Vedanta Limited reported a consolidated net profit after tax of ₹7,918 Crore for the quarter ended June 30, 2026, a sharp 78% increase compared to ₹4,457 Crore in the corresponding quarter of the previous year. According to the latest wire data, consolidated net profit from continuing operations stood at 55B Rupees versus 32B Rupees year-on-year, against an analyst estimate of 36B Rupees. Revenue for the quarter came in at 242B Rupees versus 157B Rupees in the year-ago period. The results were reviewed by the Audit and Risk Management Committee and approved by the Board of Directors at its meeting held on July 30, 2026, with statutory auditors M/s M S K A & Associates LLP issuing an unmodified conclusion on the financial results.

Demerger and Structural Transformation

Pursuant to the Scheme of Arrangement approved by the Hon'ble National Company Law Tribunal, Mumbai Bench, vide orders dated December 16, 2025 and January 9, 2026, Vedanta's Aluminium, Oil & Gas, Iron Ore, and Merchant Power undertakings were demerged into four resulting companies — Vedanta Aluminium Metal Limited, Vedanta Oil And Gas Limited, Vedanta Iron and Steel Limited, and Vedanta Power Limited — effective May 1, 2026. As a result, discontinued operations in the current quarter cover only the period from April 1, 2026 to April 30, 2026, and figures for the current period are not directly comparable with those of previous or corresponding periods. Continuing operations now consist of the Zinc, Lead and Silver (India), Zinc International, Copper, and Others segments.

Consolidated Financial Performance

The following table summarises key consolidated financial metrics for continuing and total operations:

Profit attributable to owners of Vedanta Limited stood at ₹5,473 Crore for Q1 FY27, compared to ₹3,185 Crore in Q1 FY26. Non-controlling interests accounted for ₹2,445 Crore of the total net profit.

EBITDA and Margin Performance

Vedanta's operational profitability showed strong improvement in the quarter. According to the latest wire data, consolidated EBITDA stood at 85B Rupees versus 42.76B Rupees year-on-year, while EBITDA margin expanded significantly to 35.12% from 27.14% in the year-ago period. The following table presents segment revenue and EBITDA from continuing operations for Q1 FY27:

Total EBITDA from continuing operations was ₹8,469 Crore in Q1 FY27, compared to ₹4,267 Crore in Q1 FY26. Discontinued operations (April 1 to April 30, 2026) contributed EBITDA of ₹3,891 Crore, bringing combined EBITDA to ₹12,360 Crore for the quarter. The Zinc, Lead and Silver segment remained the dominant contributor to consolidated EBITDA from continuing operations.

Earnings Per Share

The following table presents earnings per share (EPS) figures, which are not annualised for quarterly periods:

Standalone Financial Results

On a standalone basis, Vedanta reported total revenue from continuing operations of ₹7,716 Crore for Q1 FY27, compared to ₹5,051 Crore in Q1 FY26. Net profit after tax from continuing operations was ₹2,538 Crore, while discontinued operations (April 2026) contributed ₹1,846 Crore, bringing total standalone net profit to ₹4,384 Crore. Other income from continuing operations included dividend income from subsidiaries of ₹2,822 Crore for the quarter. Standalone basic and diluted EPS for continuing and discontinued operations combined stood at ₹11.21 for Q1 FY27.

Standalone segment EBITDA from continuing operations was negative at ₹(39) Crore, reflecting the copper-focused standalone structure, while discontinued operations contributed ₹2,730 Crore in EBITDA. The standalone NCDs outstanding as of June 30, 2026 stood at ₹7,560 Crore at carrying amount, all listed unsecured.

Key Financial Ratios (Consolidated)

The following ratios for Q1 FY27 are computed based on continuing operations only and are not directly comparable with prior periods which include discontinued operations:

Regulatory and Legal Disclosures

The company disclosed that the Enforcement Directorate conducted a search and seizure operation under the Foreign Exchange Management Act, 1999, at the premises of the company and one of its subsidiaries from June 1, 2026 to June 3, 2026. The Group extended full cooperation and provided information and documentation sought, and no further communication from the ED has been received. Separately, SEBI communicated observations on related party transactions pertaining to subsidiary Hindustan Zinc Limited during the quarter; these observations related to approvals and disclosure aspects and did not result in any financial penalty, restriction, or sanction. Corrective measures have been taken and reviewed by the Audit & Risk Management Committee and Board of Directors of the subsidiary. The company also noted ongoing regulatory investigations related to allegations in a short seller report from the previous year, with management continuing to assess these as baseless. Consolidated outstanding listed unsecured NCDs stood at ₹9,357 Crore as of June 30, 2026.

Vedanta Limited delivered its strongest quarterly performance in history during Q1FY27, reporting a consolidated profit after tax (PAT) of ₹5,294 crore, up 152% year-on-year and 24% quarter-on-quarter. The Mumbai-based metals and mining major achieved this milestone through a combination of record operational output, favorable London Metal Exchange (LME) prices, and significant forex gains. The company’s net debt was reduced by ₹2,223 crore in the quarter, strengthening its balance sheet and prompting both ICRA and CRISIL to upgrade its credit rating to AA+/Stable.

The Board of Directors approved the unaudited consolidated financial results on July 30, 2026. The filing, submitted to the Bombay Stock Exchange and National Stock Exchange of India, outlines the financial position of Vedanta Limited’s continuing operations following its demerger. The results exclude the copper business from certain margin calculations but include its revenue and profit contributions in the consolidated totals. Management highlighted that the combined market capitalization of all demerged entities grew by over ₹71,000 crore in the quarter, reflecting substantial value unlock for shareholders.

Financial Performance

Consolidated revenue from operations stood at ₹23,456 crore, representing a 51% increase year-on-year but a slight 1% decline quarter-on-quarter. The primary driver for the top-line growth was higher LME prices, premiums, and positive foreign exchange movements. Consolidated EBITDA reached an all-time high of ₹8,469 crore, up 98% year-on-year and 9% quarter-on-quarter. This translated into an EBITDA margin of 57%, which expanded by 985 basis points compared to the same period last year. Finance costs remained controlled at ₹662 crore, while depreciation and amortization totaled ₹1,192 crore.

Operational Highlights

Operational execution remained robust across key business units. Zinc India recorded its highest-ever first-quarter mined metal production at 268 kt, up 1% year-on-year, with refined metal production at 260 kt. Notably, Zinc India achieved its lowest cost of production post-underground transition at $851 per tonne, a 16% improvement year-on-year. In contrast, Zinc International saw mined metal production decline by 14% to 48 kt due to the nearing end-of-life at the Deep’s mine at Black Mountain, though Gamsberg’s production remained flat at 45 kt.

FACOR delivered record ore production of 153 kt, up 41% year-on-year, alongside ferrochrome production of 29 kt. The Vizag General Cargo Berth (VGCB) also performed strongly, with record discharge volumes of 2,358 kt, up 40% year-on-year. Copper India recorded its highest first-quarter plant sales in eight years at 53 kt, although Fujairah operations faced supply chain disruptions due to the closure of the Strait of Hormuz, leading to a 51% drop in rod sales.

What the Numbers Show

The most striking aspect of Vedanta’s Q1FY27 results is the divergence between revenue stability and profit explosion. While revenue dipped slightly by 1% quarter-on-quarter, PAT surged by 24% in the same period. This indicates a significant operating leverage effect, where cost efficiencies and price premiums disproportionately benefited the bottom line. Furthermore, the expansion of the EBITDA margin by nearly 10 percentage points year-on-year suggests that the company is capturing more value per unit of sales, likely due to the mix shift towards higher-margin products and effective cost management in the zinc segment. The reduction in net debt to just 0.3x EBITDA underscores a strategic pivot towards deleveraging, enhancing financial resilience without compromising growth capex of ₹1,148 crore.

Balance Sheet and Credit Ratings

Vedanta Limited ended the quarter with a strong liquidity position, holding cash and cash equivalents of ₹19,992 crore against gross debt of ₹28,291 crore. This resulted in a net debt of ₹8,299 crore, yielding a best-in-class net debt-to-EBITDA ratio of 0.30x. The overall borrowing cost was reduced to less than 8.5% per annum. At the parent level, Vedanta Resources Limited (VRL) also strengthened its profile, raising $1.75 billion in international bonds at an average coupon rate of 7.4% and securing a syndicated term loan of $2.25 billion. Consequently, VRL received rating upgrades from S&P, Fitch, and Moody’s, achieving its highest ratings since 2014.