350-375”
Each $100/MT zinc price change moves yearly EBITDA by Rs 975-1,000 crore
Slides · p. 36
Each $100/MT zinc price change moves yearly EBITDA by Rs 975-1,000 crore
“Zinc ($/t) 3,825 $100/MT 975-1,000”
Each $1/oz silver price change moves yearly EBITDA by Rs 200-225 crore
Slides · p. 36
Each $1/oz silver price change moves yearly EBITDA by Rs 200-225 crore
“Silver ($/oz) 63 $1/oz 200-225”
Each $100/MT lead price change moves yearly EBITDA by Rs 175-200 crore
Slides · p. 36
Each $100/MT lead price change moves yearly EBITDA by Rs 175-200 crore
“Lead ($/t) 1,857 $100/MT 175-200”
Other
Q2 FY27 revenue Rs 25,812 crore, up 57% YoY and 10% QoQ
Slides · p. 2
Q2 FY27 revenue Rs 25,812 crore, up 57% YoY and 10% QoQ
“Achieved highest-ever quarterly revenue of ₹25,812 crore, up 57% YoY and 10% QoQ, taking”
Q2 FY27 EBITDA Rs 9,938 crore, up 106% YoY and 17% QoQ
Slides · p. 2
Q2 FY27 EBITDA Rs 9,938 crore, up 106% YoY and 17% QoQ
“Delivered best-ever quarterly EBITDA of ₹9,938 crore, up 106% YoY and 17% QoQ, taking”
Q2 FY27 PAT Rs 6,202 crore, up 151% YoY and 17% QoQ
Slides · p. 2
Q2 FY27 PAT Rs 6,202 crore, up 151% YoY and 17% QoQ
“Achieved highest-ever quarterly PAT of ₹6,202 crore, up 151% YoY and 17% QoQ, with half-”
H1 FY27 PAT Rs 11,496 crore, up 151% YoY
Slides · p. 2
H1 FY27 PAT Rs 11,496 crore, up 151% YoY
“Best-ever half-yearly PAT of ₹11,496 crore, up 151% YoY”
H1 FY27 revenue Rs 49,268 crore, up 54% YoY
Slides · p. 2
H1 FY27 revenue Rs 49,268 crore, up 54% YoY
“Record half-yearly Revenue of ₹49,268 crore, up 54% YoY”
Sources
- Investor presentation, Q2 FY27 Filed 28 Oct 2026 · 39 pages
- Earnings call transcript, not read The filing is a cover letter; the transcript is on the company's website
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.