Vedanta Oil & Gas Ltd(VOGL)

NSE: VOGLBSE: 544782

₹ 27.18-4.90%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 10,628 crWebsite: www.vedantaoilandgas.comUpdated: 24 Oct 2026

About

Vedanta Oil & Gas Ltd (VOGL) is India's only listed pure-play upstream oil and gas exploration and production company, demerged from the Vedanta group and listed on BSE and NSE (scrip code VOGL / 544782) in FY27. It operates the RJ-ON-90/1 block in the Barmer Basin, Rajasthan, offshore blocks, and OALP exploration blocks. In Q1 FY27 the company reported gross operated production of 77.7 kboepd and an EBITDA of ₹1,232 crore with a 49% margin.^[1]

Operations

Primary asset is the RJ-ON-90/1 block in the Barmer Basin, Rajasthan, contributing 63.1 kboepd of gross operated production in Q1 FY27.^[1]
Offshore assets contributed 11.6 kboepd of gross operated production in Q1 FY27.^[1]
OALP (Open Acreage Licensing Policy) exploration blocks contributed 3.1 kboepd of gross operated production in Q1 FY27.^[1]

Key operating numbers

Gross operated production: 77.7 kboepd in Q1 FY27, down 17% YoY from 93.2 kboepd in Q1 FY26 and down 5% QoQ from 81.5 kboepd in Q4 FY26, driven by natural reservoir decline.^[1]
Working interest production: 51.1 kboepd in Q1 FY27, down 16% YoY.^[1]
Total gross oil and gas production: 7.1 million boe in Q1 FY27, down 17% YoY.^[1]
Oil price realisation: $99.7/bbl in Q1 FY27, up 52% YoY. Brent averaged $104.5/bbl, up 54% YoY.^[1]
Gas realisation: $18.5/mmscf in Q1 FY27, up 35% YoY.^[1]
Unit operating cost: $17.4/bbl in Q1 FY27, down 3% QoQ, driven by optimised injection patterns and rigless well interventions replacing conventional workovers.^[1]
ROCE: 7.04% in Q1 FY27.^[1]

Sales and revenue pattern

Approximately 85% of production volumes were sold in Q1 FY27; the remainder was held as inventory due to the seasonal monsoon-linked sales pattern, with liquidation expected post-monsoon.^[1]

Financial position

Net debt is near zero as of Q1 FY27, with liquid investments including cash of ₹2,859 crore.^[1]
CRISIL and ICRA both assigned a long-term credit rating of AA+ (stable) to VOGL following its demerger and listing.^[1]

Exploration

A gas discovery was notified in the Kaam BCP-1ST well, drilled as part of the Deep Gas exploration campaign in the Kameshwari-Graben area of the RJ-ON-90/1 block, Barmer Basin, Rajasthan. Detailed technical and commercial evaluation is ongoing.^[1]

Growth pipeline

Near and medium-term growth opportunities include exploration drilling, ASP (Alkali-Surfactant-Polymer) enhanced oil recovery, and infill development campaigns to arrest production decline.^[1]
FY27 direct operating cost is expected to remain in line with FY26 levels, sustaining the step-change in cost profile achieved in FY26.^[1]

Recent developments

VOGL completed its listing on BSE and NSE (scrip code 544782) in FY27 following the Vedanta group demerger, making Q1 FY27 its first quarter of results as a separately listed entity.^[1]
Exceptional charges of ₹345 crore (net of tax) were recorded in Q1 FY27, comprising demerger expenses and a provision for impairment of the Cambay block, which is sub-judice.^[1]

Market Cap

₹10,628 Cr

High / Low

₹48 / 29

Stock P/E

-62.3

Price / Book

-25.2

Book Value

₹-1

EPS

₹-0.5

No. of Shares

391.04 Cr

ROCE

-63.8%

OPM

-35.3%

Sales

₹366 Cr

Net Profit

₹-191 Cr

Promoter holding

56.4%

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