Vedanta Power Limited – Investor Presentation Summary

Key Operational Highlights

  • Power sales reached 5,593 MUs in Q2 FY27, up 26% YoY from 4,433 MUs
  • Net Sales Realization (NSR) improved to ₹5.20/kWh from ₹4.74/kWh a year ago
  • Key drivers: Strong operational execution, higher plant availability, and improved realizations
  • Meenakshi Energy Limited achieved 1,470 MUs sold (+9% QoQ, +111% YoY)
  • Jharsuguda Independent Power Plant availability surged to 98% from 48% a year ago
  • Talwandi Sabo Thermal Plant supplied 2,945 MUs (+8% QoQ, +6% YoY)
  • Sakti Thermal Power Plant synchronized on October 25, 2026

Segment-wise Performance

  • Meenakshi Energy Limited: 1,470 MUs sold in Q2 FY27, quarterly EBITDA of ₹101 Cr
  • Jharsuguda Independent Power Plant: 873 MUs sold in Q2 FY27 (+27% QoQ, +187% YoY)
  • Talwandi Sabo Thermal Plant: 2,945 MUs sold in Q2 FY27, H1 availability of 86%
  • Sakti Thermal Power Plant: 305 MUs sold in Q2 FY27 (600 MW operational capacity)

Financial Highlights

Q2 FY27 Performance:

  • Revenue: ₹2,908 Cr (up 38% YoY from ₹2,104 Cr)
  • EBITDA: ₹421 Cr (up 122% YoY from ₹190 Cr)
  • PAT before exceptional items: ₹101 Cr (vs loss of ₹142 Cr in Q2 FY26)
  • EPS: ₹0.21 (first ever positive EPS)
  • EBITDA Margin: 15% (vs 9% in Q2 FY26)

H1 FY27 Performance:

  • Revenue: ₹5,515 Cr (up 35% YoY from ₹4,090 Cr)
  • EBITDA: ₹712 Cr (up 17% YoY from ₹607 Cr)
  • PAT before exceptional items: ₹42 Cr (vs loss of ₹54 Cr in H1 FY26)
  • Power Sales: 10,817 MUs (up 32% YoY from 8,216 MUs)

Quarterly Comparison:

  • Q2 FY27 vs Q1 FY27: Revenue up ₹301 Cr (₹2,607 Cr to ₹2,908 Cr), EBITDA up ₹130 Cr (₹291 Cr to ₹421 Cr)
  • Finance costs: ₹200 Cr in Q2 FY27 vs ₹196 Cr in Q1 FY27
  • Depreciation and amortization: ₹130 Cr in Q2 FY27 vs ₹225 Cr in Q1 FY27

Drivers of financial performance: Higher volumes, better realizations, disciplined costs, and financial efficiency

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

  • Net Debt: ₹7,444 Cr (down from ₹7,704 Cr in Q1 FY27)
  • Cash & Cash Equivalents: ₹1,063 Cr
  • Net Debt/EBITDA: 4.47x (improved from 5.38x in Q1 FY27 and 9.82x in Q2 FY26)
  • Financial Health: Strong cash flow generation, improved liquidity, rating upgrades to CRISIL AA− and ICRA AA−

Capex & Cash Flow Health

  • Approved Capex: ₹5,209 Cr for expansion to 1,200 MW
  • Spent Capex: ₹3,592 Cr up to Q2 FY27
  • Unspent Capex: ₹1,617 Cr
  • Free Cash Flow: Not Specified
  • Operating Cash Flow: Not Specified
  • Investment Rationale: Focus on capacity expansion, technology upgrades, and operational efficiency

Strategic & R&D Initiatives

Short-Term Strategy (1-2 years):

  • Post-Expansion 1,200 MW capacity addition
  • Grow thermal power generation business to 12 GW via organic growth in Sakti

Medium-Term Strategy (3-5 years):

  • Evaluating acquisition of coal block based on commercial benefit
  • Power expansion and captive coal development

Long-Term Vision:

  • Contribute to India's nuclear capacity scaling from 8 GW to 100 GW by 2047
  • Potential entry into power distribution through state privatization initiatives

Fuel Security:

  • 85% long-term coal security with linkages from MCL, SECL, and NCL
  • Meenakshi Energy pushing toward 100% domestic coal (currently 35% imported, 65% domestic)

Industry Trends & Business Environment

  • India's per capita power consumption target: 2,000 kWh by 2030 and 4,000 kWh by 2047
  • Current India power consumption: 1,460 kWh/capita (FY25)
  • High growth potential in Indian power sector
  • Domestic coal linkages and contracted supply arrangements support fuel and revenue visibility
  • Meenakshi has five-year power purchase agreement for 300 MW with Tamil Nadu Power Development Corporation Limited

Management Commentary & Growth Outlook

Rajinder Singh Ahuja, CEO & Whole-time Director:

"Our highest ever Q2 performance reflects the inherent strength of our assets and the resilience of our operations. Our first-ever positive EPS marks a turning point for Vedanta Power. Record power sales showcase our ability to supply round-the-clock power. Our strategy shall remain focused on deepening asset efficiency, while advancing our growth roadmap to support India's rising demand for reliable power."

Pankaj Jha, Chief Financial Officer:

"The operational turnaround is translating into stronger profitability and a robust balance sheet. Higher volumes, better realisations, disciplined costs, prudent capital allocation, and financial efficiency drove this. We are building a power business that is reliable, cost-competitive and responsible. Our focus is on operational excellence, a stronger balance sheet and long-term value for our shareholders."

FY Guidance: Not Specified

Market Share Targets: Not Specified

ESG Updates

Environmental Performance:

  • GHG Intensity: 0.88 tCO2e/MWh (+5% QoQ, +2% YoY)
  • Specific Fresh Water Consumption: -51% YoY reduction
  • Ash Utilization: 65% (-20% QoQ, -19% YoY)
  • Trees Planted: 9.02 lakhs cumulative (+2% QoQ, +10% YoY)
  • Industry-leading biomass co-firing
  • 100% saline water operations at Meenakshi Energy Limited

Social Impact:

  • 4,297 families skilled (+10% QoQ, +23% YoY)
  • 1.70 lakh women and children impacted (+9% QoQ, +38% YoY)
  • 76% local employment (+62% YoY)
  • 53% local procurement (+46% QoQ, +10% YoY)
  • 31% women in workforce (+11% QoQ, +27% YoY)
  • 24% women in decision-making bodies (+21% YoY)

Safety & Infrastructure:

  • ₹8.2 Cr spend on safety infrastructure
  • 85.6% infrastructure matrix compliance (+6% QoQ, +25% YoY)

Awards & Recognition:

  • India CSR Awards 2026 for Project Aarogya (Healthcare category)
  • India CSR Awards 2026 for Project Navi Disha (Agriculture Development)
  • Single-Use Plastic Free Certification 2026 for Meenakshi Energy Limited

#CompanyName: Vedanta Power Limited