Vedanta Oil shares slump nearly 6%; analysts see cautious near-term trend

Shares of Vedanta Oil and Gas Ltd declined in Thursday's trade despite the company reporting a return to profitability in the June quarter. The stock slipped 5.58 per cent to hit a day low of Rs 33.20.

The recently demerged Vedanta Group company reported a consolidated net profit of Rs 945 crore for the quarter ended June 30, 2026 (Q1 FY27), compared with a net loss of Rs 480 crore in the January-March quarter (Q4 FY26).

EBITDA came in at Rs 1,232 crore, marking a 16 per cent quarter-on-quarter (QoQ) increase.

Total revenue from operations, however, stood at Rs 2,507 crore during the quarter, down 2.98 per cent from Rs 2,584 crore reported in the preceding quarter.

"The company reported an average gross operated production of 77.7 kboepd across its assets, while the average working interest production stood at 51.1 kboepd. At the end of the first quarter, total gross oil and gas production reached 7.1 million boe, while total working interest production stood at 4.7 million boe," the company said.

Separately, Vedanta Oil said it has notified a gas discovery in the Kaam BCP-1ST well, drilled as part of its Deep Gas exploration campaign in the Kameshwari-Graben area of the RJ-ON-90/1 block in the Barmer Basin, Rajasthan.

From a technical standpoint, a few analysts remained cautious on the stock's near-term outlook.

According to Ravi Singh, Chief Research Officer at Master Capital Services, "Vedanta Oil has been consolidating after a sharp post-listing decline, indicating that the stock is attempting to build a base around the Rs 32–34 zone. While buyers have managed to defend lower levels, the absence of strong volumes and repeated failures near Rs 35–36 suggest that bullish momentum remains limited. The stock needs a sustained move above 36 to improve sentiment and open the possibility of a recovery towards 38–40. Conversely, a break below 32 could invite renewed selling pressure. Until a clear breakout emerges, the stock is likely to remain range-bound with a cautious trading bias."

AR Ramachandran, Sebi-registered research analyst at Tips2trades, stated, "The stock is bearish on daily charts with strong resistance at Rs 35.8. A daily close below the support of Rs 32.12 could trigger a fall towards Rs 30.2 in the near term."