Vedanta earnings rose in the September 2026 quarter, with profit after tax climbing 151% from a year earlier to ₹6,202 crore. The metals-to-oil company reported record revenue and EBITDA and said higher commodity prices and favorable foreign exchange movements supported its performance.

Key Takeaways

  • Quarterly revenue increased 57% year over year to ₹25,812 crore, while EBITDA more than doubled to ₹9,938 crore.
  • Net debt fell to ₹3,675 crore at the end of September from ₹8,299 crore at the end of June.
  • Zinc International commissioned Gamsberg Phase II, while a Saudi copper rod plant was progressing toward commissioning in the following quarter.

Vedanta earnings and cash flow

The results, released on October 28, covered the second quarter of fiscal 2027. Revenue rose 10% from the preceding quarter, while earnings before interest, tax, depreciation and amortization, or EBITDA, increased 17% sequentially and 106% year over year.

Free cash flow before capital expenditure was ₹5,803 crore, up from ₹4,412 crore in the June quarter. Cash and cash equivalents rose to ₹26,622 crore from ₹19,992 crore, while the net debt-to-EBITDA ratio improved to 0.1 times from 0.3 times.

Vedanta invested ₹1,135 crore in growth capital expenditure during the quarter. It also declared a first interim dividend of ₹5 per share.

Zinc expansion and copper sales

Zinc India produced a record 271 kilotonnes of mined metal in the quarter, up 5% year over year. Its silver output increased 20% to 173 tonnes.

Zinc International commissioned Gamsberg Phase II during the quarter, adding 200 kilotonnes per year of metal-in-concentrate capacity and bringing total capacity to 500 kilotonnes per year. In its earlier annual report, Vedanta’s management outlined the Gamsberg expansion plan with those capacity figures.

Copper India sales rose 16% year over year to 52 kilotonnes. Copper International sales fell 74% to 6 kilotonnes, with the business affected by the closure of the Strait of Hormuz.

First-half performance and financing

For the six months ended September, revenue rose 54% year over year to ₹49,268 crore. EBITDA increased 103% to ₹18,407 crore, and profit after tax rose 151% to ₹11,496 crore.

Separately, Vedanta Resources Ltd secured $2.15 billion through international bonds during the first half, at an average coupon of 7.4% and an average maturity of 7.6 years. It also arranged $1.85 billion in syndicated term loans.

Next milestone

The next project milestone to watch is the planned commissioning of the Saudi copper rod plant in the third quarter of fiscal 2027.

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