Financial Performance Q2FY27

  • Revenue: ₹2,486 crore, up 7% YoY
  • EBITDA: ₹1,393 crore, up 34% YoY
  • EBITDA Margin: 56%
  • PAT from continuing operations: ₹746 crore
  • PAT including discontinued operations: ₹746 crore

Financial Performance H1FY27

  • Revenue: ₹4,993 crore, up 8% YoY
  • EBITDA: ₹2,625 crore, up 14% YoY
  • EBITDA Margin: 53%
  • PAT from continuing operations: ₹594 crore
  • PAT including discontinued operations: ₹1,691 crore

Operational Highlights Q2FY27

  • Average daily gross operated production: 72.2 kboepd
  • Average daily working interest production: 47.8 kboepd
  • Total gross oil and gas production: 6.6 million boe
  • Total working interest production: 4.4 million boe
  • Average oil price realization: $93.0/bbl, up 41% YoY
  • Brent price: $97.0/bbl, up 40% YoY

Strategic Developments

  • Three discoveries notified in Rajasthan block during H1FY27 (deep-gas and shallow-oil discoveries in Kaameshwari, Saraswati and Raageshwari fields)
  • Awarded two offshore blocks in Krishna Godavari Basin under DSF IV bid round (KG/OSDSF/G1/2025 - Shallow Water and KG/DWDSF/GD10/2025 - Deepwater)
  • Focused production optimization initiatives driving decline arrest across mature assets
  • Positive reversal trend observed at Ravva asset due to partial shift to low-pressure operations

Financial Position

  • ROCE: 9% (trailing 12 months)
  • Net Debt: Near zero as of September 2026
  • Liquid Investments (including cash & cash equivalents): ₹2,639 crore as of September 2026
  • Q2FY27 Capex: ₹504 crore
  • H1FY27 Capex: ₹1,220 crore
  • Operating Cash Flow (H1FY27): ₹2,230 crore
  • Credit Rating: AA+/Stable by ICRA, maintained in Q2FY27

FY27 Guidance

  • Volume: 73-77 kboepd
  • Operating cost: $19.5-20.0/boe
  • Capex: $320-340 million

Production Breakdown Q2FY27 (Gross Operated)

  • Rajasthan: 59.9 kboepd (15% YoY decline)
  • Ravva: 8.1 kboepd (1% YoY decline)
  • Cambay: 1.1 kboepd (83% YoY decline) - Production factored only till July 21, 2026 due to operational transfer to ONGC
  • OALP: 3.1 kboepd (15% YoY decline)

Legal Matter

Regarding Cambay block (CB/OS-2), MoPNG rejected PSC extension application on September 19, 2025. Vedanta challenged this before Delhi High Court, which was dismissed on July 22, 2026. Vedanta has filed an appeal before Division Bench of Delhi High Court. Arguments completed on October 1, 2026, and matter reserved for judgment. ONGC took over complete operations of the block from July 24, 2026, per MoPNG directions.

Management Commentary

Jim Johnny Gast, Interim CEO and Whole Time Director: "Our Q2FY27 performance reflects disciplined execution and the strength of our portfolio. Focused production optimization initiatives are driving decline arrest across our mature assets, while new discoveries reinforce the untapped potential of our acreage."

Arpit Mundra, Chief Financial Officer: "Our profitability in Q2FY27 demonstrate the resilience of our financial foundation and disciplined approach to capital management. Supported by higher price realization and operational discipline, we delivered healthy cash generation while investing in strategic growth opportunities."

Additional Information

The company holds interests in 45 blocks spanning over 47,000 sq. km of acreage across India with gross 2P and 2C resources of 1.3 bnboe. The investor presentation highlighted the company's value creation model focusing on exploration, development, production, and reinvestment cycles.

Earnings Call Details

Scheduled for October 29, 2026, from 5:00 PM to 5:30 PM IST with universal dial-in numbers provided for international participants.