Vedanta Aluminium Metal Limited announced its unaudited financial results for the second quarter and half year ended September 30, 2026. The Board meeting commenced at 02:10 p.m. IST and concluded at 03:12 p.m. IST on October 28, 2026.

Financial Performance (Consolidated, ₹ crore)

Second Quarter FY27 (Q2 FY27) vs Q2 FY26:

  • Revenue: ₹22,066 crore (up 41% YoY from ₹15,670 crore)
  • EBITDA: ₹10,192 crore (up 83% YoY from ₹5,582 crore)
  • EBITDA Margin: 46% (up from 36% YoY)
  • Profit After Tax: ₹6,187 crore (up 105% YoY from ₹3,012 crore)
  • Exceptional Items (Net of Tax): ₹363 crore expense

Second Quarter FY27 (Q2 FY27) vs Q1 FY27:

  • Revenue: ₹22,066 crore (up 5% QoQ from ₹21,105 crore)
  • EBITDA: ₹10,192 crore (down 3% QoQ from ₹10,499 crore)
  • EBITDA Margin: 46% (down from 50% QoQ)
  • Profit After Tax: ₹6,187 crore (down 6% QoQ from ₹6,597 crore)

Half Year FY27 (1H FY27) vs 1H FY26:

  • Revenue: ₹43,171 crore (up 43% YoY from ₹30,227 crore)
  • EBITDA: ₹20,691 crore (up 106% YoY from ₹10,062 crore)
  • Profit After Tax: ₹12,784 crore (up 147% YoY from ₹5,174 crore)

Operational Performance

Production Metrics:

  • Quarterly Aluminium Production: 649 KT (up 5% YoY, up 3% QoQ) - highest ever quarterly production
  • Quarterly Value-Added Production: 432 KT (up 31% YoY) - record high
  • Quarterly Alumina Production: 895 KT (up 37% YoY) - record quarterly high
  • Half-Yearly Aluminium Production: 1,281 KT (up 5% YoY) - highest ever half-yearly production
  • Half-Yearly Alumina Production: 1,721 KT (up 39% YoY)

Cost Metrics:

  • Hot Metal Cost of Production: $1,722/t (up 1% QoQ, down 6% YoY)
  • Half-Yearly Hot Metal Cost of Production: $1,711/t (down 5% YoY)

Balance Sheet and Debt Position

As of Q2 FY27:

  • Cash and Cash Equivalents: ₹6,318 crore
  • Gross Debt: $3.4 billion (₹32,800 crore)
  • Net Debt: $2.8 billion (₹26,400 crore)
  • Net Debt Reduction: ₹3,090 crore from Q1 FY27
  • Net Debt/EBITDA: 0.7x (improved from 0.9x in Q1 FY27)
  • Debt Maturity: Average term debt maturity of ~4.1 years
  • Debt Composition: 89% INR Debt, 11% USD/Foreign Currency Debt

Credit Rating Updates

  • India Ratings upgraded credit rating to AA+ (Stable)
  • ICRA reaffirmed AA+ (Stable)
  • CRISIL reaffirmed AA+ (Stable)

Strategic Developments and Expansion

Project Milestones:

  • Second zone of 435 KTPA BALCO expansion operationalized
  • Consent to Operate (CTO) obtained for Sijimali Bauxite Block
  • Mining Lease executed for Sijimali Bauxite Mine
  • Mine Opening permission obtained for Kuraloi (A) North Coal Block
  • Environmental Clearance recommended for Ghogharpalli Coal Mine

Capex Update (₹ crore):

  • Total Approved Capex: ₹25,547 crore
  • Spent Till Date: ₹19,117 crore
  • Spent in 1H FY27: ₹1,092 crore
  • Unspent as on September 30, 2026: ₹6,430 crore

Breakdown by Project:

  • Coal & Bauxite Mines: ₹7,146 crore approved, ₹1,988 crore spent
  • Lanjigarh Refinery (2 to 5 MTPA): ₹6,585 crore approved, ₹6,104 crore spent
  • BALCO Smelter and VAP Capacity Expansion: ₹11,816 crore approved, ₹11,025 crore spent

ESG Performance

Environmental:

  • Renewable energy consumption: 415 MW (up from 312 MW in Q2 FY26)
  • Renewable energy share: 9% (from 7.3% in Q2 FY26)
  • GHG intensity: 16.42 (improved from 16.54 in Q1 FY27)
  • Water positivity: 1.06 at operational smelters
  • Fly ash utilization: 78% in Q2
  • Water recycling: 17.81%
  • Trees planted in Q2: 63,000+

Social:

  • Beneficiaries: 1.3 lakh+
  • Community Assets: 300+
  • Nand Ghars: 893

Safety:

  • Zero employee fatalities in Q2 FY27
  • One business partner fatality in Q2 FY27

Management Commentary

Rajesh Kumar, Whole-Time Director & CEO: emphasized continued momentum in scaling Vedanta Aluminium into a globally competitive, integrated aluminium business with record production and progress on growth initiatives.

Anup Agarwal, CFO: highlighted sustained earnings momentum, disciplined cash generation, capital management, and strengthened financial profile with ratings upgrade.

Guidance and Sensitivity

FY27 Guidance:

  • Alumina Production: 4.0-4.1 MnT
  • Aluminium Production: 2.6-2.7 MnT (including trial run production)
  • Hot Metal Cost of Production: $1,650-$1,700/t

Sensitivity Analysis:

  • ₹1 depreciation in USD/INR: Increases EBITDA by ~₹675-725 crore/year
  • $100/t movement in LME prices: Impacts EBITDA by ~₹2,175-2,225 crore/year
  • Anticipated additional impact due to war in H1FY27: $50-100/t

Investor Conference Call

A conference call was scheduled on October 28, 2026, from 5:00 PM to 6:00 PM IST with senior management to discuss results.

Awards and Recognitions

The company received multiple awards including:

  • BALCO: Excellence in Energy Conservation at 3rd Convention on Energy Conservation, 2026
  • Vedanta Aluminium, Jharsuguda: Recognition at CII Energy Efficiency Summit 2026
  • Vedanta Aluminium, Lanjigarh: Gold Award at 12th Greentech CSR India Awards 2026
  • British Safety Council Five-Star Occupational Health and Safety Audit Award
  • Gold Award at 8th ICC National Occupational Health & Safety Awards 2026
  • BALCO: Platinum award at CII National 3M Competition

Digital and AI Initiatives

The company reported:

  • 100+ Digital & AI go-lives in H1FY27
  • eStore GMV of $4 billion
  • 200+ AI projects in pipeline
  • Annualized benefit of $87 million from identified projects