MOSL on Vedanta Aluminum ; Buy, TP Rs 480

Revenue of Rs223b (+40% YoY & +4% QoQ), supported by higher volumes & improved marketing mix. Aluminum production stood at 649kt, up 5% YoY and 3% QoQ. Alumina production from Lanjigarh refinery scaled a new quarterly high to 895kt (+37% YoY and +8% QoQ) in 2QFY27. Blended NSR for quarter stood at USD3,600/t (+22% YoY and -2% QoQ), with an 11% premium over LME prices of USD3,220/t. EBITDA grew 82% YoY (flat QoQ) to INR101b, fueled by higher volumes & favorable forex movement, offset by a sequential dip in LME This translated into an EBITDA/t of USD1,631/t, up 59% YoY (-8% QoQ) in 2Q. Blended aluminum cost of production (CoP) stood at USD1,722/t (down 6% YoY) vs USD1,698/t in 1QFY27. Alumina CoP stood at USD378/t, largely flat YoY and QoQ during quarter. APAT for quarter stood at INR56.5b, up by 138% YoY and flat QoQ, reflecting strong operating performance. Co strengthened its balance sheet through deleveraging, with Net Debt/EBITDA for quarter improving to 0.7x from 0.9x in 1QFY27.

VEDANTA LIMITED

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