Vedanta Power Q2 profit rebounds to ₹101 crore as EBITDA more than doubles; check all numbers

The revenue rose 38% year-on-year (YoY) to ₹2,908 crore for the quarter revenue, while earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled to ₹421 crore from ₹190 crore a year earlier, the company said.

The Vedanta group company’s net profit stood at ₹83 crore, compared with a loss of ₹1,688 crore in the year-earlier quarter, which included exceptional items of ₹1,547 crore. Earnings per share turned positive for the first time, at ₹0.21.

Power sales increased 26% YoY to 5,593 million units (MU), while net realisation rose to ₹5.20 per kilowatt-hour from ₹4.74 a year earlier, reflecting higher volumes and improved pricing.

The EBITDA margin expanded to about 14.5% from 9% in the September quarter of FY26, although it was below the 15.6% recorded in the June quarter.

On a sequential basis, revenue increased 11.5% from ₹2,607 crore, while EBITDA rose 44.7% from ₹291 crore. Profit before exceptional items improved from a loss of ₹59 crore in the preceding quarter.

For the first half of FY27, revenue rose 35% annually to ₹5,515 crore, and EBITDA increased 17% to ₹712 crore. Profit before exceptional items climbed 178% to ₹42 crore, while power sales rose 32% to 10,817 MU.

“Our highest ever Q2 performance reflects the inherent strength of our assets and the resilience of our operations, with results driven by core operational performance,” Rajinder Singh Ahuja, chief executive officer and whole-time director of Vedanta Power, said.

“Our first-ever positive EPS marks a turning point for Vedanta Power,” he said, adding that the company would focus on improving asset efficiency and expanding its capacity to meet India’s demand for reliable electricity.

Improved performance at acquired and existing assets contributed to the increase in generation and sales.

Meenakshi Energy Ltd, in Andhra Pradesh, recorded power sales of 1,470 MU in the September quarter, up 111% year-on-year. Vedanta Power restored the plant’s full 1,000-megawatt capacity in 2025 following its acquisition in 2023. The unit reported quarterly EBITDA of ₹101 crore.

The Jharsuguda Independent Power Plant in Odisha supplied 873 MU, up 187% year-on-year, as plant availability improved to 98% from 48% a year earlier.

Talwandi Sabo Thermal Power Plant in Punjab supplied 2,945 MU, up 6% year-on-year, although its plant availability declined to 79% from 90% in the year-earlier quarter.

The company also said the Sakti power plant was synchronised on October 25, a step towards bringing additional capacity into operation. Its contribution to earnings and cash generation will depend on sustained, stable operations.

Vedanta Power’s net debt fell to ₹7,444 crore at the end of September from ₹7,704 crore in June, while its net debt-to-EBITDA ratio improved to 4.47 times from 5.38 times in the preceding quarter and 9.82 times a year earlier. Cash stood at ₹1,063 crore.

The company said CRISIL and ICRA had upgraded its ratings to AA-, citing improved cash flows and treasury discipline. It also highlighted domestic coal linkages and contracted power supply arrangements as sources of fuel and revenue visibility. Meenakshi Energy has a five-year power purchase agreement for 300 MW with Tamil Nadu Power Development Corporation Ltd.

Chief Financial Officer Pankaj Jha said higher volumes, improved realisations, cost discipline and financial efficiency had supported the turnaround.

“We will keep prioritising deleveraging and cost of funds as new capacity comes into operation,” he said.

Vedanta Power also reported progress on environmental and community initiatives, including biomass co-firing, a 51% year-on-year reduction in freshwater consumption and ash utilisation of 65%. It said its operations had planted 9.02 lakh trees and its community programmes had reached more than 1.7 lakh women and children across four states.

The company operates thermal power capacity of 4,780 MW and aims to become one of India’s three largest private thermal power producers by FY33.