Vedanta Oil and Gas Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹12,142 Cr
- P/E
- 21.33
- ROE
- -1.22%
- Price to sales
- 1.26
- Debt to equity
- 0.15
- 52W high / low
- ₹47.7 / ₹26.4
- EBITDA margin
- 30.62%
- Net profit margin
- -1.94%
- Promoter holding
- 56.38%
- Sales (last year)
- ₹9,606 Cr
Vedanta Oil and Gas Limited is a private sector oil and gas exploration & production company. It operates under the brand ‘Cairn’. The company holds interests in 44 blocks spanning over 47,000 sq km of acreage across India, with gross 2P (proved plus probable) and 2C (contingent) resources of 1.4 bnboe. Its producing assets span key hydrocarbon basins in Rajasthan, AP, Gujarat, and Assam.
Guidance scorecard · Q2 FY27 call
What Vedanta Oil and Gas's management guided
and where it ranks in Oil
Oil
RevenueQ1 FY27 call
10–20%- Zinc International (VZI) aims to ramp up volumes from current ~250 kt to 300 kt, then 450 kt, and eventually 750 kt with Phase 2 expansion, targeting cost reduction to USD 1,200 per ton.
- BALCO potline ramp-up progressing; Q1 produced 24 kt against plan of 22 kt; full capacity expected by year-end with ~260-270 kt volume this year and an additional ~190 kt next year.
- Vedanta Aluminium (VAML) targets alumina production of 4 to 4.1 million tons for FY27, with second half expected to be stronger due to monsoon impact in H1.
- Aluminum production is growing, with an all-time high of 632 kt in Q1 and ongoing ramp-up of Lanjigarh and BALCO potlines.
2 more points from Vedanta Oil and Gas's call on revenue
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MarginsQ1 FY27 call
FlatSee what Vedanta Oil and Gas said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Vedanta Limited growth capex target: INR 7,000 crores (INR 5,000 crores for Zinc India, INR 2,000 crores for remaining businesses) [Page 25].
- Maintenance capex for Vedanta Limited: Approximately INR 4,000 crores, with ~70% at Zinc India [Page 25].
- Vedanta Aluminum FY27 capex: Around INR 5,000 crores (INR 2,000-2,500 crores for BALCO, rest for Vedanta Aluminum) [Page 23].
- Vedanta Aluminum FY28 capex estimated at INR 3,500-4,000 crores, mainly for mines as BALCO completes projects [Page 23].
- BALCO 3 MTPA expansion on drawing board; phased capex with large spend in third year post-project start, targeting leverage below 1x [Pages 22-23].
- VISL Bokaro Phase 2 expansion expected to complete by end of FY27, after receiving forest clearances [Page 14].
2 more points from Vedanta Oil and Gas's call on capex
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FundraisingQ1 FY27 call
None plannedSee what Vedanta Oil and Gas said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Vedanta Oil and Gas said on the order book →
Full Q1 FY27 analysisRanges 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 Oil
on management's own guidance
- Deep IndustriesGood growth2
- Asian EnergyGood growth1
- Ganesh Benzopl.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Oil companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Asian Energy | 20–40% | Up 2%+ | ₹2,014 Cr | 25.2 |
| 2 | Deep Industries | 20–40% | Up 0–2% | ₹4,273 Cr | 10.3 |
| 3 | Ganesh Benzopl. | 20–40% | Flat | ₹635 Cr | 9.7 |
| 4 | 10–20% | Flat | ₹2.84L Cr | 6.5 | |
| 5 | 10–20% | Flat | ₹73,848 Cr | 8.8 | |
| 6 | Vedanta Oil and GasThis stock | 10–20% | Flat | ₹11,822 Cr | 20.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Oil rankingVedanta Oil and Gas announcements
All announcements →- Financial resultsMajor developmentVedanta Oil and Gas Limited approves Q2 and H1 FY27 financial results on Oct 29, 2026
Financials of Vedanta Oil and Gas
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Vedanta Oil and Gas
Shareholding breakup across reporting periods.
| Jun 2026 | Sep 2026 | |
|---|---|---|
| Promoters + | 56.38% | 56.38% |
| FIIs + | 7.68% | 5.45% |
| DIIs + | 8.63% | 5.93% |
| Government + | 0.06% | 0.06% |
| Public + | 27.10% | 32.01% |
| Others + | 0.16% | 0.16% |
| No. of Shareholders | 22,23,728 | 22,41,527 |
Financials of Vedanta Oil and Gas
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2025 | Sep 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Sales + | 2,311 | 2,342 | 2,588 | 2,507 | 2,488 |
| Expenses + | 1,806 | 1,593 | 1,706 | 1,693 | 1,137 |
| Operating Profit | 505 | 749 | 882 | 814 | 1,351 |
| OPM % | 22% | 32% | 34% | 32% | 54% |
| Other Income + | 231 | 118 | -35 | 807 | 140 |
| Interest | 167 | 171 | 150 | 110 | 69 |
| Depreciation | 664 | 667 | 1,037 | 741 | 647 |
| Profit before tax | -95 | 29 | -340 | 770 | 775 |
| Tax % | 9% | 417% | 41% | -23% | 4% |
| Net Profit + | -104 | -92 | -479 | 945 | 746 |
| EPS in Rs | -22.06 | -19.49 | -101.71 | 2.42 | 1.91 |
Financials of Vedanta Oil and Gas
Profit & Loss
Annual income statement trend
| Mar 2026 | |
|---|---|
| Sales + | 9,606 |
| Expenses + | 6,665 |
| Operating Profit | 2,941 |
| OPM % | 31% |
| Other Income + | 555 |
| Interest | 650 |
| Depreciation | 3,043 |
| Profit before tax | -197 |
| Tax % | 150% |
| Net Profit + | -493 |
| EPS in Rs | -104.50 |
| Dividend Payout % | 0% |
Financials of Vedanta Oil and Gas
Balance Sheet
Capital structure and asset base
| Mar 2026 | Sep 2026 | |
|---|---|---|
| Equity Capital | 5 | 391 |
| Reserves | 15,203 | 18,000 |
| Borrowings + | 6,433 | 2,787 |
| Other Liabilities + | 16,530 | 15,101 |
| Total Liabilities | 38,171 | 36,279 |
| Fixed Assets + | 10,661 | 10,097 |
| CWIP | 6,219 | 6,293 |
| Investments | 1,033 | 1,175 |
| Other Assets + | 20,258 | 18,714 |
| Total Assets | 38,171 | 36,279 |
Financials of Vedanta Oil and Gas
Cash Flows
Operating, investing and financing cash movement
| Mar 2026 | |
|---|---|
| Cash from Operating Activity + | |
| Cash from Investing Activity + | |
| Cash from Financing Activity + | |
| Net Cash Flow | |
| Free Cash Flow | |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit |
Financials of Vedanta Oil and Gas
Ratios
Working capital efficiency and return ratios
| Mar 2026 | |
|---|---|
| Debtor Days | 31 |
| Inventory Days | |
| Days Payable | |
| Cash Conversion Cycle | 31 |
| Working Capital Days | -208 |
| ROCE % |
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What Vedanta Oil and Gas's management said in earlier quarters
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