Board Meeting Details

The meeting of the Board of Directors commenced at 03:50 p.m. IST and concluded at 04:28 p.m. IST on July 29, 2026.

Financial Performance Summary (Consolidated, ₹ crore)

| Metric | Q1 FY27 | Q4 FY26 | Q1 FY26 | QoQ Change | YoY Change |

| Revenue from operations | 3,612 | 3,803 | 3,033 | -5% | +18% |

| Other operating income | 50 | 60 | 62 | -17% | -20% |

| EBITDA | 515 | 574 | 335 | -10% | +54% |

| Depreciation & amortization | 225 | 212 | 199 | +6% | +13% |

| Finance Cost | 207 | 440 | 461 | -53% | -55% |

| Interest Income | 74 | 204 | 224 | -64% | -67% |

| Net gain on investments and Deferred Grant Income | 8 | 2 | 13 | N/A | N/A |

| Profit Before Exceptional Item and Taxes | 165 | 128 | (88) | +29% | N/A |

| Exceptional Items | 0 | (1,512) | 0 | N/A | N/A |

| Profit Before Tax | 165 | (1,384) | (88) | N/A | N/A |

| Current-Tax Charge | (54) | (569) | (79) | N/A | N/A |

| Special item-Tax Charge | 0 | 18 | 0 | N/A | N/A |

| Profit After Taxes-Continuing Operations | 111 | (1,935) | (167) | N/A | N/A |

| Profit After Taxes - Discontinued operations | 10 | (4) | 22 | N/A | N/A |

| Total Profit After Taxes | 121 | (1,939) | (145) | N/A | N/A |

Key Financial Highlights

  • Revenue: Q1 FY27 revenue stands at ₹3,662 crore, an increase of 18% YoY, supported by volume growth and improved margins.
  • EBITDA: Increased by 54% YoY to ₹515 crore, with margin improving by 322 basis points YoY to 14%.
  • PAT: Reported a profit of ₹121 crore, compared to a net loss of ₹145 crore in Q1 FY26.
  • Steel Business EBITDA Margin: Reported at ₹5,864 per ton, an improvement of 60% YoY.
  • Iron Ore Business EBITDA Margin: Reported at ₹1,226 per ton, a jump of 24% YoY.
  • Net Debt/EBITDA: Improved to 1.3x.
  • Cash and Cash Equivalents: Stood at ₹1,018 crore (including restricted fixed deposits of ₹352 crore).

Operational Highlights Q1 FY27

  • Pig Iron Production: Recorded highest ever quarterly production at 291 kt, up 8% YoY.
  • Iron Ore Production: Increased 4% YoY to 2.6 Mn DMT.
  • Steel Saleable Production: Increased 4% YoY and 2% QoQ to 582 KT.
  • Goa Pig Iron Plant: Recorded its highest ever production at 238 kt, up 12% YoY.

Management Commentary

Pankaj Kumar Sharma, CEO & WTD, VISL: Highlighted a resilient operational and financial performance driven by higher iron ore production, record pig iron output, operational efficiencies, and a focus on value-added products. The company remains focused on executing growth projects and improving cost competitiveness.

Navin Jaju, CFO, VISL: Reported healthy revenue growth of 18% and EBITDA growth of 54% YoY. Emphasized the company's strong liquidity position, disciplined capital allocation, and focus on cash generation to support the next phase of expansion.

ESG Highlights Q1 FY27

ESG remained a key pillar of the growth strategy. Company programs in healthcare, education, digital inclusion, skills development, women's empowerment, and sports engagement reached over 10,000 community members monthly. Key initiatives include over 100 Nand Ghars, a TACO-supported Animal Birth Control Centre, 20+ Vedanta Computer Centres & Labs, Sesa Football Academy, and ESL Archery Academy. Environmental performance was strengthened through renewable energy, low-carbon power generation, EV induction, and the plantation of over 55,000 saplings.

Awards and Recognition

  • Recognized by Mormugao Port Authority for achieving the highest export cargo tonnage.
  • Awarded Best Safety & Health Culture of the Year at Minerals & Mining Conclave 2026 and ASSOCHAM Business Excellence Awards.
  • Conferred Gold Award at CII IQ National Safety Practice Competition 2026.
  • Received Platinum Award for Best Kaizen in the Large Manufacturing Category.
  • Recognized among India's Best Workplaces in Basic Metals & Fabricated Metal Products 2026 by Great Place to Work®.
  • Recognized by Great Place to Work® in Mining & Quarrying category for the seventh consecutive year.

Project Updates (Capex in ₹ Cr)

| Project | Capex Approved | Capex Incurred in Q1 FY27 | Capex Incurred up to Q1 FY27 | Balance as on 30 Jun 2026 |

| Ductile Iron Pipe Plant, Goa | 722 | 17 | 342 | 380 |

| ESL Phase 1A | 2,975 | 64 | 2,223 | 752 |

| Total | 3,697 | 81 | 2,565 | 1,132 |

Future Project Pipeline

  • Iron Ore: Bicholim Mine, Goa (0.5 MTPA expansion from 3.6 MTPA) in FY27; Jhakal Mine, Karnataka in FY28.
  • Steel: Coke Oven 0.5 MTPA at ESL Bokaro in FY27; Hot Metal capacity expansion from 1.7 to 3.2 MTPA; 0.2 MTPA DI Pipe Plant in FY27; 0.42 MTPA DI Pipe Plant at Goa in FY27.

Project timelines are subject to statutory permissions.

Segment Performance Summary

Iron Ore Segment:

  • Production: 2.6 Mn DMT in Q1 FY27 (Goa: 0.6, Karnataka: 0.9, Odisha: 1.2)
  • Gross Revenue: ₹1,190 Cr
  • Net Revenue: ₹773 Cr
  • EBITDA: ₹179 Cr

Steel Segment:

  • Hot Metal Production: 601 kt in Q1 FY27 (Goa: 238 kt, Bokaro: 363 kt)
  • Saleable Production: 582 kt (Pig Iron: 291 kt, Billets: 20 kt, TMT Bars: 132 kt, Wire Rod: 109 kt, Ductile Iron Pipes: 30 kt)
  • Revenue: ₹2,839 Cr
  • EBITDA: ₹336 Cr
  • Margin: ₹5,864/ton

Net Debt Position

Net External Debt reduced to ₹1,773 Cr as of June 2026 from ₹2,862 Cr in March 2026. The increase in working capital reflects a strategic inventory build-up ahead of the monsoon season, expected to be released by Q2 FY27.

Important Note

The data presented covers the full quarter commencing April 1, 2026, and is not limited to the period following the demerger from Vedanta Limited, which became effective on May 1, 2026.

Investor Call Details

An earnings conference call is scheduled for July 30, 2026, from 5:00 PM to 6:30 PM IST. Dial-in numbers are provided for India, UK, USA, and other international locations.