THEBUSINESSBYTES BUREAU

MUMBAI, APRIL 29, 2026

Mining and natural resources major Vedanta Limited has delivered its strongest-ever financial performance, reporting record revenue, EBITDA, and profit after tax for both the fourth quarter (Q4) and the full financial year ended March 31, 2026 (FY26). The stellar performance underscores the company's operational resilience, disciplined capital allocation, and sustained focus on growth across its diversified portfolio.

Vedanta posted a remarkable 89 per cent year-on-year surge in consolidated net profit for the fourth quarter at ₹9,352 crore. For the full fiscal, profit after tax climbed 22 per cent to an all-time high of ₹25,096 crore. Quarterly revenue rose 29 per cent to a record ₹51,524 crore, while annual revenue increased 15 per cent to an unprecedented ₹1,74,075 crore.

The company's operating performance was equally impressive. EBITDA for the March quarter jumped 59 per cent year-on-year to a historic ₹18,447 crore, with margins expanding sharply to 44 per cent. For FY26, EBITDA stood at a record ₹55,976 crore, up 29 per cent, reflecting robust operational efficiency and favorable commodity prices.

Vedanta also significantly strengthened its balance sheet during the year. Its net debt-to-EBITDA ratio improved to 0.95x, the lowest in the past 14 quarters, compared to 1.22x a year earlier. Cash and cash equivalents surged 38 per cent to ₹28,485 crore, while return on capital employed improved to around 32 per cent.

Both CRISIL and ICRA reaffirmed Vedanta's AA credit rating, highlighting the company's strong financial fundamentals.

Operationally, Vedanta achieved several milestones across its business verticals. Aluminium production reached a record 2.46 million tonnes, while alumina output surged 48 per cent to 2.92 million tonnes. Zinc India recorded its highest-ever mined metal production at 1.11 million tonnes. Copper cathode output rose 15 per cent, ferrochrome production jumped 21 per cent, and power sales increased 14 per cent during the year.

The company continued to invest aggressively in growth, deploying nearly ₹15,000 crore in capital expenditure during FY26. Key projects commissioned included Lanjigarh Train II, the new BALCO smelter, downstream expansions at Jharsuguda, the Debari roaster at Zinc India, and 1.3 GW of power capacity. Vedanta also achieved significant strategic milestones, including the acquisition of Incab Industries and an offshore gas discovery at the Cairn-operated Ambe block.

Commenting on the stellar performace, Vedanta Executive Director Arun Misra said: "FY26 was a year of strong execution for Vedanta, with record operational performance across the portfolio. We delivered 2.9 million tonnes of alumina, 2.46 million tonnes of aluminium, 1.1 million tonnes of mined metal at Zinc India, 895 kt of pig iron and 101 kt of ferrochrome, reflecting improved operating efficiency alongside the ramp up of new capacities. During the year, we deployed ₹15,000 crore of growth capex, commissioning key projects including Lanjigarh Train II, the new BALCO smelter, downstream expansions at Jharsuguda, the Debari roaster at Zinc India, and 1.3 GW of power capacity. Our continued focus on operational excellence resulted in lowest costs in last five years at Aluminium and Zinc business."

"The quarter marks a defining point for Vedanta, with the delivery of our strongest-ever financial performance recording all-time highs in Revenue, EBITDA, and PAT for both the quarter and the full year and a clear positioning for the next phase of growth with Demerger effective from 1st of May 2026. Our Revenue grew 15 per cent YoY to ₹1,74,075 crore, EBITDA 29 per cent YoY to ₹55,976 crore and PAT at ₹25,096 crore, marking a 22 per cent jump YoY. Our balance sheet strengthened further with Net Debt to EBITDA improving to 0.95x, from 1.22x a year ago, and both CRISIL and ICRA reaffirming VEDL's credit rating as AA. Pursuing growth with capex investment of ₹14,918 in the year, we continued to reward our shareholders, paying a handsome dividend of ₹34/share and delivering TSR of 48.6 per cent," said Ajay Goel, CFO, Vedanta.

Vedanta's proposed demerger, set to take effect from May 1, 2026, is expected to unlock substantial shareholder value and position its businesses for independent growth trajectories. The company also rewarded investors generously, declaring a total dividend of ₹34 per share during FY26 and delivering an impressive total shareholder return of 48.6 per cent — more than double the return of the Nifty Metal Index.

On the sustainability front, Vedanta invested ₹422 crore in CSR initiatives, positively impacting nearly 6.95 million lives. The company also improved its renewable energy usage by 52 per cent, reduced greenhouse gas intensity by 9.5 per cent, and enhanced water recycling, further strengthening its ESG leadership globally.