Vedanta Limited
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Key numbers — 40 extracted
89%
₹9,352 crore
22%
₹25,096 crore
₹18,447 crore
59%
₹55,976 crore
29%
44%
915 bps
39%
470 bps
Guidance — 17 items
Registered Office
opening
“88 Vedanta Limited 4QFY26 Investor Presentation Sensitivity: Internal (C3) HSES Decarbonization Initiatives Deployed in FY26 Global Recognition & Green Products Fuel Transition & RE Power • Cairn Oil & Gas attained the Gold Standard Pathway status for reporting year 2025 under the UNEP’s Oil and Gas Methane Partnership (OGMP) 2.0 framework.”
Registered Office
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“• BALCO launched Low Carbon aluminium with GHG intensity < 4tCO2e/MT (~50% below global threshold) ESL V-Xega Rebar awarded CII GreenPro Ecolabel • PNG Agreement with IOCL replacing LPG at ESL ESL sourced 3 MW RE RTC Power import from the grid in FY26 • • • Vedanta group used 3.97 BU of Renewable Energy in FY26 • TSPL-powered operations used 0.365 MT of biomass, marking a 7× increase year-on-year.”
Registered Office
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“• Completion of steam saving project at ESL’s CPP (ITCC controller) • Hindustan Zinc partnered with Silox India to adopt EcoZen, strengthening a greener supply chain and supporting its industrial decarbonization roadmap.”
Registered Office
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“Vedanta Limited 4QFY26 Investor Presentation Sensitivity: Internal (C3) 99 Business Performance 4QFY26 Sensitivity: Internal (C3) Aluminium Business Focused on growth and end-to-end integration Aluminium Production (kt) +2% y-o-y 621 613 2,422 2,456 3Q FY26 4Q FY26 FY25 FY26 Aluminium CoP1 & Margin 604 4Q FY25 COP ($/t) 1 Margin ($/t) 2,011 879 4Q FY25 1,674 1,742 1,268 3Q FY26 1,512 4Q FY26 1,835 872 1,752 2 1,154”
Key Highlights
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“▪ FY26 production higher by 27% YoY due to at Gamsberg which strong registered 39% increase performance Gamsberg CoP2 COP incl TcRc ($/T) 2 1,431 1,659 1,055 1,135 1,350 Growth: Gamsberg Phase 2 ▪ Overall progress is at 93.6%.”
Key Highlights
opening
“4Q FY25 3Q FY26 4Q FY26 FY25 FY26 Vedanta Limited 4QFY26 Investor Presentation 1MIC: Metal in concentrate; 2COP: Cost of production with TcRc cost.”
Key highlights
opening
“▪ ASP Injection facility construction completed; Injection is 4Q FY25 3Q FY26 4Q FY26 Opex ($/boe) FY25 FY26 being targeted in 1Q FY27”
Growth Projects
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“17.0 17.0 15.6 15.5 15.7 4Q FY25 3Q FY26 4Q FY26 FY25 FY26 ▪ Deep Gas: Drilling campaign ongoing.”
Other Highlights
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“Vedanta Limited 4QFY26 Investor Presentation Sensitivity: Internal (C3) Continuous Deleveraging Vedanta Limited Vedanta Limited Vedanta Resources (Parent) Vedanta Resources 4QFY25 Target VEDL ND/EBITDA > 1.22x > <1x > Current 0.95x Group Net Debt/EBITDA2 > FY20 3.3x > FY25 2x Current 1.6x Med Term ~1x > > Net Debt to EBITDA Ratio1 3.8 2.5 2.6 2.9 3.0 0.95 Vedanta Limited Global Peer 1 Global Peer 2 Indian Peer 1 Indian Peer 2 Industry Average Net Debt at VRL (excl.”
Other Highlights
opening
“VEDL) (as on 31 Mar’26) Loans Bonds ICL US$ bn 1.20 0.26 0.58 0.30 0.46 0.22 0.30 0.55 0.50 0.50 0.55 Mar'22 Mar'23 Mar'24 Mar'25 Mar'26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 • 4QFY26 closing interest cost stands at ~8.9%, ▪ Average maturity extended to ~4 years down ~110 bps y-oy ▪ Interest cost down to ~10% (ex-ICL) • Average term debt maturity maintained ~3 years ▪ Rating upgrade by Fitch to BB-, Continue on “Positive” outlook by S&P, Moody’s Vedanta Limited 4QFY26 Investor Presentation 1.”
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Risks & concerns — 2 flagged
In this context, forward looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward–looking statements by their nature address matters that are, to different degrees, uncertain.
— Registered Office
96.2 84.9 81.5 103.2 87.2 ▪ 4QFY26 production at 81.5 kboepd primarily driven by natural decline.
— Key highlights
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Opening remarks
Investment Income
o 4QFY26 remained stable QoQ and higher 3% YoY due to change in investment mix. ▪ Taxes: o Normalized ETR for 4QFY26 is 29% as compared to 28% in 4QFY25, mainly due to change in profit mix and reversal of deferred tax assets. ▪ Profit After Tax o 4QFY26 PAT is ₹9,352 crore, up 89% YoY and 20% QoQ ▪ Leverage, liquidity, and credit rating: o Gross debt at ₹ 81,740 crore as on 31st March 2026 o Net debt at ₹ 53,254 crore as on 31st March 2026 o Net debt to EBITDA ratio of 0.95x vs 1.22x in 4QFY25 o Cash and cash equivalents position remains strong at ₹ 28,485 crore. The Company follows a Board-approved investment policy and invests in high quality debt instruments with mutual funds, bonds, and fixed deposits with banks o Both ICRA and CRISIL have reaffirmed AA/ Watch with Developing Implications rating for Vedanta Limited Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L1320
Vedanta Limited
Vedanta Limited (NSE: VEDL; BSE: 500295) is the world’s leading producer of metals, oil & gas, critical minerals, power and technology. The company supplies essential materials that power the global energy transition, emerging technologies and the green economy of the future. Its diversified portfolio supports industrial growth, energy security and technological advancement across global value chains. With operations spanning India, Africa, the Middle East and East Asia, Vedanta is embedded in high-growth geographies shaping the next era of global development. Sustainability anchors the Company’s strategy, guided by strong ESG governance, people-first workplaces, and a commitment to achieving net-zero emissions by 2050 or sooner. By operating at the intersection of resources, technology and human potential, Vedanta is strengthening economies, empowering communities, and creating enduring value for all stakeholders. For more information, please visit www.vedantalimited.com Vedanta Limit
Registered Office
Regd. Office: 1st Floor, ‘C’ wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai – 400 093 CIN: L13209MH1965PLC291394 Disclaimer This press release contains “forward looking statements” – that is, statements related to future, not past, events. In this context, forward looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional, and global scale, including those of a political, economic, business, competitive or regulatory nature. The
Key Highlights
▪ Highest ever Quarterly & Yearly Alumina Production at 882 KT (+104% YoY) & 2,916 KT (+48% YoY) respectively with exit run rate of 4 MTPA ▪ Highest ever Annual Aluminium Production at 2,456 KT (+1% YoY) ▪ Lowest Yearly Hot Metal Cost in the last 5 Years at 1,752 $/t with lower Alumina cost & sub-500 $/t Power cost ▪ Best-ever Quarterly & Yearly EBITDA margin at 1,512 $/t & 1,154 $/t respectively
Other Highlights
FY25 FY26 ▪ Declared ‘Preferred Bidder’ for Karnapodikonda Bauxite Block in Koraput, Odisha Vedanta Limited 4QFY26 Investor Presentation 1COP: Cost of Production; 2Excluding a One-off Sensitivity: Internal (C3) 1111 Zinc India Highest-ever quarterly mined and refined metal production 0: 99: 168 116: 191: 69 237: 125: 49 109: 110: 113 ▪ Highest-ever quarterly mined and refined metal production ▪ Lowest-ever1 quarterly zinc cost of production2 of of 315 kt and 282 kt, respectively ▪ Record full year mined metal production of 1,114 kt, and second-best full year refined metal production of 1,048 kt ▪ 4Q silver production was 176 MT, up 11% QoQ. For the full year, it was 627 MT, contributing 45% to the overall profitability $903/MT (better 9% YoY), clocking its 5-year lowest of $959/MT (better 9% YoY) for the full year ▪ Record ore R&R of 468.6 Mnt, surpassing 13.9 Mnt of metal reserves and 10.9 Kt of silver reserves for the first time1 ▪ Partnered with Tata Steel and Silox India to scale t
Key Highlights
▪ Gamsberg phase 1 achieved 100% as planned. ▪ FY26 production higher by 27% YoY due to at Gamsberg which strong registered 39% increase performance Gamsberg CoP2 COP incl TcRc ($/T) 2 1,431 1,659 1,055 1,135 1,350 Growth: Gamsberg Phase 2 ▪ Overall progress is at 93.6%. Project ramp up is targeted in Q2FY27. 4Q FY25 3Q FY26 4Q FY26 FY25 FY26 Vedanta Limited 4QFY26 Investor Presentation 1MIC: Metal in concentrate; 2COP: Cost of production with TcRc cost. Sensitivity: Internal (C3) 1313 Oil & Gas Investing strategically to sustain long-term value Gross Operated Production (kboepd)
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