Vedanta Iron Q2 Results: Loss narrows to Rs 324 crore, revenue declines 2% YoY
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Vedanta Iron and Steel narrowed its Q2 FY27 loss to Rs 324 crore from Rs 477 crore a year earlier, while revenue declined 1.7% to Rs 2,742 crore. EBITDA rose 56% to Rs 83 crore, supported by improved steel realisations and efficiency gains. The company also reported record half-yearly pig iron production.
Vedanta Iron and Steel Limited (VISL) on Tuesday reported a narrowing of its loss after exceptional items to Rs 324 crore in the September quarter of FY27 (Q2FY27), compared with Rs 477 crore in the corresponding quarter of the previous fiscal year.Revenue from operations declined 1.7% year-on-year (YoY) to Rs 2,742 crore in Q2FY27 from Rs 2,790 crore in the year-ago period.
The company's operating performance improved during the quarter, with earnings before interest, taxes, depreciation and amortisation (EBITDA) rising 56% YoY to Rs 83 crore from Rs 54 crore in Q2FY26. The growth was driven by better steel realisations, operational excellence and efficiency improvements.
Vedanta Iron Q2FY27 operational highlights
VISL reported a 60% YoY and 17% quarter-on-quarter (QoQ) reduction in finance costs, primarily due to the settlement of inter-company payables as part of group demerger adjustments. Finance costs declined 58% on a half-yearly basis.
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Interest income fell 85% YoY and 75% QoQ, mainly due to the elimination of inter-division receivables under Vedanta's approved demerger scheme. On a half-yearly basis, interest income declined 74%.
The company recorded its highest-ever half-yearly pig iron production of 568 kilotonnes (KT), up 4% YoY. It also completed planned shutdowns at its Bokaro and Goa steel plants to enhance operational reliability for the second half of FY27.
VISL further secured 21 MW of solar power through open access at ESL Bokaro, an initiative expected to reduce carbon emissions by approximately 50,000 tonnes annually.
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Vedanta Iron ESG highlights
Environmental, social and governance (ESG) initiatives continued to be a key pillar of VISL's strategy during Q2FY27 and the first half of the fiscal year.
The company's Lost Time Injury Frequency Rate (LTIFR) improved to 0.41 in Q2FY27 from 0.64 in Q1FY27. The Total Recordable Injury Frequency Rate (TRIFR) also declined to 0.71 from 1.59 over the same period.
VISL's corporate social responsibility (CSR) programmes reached more than 57,000 beneficiaries across 69 villages in five states. The initiatives covered healthcare, education, skill development, livelihoods, women's empowerment, sports, environmental protection and community infrastructure.
Flagship initiatives, including Nand Ghars, the TACO-supported Animal Birth Control Centre, Vedanta Computer Centres and Labs, the Sesa Football Academy and the ESL Archery Academy, continued to support community development through improved access to education, livelihoods, community services and sporting opportunities.
Management commentary
Looking ahead, VISL said India's infrastructure development, manufacturing expansion and rising steel demand presented a long-term opportunity for the sector. The company remains focused on improving operational efficiency, managing costs, strengthening production consistency and maintaining financial discipline to build resilience through industry cycles and create sustainable long-term value.
Pankaj Kumar Sharma, CEO of VISL, said the company delivered a stronger year-on-year operating performance in the first half of FY27, supported by improved steel realisations, higher steel volumes and continued efficiency initiatives.
He added that the company had completed planned shutdowns at its Bokaro and Goa operations to strengthen asset reliability for the second half of the fiscal year. VISL also continued to advance its growth projects and renewable energy initiatives, while maintaining a focus on safety, operational discipline and long-term value creation.
Navin Jaju, CFO of VISL, said the company's EBITDA for the first half of FY27 increased 54% YoY to Rs 598 crore, while margins expanded by 275 basis points to 9%. He noted that profitability had improved materially from the corresponding period last year and that the company's net debt-to-EBITDA ratio reflected a healthy balance sheet position.
"We remain focused on disciplined capital allocation, working capital management and cash generation as we progress our strategic growth investments," Jaju said.
Vedanta Iron share price
Vedanta Iron shares settled 5% higher at Rs 27.95 apiece on the NSE on Tuesday, compared with the previous close of Rs 26.62.
The stock has gained 32.72% so far in 2026, according to the NSE data.
At Tuesday's closing price, the company's market capitalisation stood at approximately Rs 10,929.53 crore.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
