Vedanta Aluminium Metal Ltd is India's largest aluminium producer, and the quarter's story hinges on whether record output can offset a retreat in LME aluminium prices from June's four-year high of $3,787.50/t. The print will speak to two things: how much of the coal-crunch power-cost spike (e-auction premiums at 94% in September) flows into captive smelter costs, and how far the 37% YoY alumina production ramp extends the backward-integration cushion.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 21,393 cr |
| Previous quarter EBITDA margin | 49.1% |
| Market cap | Rs. 134,787.88 Cr |
| CMP | Rs. 344.5 |
Results for Q2 FY 2026-2027 are scheduled for October 28, 2026.
The volume leg of Q2 is already printed: the October 3, 2026 production release shows aluminium output of 649 Kt, up 5% vs 617 Kt in Q2 FY26, with alumina at 895 Kt (+37% YoY), value-added products at 432 Kt (+31% YoY) and 27 Kt of trial production from the new smelter. The open question is price and cost: LME cash settlements ranged roughly $3,140-$3,355/t through July-September, well below June's $3,787.50/t spike, so QoQ realisation per tonne likely runs behind Q1's inflated average, while LME averaging ~$3,341/t in 2026 to date (+27% vs 2025) and a weaker rupee (September average 95.47, +1.03%) keep the YoY realisation strongly favourable. On costs, three legs work against a repeat of Q1's exceptional 49.1% EBITDA margin: Coal India e-auction premiums nearly doubled from 41% in July to 94% in September amid a live coal crunch with power-plant inventories at ~9 days, seaborne alumina firmed to ~$341/t Q3-to-date (+10.7% QoQ), and power & fuel expense was already up 14.3% YoY in Q1. The offset is VAML's own alumina ramp to 895 Kt, extending the backward-integration benefit that drove Q1's 4.9% YoY decline in cost of materials. The upcoming call is expected to cover the realisation bridge versus LME, power and fuel cost per tonne, alumina self-sufficiency, and the new smelter ramp.
Realisation bridge vs LME and premiums: How the quarter's price move converted into per-tonne realisation.
Power and fuel cost per tonne: The coal crunch is the quarter's sharpest cost swing factor for a smelter on coal-based captive power.
Alumina self-sufficiency and new smelter ramp: Backward integration and capacity ramp updates.
Balance-sheet and cash-flow read: Items not extractable from the Q1 FY27 filing.
Q1 FY27 revenue was Rs. 21,393 cr, up 46% YoY, with EBITDA of Rs. 10,499 cr up 134% YoY. The growth was supported by record aluminium production of 632 Kt and a 4.9% YoY decline in cost of materials on backward-integration benefits.
The October 3, 2026 production release shows aluminium production of 649 Kt, up 5% vs 617 Kt in Q2 FY26 and up 3% QoQ. Alumina production was 895 Kt (+37% YoY) and value-added production 432 Kt (+31% YoY).
Coal India e-auction premiums over notified prices climbed from 41% in July to 59% in August and 94% in September, versus 34% a year earlier. Power-plant coal inventories fell to ~9 days by end-August, and 80 of 190 coal-based plants were under critical fuel stress.