Vedanta Oil and Gas
Vedanta Oil and Gas
EnergyKey Fundamentals
MicrocapOil Exploration & ProductionEnergyTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
1- Company has low interest coverage ratio.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoVedanta Oil and Gas Ltd (VOGL), India's largest private-sector upstream oil and gas producer operating the Cairn assets, listed in June 2026 post the Vedanta Ltd demerger. In its debut Q1 FY27, VOGL posted revenue of ₹2,507 crore (up 8.5% YoY), EBITDA of ₹814 crore (up 61.2% YoY with a 32.5% margin), and a net profit of ₹945 crore — swinging from a loss in the prior year — though it carried a negative trailing P/E of -28.9 on a market cap of ~₹14,187 crore, reflecting accumulated losses in the pre-listing period.
- Q1 FY27 net profit of ₹945 crore marks a decisive turnaround from losses in the year-ago and preceding quarters, signalling improving unit economics post-demerger
- Revenue grew 8.5% YoY to ₹2,507 crore in Q1 FY27 despite volatile crude prices, indicating resilient operational output from the Rajasthan block
- EBITDA surged 61.2% YoY to ₹814 crore with margins expanding to 32.5%, reflecting better cost discipline and higher realisations
- Gross 2P and 2C resource base of ~1.4 billion barrels of oil equivalent (bnboe) across 44 blocks and ~47,000 sq km of acreage provides a long reserve life
- Company is India's largest private upstream E&P player and has guided a production target of 300,000–500,000 barrels per day backed by a planned $5 billion investment programme
- Screener data notes the company has reduced debt, which if sustained could improve the currently low interest coverage ratio over time
- Pure-play E&P listing post-demerger gives investors direct exposure to India's oil and gas upstream sector without the conglomerate discount that previously applied under Vedanta Ltd
- Trailing P/E stands at -28.9, reflecting accumulated losses prior to listing; the forward P/E on screener of ~79x based on current price of ₹38 suggests the stock is not cheap even after the profit turnaround
- Company has a low interest coverage ratio as flagged by screener, indicating earnings may not comfortably cover debt-servicing obligations
- An exceptional loss of ₹441 crore was booked in Q1 FY27 itself; excluding this, the reported ₹945 crore profit would look different and recurring profitability remains unproven with only one quarter of data
- Price-to-book ratio of 6.07x is elevated for an upstream E&P company, leaving limited margin of safety if commodity prices or production disappoint
- Dividend yield is 0%, offering no income cushion to shareholders while the parent Vedanta Resources carries ~$5.5 billion in holdco debt that could indirectly affect capital allocation
- Key financial metrics — ROE, ROCE, debt-to-equity, and multi-year growth CAGRs — are currently unavailable or not meaningful, making fundamental valuation difficult for a freshly demerged entity
- Oil and gas production is heavily concentrated in the Rajasthan block (Barmer basin); any regulatory, geological, or fiscal disruption in a single basin poses outsized risk
- 52-week high/low range of ₹47.7 to ₹30.4 shows ~36% peak-to-trough volatility in just a few months of trading, reflecting thin trading history and price discovery uncertainty
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- 300 Mmboe NE resource target Sep 2
VOGL is targeting up to 300 Mmboe of oil and gas resource unlock across 9 OALP blocks and 1 discovered small field block in northeast India, signaling meaningful exploration upside.
- SC remands SEBI case to SAT Sep 10
Supreme Court remanded VOGL's SEBI allegations back to SAT for fresh adjudication, citing discrepancies in trading data and investigation records. No penalty or adverse ruling issued yet.
TL;DR: VOGL has a meaningful exploration catalyst with a 300 Mmboe resource unlock programme across 10 blocks in northeast India, which could materially expand its reserve base. On the regulatory front, the SC-SAT remand is procedural and creates no immediate risk but warrants monitoring. No concrete headwinds at present; the near-term outlook hinges on exploration progress and regulatory clarity.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | Mar 2025 | Mar 2026 |
|---|---|---|
| Debtor Days | 37 | 0 |
| Inventory Days | — | 0 |
| Cash Conversion Cycle | 37 | 0 |
| Working Capital Days | -309 | 0 |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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31 extracted metrics + investor summaries across FY25–FY27.
Documents
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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.
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