Vedanta Iron and Steel Q1 FY27: ₹121 cr profit

First quarterly results after the Vedanta demerger

Vedanta Iron and Steel Ltd (VISL), recently demerged from Vedanta Ltd, has reported its first quarterly results as an independently listed entity. For the quarter ended June 30, 2026 (Q1 FY27), the company reported a consolidated net profit after tax of ₹121 crore. PTI, citing the company’s regulatory filing, reported a consolidated net profit of ₹122 crore for the same quarter, compared with a net loss in the year-ago period.

The earnings were supported by higher revenue from operations compared with the corresponding quarter last year. Alongside the financial results, the company also released operational data for Q1 FY27, including record pig iron and strong mining volumes in some regions.

Profit swing versus Q4 FY26 and Q1 FY26

VISL’s Q1 FY27 profitability marks a sharp turnaround from the immediately preceding quarter. The company reported a consolidated net loss of ₹1,939 crore in Q4 FY26. It also reported a consolidated net loss of ₹145 crore in Q1 FY26, while PTI cited a net loss of ₹142 crore for the year-ago quarter.

The reported numbers indicate that the latest quarter saw a significant change in the bottom line, with positive profit after tax and improved earnings per share. The company’s filing also reported basic and diluted earnings per share (EPS) for continuing operations 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.

Revenue rises year-on-year, softens sequentially

Consolidated revenue from operations for Q1 FY27 stood at ₹3,662 crore. This was higher than ₹3,095 crore in Q1 FY26, reflecting year-on-year growth in operating revenue. But it was lower than ₹3,863 crore reported in the preceding quarter (Q4 FY26), indicating a sequential decline.

Total consolidated income for the quarter was ₹3,751 crore. This compares with ₹3,340 crore in Q1 FY26 and ₹4,090 crore in Q4 FY26. The income trend broadly mirrors the movement in revenue from operations, with Q1 FY27 above last year but below the immediately preceding quarter.

Expenses and EBITDA disclosed in the filing

Total consolidated expenses for the quarter ended June 30, 2026 were ₹3,586 crore. Expenses were lower than ₹3,962 crore in Q4 FY26 but higher than ₹3,428 crore in Q1 FY26.

The filing also reported consolidated EBITDA from continuing operations at ₹515 crore for Q1 FY27. While the company did not provide additional commentary in the provided text, the disclosed EBITDA and lower sequential expenses coincided with the shift to profitability in the quarter.

Discontinued operations: small profit and revenue contribution

VISL also reported discontinued operations in the quarter. Profit after tax from discontinued operations was ₹10 crore for Q1 FY27. Consolidated revenue from discontinued operations was ₹15 crore, and the company reported segment results (EBITDA) from discontinued operations of ₹10 crore.

On an overall basis, basic and diluted earnings per share (including discontinued operations) were ₹0.31 for the quarter. The company separately disclosed the continuing operations EPS at ₹0.29.

Operational update: record pig iron, ore output up 4%

In its quarterly production update, VISL reported its highest-ever quarterly pig iron production at 291 kilotonnes (KT) in Q1 FY27, up 8% year-on-year. Hot metal production at the Goa plant increased 12% year-on-year to a record 238 KT, as mining and processing operations ramped up.

Across mining regions, the company recorded iron ore production of 0.6 million dry metric tonnes (MDMT) from its Goa mines during the quarter ended June 30, up 166% from a year earlier. Saleable iron ore production from Odisha rose 59% year-on-year to 1.2 MDMT, supported by improved operational efficiency. Total saleable iron ore production increased 4% year-on-year to 2.6 million dry metric tonnes (Mn DMT) during the quarter.

Karnataka was the key laggard in the update. Iron ore production from Karnataka declined 46% year-on-year to 0.9 MDMT due to mine planning aimed at supporting higher output in the coming quarters. The company said this figure includes 0.5 MDMT of banded hematite quartzite (BHQ) material that will be processed after the commissioning of a beneficiation plant.

Steel and hot metal volumes in Q1 FY27

VISL reported overall hot metal production of 601 KT in Q1 FY27, up 3% year-on-year. Saleable steel production increased 4% to 582 KT during the quarter. Another data point in the provided text compares this with 562 KT in the first quarter of the previous financial year.

The operational note also provided a split of total hot metal output: 601 KT was split between the Bokaro furnaces (363 KT) and the Goa lines (238 KT). The figures underline the role of the Goa operations in driving record pig iron performance during the quarter.

Stock and sector snapshot after Q1 updates

Trading in Vedanta’s recently demerged entities was described as mixed after their Q1 business updates. The note said Vedanta Oil & Gas, Vedanta Iron & Steel and Vedanta Power fell up to 8% on weaker operational performance, while Vedanta Aluminium Metal gained after reporting record quarterly aluminium production.

Separately, the text includes multiple price references for VISL: a quoted level of 35.26 with a move of +2.84 (+8.76%), and a table showing Vedanta Iron & Steel at a current market price (CMP) of ₹39 with 24% five-day returns and 92% year-to-date returns. Another passage stated the stock saw profit-booking after a 113% rally to ₹42.65.

Key numbers at a glance

Why these results matter for the demerged entity

The Q1 FY27 print is the first set of earnings for VISL as an independently listed company following its demerger from Vedanta Ltd. The quarter combines a return to consolidated profitability, higher year-on-year revenue from operations, and a detailed operating update showing growth in key output metrics such as pig iron and saleable steel.

The disclosures also highlight a mixed regional mining picture, with sharp gains in Goa and Odisha and a steep decline in Karnataka linked to mine planning and BHQ processing plans tied to a beneficiation plant. For investors tracking the newly listed structure, the combination of financial disclosures and production data offers early visibility into how the standalone entity is performing.

Conclusion

Vedanta Iron and Steel reported a consolidated net profit of ₹121 crore in Q1 FY27, supported by ₹3,662 crore in revenue from operations and disclosed EBITDA of ₹515 crore. Operationally, the company reported record pig iron production of 291 KT and total saleable iron ore output of 2.6 Mn DMT. With the company having recently been demerged from Vedanta Ltd, future quarters are expected to bring further standalone disclosures through regular exchange filings and production updates.