Vedanta Power Limited has made the transcript of its earnings conference call available to investors, covering the unaudited financial results for the first quarter ended June 30, 2026. The filing, submitted to the Bombay Stock Exchange and the National Stock Exchange of India Limited on August 4, 2026, provides a written record of management’s discussion on consolidated and standalone financial metrics. This disclosure complements the audio recording released earlier in July, ensuring stakeholders have comprehensive access to the company’s performance commentary for Q1FY27.

The announcement follows Letter No. VPL/Sec./SE/26-27/13 dated July 29, 2026. In compliance with Regulation 30 read with Schedule III Part A Para A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, Vedanta Power Limited is obligated to provide such transcripts. The move aligns with standard regulatory requirements for listed entities in India, ensuring that all shareholders have equal access to material information presented during investor interactions.

Disclosure Details

The transcript offers a detailed textual account of the financial health and operational updates of Vedanta Power Limited for the quarter. While specific financial figures were previously disclosed in the statutory results filing, the conference call provides qualitative context from management regarding revenue drivers and cost structures. The recording and transcript are hosted on the company’s website at www.vedantapower.com , making them easily accessible for investors, analysts, and other stakeholders.

Regulatory Compliance

The filing was signed by Bhagya Hasija, Company Secretary & Compliance Officer, bearing Membership No. A49404. The digital signature confirms the authenticity of the document submitted to the exchanges. The letter references the scrip codes 544781 for BSE and VEDPOWER for NSE, ensuring clear identification of the security. This procedural step completes the disclosure cycle for the Q1FY27 earnings, following the initial release of the financial statements and the audio recording.

What the Numbers Show

While this specific filing does not contain new financial data, it serves as a critical resource for interpreting the Q1FY27 results. Investors are advised to review the transcript to understand management’s perspective on revenue drivers, cost structures, and future outlook. The availability of both the audio recording and the transcript underscores the company’s commitment to regulatory compliance and investor transparency. For detailed financial metrics, investors should refer to the unaudited financial results filed separately with the stock exchanges.

Vedanta Power Limited reported a consolidated net loss of ₹423 crore for the first quarter ended June 30, 2026, reversing the net profit of ₹88 crore recorded in Q1FY26. The bottom-line deterioration was primarily driven by an exceptional loss of ₹487 crore, which included a ₹127 crore penalty imposed by the Supreme Court. Despite the net loss, operational performance strengthened significantly, with revenue from operations rising 31% year-on-year to ₹2,607 crore and power sales surging 38% to 5,224 million units. This operational resilience was further underscored by credit rating upgrades from CRISIL to AA+ (CE)/AA- and ICRA to AA-/A1+, reflecting improved creditworthiness.

The Board of Directors approved the unaudited consolidated and standalone financial results at a meeting held on July 29, 2026. Statutory auditors Walker Chandiok & Co. LLP issued an unmodified opinion on the financial statements following a limited review in accordance with Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The comparative figures for preceding periods have been restated to reflect the demerger of the Merchant Power Undertaking from Vedanta Limited, which became effective on May 1, 2026.

Financial Performance Highlights

Consolidated revenue from operations stood at ₹2,607 crore in Q1FY27, up from ₹1,986 crore in Q1FY26. Other income contributed ₹9 crore, bringing total income to ₹2,616 crore. EBITDA for the quarter was ₹291 crore, down from ₹417 crore in the same period last year. The EBITDA margin contracted to 11.21% from 21.05% year-on-year, indicating margin compression despite higher top-line growth. The company incurred power and fuel charges of ₹2,063 crore and finance costs of ₹196 crore.

The following table summarises key consolidated financial metrics across comparable periods:

On a standalone basis, Vedanta Power reported a net loss of ₹449 crore, compared to a net profit of ₹75 crore in Q1FY26. Standalone revenue from operations was ₹1,836 crore, up from ₹1,725 crore in the prior year. Standalone EBITDA was ₹179 crore, down from ₹380 crore in Q1FY26.

Operational Strengths and Rating Upgrades

Power sales jumped 38% year-on-year to 5,224 million units, propelled by enhanced generation across key assets. Meenakshi Energy Limited achieved its highest-ever quarterly EBITDA of ₹112 crore (+20% QoQ), selling 1,350 MU (+16% QoQ). The company is transitioning Meenakshi Energy from imported to 100% domestic coal to improve margins and reduce geopolitical risks. Talwandi Sabo Thermal Plant (TSTP) saw its Plant Availability Factor (PAF) rise from 77% to 86%, while also doubling ash revenues year-on-year through improved sales realization. TSTP consumed nearly 8% biomass co-firing, the highest in Punjab, avoiding 1.37 lakh tonnes of CO2 emissions.

Credit rating agencies upgraded Vedanta Power’s outlook based on its healthy liquidity position of ₹1,130 crore in cash equivalents and strong long-term coal security covering 85% of requirements. CRISIL upgraded the rating to AA+ (CE)/AA-, while ICRA raised it to AA-/A1+ from A+/A1. The company also listed 6,000 Commercial Papers with a face value of ₹5,00,000 each on the NSE debt segment on June 22, 2026.

What the Numbers Show

The divergence between strong revenue growth and widening losses highlights the significant drag from non-operational factors. While operating revenue surged 31% year-on-year due to the expanded asset base post-demerger, the EBITDA margin nearly halved to 11.21% from 21.05%, suggesting lower operational efficiency or higher input costs in the initial post-restructuring quarter. The debt service coverage ratio fell to 0.80 times from 1.49 times in the previous year, signaling tighter cash flow dynamics as the company integrates new assets and manages debt obligations. However, the upgrade in credit ratings suggests that lenders view the long-term structural improvements and liquidity buffer favorably despite short-term margin pressures.