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Vedanta Q2 FY27 Share Price & Earnings Call Analysis

₹234.55+0.64% today
Market cap
₹91,534 Cr
P/E
8.31
ROE
38.15%
PEG
0.48
Price to sales
1.02
Debt to equity
0.66
52W high / low
₹788 / ₹226
Sales growth (5Y)
-2.28%
EBITDA margin
30.93%
Net profit margin
31.89%
Promoter holding
54.72%
Sales (last year)
₹88,898 Cr

Vedanta Ltd is a diversified natural resource group engaged in exploring, extracting and processing minerals and oil & gas. The group engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore and oil & gas. It has presence across India, South Africa, Namibia, Ireland, Liberia & UAE. Its other businesses includes commercial power generation, steel manufacturing & port operations in India and manufacturing of glass substrate in South Korea and Taiwan.[1]

Guidance scorecard · Q2 FY27 call

What Vedanta Ltd's management guided
and where it ranks in Diversified Metals

Revenue20–40%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ4 FY26 call

20–40%
  • Continued volume growth across core businesses driving record revenues (INR1.74 lakh crores in FY26).
  • Aluminium business expansion with production ramp-up at Lanjigarh refinery, targeting close to 4 million tons per annum alumina.
  • Zinc India aiming to maintain record mined metal production above 1 million tons.
  • Zinc International increasing mined metal production by 27% YoY, targeting 450,000+ tons of zinc metal with Gamsberg Phase 2 ramp-up and new projects.
  • Power sales growth of 30% YoY expected with Athena and Meenakshi plants.
  • Steel production at Bokaro targeting higher annual outputs beyond current record (1.3 million tons).
  • Continued organic growth in each entity post de-merger with capex focused on 2x or 3x growth stories.

2 more points from Vedanta Ltd's call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Flat

See what Vedanta Ltd said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • Zinc International (Zinc Intl) has a large capex of $4 billion focused on Gamsberg underground expansion and Phase 3 development, expected to boost capacity beyond 500 kt zinc production by ~2030.
  • Zinc Intl's current Gamsberg project is 94% complete; commissioning and ramp-up expected this quarter with full ramp-up over 12-18 months.
  • Copper business exploring expansion with a rod mill plant (~$30 million) ready by September 2026 and a potential copper smelter project in Saudi Arabia pending government incentives.
  • Vedanta plans a $2 billion capex in Saudi Arabia with 75% debt and 25% equity funding; incentives and subsidies discussed with local govt.
  • Iron & Steel segment has key projects like the Jharsuguda and Balco billet lines, and capacity doubling underway.

2 more points from Vedanta Ltd's call on capex

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Full Q4 FY26 analysis

FundraisingQ4 FY26 call

Planned

See what Vedanta Ltd said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

Ask what Vedanta Ltd said on the order book →

Full Q4 FY26 analysis
Full Diversified Metals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Diversified Metals
on management's own guidance

  1. Pondy Oxides & Chemicals LtdGood growth
    2
  2. Strong growth
    1
  3. Jain Resource Recycling LtdGood growth
    3
See all potential multibaggersWhere does Vedanta Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Diversified Metals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹360 Cr228.7
2Pondy Oxides & Chemicals Ltd20–40%Up 2%+₹3,278 Cr22.1
3Jain Resource Recycling Ltd20–40%Up 0–2%₹10,001 Cr27.4

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Vedanta Ltd announcements

All announcements →

Financials of Vedanta Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Vedanta Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +63.71%61.95%59.31%56.38%56.38%56.38%56.38%56.38%56.38%56.38%54.72%54.72%
FIIs +7.74%8.77%10.23%11.45%12.02%11.15%10.60%11.08%12.15%13.93%15.78%15.78%
DIIs +11.19%13.15%14.78%16.29%15.49%16.38%16.47%16.25%15.31%13.43%10.83%10.69%
Government +0.07%0.07%0.07%0.07%0.07%0.07%0.06%0.06%0.06%0.06%0.06%0.06%
Public +17.23%15.86%15.41%15.64%15.92%15.89%16.35%16.09%16.05%16.05%18.45%18.58%
Others +0.06%0.18%0.18%0.16%0.11%0.13%0.13%0.13%0.06%0.14%0.16%0.16%
No. of Shareholders19,09,46017,85,79817,92,82118,66,93919,99,97520,46,98820,87,74520,74,95620,31,53721,10,60126,01,13025,93,300

Financials of Vedanta Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +38,94535,54135,50935,76437,63417,06316,68615,75416,73621,33724,60924,20526,356
Expenses +27,46627,01026,74125,81927,80612,05011,44011,47811,90814,81617,05015,70416,441
Operating Profit11,4798,5318,7689,9459,8285,0135,2464,2764,8286,5217,5598,5019,915
OPM %29%24%25%28%26%29%31%27%29%31%31%35%38%
Other Income +1,8637793859343,1683,2022,7712,7371,2724,4265,5033,166510
Interest2,5232,4172,4152,2222,6671,0731,071609761547694662696
Depreciation2,6422,7882,7432,7312,6961,2381,1911,1161,1241,2391,3321,1921,339
Profit before tax8,1774,1053,9955,9267,6335,9045,7555,2884,2159,16111,0369,8138,390
Tax %111%30%43%14%27%17%14%16%17%15%15%19%26%
Net Profit +-9152,8682,2755,0955,6034,8764,9614,4573,4797,8079,3527,9186,202
EPS in Rs-4.805.423.689.7011.139.078.918.144.6014.6017.1314.009.33

Financials of Vedanta Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +73,71064,26272,22591,86692,04884,44788,021132,732147,308143,72762,71778,43796,507
Expenses +51,59582,74150,84966,98968,87763,70460,70387,908112,877108,41544,13955,25464,011
Operating Profit22,114-18,47921,37624,87723,17120,74327,31844,82434,43135,31218,57823,18332,496
OPM %30%-29%30%27%25%25%31%34%23%25%30%30%34%
Other Income +-19,2224,2904,4236,0874,270-14,9322,7431,8322,6255,24112,73914,18613,605
Interest5,6595,7785,8555,1125,6894,9775,2104,7976,2259,4654,1972,8172,599
Depreciation7,1598,5726,2926,2838,1929,0937,6388,89510,55510,7234,2334,8105,102
Profit before tax-9,925-28,54013,65219,56913,560-8,25917,21332,96420,27620,36522,88729,74238,400
Tax %15%-37%17%30%28%-43%13%28%28%63%10%16%
Net Profit +-11,369-17,86211,31613,6929,698-4,74415,03223,71014,5037,53920,53525,09631,279
EPS in Rs-52.77-41.3923.4727.8219.01-17.9331.2150.5828.4511.4038.3344.4755.06
Dividend Payout %-8%-8%83%76%99%-22%30%89%357%259%113%76%

Financials of Vedanta Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital296296297372372372372372372372391391391
Reserves53,57943,74360,12862,94061,92554,26361,90665,01139,05130,35040,82149,26112,370
Borrowings +77,75267,77871,56958,15966,22659,18757,66953,58380,32987,70691,47932,94731,113
Other Liabilities +58,65480,16364,95258,89670,04566,91563,54974,98169,70369,69067,249149,71244,571
Total Liabilities190,281191,980196,946180,367198,568180,737183,496193,947189,455188,118199,940232,31188,445
Fixed Assets +70,10867,23176,75680,27996,39788,90490,47093,46695,74498,96399,90530,54831,174
CWIP38,74838,46127,55732,05524,95918,58516,31415,87919,52922,88933,89610,53112,540
Investments39,60653,38646,96228,70033,06524,75316,66017,29113,15011,86914,53215,41817,831
Other Assets +41,81932,90345,67139,33344,14748,49560,05267,31161,03254,39751,607175,81426,900
Total Assets190,281191,980196,946180,367198,568180,737183,496193,947189,455188,118199,940232,31188,445

Financials of Vedanta Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +17,80520,37718,08317,36623,75419,30023,98034,96333,06535,65439,56239,499
Cash from Investing Activity +-4,133-7,8682,68115,480-10,594-5,925-6,678-2,243-668-13,676-19,158-24,134
Cash from Financing Activity +-13,956-11,303-12,425-39,255-10,242-15,547-17,565-28,903-34,142-26,092-19,223-13,549
Net Cash Flow-2841,2068,339-6,4092,918-2,172-2633,817-1,745-4,1141,1811,816
Free Cash Flow7,23114,96512,64810,07014,93711,63117,26224,65819,41119,09722,84818,747
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit96%-124%109%83%114%99%96%91%114%109%230%205%

Financials of Vedanta Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1814111616121414109216
Inventory Days12913216113518418415314712410723466
Days Payable78267308202242275245221918316588
Cash Conversion Cycle69-120-136-51-42-80-77-61433390-16
Working Capital Days-121-219-338-182-212-186-150-82-120-107-243-121
ROCE %9%-14%11%15%14%10%17%28%20%21%12%16%

Guidance history

How Vedanta Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →20–40%FlatPlannedPlanned—
Q3 FY26 call →10–20%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

29out of 100

Momentum score · price trend

29 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+42.0%83%
Last 6 months−13.6%32%
Last 3 months−2.7%60%

The price is 30.6% below its all-time high of ₹354.7 (27 May 2026). Stocks more than 20% below their peak have their score halved, so 58 became 29.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Vedanta Ltd: 0.4 × 83 + 0.4 × 32 + 0.2 × 60 = 58, halved to 29 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Vedanta Ltd's management said in earlier quarters

Others in Diversified Metals this season

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