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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 headwinds.
PAT before exceptional items rose 13% YoY to ₹5,027 crore in H1; reported PAT at ₹3,479 crore, impacted by exceptional losses.
Unaudited consolidated and standalone financial results for Q2 and H1 FY2025-26 were approved, with auditor review reports issued without modifications.
Major project milestones included commissioning of BALCO’s 525 kA smelter and Lanjigarh’s Train-II alumina production.
Declared interim dividend of ₹16 per share, with total dividend for FY2025-26 at ₹23 per share.
Financial highlights
Q2 revenue reached ₹39,218 crore, up 6% YoY; Q2 EBITDA at ₹11,612 crore, up 12% YoY; H1 EBITDA at ₹22,358 crore, up 8% YoY.
H1 PAT before exceptional items at ₹5,027 crore, up 13% YoY; reported PAT at ₹3,479 crore, impacted by exceptional losses.
EBITDA margin expanded to 34% in Q2, up 69 bps YoY; H1 EBITDA margin at 35%, up 75 bps YoY.
Net debt/EBITDA improved to 1.37x from 1.49x YoY; cash & equivalents at ₹21,481 crore.
Free cash flow (pre-capex) for Q2 at ₹4,895 crore; total assets at ₹216,592 crore as of 30 September 2025.
Outlook and guidance
Confident in achieving annual EBITDA of more than $6 billion in FY26, surpassing previous records.
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 aluminum hot metal cost targeted below $1,650/t.
Multiple growth projects and capacity expansions to drive future earnings and production growth.
Management expects no adjustments related to short seller allegations or pending regulatory approvals.
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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