Vedanta Aluminium Metal Ltd
Vedanta Aluminium Metal Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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24 extracted metrics + investor summaries across FY25–FY26.
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AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 7d agoVedanta Aluminium Metal Ltd (VAML) is India's largest aluminium producer, listed in June 2026 after demerging from Vedanta Ltd. It trades at a PE of 12.6x with a market cap of ~₹1,78,509 crore, reports record Q1 FY27 revenue of ₹21,105 crore and net profit of ₹6,597 crore (up 205% YoY), but carries negative book value (P/B of 456x) and a debt-to-equity ratio of -0.84x reflecting negative shareholders' equity on its balance sheet.
- Q1 FY27 net profit surged 205% YoY to ₹6,597 crore, demonstrating strong earnings momentum post-demerger
- Record quarterly revenue of ₹21,105 crore, up 45% YoY, driven by higher aluminium realisations and volumes
- EBITDA more than doubled to ₹10,499 crore in Q1 FY27, implying an EBITDA margin of approximately 50%
- Aluminium production hit an all-time high of 632 KT in Q1 FY27, up 5% YoY, with alumina refinery operating at 4 MTPA capacity
- Value-added products (VAP) production reached a record 389 KT, up 14% YoY, improving product mix and realisations
- Net Debt to EBITDA improved to 0.9x from 1.3x in Q4 FY26, indicating rapid deleveraging
- PE ratio of 12.6x is below the industry average of ~18.3x, suggesting the stock is not stretched on an earnings basis
- Promoter holding at 56.38% provides alignment of interest between controlling shareholders and minority investors
- Negative shareholders' equity results in a P/B ratio of ~456x and debt-to-equity of -0.84x, indicating the balance sheet was structured with more liabilities than equity at demerger
- Newly listed entity (June 2026) with no independent multi-year track record, limiting historical trend analysis
- Aluminium is a highly cyclical commodity — current record profitability reflects elevated LME prices which may not sustain
- No ROE or ROCE data available due to negative equity, making return-on-capital assessment impossible at present
- Dividend yield of only 1.75% despite strong profitability suggests limited near-term cash return to shareholders
- 52-week high/low data unavailable (both at 0), reflecting the stock's very short listing history and limited price discovery
- Concentrated single-commodity exposure to aluminium leaves the company vulnerable to demand slowdowns in construction and auto sectors
- Parent group Vedanta Resources has a history of high leverage and complex corporate structures, raising governance perception risk for minority shareholders
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- 56% shares encumbered for $2.25bn Jul 22
Vedanta Resources disclosed encumbrance over 56.38% of VAML shares via a $2.25 billion facility agreement dated July 20, 2026. High promoter pledging raises governance and downside risk if share price falls.
- Q1 profit surges 205% YoY Jul 30
VAML reported record Q1FY27 profit of ₹6,597 crore (up 205% YoY) on highest-ever revenue of ₹21,105 crore with EBITDA margin expanding to 50%.
- 150 MW BESS renewable deal signed Jul 30
VAML signed definitive agreements with Serentica Renewable India 9 for a 150 MW Battery Energy Storage System to ensure round-the-clock renewable power supply.
- Two investor conferences in August Aug 7
VAML will present at Emkay Confluence on August 12 and Motilal Oswal's annual conference on August 17 in Mumbai.
- Q1FY27 results and transcript released Aug 4
VAML released unaudited financial results for Q1 ended June 30, 2026 and published the earnings call transcript on its website.
- Board meeting date announced Jul 25
VAML announced its board would meet on July 30 to approve Q1FY27 results, with an investor call scheduled for 5:00 PM IST.
TL;DR: VAML delivered a blowout Q1FY27 with record revenue, 50% EBITDA margins, and 205% profit growth — signalling strong operational leverage from elevated aluminium prices. The 150 MW BESS deal supports its green energy transition narrative. The key risk is the 56.38% promoter share encumbrance tied to a $2.25 bn parent-level facility, which could pressure the stock in a downturn. Overall trend is strongly positive on fundamentals, but governance overhang from pledging warrants monitoring.
Quarterly Results
| Jun 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|
| Sales | 14,654 | 19,124 | 21,393 |
| Expenses | 10,268 | 10,772 | 11,094 |
| Operating Profit | 4,386 | 8,352 | 10,299 |
| OPM % | 30% | 44% | 48% |
| Other Income | 208 | 47 | 309 |
| Interest | 1,000 | 922 | 1,001 |
| Depreciation | 701 | 751 | 775 |
| PBT | 2,893 | 6,726 | 8,832 |
| Tax % | 25% | 26% | 25% |
| Net Profit | 2,162 | 4,958 | 6,597 |
| EPS in Rs | 1,78,100 | 4,20,700 | 14.39 |
Profit & Loss
| Mar 2026 | |
|---|---|
| Sales | 66,891 |
| Expenses | 41,728 |
| Operating Profit | 25,163 |
| OPM % | 38% |
| Other Income | 693 |
| Interest | 3,905 |
| Depreciation | 2,890 |
| PBT | 19,061 |
| Tax % | 26% |
| Net Profit | 14,153 |
| EPS in Rs | 11,81,900 |
| Div. Payout % | 0% |
Balance Sheet
| Mar 2025 | Mar 2026 | |
|---|---|---|
| Equity Capital | 0.01 | 0.01 |
| Reserves | -0.05 | -0.08 |
| Borrowings | 0.04 | 0.06 |
| Other Liabilities | 0.01 | 0.03 |
| Total Liabilities | 0.01 | 0.02 |
| Fixed Assets | 0 | 0 |
| CWIP | 0 | 0 |
| Investments | 0 | 0 |
| Other Assets | 0.01 | 0.02 |
| Total Assets | 0.01 | 0.02 |
Cash Flow
| Mar 2025 | Mar 2026 | |
|---|---|---|
| Operating | -0.04 | -0.02 |
| Investing | 0 | 0 |
| Financing | 0.04 | 0.02 |
| Net Cash Flow | 0 | 0 |
| Free Cash Flow | -0.04 | -0.02 |
| CFO/OP | 200 | 67 |