Vedanta has delivered the strongest quarter in its history. The metals and mining group reported a net profit of Rs 6,202 crore for the July to September quarter, up 151 percent from Rs 2,471 crore a year earlier, as higher commodity prices, better volumes and a favourable currency movement lifted earnings across its businesses.
Revenue rose 57 percent to Rs 25,812 crore, from Rs 16,445 crore in the same quarter last year. Operating profit, measured as EBITDA, more than doubled to a record Rs 9,938 crore, from Rs 4,817 crore. The EBITDA margin widened to 60 percent, up by 1,055 basis points from a year ago. The results, announced on Wednesday, also brought a first interim dividend of Rs 5 per share for shareholders.
Shares of Vedanta rose nearly 3 percent in Wednesday trade after the numbers were announced, as investors welcomed the combination of record profit, stronger cash flow and lower debt in the same quarter.
A record quarter on every headline number
The September quarter set records on revenue, operating profit and profit after tax at the same time. That shows how much of the improvement came from operations rather than a single one-off gain.
For the first half of the financial year, the picture is just as strong. Revenue reached a record Rs 49,268 crore, up 54 percent from a year earlier. EBITDA for the half year rose 103 percent to Rs 18,407 crore, while profit after tax climbed 151 percent to Rs 11,496 crore. The company said growth was supported by higher commodity prices, favourable foreign exchange and higher volumes.
Cash generation was the other headline. Vedanta generated free cash flow before capital expenditure of Rs 5,803 crore in the quarter, against Rs 4,412 crore in the June quarter. For the half year, that figure stood at Rs 10,215 crore. Growth capital expenditure was Rs 1,135 crore in the quarter, directed mainly at capacity expansion, mine development and resource security.
Debt falls sharply as cash piles up
The stronger cash flow showed up quickly on the balance sheet. Net debt fell by Rs 4,624 crore during the quarter to Rs 3,675 crore at the end of September, from Rs 8,299 crore at the end of June. The net debt to EBITDA ratio improved to 0.1 times, from 0.3 times in the previous quarter.
Cash and cash equivalents rose to Rs 26,622 crore, from Rs 19,992 crore at the end of the June quarter. Gross debt stood at Rs 30,297 crore. Group Chief Financial Officer Ajay Goel said the record quarter, combined with strong cash generation, had allowed the company to cut net debt sharply while keeping its growth plans funded.
Zinc leads the operating performance
Zinc India, through Hindustan Zinc, remained the engine of the quarter. Mined metal production reached a record 271 thousand tonnes for a second quarter, up 5 percent from a year earlier. It was also a record first half for mined metal production, the sixth year in a row the business has set that mark.
Silver production rose 20 percent to 173 tonnes in the quarter, while refined metal production at Zinc India also hit a first-half high. Copper India sales rose 16 percent to 52 thousand tonnes.
- Zinc India: mined metal at a record 271 thousand tonnes, up 5 percent; silver up 20 percent to 173 tonnes.
- Zinc International: Gamsberg Phase II commissioned, adding 200 thousand tonnes a year of metal-in-concentrate capacity and taking total capacity to 500 thousand tonnes a year.
- Copper India: sales of 52 thousand tonnes, up 16 percent from a year earlier, with the highest quarterly cathode production.
- Cash and debt: free cash flow of Rs 5,803 crore in the quarter; net debt down Rs 4,624 crore to Rs 3,675 crore.
What to watch next
The next test is whether Vedanta can hold these margins when commodity prices cool. The September quarter benefited from prices, currency and volumes moving together.
Separately, Chairman Anil Agarwal said on Wednesday that the group is exploring investments of Rs 70,000 to Rs 80,000 crore in West Bengal for power generation and an aluminium smelter. He stressed that the plans are at the feasibility stage and depend on coal availability, infrastructure and clearances. No final investment decision has been announced.
For now, the September quarter gives Vedanta a strong base for the second half. Record profit, lower debt and a dividend in the same quarter is the combination the market has been waiting to see. The focus now shifts to execution: delivering growth projects on time and converting cash flow into sustained deleveraging.
FAQs
What was Vedanta’s net profit in Q2 FY27?
Vedanta reported a consolidated net profit of Rs 6,202 crore, up 151 percent from Rs 2,471 crore in the same quarter last year.
How much did Vedanta’s revenue grow?
Revenue rose 57 percent to Rs 25,812 crore, from Rs 16,445 crore a year earlier. It was the highest quarterly revenue the company has reported.
Did Vedanta declare a dividend?
Yes. The board declared a first interim dividend of Rs 5 per share for FY27.
How much did Vedanta’s debt fall?
Net debt fell by Rs 4,624 crore during the quarter to Rs 3,675 crore, and the net debt to EBITDA ratio improved to 0.1 times.
Which business drove the growth?
Zinc India led with record mined metal production of 271 thousand tonnes, while silver output rose 20 percent and Zinc International added new capacity at Gamsberg.
Vedanta’s September quarter results were announced on October 28, 2026. This article is for information only and is not investment advice.
