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Vedanta Q4 Results 2026 Highlights: Shares of Vedanta rose around 5% on April 29 as the Anil Agarwal-led metals major announced its results for the quarter and full financial year ended March 31, 2026.

Vedanta Q4 Results

Vedanta Ltd delivered a strong operational and financial performance for the March 2026 quarter, reporting a sharp surge in profitability driven by higher commodity prices, improved realisations, and operational efficiencies. The company’s consolidated net profit rose 89%year-on-year to ₹9,352 crore, exceeding Street expectations and marking one of its best quarterly performances to date.

Revenue from operations also witnessed robust growth, climbing 29% YoY to a record ₹51,524 crore during the quarter, supported by higher volumes, favourable London Metal Exchange (LME) prices, and forex gains.

Commenting on the performance, the management highlighted that FY26 marked a year of strong execution, with record operational output across key businesses including aluminium, zinc, and iron ore. The company emphasised that its focus on cost efficiencies and capacity expansion has enabled it to deliver industry-leading margins.

Looking ahead, the company remains optimistic about growth prospects, supported by strong commodity demand, ongoing capacity expansions, and a continued focus on cost optimisation. Investors are likely to track commodity price trends, execution of growth projects, and the impact of the demerger as key triggers for the stock.

Demerger record date and key timelines

Vedanta has fixed May 1 as the record date to determine shareholder eligibility for its ongoing demerger under the approved scheme of arrangement. Since markets will remain closed on May 1 due to Maharashtra Day, April 30 will act as the ex-date for the demerger.

Under the T+1 settlement cycle, investors must purchase shares at least one trading day prior to the ex-date to qualify for the demerger benefits.

Eligible shareholders will receive one share each in Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, and Vedanta Iron and Steel for every one share held in Vedanta.

The company will also conduct a special price discovery session on April 30 between 9:15 am and 9:45 am, after which regular trading will commence at 10 am.

Vedanta share price ended 4.83% higher at ₹775 on NSE today after announcing its Q4 results.

The stock opened at ₹745, then rose 5.5% to its intraday high of ₹780. Its current market capitalisation stands at ₹3.02 lakh crore.

It had advanced 19% in 1 month, 50% in 6 months, and 86% in the last 1 year. Moreover, it has given multibagger returns, surging over 200% in 5 years.

Commenting on Q4FY26 results, Mr. Arun Misra, Executive Director, Vedanta, 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 ₹14,918 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.”

o Record-best PAT of ₹9,352 crore, up 89% YoY and 20% QoQ

o Best-ever quarterly Revenue of ₹51,524 crore, up 29% YoY and 12% QoQ

o Highest-ever quarterly EBITDA of ₹18,447 crore, up 59% YoY and 22% QoQ

o Best-ever EBITDA margin1 of 44%, up by 915 bps YoY and 306 bps QoQ

o Record Return on Capital Employed at ~32%, improved by 539 bps YoY

o FCF(pre-capex) stood at 11,930 crore, up 53% YoY

o Net Debt/EBITDA ratio at 0.95x, best in 14 quarters, improved significantly from 1.22x in Q4 FY25

o Paid dividend of ₹11/share in Q4

o Best-ever annual Revenue at ₹1,74,075 crore, up 15% YoY

o Record-best annual EBITDA at ₹55,976 crore, up 29% YoY

o Highest-ever annual PAT at ₹25,096 crore, up 22% YoY

o Total capital expenditure in the year stood at ₹ 14,918 crores, focused on volume expansion,

cost compression and supply chain integration

o Cash and Cash Equivalent stood at ₹28,485, improving by 38% YoY on the back of Free cash

flow (pre-capex) of ₹26,013 crore

o Credit Rating reaffirmed at AA/Watch with Developing Implications by both CRISIL & ICRA

o Total Shareholder Return of 48.6%, 2.1x of Nifty Metal Index, paid dividend of ₹34/share

Oil & Gas

o Average gross operated production for the full year stood at 87.2 kboepd

o Gas discovery at Ambe Block in the West Coast region adding ~13 mmboe of R&R

Power

o TSPL’s plant availability stood at 83%

o Secured 5 year, 500MW PPA for Meenakshi and Athena

Iron Ore, Steel and Others

o Record annual IOB pig Iron production at 895 kt, up 10% YoY

o Record annual production of Ferro Chrome at 101 kt, up 21% YoY

o Record annual cathode production at 170 KT, up 14% YoY

Zinc India

o Best-ever annual mined metal at 1,114 kt, up 2% YoY

o Record annual refined zinc metal production at 851 kt, up 3% YoY

o Lowest COP in 5 years at 959 $/t, lower by 9% YoY

▪ Zinc International

o Annual Mined metal production at Zinc International jumps 27% YoY to 225 kt

o Gamsberg’s annual production jumps 39% YoY to 185 kt

o Record annual Aluminium production at 2,456 kt, up 1% YoY, realized majorly through operational efficiencies.

o Record annual Alumina production at the Lanjigarh refinery, 2,916 kt, up 48% YoY, with exit

run rate of 4 MTPA.

o Lowest Aluminium COP in 5 years at $1,752/t, lower by 5% YoY

A key development for Vedanta is the upcoming demerger, which is set to become effective from May 1, 2026. The restructuring is expected to unlock value by creating focused, independent business verticals, allowing for sharper capital allocation and improved operational efficiency.

Commenting on the performance, the management highlighted that FY26 marked a year of strong execution, with record operational output across key businesses, including aluminium, zinc, and iron ore. The company emphasised that its focus on cost efficiencies and capacity expansion has enabled it to deliver industry-leading margins.

Vedanta also continued to invest in growth, with total capital expenditure of ₹14,918 crore during FY26, aimed at expanding production capacity, improving supply chain integration, and enhancing operational efficiency.

Vedanta continued to strengthen its balance sheet during the quarter, with net debt-to-EBITDA improving to 0.95x, compared to 1.22x in the year-ago period. This marks the best leverage position in the last 14 quarters, highlighting the company’s focus on deleveraging and financial discipline.

The company maintained a strong liquidity position, with cash and cash equivalents standing at ₹28,485 crore as of March 31, 2026. Lower finance costs, aided by reduced borrowings and improved interest rates, also supported overall profitability during the quarter.

Credit rating agencies CRISIL and ICRA reaffirmed Vedanta’s rating at AA with developing implications, reflecting confidence in the company’s improving financial profile.

Vedanta’s strong performance was underpinned by robust contributions from its key segments, particularly aluminium and Zinc India. The aluminium business delivered record production levels and benefited from lower cost of production, which fell to its lowest level in five years.

Zinc India also reported record mined and refined metal production, supported by strong operational execution and improved efficiencies. Lower production costs in the zinc segment further boosted margins, reinforcing its position as a key earnings driver for the company.

Meanwhile, Zinc International delivered steady performance with higher annual production, although operational challenges in certain geographies remained a factor. Other businesses such as power and iron ore also contributed positively, with record production and improved operational metrics.

Vedanta’s operating performance remained the key highlight of the quarter, with EBITDA rising sharply by 59 per cent YoY to ₹18,447 crore. This was aided by strong pricing across key commodities such as aluminium and zinc, along with improved cost efficiencies across business segments.

The company also reported a record EBITDA margin of around 44 per cent, expanding significantly by over 900 basis points year-on-year. This margin expansion reflects the benefits of operating leverage, cost optimisation initiatives, and a favourable commodity price environment.

According to the company’s financial summary, the EBITDA growth was primarily driven by higher LME prices, improved premiums, and better volumes, alongside forex benefits that further supported profitability.

Vedanta Ltd reported a strong performance for the January–March quarter, with consolidated net profit surging over 88.5% year-on-year to ₹9,352 crore, surpassing Street expectations. Revenue from operations also witnessed robust growth, climbing 29% YoY to a record ₹51,524 crore during the quarter, supported by higher volumes, favourable London Metal Exchange (LME) prices, and forex gains.

Vedanta Ltd continues to draw mixed views from brokerage firms, with most maintaining a positive stance while differing on near-term upside potential and valuation comfort.

Systematix Institutional Equities maintained a ‘buy’ rating on the stock, assigning a target price of ₹898, indicating confidence in the company’s earnings trajectory and commodity-driven growth outlook. Similarly, Kotak Institutional Equities also reiterated a ‘buy’ call, pegging its target price slightly lower at ₹890, reflecting optimism around operational performance and margin strength.

On the other hand, ICICIDirect Research adopted a more cautious stance, retaining a ‘hold’ rating with a target price of ₹820.

Motilal Oswal Financial Services took an even more conservative view, assigning a ‘neutral’ rating with a target price of ₹750.

Vedanta Ltd is expected to see a meaningful improvement in its consolidated EBITDA, primarily driven by strength in zinc and aluminium businesses, according to Nuvama Institutional Equities. The brokerage highlighted that higher metal prices have played a key role in lifting profitability during the quarter.

The aluminium segment is likely to remain a key contributor, with EBITDA expected to rise around 21 per cent on a quarter-on-quarter basis. This growth is largely attributed to higher blended aluminium prices, which have improved realisations. However, the upside is expected to be partially offset by an increase in power costs, which continues to be a significant input expense for aluminium production.

In the zinc segment, performance is expected to be mixed. Zinc India is likely to report a strong quarter, with EBITDA projected to increase by about 21 per cent QoQ. This growth is expected to be supported by both higher prices and improved volumes, reflecting strong domestic demand and favourable market conditions.

On the other hand, Zinc International may face pressure during the quarter. The brokerage indicated that EBITDA from this segment could decline by around 26 per cent sequentially, mainly due to lower production volumes. This divergence between domestic and international operations highlights the importance of segment-specific dynamics in shaping overall performance.

Vedanta Ltd is likely to post a robust performance for the March 2026 quarter, with Nuvama Institutional Equities estimating revenue at around ₹48,624.6 crore, marking a rise of 20.2 per cent year-on-year and 4.2 per cent quarter-on-quarter.

The brokerage expects operating performance to remain strong, with EBITDA projected at ₹18,219.5 crore, up 55.4 per cent YoY and 20.1 per cent QoQ. Meanwhile, adjusted net profit is seen coming in at ₹8,108.9 crore, reflecting a sharp jump of 120.6 per cent YoY and 35.1 per cent sequentially.

Nuvama noted that the expected improvement in consolidated EBITDA would be largely driven by favourable pricing trends in key commodities such as zinc and aluminium. It highlighted that the aluminium business is likely to see EBITDA growth of about 21 per cent QoQ, supported by higher blended realisations, although partially offset by elevated power costs.

Sales volume is expected to remain largely flat at 613 kt for the reported quarter, indicating limited sequential movement. However, Systematix Institutional Equities highlighted that favourable commodity prices, stable volumes, and lower raw material costs are likely to drive overall growth and support margin expansion. The brokerage added that these factors could help the company outperform its peers, while investors should closely track the demerger timeline and any reasons for potential delays as key monitorables.

According to Sunny Agrawal, Head of Fundamental Research at SBI Securities, Vedanta’s fair value is estimated in the range of ₹880 – ₹900 over a 12–18 month horizon.

He noted that around 54% of the valuation is attributed to the aluminium business, while nearly 33% is linked to the existing listed operations, including zinc and base metals post-demerger. Based on this, investors may consider accumulating Vedanta shares at current levels ahead of the record date.

The stock exchanges BSE and NSE will conduct a special pre-open session (SPOS) on April 30, 2026, for Vedanta share price discovery. The session will run from 9:15 AM to 9:45 AM, with regular trading commencing at 10:00 AM, reflecting the ex-demerger price.

The share price of four demerged entities will be derived from the difference between Vedanta’s closing price on April 29 and the price discovered during the special pre-open session on April 30.

Systematix Institutional Equities has estimated that Vedanta will report revenue of ₹47,810 crore for the March 2026 quarter, reflecting a growth of 18% YoY and 4% QoQ.

The brokerage expects EBITDA to come in at ₹17,750 crore, marking a sharp rise of 55% YoY and 17% QoQ. EBITDA margins are projected at 37.1%, expanding by 407 basis points on a QoQ basis.

Net profit is estimated at ₹6,130 crore, indicating a strong increase of 132% YoY and 4% QoQ.Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience.

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