Vedanta Q1 FY27: VISL turns profitable, Power posts loss

Mixed first-quarter readout for newly listed Vedanta units

Vedanta Group’s newly listed businesses reported a mixed performance in Q1 FY27, even as revenue rose across oil and gas, power, and iron and steel. Profitability improved sharply at the iron and steel and oil and gas verticals, while the power business reported a loss. The quarter was also notable because Vedanta Iron and Steel Ltd (VISL) reported its first results as an independently listed entity after being demerged from Vedanta Ltd. Vedanta Oil and Gas Ltd (VOGL) also made its stock market debut during the quarter and reported a return to profit, including discontinued operations.

What changed quarter-on-quarter and year-on-year

In iron and steel, the reported improvement was supported by higher steel and iron ore prices, better operational efficiencies, and lower finance costs. In oil and gas, the company reported higher revenue and positive profitability after losses in prior comparable periods. In power, revenue and sales volumes rose, but higher costs pushed the business into a quarterly loss versus a profit a year earlier. Alongside financial numbers, VISL and other Vedanta businesses disclosed operational metrics, including record pig iron output at VISL and changes in production trends across several segments.

VISL Q1 FY27: revenue up 18% and EBITDA up 54%

VISL delivered the strongest earnings growth among the newly listed businesses in Q1 FY27. Revenue rose 18% year-on-year to ₹3,662 crore, while EBITDA jumped 54% to ₹515 crore. The company reported profit after tax (PAT) of ₹121 crore, compared with a net loss of ₹145 crore in the corresponding quarter last year. PTI, citing a regulatory filing, reported consolidated net profit of ₹122 crore for the same quarter, indicating minor reporting variation across sources.

VISL’s filing also disclosed additional income statement items for the quarter ended June 30, 2026. Total consolidated income was reported at ₹3,751 crore, while total consolidated expenses were ₹3,586 crore. Basic and diluted earnings per share (EPS) for continuing operations were reported at ₹0.29 in Q1 FY27, compared with a loss of ₹4.88 in Q4 FY26 and a loss of ₹0.42 in Q1 FY26.

VISL operations: record pig iron and higher iron ore volumes

Alongside earnings, VISL released operational data showing a record quarter for pig iron. Pig iron production reached an all-time high of 291 kilotonnes (KT) in Q1 FY27. The company also reported this was up 8% year-on-year.

On the mining side, VISL reported saleable iron ore production at 2.6 million dry metric tonnes (Mn DMT), up 4% year-on-year. These numbers were positioned as key operational supports for the quarter’s profitability shift, alongside pricing and cost factors mentioned in the company’s disclosures.

VOGL debut quarter: revenue rises and PAT turns positive

Vedanta Oil and Gas Ltd (VOGL), which listed during the quarter, reported a 9% increase in revenue to ₹2,507 crore. EBITDA was reported at ₹1,232 crore. The company also reported PAT of ₹945 crore, including discontinued operations, compared with losses in both the year-ago and preceding quarters.

Separately, operational data in the provided material showed gross oil and gas production declining 17% year-on-year to 7.1 million boe for Vedanta Oil and Gas. The dataset does not reconcile how production and pricing moved together during the quarter, so the financial improvement is reported here as stated.

Vedanta Power Q1 FY27: revenue and sales up, but losses widen

Vedanta Power Ltd reported higher revenue and a sharp rise in power sales in its first quarterly results as an independent listed entity, but the company slipped into losses versus the year-ago quarter. On a consolidated basis, Vedanta Power reported a loss of ₹423 crore in Q1 FY27, compared with a profit of ₹88 crore in the corresponding quarter last year.

On a standalone basis, Vedanta Power reported a loss of ₹449 crore for the quarter ended June 30, 2026, compared with a net profit of ₹75 crore in the year-ago period. Total income (standalone) increased to ₹1,844 crore from ₹1,734 crore, while total expenses rose to ₹1,985 crore from ₹1,638 crore.

Revenue disclosure for the power business also appeared in two forms across the provided material. One summary said revenue rose 31% year-on-year to ₹2,607 crore with EBITDA of ₹291 crore, driven by a 38% rise in power sales to 5,224 million units. Another set of disclosures reported consolidated income rising to ₹2,616 crore from ₹1,991 crore, and power sales rising 38% to 5,225 million units. The figures indicate differences between revenue from operations versus total income, and standalone versus consolidated reporting.

Vedanta Ltd: strong Q1 FY27 results and leadership update

Vedanta Ltd reported a strong Q1 FY27 performance, with net profit jumping 144.8% to ₹5,469 crore and revenue from operations increasing 76.9% to ₹13,747 crore (from ₹7,771 crore in the year-ago period). The company also reported operating margin improvement to 52% from 38%, and net profit margin expansion to 40% from 29%.

Vedanta Ltd announced the appointment of Amarendu Prakash as CEO and whole-time director, effective August 1, 2026. The same material also noted regulatory overhangs, including SEBI comments on related party transactions and an ED search in June 2026, with no penalty stated in the provided text.

Key operational trends across other Vedanta segments

The provided operational snapshot highlighted mixed trends across Vedanta’s broader portfolio. At Hindustan Zinc, mined metal production increased 1% year-on-year to 268 KT, while saleable metal production rose 4% to 260 KT. Zinc International reported a 14% decline in mined metal production to 48 KT.

Other segment updates included: ferro alloys ore production increasing 41%, copper sales rising 3%, and global copper rod sales declining 51% to 9,000 tonnes. Aluminium production was reported at a record 632 KT, up 5% year-on-year. Port operations at Visakhapatnam also showed higher volumes, with cargo discharge up 40% to 2,358,000 tonnes and port dispatch up 11% to 1,652,000 tonnes.

Market impact and what investors are likely to track

For investors assessing the post-demerger structure, Q1 FY27 data points to a clear split in earnings momentum between metals and energy. VISL’s move from loss to profit, backed by higher EBITDA and record pig iron output, sets an early benchmark for the iron and steel business as a separately listed company. VOGL’s profitability, including discontinued operations, and EBITDA disclosures provide another early reference point, even as production was reported lower year-on-year.

Vedanta Power’s quarter highlights the importance of cost and expense control alongside volume growth, since sales and income increased but losses widened on both standalone and consolidated bases. At the parent company level, Vedanta Ltd’s margin expansion and profit growth, plus the CEO appointment effective August 1, 2026, are likely to be tracked alongside any further updates related to regulatory scrutiny mentioned in the provided material.

Summary table: reported Q1 FY27 numbers

Conclusion

Q1 FY27 results across Vedanta’s newly listed businesses underline divergent performance across the portfolio: VISL and VOGL reported sharp profitability improvement, while Vedanta Power moved into losses despite stronger sales volumes. For the parent company, Vedanta Ltd reported higher profit and revenue with improved margins and confirmed a CEO appointment effective August 1, 2026. Investors are likely to watch follow-through in operational metrics, the cost trajectory at the power business, and any further disclosures related to the regulatory items cited in the provided material.