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Vedanta
Vedanta (VEDL) investor relations material
Vedanta Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary29 Jan, 2026
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 in Q3 FY26, with EBITDA margin at a historic 41%, up 629 bps year-over-year.
NCLT approved the demerger; major capital projects commissioned, including new refinery train, aluminum smelter, pellet line, zinc roaster, and power capacity additions.
Operational milestones included best-ever alumina and aluminum production, lowest hot metal and zinc production costs in years, and record outputs across zinc, power, and steel segments.
Strong ESG performance, with improved safety metrics, top global sustainability rankings, and significant CSR investments impacting over 5.5 million lives.
Total Shareholder Return at -30% for the quarter; 5-year TSR at 428% with a cumulative dividend yield of 73.5%.
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 exceeded INR 120,000 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; net debt/EBITDA improved to 1.23x from 1.4x.
Cost of borrowings reduced to below 9% in Q3; interest cost down 160 bps YoY; average debt maturity ~4.5 years.
Outlook and guidance
On track to deliver lifetime high annual EBITDA of over $6 billion in FY26, surpassing previous guidance.
Q4 performance expected to exceed Q3; targeting further volume and cost improvements in FY27 with new project ramp-ups.
Deleveraging target of $0.8–$1 billion across the group in the current fiscal; net debt/EBITDA at India level expected to close at 1x.
Power capacity to reach 4.8–5 GW by H1 next year, with long-term plans for 10–12 GW.
Oil and gas production expected to stabilize and grow to 90,000 boepd next year, with a long-term target of 150,000 boepd.
Short seller allegations: Regulatory actions taken
What drove Q3 Zinc, Lead, Silver segment growth?
Progress on 530 MW renewable power project
Demerger debt allocation strategy
Alumina sourcing strategy for aluminum business
Oil & Gas production growth outlook
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Next Vedanta earnings date
Q4 25/2624 Apr, 2026
Vedanta
Next Vedanta earnings date
Q4 25/2624 Apr, 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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