Vedanta Ltd is a diversified natural resource group engaged in exploring, extracting and processing minerals and oil & gas. The group engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore and oil & gas. It has presence across India, South Africa, Namibia, Ireland, Liberia & UAE. Its other businesses includes commercial power generation, steel manufacturing & port operations in India and manufacturing of glass substrate in South Korea and Taiwan.
Presently, India accounts for ~65% of total revenues, followed by Malaysia (9%), China (3%), UAE (1%) and others (22%).
Q3 FY26 Earnings Results
- Revenue from Operations: ₹45,899 cr, +19% YoY vs ₹38,526 cr, highest-ever quarterly revenue; driven by higher LME prices, volumes, premiums, forex gains across aluminium, zinc, oil & gas, power.
- EBITDA: Record ₹15,171 cr, +34% YoY, margin 41% (+629 bps YoY); all-time high, led by aluminium margin $1,268/t, Hindustan Zinc record EBITDA.
- PAT: ₹7,807 cr, +60% YoY vs ₹4,859 cr, record quarterly PAT; net debt ₹60,624 cr, net debt/EBITDA 1.23x (improved from 1.40x YoY).
- Other key metrics: Alumina production 794 kt (+57% QoQ, +22% YoY), aluminium 620 kt (+1% YoY); zinc mined 276 kt; power sales +40% YoY.
Management Commentary & Strategic Decisions
- Landmark quarter with highest EBITDA/PAT; operational excellence, cost discipline, base metals rally.
- Strategic moves: Capacity expansion, debt reduction; demerger progress.
Q2 FY26 Earnings Results
- Revenue from Operations: ₹39,868 cr, +6% YoY vs ₹37,634 cr.
- EBITDA: Record ₹11,612 cr, +12% YoY, margin 28.6% (+275 bps YoY).
- PAT: ₹1,798 cr, −59% YoY (due to forex/mark-to-market losses).
- Other key metrics: Net debt/EBITDA 1.37x; AA rating reaffirmed.
Management Commentary Q2
- Record EBITDA/revenue; core operations resilient despite PAT volatility.
- Strategic moves: Bond refinancing (USD 550 mn, lower rates), debt maturity extension.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.