Vedanta Oil and Gas Limited (VOGL), India's leading private oil and gas exploration and production company with 44 blocks across the Rajasthan, Andhra Pradesh, Gujarat and Assam basins, reports its second quarter as a listed company with production already disclosed at 72.2 kboepd, down 19% YoY. The print will speak to how price realizations and cost discipline held up against that volume decline, and whether management rebases its FY27 guidance of 90-95 kboepd or bridges the gap with the Mangala ASP ramp, tight oil and infill wells.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,507 Cr |
| Previous quarter PAT | Rs. 945 Cr |
| Previous quarter EBITDA margin | 49% |
| Net debt (latest quarter) | Near Zero |
| Market cap | Rs. 10,624.52 Cr |
| CMP | Rs. 27.17 |
The Board is scheduled to meet on Thursday, October 29, 2026, to approve the unaudited standalone and consolidated financial results for Q2 and the half-year ended September 30, 2026.
An earnings call is scheduled the same day, October 29, 2026, from 5:00 to 5:30 PM IST, per the company's October 22, 2026 board/IR announcement.
The volume outcome for Q2 FY27 is already public — gross operated production of 72.2 kboepd, down 19% YoY and 7% QoQ per the October 3, 2026 release — so the P&L swing this quarter comes down to price realizations on known volumes, opex versus guidance, and any fresh exceptional items. Realizations are the key variable: the Indian basket averaged $82.04/bbl in July and $90.19/bbl in August while Brent traded roughly $95-107 through September, against Q1's company-reported Brent average of $104.5/bbl and oil realization of $99.7/bbl, pointing to a realization read that is in-line to modestly behind Q1. On costs, FY27 guidance of $15.5-16.5/boe sits against the $17.4/barrel unit operating cost reported in Q1, and management has stated that full year '27 direct operating cost is currently expected to be in line with full year '26 levels, driven by onboarding end-to-end Surface O&M and Chemicals partners in Rajasthan and optimized commodity consumption. The domestic gas price reset to $11.22/MMBTU for October, from $9.00 in September, is effective October 1 and is supportive for H2 gas realizations rather than the July-September quarter. The unresolved question hanging over the call is whether the FY27 volume guidance of 90-95 kboepd survives, given actuals of 77.7 kboepd in Q1 and 72.2 kboepd in Q2, with the ASP injection at Mangala — targeted for Q1 FY27 after repeated slips — the named recovery lever alongside tight oil lifting from 8,000 to 15,000 and the Ambe startup planned in Q4 FY27.
FY27 volume guidance vs actuals: Production is tracking well below the guided band for a second straight quarter.
ASP injection at Mangala and project milestones: The ASP program has slipped repeatedly and is the named recovery lever.
Opex guidance reconciliation and cost direction: The cost metric labels differ between guidance and reporting.
Growth capex disclosure and Saudi assets: A capex detail commitment falls due around this call.
Cambay appeal and exceptional-items reconciliation: Legal and accounting overhangs from Q1 carry into this print.
Management said on July 30, 2026 that 'maybe in a quarter or so, we will come back to the market with further details' on the next growth phase. Saudi asset capex approval will follow only after the exploration partner finalization is complete.
Gross operated production fell 19% YoY to 72.2 kboepd in 2Q FY27, attributed to natural decline and the Cambay exit, against FY27 guidance of 90-95 kboepd. Management's recovery plan rests on ASP first volumes, lifting tight oil contribution from 8,000 to 15,000, the Ambe startup in Q4 FY27, and stabilization toward 90,000 then 150,000.
ONGC took over complete operations of the CB-OS/2 block from July 24, 2026 after the Delhi High Court dismissed Vedanta's writ, and VOGL recognized a Rs. 379 Cr impairment. An appeal is pending before the Division Bench.
Management has assessed the MoPNG arbitration matter as medium-to-low risk, noting that all past judgments have been in Vedanta's favor. Any windfall gain from the arbitration would accrue to the oil and gas business post-demerger.
Volume guidance of 90-95 kboepd is tracking well behind, with actuals of 77.7 kboepd in Q1 and 72.2 kboepd in Q2 FY27. On opex, the $15.5-16.5/boe guidance sits against a reported Q1 unit operating cost of $17.4/barrel, a label difference management has been asked to reconcile.