During Q1 FY27, Vedanta Limited recorded a Consolidated Net Profit After Tax (PAT) of ₹7,918 crore, registering a 77.65% Year-on-Year (YoY) increase compared to ₹4,457 crore reported in Q1 FY26. Profit attributable to the owners of Vedanta Limited reached ₹5,473 crore.
Revenue from operations for Continuing Operations reached ₹24,205 crore, up 53.64% YoY compared to ₹15,754 crore in Q1 FY26. Including the single month of operations from demerged businesses prior to May 1, 2026, Total Segment Revenue from combined operations stood at ₹32,734 crore.
The robust profitability was propelled by record-breaking operational performances and strong realizing prices in the Zinc, Lead, and Silver divisions. Segment EBITDA for continuing operations surged 98.48% YoY to ₹8,469 crore (compared to ₹4,267 crore in Q1 FY26), generating an industry-leading operating margin profile.
+-----------------------------------------------------------------------------------+
| VEDANTA LTD Q1 FY27 FINANCIAL SNAPSHOT |
+-----------------------------------------------------------------------------------+
| Consolidated Net Profit (PAT) : ₹7,918 Cr [YoY Growth: +77.65%] |
| PAT Attributable to Owners : ₹5,473 Cr [YoY Growth: +71.84%] |
| Continuing Operations Revenue : ₹24,205 Cr [YoY Growth: +53.64%] |
| Total Combined Segment Revenue : ₹32,734 Cr [Includes 1-Mo Demerged] |
| Continuing Operations EBITDA : ₹8,469 Cr [YoY Growth: +98.48%] |
| Combined EBITDA (Continuing + Discont): ₹12,360 Cr [YoY Growth: +15.02%] |
| Basic EPS (Continuing + Discontinued) : ₹14.02 [Face Value ₹1 per share] |
+-----------------------------------------------------------------------------------+
Quick Snapshot Tables
Table 1: Company Overview
| Metric | Details |
| Company Name | Vedanta Limited |
| Stock Symbol (NSE / BSE) | VEDL / 500295 |
| Industry | Diversified Metals, Mining, Energy & Resources |
| Current Market Price (CMP) | ~₹440–₹460 (Traded on NSE/BSE) |
| Market Capitalization | ~₹1,72,000–₹1,80,000 Crore |
| 52-Week High / Low | ₹513.00 / ₹268.00 |
| P/E Ratio (TTM) | ~9.8x–11.2x |
| Dividend Yield | ~8.5%–10.2% (Historical High Payouts) |
| Book Value per Share | ~₹125.80 |
| Promoter Holding | 56.38% (Vedanta Resources Limited & Entities) |
| Headquarters | Mumbai, Maharashtra, India |
| Executive Director / Leadership | Mr. Arun Misra (Executive Director & Whole-Time Director) |
| Website |
|
Table 2: Q1 FY27 Financial Highlights (Consolidated)
| Financial Metric | Q1 FY27 (₹ Cr) PDF | Q4 FY26 (₹ Cr) PDF | Q1 FY26 (₹ Cr) PDF | YoY Growth (%) PDF | QoQ Growth (%) PDF |
| Continuing Operations Revenue | 24,205 | 24,609 | 15,754 | +53.64% | -1.64% |
| Discontinued Operations Revenue (1-Mo) | 9,204 | 27,838 | 22,048 | N/A (1-Mo) | N/A (1-Mo) |
| Total Income (Continuing) | 24,747 | 25,027 | 16,136 | +53.36% | -1.12% |
| Continuing EBITDA | 8,469 | 7,785 | 4,267 | +98.48% | +8.79% |
| Combined Segment EBITDA | 12,360 | 18,447 | 10,746 | +15.02% | -33.00% |
| Depreciation & Amortization (Cont.) | 1,192 | 1,332 | 1,116 | +6.81% | -10.51% |
| Finance Costs (Continuing) | 662 | 694 | 609 | +8.70% | -4.61% |
| Profit Before Tax (Continuing) | 7,189 | 5,951 | 2,933 | +145.11% | +20.80% |
| PAT from Continuing Operations | 5,294 | 4,267 | 2,102 | +151.86% | +24.07% |
| PAT from Discontinued Operations | 2,624 | 5,085 | 2,355 | N/A (1-Mo) | N/A (1-Mo) |
| Total Consolidated PAT | 7,918 | 9,352 | 4,457 | +77.65% | -15.33% |
| PAT Attributable to Owners | 5,473 | 6,698 | 3,185 | +71.84% | -18.29% |
| Basic EPS (Continuing Ops) (₹) | 7.95 | 6.00 | 3.09 | +157.28% | +32.50% |
| Basic EPS (Combined) (₹) | 14.02 | 17.15 | 8.15 | +72.02% | -18.25% |
Detailed Financial & Operational Metrics Breakdown
Understanding the Revenue & Margin Trajectory
The steep expansion in continuing operations revenue (+53.64% YoY to ₹24,205 crore) was primarily driven by higher production volumes and favorable international metal price realizations in the Zinc, Lead, and Silver divisions. Operating expenses for continuing operations were well-contained at ₹17,558 crore.
CONTINUING OPERATIONS EBITDA TRAJECTORY (₹ IN CRORE)
Q1 FY26: [====================================] 4,267 Cr (Base Period)
Q4 FY26: [======================================] 7,785 Cr
Q1 FY27: [=======================================] 8,469 Cr (+98.48% YoY)
Cost of materials consumed for continuing operations stood at ₹8,670 crore, while power and fuel costs reached ₹1,133 crore. Finance costs for continuing operations totaled ₹662 crore. Effective tax expenses for continuing operations stood at ₹1,895 crore, yielding a net profit margin of 22% for continuing operations.
Segment-Wise Performance Analysis
Table 3: Segment Revenue & EBITDA Performance
| Business Segment | Q1 FY27 Revenue (₹ Cr) PDF | Q1 FY26 Revenue (₹ Cr) PDF | Q1 FY27 EBITDA (₹ Cr) PDF | Q1 FY26 EBITDA (₹ Cr) PDF | Segment Status & Notes |
| Zinc, Lead & Silver (India) | 12,985 | 7,542 | 8,096 | 3,815 | Continuing (Hindustan Zinc) |
| Zinc International | 1,392 | 1,150 | 250 | 422 | Continuing (BMM & Gamsberg) |
| Copper | 8,538 | 6,374 | 11 | (26) | Continuing (Smelter & Rods) |
| Others (Ports, Glass, Cables) | 615 | 482 | 112 | 56 | Continuing |
| Oil & Gas | 842 | 2,303 | 399 | 1,268 | Discontinued (1-Mo in Q1 FY27) |
| Aluminium | 6,309 | 14,556 | 3,174 | 4,462 | Discontinued (1-Mo in Q1 FY27) |
| Iron Ore & Steel | 598 | 1,334 | 122 | 204 | Discontinued (1-Mo in Q1 FY27) |
| Power | 779 | 2,024 | 112 | 419 | Discontinued (1-Mo in Q1 FY27) |
| Other Discontinued | 676 | 1,833 | 84 | 126 | Discontinued (1-Mo in Q1 FY27) |
| Total Combined Operations | 32,734 | 37,596 | 12,360 | 10,746 | Gross Segment Revenue |
SEGMENT EBITDA CONTRIBUTION (CONTINUING OPERATIONS - Q1 FY27)
Zinc, Lead & Silver (India) : [=========================================] 95.59% (₹8,096 Cr)
Zinc International : [==] 2.95% (₹250 Cr)
Others & Ports : [=] 1.32% (₹112 Cr)
Copper : [=] 0.13% (₹11 Cr)
Deep Dive into Core Business Divisions
1. Zinc, Lead and Silver (India – Hindustan Zinc Limited)
Hindustan Zinc Limited (HZL), a subsidiary of Vedanta, delivered strong quarterly figures. Driven by higher refined silver and zinc output, revenue from the Indian Zinc & Lead business reached ₹9,146 crore, while Silver revenue reached ₹3,839 crore (totaling ₹12,985 crore, up 72.17% YoY). EBITDA for the segment expanded 112.21% YoY to ₹8,096 crore.
2. Zinc International
Operations across Black Mountain Mining (BMM) and Skorpion Zinc produced revenues of ₹1,392 crore, generating an EBITDA of ₹250 crore. Gamsberg Phase-2 expansion remains on track to boost international zinc capacity.
3. Copper
Revenue from custom smelting and continuous cast copper rod manufacturing grew 33.95% YoY to ₹8,538 crore. EBITDA turned positive at ₹11 crore, compared to a loss of ₹26 crore in Q1 FY26.
4. Demerged Undertakings (Demerger Update)
For the single month of April 2026 prior to demerger transfer:
Aluminium: Generated ₹6,309 crore in revenue and ₹3,174 crore in EBITDA.
Oil & Gas: Generated ₹842 crore in revenue and ₹399 crore in EBITDA.
Iron Ore & Steel: Generated ₹598 crore in revenue and ₹122 crore in EBITDA.
Power: Generated ₹779 crore in revenue and ₹112 crore in EBITDA.
Balance Sheet, Leverage & Cash Flow Analysis
Debt Profile & Leverage Ratios
Following the demerger accounting, Vedanta’s continuing operations reflect a re-aligned balance sheet. Non-convertible debentures (NCDs) outstanding for the group as of June 30, 2026, stood at ₹9,357 crore (all listed unsecured NCDs).
+-----------------------------------------------------------------------------------+
| KEY CONSOLIDATED FINANCIAL RATIOS |
+-----------------------------------------------------------------------------------+
| Debt-Equity Ratio (Continuing Ops) : 1.42x [Net Worth: ₹19,867 Cr] |
| Debt Service Coverage Ratio (DSCR) : 2.52x [ISCR: 12.59x] |
| Current Ratio : 1.10x [Total Borrowings: 0.34x] |
| Operating Profit Margin (%) : 30% [Net Profit Margin: 22%] |
+-----------------------------------------------------------------------------------+
Total consolidated equity net worth for continuing operations stood at ₹19,867 crore as of June 30, 2026. The Interest Service Coverage Ratio (ISCR) improved to 12.59x (up from 4.79x in Q1 FY26), reflecting lower finance charges relative to operating profits.
Update on Demerger & Corporate Restructuring
The NCLT Mumbai Bench approved the Scheme of Arrangement for demerging Vedanta Limited into 5 separate listed entities:
Vedanta Limited (Continuing: Zinc India, Zinc International, Copper)
Vedanta Aluminium Metal Limited (VAML)
Vedanta Oil and Gas Limited (VOGL)
Vedanta Iron and Steel Limited (VISL)
Vedanta Power Limited (VPL)
The demerger took effect on May 1, 2026. Assets and liabilities were transferred to resulting companies at book value as a common control transaction. On July 24, 2026, the Ministry of Petroleum and Natural Gas (MoPNG) granted approval for the assignment of participating interests in oil and gas blocks to VOGL.
Peer Comparison & Market Position
Table 4: Industry Peer Comparison
| Company Name | Core Focus | Q1 Revenue (₹ Cr) | Net Profit (₹ Cr) | P/E Ratio (TTM) | Debt-to-Equity | Dividend Yield (%) |
| Vedanta Limited | Diversified Metals & Mining | 24,205 | 7,918 | ~10.2x | 1.42x | ~9.5% |
| Hindalco Industries | Aluminium & Copper | ~58,000 | ~3,200 | ~14.5x | 0.55x | ~0.8% |
| NALCO | Alumina & Aluminium | ~3,800 | ~850 | ~12.8x | 0.02x | ~3.5% |
| Tata Steel | Steel & Iron Ore | ~54,000 | ~1,200 | ~22.0x | 0.85x | ~2.2% |
| JSW Steel | Integrated Steel | ~42,000 | ~1,400 | ~24.5x | 1.15x | ~0.9% |
| Coal India | Coal Mining | ~37,000 | ~8,600 | ~8.1x | 0.08x | ~6.8% |
Technical Analysis & Stock Market Reaction
Following the earnings release on July 30, 2026, VEDL stock experienced positive trading volume on the NSE and BSE.
TECHNICAL PRICE LEVELS (NSE: VEDL)
Resistance 2 : ₹513.00 (52-Week High Breakout Barrier)
Resistance 1 : ₹475.00 (Immediate Overhead Moving Average)
Current Price: ₹440.00 - ₹460.00 (Trading Consolidation Zone)
Support 1 : ₹420.00 (50-Day Moving Average Base)
Support 2 : ₹380.00 (200-Day Moving Average Floor)
Relative Strength Index (RSI): 14-day daily RSI sits near 56–58, signaling steady bullish momentum.
Moving Averages: The stock maintains support above its 200-day Simple Moving Average (SMA), indicating that the long-term structural uptrend remains intact.
SWOT Analysis
+-----------------------------------------------------------------------------------+
| SWOT MATRIX |
+-----------------------------------------------------------------------------------+
| STRENGTHS (S) | WEAKNESSES (W) |
| * World-class low-cost zinc-silver assets | * High consolidated debt at parent. |
| * Pure-play focus post-demerger completion. | * Sensitivity to global metal cycles|
+---------------------------------------------+-------------------------------------|
| OPPORTUNITIES (O) | THREATS (R) |
| * Value unlocking via 5 listed entities. | * Global commodity price drops. |
| * Silver demand surge in solar & electronics| * Regulatory & environmental shifts |
+-----------------------------------------------------------------------------------+
Frequently Asked Questions (FAQs)
1. What was Vedanta’s Consolidated Net Profit in Q1 FY27?
Vedanta reported a Consolidated Net Profit After Tax (PAT) of ₹7,918 crore for Q1 FY27, up 77.65% YoY from ₹4,457 crore in Q1 FY26.
2. What was the revenue for Vedanta’s continuing operations in Q1 FY27?
Revenue from operations for continuing operations reached ₹24,205 crore in Q1 FY27, a 53.64% YoY growth compared to ₹15,754 crore in Q1 FY26.
3. What is the effective date of Vedanta’s demerger scheme?
The Board appointed May 1, 2026, as the effective and appointed date for the demerger of its Aluminium, Oil & Gas, Iron Ore, and Power businesses.
4. Which businesses remain under Vedanta Limited after the demerger?
Vedanta Limited directly retains Zinc India (Hindustan Zinc), Zinc International, and Copper operations.
5. What was Hindustan Zinc’s EBITDA contribution in Q1 FY27?
Segment EBITDA for Zinc, Lead, and Silver (India) reached ₹8,096 crore in Q1 FY27.
6. What was Vedanta’s Basic EPS for Q1 FY27?
Combined Basic EPS (continuing and discontinued operations) stood at ₹14.02 per share, while Basic EPS for continuing operations was ₹7.95.
7. What is the Debt-to-Equity ratio of Vedanta’s continuing operations?
The Debt-to-Equity ratio for continuing operations stood at 1.42x as of June 30, 2026.
8. Did government authorities approve the transfer of Oil & Gas assets?
Yes, the Ministry of Petroleum and Natural Gas (MoPNG) granted approval on July 24, 2026, for assigning participating interests to Vedanta Oil and Gas Limited.
9. What is Vedanta’s Interest Service Coverage Ratio (ISCR) in Q1 FY27?
The Interest Service Coverage Ratio for continuing operations improved to 12.59x.
10. What is the 52-week high and low for VEDL stock?
On the NSE, VEDL’s 52-week high is ₹513.00, while its 52-week low is ₹268.00.
Final Verdict
Vedanta’s Q1 FY27 results mark a successful transition into a pure-play natural resources holding company. The execution of the demerger scheme, alongside strong operating earnings from Hindustan Zinc, positions the group for long-term shareholder value creation.
