Vedanta Oil and Gas Ltd
Vedanta Oil and Gas Ltd
EnergyKey Fundamentals
SmallcapOil Exploration & ProductionEnergyInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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27 extracted metrics + investor summaries across FY25–FY26.
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Technical Indicators
Key Insights
Weaknesses
1- Company has low interest coverage ratio.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 8d agoVedanta Oil and Gas Ltd (VOGL), demerged from Vedanta Limited and listed in June 2026, is India's largest private-sector upstream oil and gas producer with a market cap of approximately ₹14,124 crore. The company trades at a negative P/E of -28.5 reflecting recent losses at the operating entity level, though it returned to profit with ₹945 crore PAT in Q1 FY27. It holds 2P and 2C resources of ~1.4 billion barrels of oil equivalent across 47,000 sq km of acreage.
- India's largest private-sector upstream oil and gas producer with gross 2P+2C resources of approximately 1.4 billion barrels of oil equivalent, providing a long reserve life
- Returned to profitability in Q1 FY27 with PAT of ₹945 crore versus a loss of ₹480 crore in the preceding quarter (Q4 FY26), showing a sharp earnings turnaround
- Q1 FY27 EBITDA margin of 49% (₹1,232 crore on revenue of ₹2,507 crore) indicates strong operating leverage in the upstream business
- Revenue grew 9% YoY to ₹2,507 crore in Q1 FY27 versus ₹2,303 crore in Q1 FY26, demonstrating top-line momentum
- Massive acreage of ~47,000 sq km across 44 blocks in India with planned investment of $5 billion to scale production from current levels toward 300,000-500,000 barrels per day
- Demerger from Vedanta Ltd creates a pure-play E&P company, allowing focused capital allocation and clearer valuation by the market
- Offshore gas discovery at Cairn Ambe block signals exploration upside beyond existing producing assets
- Market cap of ₹14,124 crore against quarterly EBITDA run-rate of ~₹4,900 crore annualised implies an EV/EBITDA that is modest for a resource-rich E&P company
- Negative trailing P/E of -28.5 reflects that the company reported net losses through FY26, including a loss of ₹480 crore in Q4 FY26 and ₹104 crore in Q1 FY26
- Low interest coverage ratio flagged as a known concern, indicating debt servicing costs consume a substantial portion of operating earnings
- Zero dividend yield — the company has not paid any dividends since listing, offering no income return to shareholders
- Price-to-book ratio of 5.99x is elevated for an oil and gas producer, suggesting the market is pricing in significant future growth that may not materialise
- Gross operated production of 77,700 boepd (working interest: 51,100 boepd) in Q1 FY27 is far below the stated ambition of 300,000-500,000 boepd, requiring a 4-6x production ramp that carries heavy execution risk
- Continuing operations recorded a net loss of ₹152 crore in Q1 FY27 — profitability was driven by discontinued operations, raising questions about core earnings quality
- Crude oil price volatility directly impacts realisations; a sustained decline in Brent prices would compress margins and delay capex-funded growth projects
- Newly listed entity with no independent public track record — limited historical standalone financial data makes trend analysis difficult for investors
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1h ago- Delhi HC dismisses PSC extension plea Jul 22
Delhi High Court dismissed VOGL's writ petition for CB/OS-2 Block PSC extension. The company has filed an appeal, but regulatory uncertainty over the block persists.
- DGH seeks $35m liquidated damages Jul 21
DGH claims ~USD 35 million from Vedanta Oil & Gas for four OALP blocks. The company plans legal remedies and CEEE mediation to contest the claim.
- ₹379cr Cambay Block impairment Jul 29
VOGL booked a ₹379 crore impairment charge in Q1FY27 related to ongoing Cambay Block litigation, reflecting continued legal overhang on legacy assets.
- 56% promoter shares encumbered Jul 17
56.38% of promoter group shares are encumbered against $1.75 billion in bonds issued by Vedanta Resources Finance II PLC, raising parent-level leverage concerns.
- Q1FY27 profit ₹945cr on slump sale Jul 29
Consolidated net profit of ₹945 crore in Q1FY27, driven by ₹1,056 crore exceptional gain from slump sale of non-core businesses, signalling portfolio rationalization.
- ESOP/ESPP schemes approved Jul 29
Board approved 2026 Employee Stock Option and Purchase Plans covering up to 5% of paid-up capital. Pulak Modi designated as Vice Chairman, strengthening leadership.
- Q1FY27 earnings call on Jul 30 Jul 25
VOGL scheduled its unaudited standalone and consolidated Q1FY27 results presentation for July 30, 2026.
TL;DR: VOGL delivered a strong Q1FY27 headline profit of ₹945 crore, though largely driven by a one-off slump sale gain rather than operational momentum. Key risks include mounting legal challenges — a dismissed PSC plea, a $35m DGH claim, and Cambay Block impairment — alongside high promoter share encumbrance tied to parent debt. The trend is mixed: asset monetization is progressing, but the legal and regulatory overhang is intensifying and warrants close monitoring.
Quarterly Results
| Jun 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|
| Sales | 2,311 | 2,588 | 2,507 |
| Expenses | 1,806 | 1,706 | 1,693 |
| Operating Profit | 505 | 882 | 814 |
| OPM % | 22% | 34% | 32% |
| Other Income | 231 | -35 | 807 |
| Interest | 167 | 150 | 110 |
| Depreciation | 664 | 1,037 | 741 |
| PBT | -95 | -340 | 770 |
| Tax % | 9% | 41% | -23% |
| Net Profit | -104 | -479 | 945 |
| EPS in Rs | -44.08 | -203 | 2.42 |
Profit & Loss
| Mar 2026 | |
|---|---|
| Sales | 9,606 |
| Expenses | 6,665 |
| Operating Profit | 2,941 |
| OPM % | 31% |
| Other Income | 555 |
| Interest | 650 |
| Depreciation | 3,043 |
| PBT | -197 |
| Tax % | 150% |
| Net Profit | -493 |
| EPS in Rs | -209 |
| Div. Payout % | 0% |
Balance Sheet
| Mar 2025 | Mar 2026 | |
|---|---|---|
| Equity Capital | 5 | 5 |
| Reserves | -285 | -479 |
| Borrowings | 552 | 0 |
| Other Liabilities | 656 | 1,053 |
| Total Liabilities | 928 | 578 |
| Fixed Assets | 349 | 0 |
| CWIP | 5 | 0 |
| Investments | 0 | 0 |
| Other Assets | 575 | 578 |
| Total Assets | 928 | 578 |
Cash Flow
| Mar 2025 | Mar 2026 | |
|---|---|---|
| Operating | -9 | -168 |
| Investing | 20 | -8 |
| Financing | 56 | 92 |
| Net Cash Flow | 66 | -83 |
| Free Cash Flow | -32 | -176 |
| CFO/OP | 11 | 105 |
Ratios
| Mar 2025 | Mar 2026 | |
|---|---|---|
| Debtor Days | 37 | 0 |
| Inventory Days | — | 0 |
| Cash Conversion Cycle | 37 | 0 |
| Working Capital Days | -309 | 0 |
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Company Information
Vedanta Oil and Gas Limited is a private sector oil and gas exploration & production company. It operates under the brand ‘Cairn’. The company holds interests in 44 blocks spanning over 47,000 sq km of acreage across India, with gross 2P (proved plus probable) and 2C (contingent) resources of 1.4 bnboe. Its producing assets span key hydrocarbon basins in Rajasthan, AP, Gujarat, and Assam.