Vedanta Iron And Steel Limited (VISL) announced its unaudited consolidated and standalone financial results for the second quarter and half year ended September 30, 2026. The board meeting was held on October 27, 2026, commencing at 03:51 p.m. IST and concluding at 04:13 p.m. IST.

Financial Performance Highlights

H1 FY27 Performance (Half Year Ended September 30, 2026):

  • Revenue increased 8% YoY to ₹6,450 crore
  • EBITDA surged 54% YoY to ₹598 crore
  • EBITDA margin expanded by 275 basis points YoY to 9%
  • Loss after tax significantly reduced to ₹203 crore from ₹622 crore in H1 FY26

Q2 FY27 Performance (Quarter Ended September 30, 2026):

  • Revenue stood at ₹2,788 crore (down 2% YoY from ₹2,790 crore in Q2 FY26)
  • EBITDA increased 56% YoY to ₹83 crore
  • EBITDA margin improved by 112 bps YoY to 3%
  • Loss after tax was ₹324 crore, reduced from ₹477 crore loss in Q2 FY26

Operational Performance

Production Metrics H1 FY27:

  • Steel production grew 4% YoY to 1.114 million tonnes
  • Record half-yearly Pig Iron production of 568 kt, up 4% YoY
  • Iron ore production stood at 4.2 million tonnes

Production Metrics Q2 FY27:

  • Steel production: 532 KT, up 4% YoY
  • Iron ore production: 1.5 million DMT, down 13% YoY
  • Iron Ore Odisha production increased 34% YoY to 0.9 Mn DMT
  • Iron Ore Goa production increased 22% YoY to 0.1 Mn DMT

Credit Rating

CRISIL assigned VISL an AA/Stable credit rating during Q2 FY27 and H1 FY27, providing an independent assessment of the company's financial profile.

Financial Structure

Net Debt Position (as of September 30, 2026):

  • Gross Debt: ₹2,637 crore (Term Debt: ₹623 crore, Short Term Borrowing: ₹1,378 crore, Working Capital: ₹636 crore)
  • Cash and Cash Equivalents: ₹847 crore (including restricted fixed deposits of ₹295 crore)
  • Net Debt (External): ₹1,790 crore
  • Inter Company Debt: ₹973 crore
  • Total Net Debt: ₹2,763 crore
  • Net External Debt/EBITDA: 1.3x

Management Commentary

CEO Mr. Pankaj Kumar Sharma stated: VISL delivered stronger YoY operating performance in H1 FY27 supported by improved steel realizations, higher steel volumes, and efficiency initiatives. Planned shutdowns were completed at Bokaro and Goa operations to strengthen asset reliability for H2.

CFO Mr. Navin Jaju stated: H1 FY27 EBITDA increased 54% YoY with margin expansion of 275 bps. Profitability improved materially while net debt to EBITDA reflects a healthy balance sheet position. Focus remains on disciplined capital allocation and working capital management.

ESG Initiatives

  • Secured 21 MW of solar power through open access at ESL Bokaro with potential annual emission reduction of approximately 50,000 tCO₂
  • Q2 FY27 LTIFR improved to 0.41 from 0.64 in Q1 FY27
  • TRIFR improved to 0.71 from 1.59
  • CSR programmes reached over 57,000 beneficiaries across 69 villages in five states

Awards and Recognition

  • Gold Export Excellence Award from New Mangalore Port Authority for highest iron ore exports in FY 2025-26
  • Hindalco–Aditya Birla Award for Sustainable Mining 2025-26
  • GreenPro Certified Steel Portfolio Award 2026 for ESL Bokaro steel products
  • Recognition at CII National Kaizen Competition 2026 and CII National Digitech Competition 2026
  • Excellence in Talent Management Award at India HR Summit Awards 2026

Project Updates

Capex in Progress:

  • Ductile Iron Pipe – Goa: Approved ₹722 crore, spent ₹453 crore up to Q2 FY27
  • ESL Phase 1A: Approved ₹2,975 crore, spent ₹2,343 crore up to Q2 FY27
  • Total approved capex: ₹3,697 crore, spent ₹2,796 crore up to Q2 FY27

Future Projects:

  • FY27: Bicholim Mine expansion (Goa) from 3–3.6 MTPA; Cudnem Mine 0.5 MTPA (Goa); ESL Bokaro Coke Oven of 0.5 MTPA; Hot Metal Capacity Expansion from 1.7 to 3.2 MTPA; VAB Goa 0.42 MTPA DI Pipe Plant
  • FY28: Janthakal Mine (Karnataka); DIP of 0.2 MTPA

Segment Performance

Iron Ore Segment H1 FY27:

  • Gross Revenue: ₹1,828 crore (up 6% YoY)
  • Net Revenue: ₹1,027 crore (down 19% YoY)
  • EBITDA: ₹189 crore (down 26% YoY)

Steel Segment H1 FY27:

  • Revenue: ₹5,327 crore (up 17% YoY)
  • EBITDA: ₹409 crore (up 207% YoY)
  • Margin: ₹3,709/t (up 198% YoY)

Detailed Financials

Income Statement Highlights (H1 FY27 vs H1 FY26):

  • Revenue from operations: ₹6,354 crore vs ₹5,823 crore
  • Other operating income: ₹96 crore vs ₹130 crore
  • Depreciation & amortization: ₹-443 crore vs ₹-403 crore
  • Finance Cost: ₹-378 crore vs ₹-892 crore (reduction of 58%)
  • Interest Income: ₹96 crore vs ₹366 crore (reduction of 74%)
  • Tax Charge: ₹-67 crore vs ₹-130 crore

Investor Relations

Earnings conference call scheduled for October 27, 2026, from 5:00 PM to 5:30 PM IST. Call recording will be available on company website on October 28, 2026.