Vedanta (VEDL) Q4 24/25 earnings summary

Executive summary

• Achieved record annual revenue of ₹1,50,725 crore, up 10% year-over-year, and second highest EBITDA at ₹43,541 crore, up 37% year-over-year, driven by strong operational performance and domestic demand.

• PAT surged 172% year-over-year to ₹20,535 crore; Q4 FY25 PAT at ₹4,961 crore, up 118% year-over-year.

• Strategic focus on Vedanta 2.0 transformation and demerger plan, with completion targeted by September 2025.

• ESG initiatives advanced, including over 1 GW renewable energy agreements and strong third-party sustainability rankings.

• Audited consolidated and standalone financial results for Q4 and year ended March 31, 2025, were approved, with the auditor's report carrying an unmodified opinion.

Financial highlights

• Q4 FY25 revenue reached ₹39,789 crore, up 14% year-over-year; EBITDA at ₹11,618 crore, up 30% year-over-year.

• Full-year PAT at ₹20,535 crore, up 172% year-over-year; EBITDA margin at 34% for the year and 35% for Q4, highest in 12 quarters.

• Net debt reduced to ₹53,251 crore as of March 2025, down over ₹3,000 crore year-over-year; liquidity position at ₹20,602 crore, up 34% year-over-year.

• Free cash flow (pre-capex) in Q4 FY25 at ₹7,814 crore, up 15% sequentially.

• Basic and diluted EPS for FY25 was ₹24.50, up from ₹18.36 in FY24.

Outlook and guidance

• FY 2026 expected to benefit from new asset ramp-ups, backward integration, and cost optimization, despite global volatility and lower commodity prices.

• FY26 production guidance: Zinc India mined metal 1,090–1,100 kt, Aluminium 2.5–2.6 Mnt, Oil & Gas 95–100 kboepd.

• Board approved a 25-year power delivery agreement for 530 MW renewable power, requiring an equity infusion of approximately ₹327 crore.