Vedanta (VEDL) Q4 24/25 earnings summary

Executive summary

• Achieved record annual revenue of INR 150,725 crore, up 10% year-over-year, and second highest EBITDA of INR 43,541 crore, up 37% year-over-year, driven by strong operational performance and domestic demand.

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

• Group deleveraged by $1.2 billion in FY25; net debt/EBITDA improved to 1.2x, lowest in 9 quarters.

• Demerger plan approved by creditors and shareholders, with completion targeted by September 2025.

• 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 INR 39,789 crore, up 14% year-over-year; EBITDA at INR 11,618 crore, up 30% year-over-year; PAT at INR 4,961 crore, up 118% year-over-year.

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

• Free cash flow (pre-capex) in Q4 FY25 at INR 7,814 crore, up 15% sequentially; cash & equivalents at INR 20,602 crore, up 34% year-over-year.

• Net debt at INR 53,251 crore as of March 31, 2025; gross debt at INR 73,853 crore.

• Interest expense reduced by 10% year-over-year; average term debt maturity maintained at 3 years.

Outlook and guidance

• FY26 expected to benefit from new asset ramp-ups, backward integration, and cost optimization, despite global commodity volatility and tariffs.

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

• Aluminium CoP expected at $1,700–1,750/t; Zinc India CoP at $1,025–1,050/t.

• Oil and gas production expected to rise in H2 FY26, with OALP contribution targeted to reach 8–10% by Q4.

• Iron ore production guidance: Karnataka 5.5–6.1 Mnt, Orissa 4.5–5.2 Mnt, Goa 2.2–2.7 Mnt.