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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 revenue and EBITDA, with Q2 revenue at ₹39,218 crore (+6% YoY) and EBITDA at ₹11,612 crore (+12% YoY), despite global volatility and commodity price swings.
PAT before exceptional items rose 13% YoY to ₹5,027 crore in Q2; reported PAT at ₹3,479 crore, impacted by exceptional losses.
Strategic focus on capacity expansion, sustainability, and transformation into a leader in critical minerals and energy transition.
Major project milestones included commissioning of BALCO’s 525 kA smelter and Lanjigarh’s Train-II alumina production.
Second interim dividend of ₹16 per share declared, bringing total FY2025-26 dividend to ₹23 per share.
Financial highlights
Q2 revenue reached ₹39,218 crore, up 6% YoY; H1 revenue at ₹76,652 crore, up 6% YoY.
Q2 EBITDA at ₹11,612 crore, up 12% YoY; H1 EBITDA at ₹22,358 crore, up 8% YoY.
Q2 PAT before exceptional items at ₹5,027 crore; reported PAT at ₹3,479 crore, impacted by exceptional losses.
EBITDA margin expanded to 34%, up 69 bps YoY.
Net debt/EBITDA improved to 1.37x from 1.49x YoY; cash & equivalents at ₹21,481 crore.
Outlook and guidance
Confident in achieving annual EBITDA of over $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.
Alumina cost expected to decline by $50 per ton in each of the next two quarters, reaching $700–$710 per ton by year-end.
Multiple growth projects and mine expansions on track, with key milestones expected in FY26 and FY27.
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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