Vedanta Ltd (VEDL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Vedanta Ltd enters its second quarter as a leaner, post-demerger natural resources company spanning zinc, copper, ferrochrome and residual interests, with zinc and silver prices running at elevated levels through the quarter. The print will speak to whether Gamsberg Phase 2 ore charging actually happened by August 2026, and whether Zinc India's record cost and volume run can hold against a copper margin bridge squeezed by record-low TC/RCs.

Vedanta Ltd Q2 Results Date and Time

A board meeting is scheduled for October 28, 2026, to consider the Q2/H1 FY27 audited financial results. The intimation was made via the October 22 announcement to the BSE/NSE.

An earnings call is scheduled for October 28, 2026, from 4:30 PM to 5:00 PM IST, per the October 22 board-meeting intimation.

On October 8, 2026, the board declared a first interim dividend of Rs. 5 per share (500% of Rs. 1 face value), amounting to about Rs. 1,955 crore, with a record date of October 14, 2026. Management has shifted to a principle-based dividend policy from the earlier 30% rule-based payout.

What to expect from Vedanta Ltd's Q2 FY27 results

The quarter's story is whether Vedanta's post-demerger zinc-led engine can convert sharply higher metal prices into earnings, with MCX silver rising about 12% between the July 20 and August 26 prints and LME copper holding in the $14,100-14,400/t range versus the $13,329/MT Q1 reference. Zinc India enters with momentum — highest-ever Q1 mined metal at 268 kt, refined metal at 260,000 tonnes (+4% YoY) and a lowest-ever CoP of USD 851/ton, well below the $975-1,000/t FY27 guidance — while silver contributed 46% of Zinc India EBIT. The copper segment's guided path from about 1% margin to at least 5% by FY27, aided by the brand-fee cut from 3% to 0.75%, faces a headwind from record-low spot TC/RCs of minus $173/mt by August 5, and international rod sales (down 51% YoY in Q1) likely stayed pressured with the Middle East disruption still active in mid-September. Execution milestones carry the company's documented slippage history: Gamsberg Phase 2 ore charging was targeted by August 2026, and Hot Acid Leaching plus the 510 KTPA fertilizer project were slated for 2QFY27 commissioning. The balance sheet starts from a strong position — net debt/EBITDA at 0.30x after a Rs. 2,223 crore quarterly reduction and AA+/Stable upgrades from ICRA and CRISIL — with the FY27 plan of Rs. 7,000 crore growth capex and $2-2.5 billion VRL deleveraging funded by guided Vedanta India EBITDA of $9.5-10 billion. The call is also expected to cover the promised 3 MTPA VAML expansion details and the VPPL real-estate demerger filing progress.

Key Things To Watch

Performance vs Guidance Tracking: Key guidance items management set out previously, and the periods they apply to:

• Gamsberg Phase 2 ore charging — by Aug'26 — pending verification on this call
• Hot Acid Leaching and 510 KTPA Fertilizer commissioning — 2QFY27 — status update expected
• Alumina cost — $740-750/t in Q2 FY27 — to be checked against the actual print
• Copper EBITDA margin — at least 5% by FY27, from ~1% — progress update due
• VEDL growth capex Rs. 7,000 Cr and maintenance capex ~Rs. 4,000 Cr — FY27 — Q1 run-rate was Rs. 1,148 Cr
• VAML hot metal cost — $1,525-1,575/t within 3-4 quarters (from $1,700/t)
• VRL deleveraging — $2-2.5 billion in FY27; Vedanta India EBITDA $9.5-10 billion with ~$5 billion FCF — FY27
• ESL Bokaro Phase 2 — Stage 2 forest clearance by end Q2 FY27, completion by end FY27; Sijimali production by Q4 FY27
• Zinc International EBITDA — $450 million by FY28 (from $100 million)

Gamsberg Phase 2 execution: The project carries a documented delay history that analysts have pressed management on.

• Verify whether ore charging actually occurred by August 2026, as targeted in the Q1FY27 presentation
• Track the ramp-up curve against the 280-300 kt FY27 Gamsberg production target and the 12-18 month ramp-up plan
• Project was 94% complete as of the Q4FY26 call and doubles run-of-mine capacity from 4 to 8 million tons toward ~450,000 tons

Cost trajectory and 2QFY27 commissioning: Whether the FY27 volume and cost guidance is reaffirmed or revised, given management flagged a possible H2 revision.

• Whether Q2 FY27 alumina cost lands at $740-750/t, with $710-725/t guided for subsequent quarters
• Status of Hot Acid Leaching and the 510 KTPA fertilizer project, both slated for 2QFY27 commissioning
• Zinc India CoP of $851/t in Q1 versus the $975-1,000/t FY27 guide, and Zinc International cost pressure from waste stripping moving capex to opex, South African FX and higher TCRCs

Copper margin path and Athena/Sakti recovery: Two margin overhangs management has flagged for the year.

• Progress from ~1% copper EBITDA margin toward the at-least-5% FY27 target post brand-fee reduction from 3% to 0.75%
• Any restart timeline for the Athena/Sakti unit after the boiler incident — management regained site access but stated it cannot yet provide a resumption timeline; Q1 Power EBITDA was Rs. 291 crore

Balance sheet, strategic pipeline and capital returns: Deleveraging, restructuring and payout updates expected on the call.

• Whether net debt/EBITDA holds near 0.30x and VRL deleveraging tracks the $2-2.5 billion FY27 plan; note the Tap Bond covenants keep 99.99% of the promoter group's 54.72% stake contractually encumbered
• Details on the 3 MTPA VAML expansion (promised 'in about a quarter' from July 30, 2026) and the VPPL real-estate demerger NCLT filing progress (1 VPPL share per 20 VEDL shares; ~2,264 acres across 22 assets)
• Whether the Rs. 5/share first interim dividend (October 8) is followed by further payouts under the new principle-based policy