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Vedanta (VEDL) investor relations material
Vedanta Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary31 Oct, 2025
Executive summary
Achieved record first half and second quarter performance, with Q2 revenue at ₹39,218 crore (+6% YoY) and EBITDA at ₹11,612 crore (+12% YoY), despite global commodity volatility and operational challenges.
PAT before exceptional items rose 13% YoY to ₹5,027 crore in Q2; reported PAT at ₹3,479 crore, impacted by one-time exceptional items.
Declared interim dividend of ₹16 per share, with total dividend for FY2025-26 at ₹23 per share; HZL added to Nifty Next 50 Index.
Major project milestones included BALCO’s 525 kA smelter, Lanjigarh’s Train-II alumina production, and new mineral block acquisitions.
Unaudited consolidated and standalone financial results for Q2 and H1 FY2025-26 were approved, with auditor review reports issued without modifications.
Financial highlights
Q2 revenue reached ₹39,868 crore (consolidated), up from ₹39,218 crore YoY; H1 revenue at ₹76,652 crore, up 68% YoY.
Q2 EBITDA at ₹11,612 crore, up from ₹10,364 crore YoY; H1 EBITDA at ₹22,358 crore, up 128% YoY.
Q2 PAT before exceptional items at ₹5,027 crore; reported PAT at ₹3,479 crore, impacted by exceptional losses of ₹2,067 crore.
EBITDA margin expanded to 34%, up 70 bps YoY; ROCE improved by 347 bps YoY to 26%.
Net debt/EBITDA improved to 1.37x from 1.49x YoY; liquidity at ₹21,481 crore at quarter end.
Outlook and guidance
Confident in surpassing previous record EBITDA of $6 billion in FY26, driven by capacity expansion and production growth across aluminum, power, zinc, iron, and steel.
FY26 guidance: Aluminium production 3.0–3.1 Mnt, alumina 2.5–2.6 Mnt, zinc mined metal 1,115–1,135 kt, oil & gas 90–95 kboepd.
Aluminium CoP guided at $1,700–$1,750/t; Zinc India CoP at ~$1,000/t; H2 hot metal cost in aluminum expected to be sub $1,650 per tonne.
Power segment expects strong PLF and profitability as new units ramp up in Q4; PLF targets: TSPL 85%, Athena 61%, Meenakshi 52%.
Management expects no adjustments related to short seller allegations or pending regulatory approvals on demerger and Cambay Block PSC extension.
Demerger: Confidence in Nov 12 NCLT outcome?
JAL acquisition: Plan for non-power assets?
VRL debt: Strategy to reach $3B target?
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Q3 25/2630 Jan, 2026
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Frequently asked questions
Vedanta Ltd is a diversified natural resources company engaged in the exploration and production of oil and gas, zinc, lead, silver, copper, iron ore, and aluminum. The company operates mines and oil fields in India and internationally. The company is headquartered in Mumbai, India, and its shares are listed on the NSE.
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