Vedanta (VEDL) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly EBITDA of INR 15,171 crore, lifetime high revenue of INR 45,899 crore, and PAT of INR 7,807 crore, with EBITDA margin at 41%, up 629 bps year-over-year.

• Significant operational milestones across all businesses, including best-ever production in aluminum, zinc, and power segments.

• NCLT approved the demerger; all four businesses to be demerged simultaneously on April 1; Incab Industries acquired for downstream expansion.

• Hindustan Zinc ranked #1 in S&P Global CSA 2025 for the third year; added to Nifty Next 50 Index; strong progress in ESG and CSR.

• Unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed without qualification by statutory auditors.

Financial highlights

• Quarterly revenue up 19% year-over-year to INR 45,899 crore; EBITDA up 34% to INR 15,171 crore; PAT up 60% to INR 7,807 crore; EBITDA margin at 41%, up 629 bps year-over-year.

• Nine-month revenue at INR 1,22,551 crore, up 10% year-over-year; nine-month EBITDA at INR 37,529 crore, up 18%.

• Free cash flow (pre-capex) for Q3 FY26 at ₹4,916 crore, up 27% YoY.

• Net debt at INR 60,624 crore; cash and equivalents at INR 20,085 crore.

• Basic EPS for Q3 FY26 was ₹9.27, up from ₹6.34 in Q3 FY25; nine-month EPS was ₹20.82, up from ₹17.40 year-over-year.

Outlook and guidance

• On track to deliver lifetime high annual EBITDA of over $6 billion, surpassing previous guidance.

• Major capex projects underway in aluminium, zinc, oil & gas, iron ore, and power, with several expansions and new mines scheduled for FY27 and beyond.

• Deleveraging target of $0.8–1 billion across the group in the current fiscal; debt to EBITDA expected to close at 1x.

• Management continues to monitor regulatory developments, especially regarding new labour codes, and will adjust accounting as needed.

• Company remains committed to sustainability and renewable energy initiatives, including a 25-year power delivery agreement for 530 MW renewable power.