Vedanta Q2 FY27 profit jumps to ₹62.02b; Aluminium EBITDA soars 83% with record 649kt output

Vedanta Limited and Vedanta Aluminium Metal Limited (VAML) have posted their best second quarters (Q2) yet. Vedanta Limited’s Q2 2026 profit reached INR 6.2 billion (USD 651.22 million). Vedanta Aluminium reported profit after tax of INR 6.2 (USD 649.64 million), alongside an 83 per cent rise in EBITDA and record quarterly aluminium production of 649,000 tonnes. Here is how the Q2 FY27 metrics break down, entity by entity, and how they stack up when compared with each other.

Vedanta Limited Q2 FY27: Financial performance

Vedanta Limited reported an improved half-yearly performance with higher quarterly revenue, EBITDA and profit over the corresponding period of FY2026.

Financial highlights: H1 2027 and Q2 FY27 vs H1 2026 and Q2 FY26

• Revenue: H1 revenue at INR 492.68 billion, up 54 per cent year-on-year (Y-o-Y). Quarterly revenue reached INR 258.12 billion, up 57 per cent Y-o-Y.
• EBITDA: The highest ever at INR 184.07 billion, up 103 per cent Y-o-Y. Quarterly EBITDA increased to INR 99.38 billion, up 106 per cent Y-o-Y.
• Profit after tax: A best-ever INR 114.96 billion, up 151 per cent Y-o-Y. Quarterly profit climbed to INR 62.02 billion, up 151 per cent Y-o-Y

• EBITDA margin: H1 margin was 48 per cent, up from 33 per cent a year ago. The quarterly margin stood at 60 per cent, improving by 105 basis points Y-o-Y.
• Free cash flow: Cumulative H1 pre-capex free cash flow reached INR 102.15 billion. Q2 pre-capex free cash flow stood at INR 58.03 billion.

Arun Misra, Executive Director, stated, “Vedanta delivered another quarter of strong operational performance, marked by record mined metal production of 271 kt and record 1H mined metal production for the 6th consecutive year.”

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Vedanta Aluminium Q2 FY27: Financial performance

Vedanta Aluminium Metal Limited, one of India’s leading aluminium producers, delivered another strong quarter, combining higher earnings with record aluminium and alumina production. Revenue growth was supported by increased volumes and an improved marketing mix, while cost competitiveness and favourable foreign exchange movements helped offset the sequential decline in LME prices.

CFO Anup Agarwal pointed to cash discipline, stating, “disciplined cash generation and capital management enabled us to reduce net debt by INR 3,090 crore during the quarter, improving Net Debt/EBITDA to 0.7x.”

Financial highlights: H1 FY27 vs H1 FY26

Vedanta Aluminium’s H1 results showed substantial growth in revenue, EBITDA and profitability compared with the corresponding period of the previous financial year.

• Revenue: H1 revenue rose 43 per cent to INR 431.71 billion, from INR 302.27 billion in H1 FY26.
• EBITDA: Half-year EBITDA increased to INR 206.91 billion, compared with INR 100.62 billion in H1 FY26.
• EBITDA margin: The H1 margin improved to 48 per cent from 33 per cent in the corresponding period of the previous financial year.
• Reported profit after tax: H1 reported PAT reached INR 127.84 billion, up from INR 51.74 billion.
• Adjusted profit after tax: H1 APAT rose to INR 10,796 billion, from INR 41.54 billion.
• Investment income: H1 investment income increased to INR 4.05 billion, compared with INR 2.13 billion Y-o-Y.

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Q2 FY27 Y-o-Y comparative study

The quarterly results have followed a similar upward trend when compared year-on-year.

• Revenue: Revenue increased 41 per cent Y-o-Y to INR 220.66 billion, from INR 156.7 billion in Q2 FY26.
• EBITDA: EBITDA surged 83 per cent Y-o-Y to INR 101.92 billion, from INR 55.82 billion.
• EBITDA margin: The margin increased to 46 per cent from 36 per cent a year earlier, an improvement of approximately 11 percentage points as reported in the financial table.
• Reported profit after tax: PAT rose 105 per cent Y-o-Y to INR 61.87 billion, from INR 30.12 billion. The Q2 FY27 figure includes net-of-tax exceptional items of INR 3.63 billion.
• Adjusted profit after tax: APAT increased 118 per cent Y-o-Y to INR 51.67 billion, from INR 23.73 billion.

Aluminium prices increased over USD 3,700 per tonne since the onset of the Middle East conflict and the ensuing supply interruptions. As major smelters that had curbed production are coming back online, prices have been declining and are predicted to move at a continued ease. As it ramps up its recently expanded capacities, Vedanta Aluminium is anticipated to enhance its output of both aluminium and alumina.

Record output and progress on integration

VAML achieved its highest-ever quarterly aluminium production of 649,000 tonnes, up 5 per cent Y-o-Y and 3 per cent Q-o-Q. Value-added aluminium production reached a record 432,000 tonnes, rising 31 per cent Y-o-Y, while alumina production reached a new quarterly high of 895,000 tonnes, up 37 per cent.

The company continued to advance its integration and capacity-expansion plans. During the quarter, the second zone of the 435 KTPA BALCO expansion was operationalised, and Consent to Operate was obtained for the Sijimali Bauxite Block.

On sustainability, renewable energy consumption increased to 415 MW from 312 MW in Q2 FY26, lifting its share to 9 per cent from 7.3 per cent. Greenhouse gas intensity improved to 16.42 from 16.54 in Q1 FY27, while operational smelters achieved water positivity of 1.06.

Vedanta Limited vs Vedanta Aluminium: Q2 FY27 comparison

The two businesses delivered strong earnings growth, although their operating scale, revenue mix and debt positions differ. Vedanta Limited reported higher consolidated revenue, while Vedanta Aluminium recorded a stronger production-led improvement in its aluminium business.

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What stands out

Vedanta Limited’s net debt fell to INR 36.75 billion, with net debt/EBITDA at 0.1x, while VAML reduced net debt by INR 30.9 billion during the quarter and improved its ratio to 0.7x.

The profit lines sit just INR 150 million apart (INR 62.02 billion against INR 61.87 billion), yet Vedanta Limited’s revenue is INR 37.46 billion higher. VAML’s EBITDA actually edges ahead by INR 2.54 billion. Thus, Anup Agarwal observed that despite the 10 per cent dip in LME prices, Vedanta Aluminium delivered “2 per cent more (of EBITDA) on the operational front.”

The results underline the contribution of higher commodity prices, increased volumes and operational improvements to the group’s earnings, with Vedanta Aluminium additionally benefiting from record metal production and progress on integration initiatives.

Rajesh Kumar, Whole-Time Director and CEO, mentioned, “We achieved record aluminium and alumina production while making tangible progress across our growth and integration initiatives. The operationalisation of the second zone of BALCO’s expansion, alongside progress on securing our bauxite resources, reinforces the robust foundation of our integrated value chain.”

Note: As of October 29, INR 1 = USD 0.011