Vedanta Ltd(VEDL)

NSE: VEDLBSE: 500295

₹ 227.7+0.75%refreshed 26 Oct, 03:54 pm ISTMarket cap: ₹ 89,040 crNext results: 28 Oct 2026Website: www.vedantalimited.comUpdated: 26 Oct 2026

About

Vedanta Ltd is a diversified natural resources company producing aluminium, zinc, lead, silver, copper, oil and gas, iron ore, and power across India and internationally. In FY26 it generated consolidated revenue of ₹1,74,075 crore, EBITDA of ₹55,976 crore, and PAT of ₹25,096 crore - all-time highs. Following NCLT approval, the company executed a demerger effective May 1, 2026, splitting into five pure-play listed entities. Hindustan Zinc holds a 74% domestic primary zinc market share and Vedanta is India's largest primary aluminium producer with a 46% domestic market share.^[1]

Business segments

Aluminium was the largest segment in FY26 at 36.9% of revenue (₹65,847 crore), producing primary aluminium at Jharsuguda and BALCO.^[2]
Zinc, Lead and Silver contributed 21.9% of revenue (₹39,057 crore) in FY26, operated through Hindustan Zinc's mines and smelters in Rajasthan.^[2]
Copper accounted for 17.4% of revenue (₹31,069 crore) in FY26, with smelting in India and copper rod operations in Fujairah (UAE) and Saudi Arabia.^[2]
Oil & Gas contributed 5.4% of revenue (₹9,582 crore) in FY26, operated through Cairn Oil & Gas primarily in Rajasthan's MBA fields.^[2]
Power contributed 5.1% of revenue (₹9,026 crore) in FY26, up 47% from ₹6,159 crore in FY25.^[2][3]
Iron Ore was 3.6% of revenue (₹6,457 crore) in FY26; Zinc International (South Africa) was 2.7% (₹4,860 crore).^[2]
Steel revenue was ₹7,304 crore in FY26 vs ₹7,928 crore in FY25; FACOR revenue was ₹1,094 crore vs ₹930 crore.^[3]

Products and brands

Aluminium portfolio includes ingots, primary foundry alloys, wire rods, billets, and rolled products serving energy, transportation, construction, packaging, aerospace, and defence sectors.^[3]
ESL Steel (VISL) produces pig iron, billet, TMT bar, wire rod, and ductile iron pipes; value-added production held at ~80% of total output in FY26.^[3]
FACOR is India's fourth-largest high carbon ferro chrome (HCFC) producer with output of ~1.2 million tonnes in CY2025; ~55% of production is exported.^[3]
Cairn Oil & Gas is one of India's largest private E&P companies, with gross proved and probable reserves and resources of 1,321 mmboe.^[3]

Operations and capacity

Lanjigarh alumina refinery expanded from 2 MTPA to 5 MTPA after commissioning Train-2 in October 2025; exit run rate was 4 MTPA in March 2026.^[3]
BALCO's new 435,000 tpa smelter achieved first metal production in October 2025 and was ramping through FY27; total aluminium capacity ~2.4 million tonnes.^[3]
Vedanta Power reached 4.2 GW total merchant thermal capacity after commissioning Meenakshi (1,000 MW) and Athena Unit 1 (600 MW) in H1 FY26.^[4]
Zinc International operates Gamsberg and Black Mountain mines in South Africa; Gamsberg Phase 1 produced 185 kt in FY26, up 39% YoY.^[3]
ESL Steel saleable production was 1,301 kt in FY26, with highest-ever quarterly billet production of 287 kt; iron ore saleable production was 6.5 MT.^[3]
Captive coal blocks planned: Radhikapur West (6 MTPA), Kuraloi A North (8 MTPA), and Ghogharpalli (20 MTPA) to secure 100% coal supply for aluminium.^[3]
Tuticorin copper smelter was shut for the whole of FY26; a PIL seeks its demolition.^[3]

Key operating numbers

VAML aluminium production hit a record 632 KT in Q1 FY27 (+5% YoY, +3% QoQ); hot metal COP was $1,698/t (-4% YoY), within FY27 guidance of $1,650 - $1,700/t.^[5]
VAML value-added product (VAP) output was 389 kt in Q1 FY27, up 14% YoY; alumina production was 826 KT (+41% YoY).^[5]
Zinc India mined metal was 268 kt in Q1 FY27 (+1% YoY); refined metal 260 kt (+4% YoY); COP $851/t, lowest since underground transition (-16% YoY).^[5]
Zinc India FY26 mined metal was a record 1,114 kt (+2% YoY); COP $959/t, a five-year low (-9% YoY); silver production 627 MT.^[1]
Zinc International mined metal was 48 kt in Q1 FY27 (-14% YoY) as Black Mountain Deeps nears end of life; Gamsberg Phase 1 rose 10% QoQ to 45 kt.^[5]
Oil & Gas gross operated production was 77.7 kboepd in Q1 FY27 at a unit operating cost of $17.4/boe; FY26 average was 87.2 kboepd (-16% YoY).^[5]
Power sales were 5,224 MU in Q1 FY27, up 38% YoY; FY26 full-year power sales were 16,398 MU (+30% YoY).^[5]
VISL steel sellable production was 582 kt in Q1 FY27; iron ore production was 2.6 MT (+4% YoY).^[5]

Customers and distribution

Hindustan Zinc held a 74% domestic primary zinc market share in FY26 with 600 kt of domestic zinc sales; ~30% of refined zinc was exported to South East Asia, the Middle East, the US, and Europe.^[3]
Vedanta is India's largest primary aluminium producer with a 46% domestic market share in FY26.^[3]
100% of Cairn's crude oil and natural gas production was sold within India in FY26, in accordance with government regulations.^[3]
Power has 1,100 MW of untied capacity for which PPAs are being sought (FY26 annual report).^[3]

Expansion and capex

Zinc capacity in South Africa doubled to 500,000 tonnes a year with a US$ 600 Mn investment (October 2026); target is 3 million tonnes of annual zinc output: 2 million from Hindustan Zinc, 1 million from Vedanta Zinc International.^[6]
Hindustan Zinc 250 KTPA zinc expansion at ₹12,000 crore, completion targeted 2Q FY29; tailings reprocessing plant at ₹3,823 crore, completion 4Q FY28.^[3]
BALCO new 435 KTPA potline targeting full capacity at FY27 exit, contributing ~190 kt incremental production in FY28; VAML FY27 capex ~₹5,000 crore.^[5]
Kuraloi coal mine to produce 2 MT in FY27 ramping to 8 MT in FY28; Sijimali bauxite mine to start in Q3 FY27 at 1 - 2 MT, scaling to 6 - 7 MT in FY28.^[5]
Saudi Arabia copper rod mill (200,000 t capacity, $30 mn) was 58% complete in Q1 FY27; separately an MoU to invest US$ 2 billion in an integrated copper complex in Saudi Arabia.^[5][3]
VAML 3 MTPA aluminium smelter expansion on drawing board at ~$2,500/t implying ~$7.5 bn total capex.^[5]
Vedanta Power targeting 4.8 GW by end of FY27 and an additional 7.2 GW from FY30 onwards.^[5]
ESL hot metal capacity being expanded from 1.5 MTPA to 3.5 MTPA by FY27; target of 2.5 GW round-the-clock renewable energy by FY30 with Serentica.^[3]

Recent developments

Demerger into five pure-play entities became effective May 1, 2026 after NCLT sanction on 16 December 2025; the Base Metals demerger was dropped.^[1][3]
Took control of Incab Industries under IBC from 10 December 2025 for ₹587 crore.^[3]
A boiler incident at the Athena power plant in April 2026 took the plant out of operation.^[3]
ESL Steel received in-principle Stage I forest clearance on April 17, 2026.^[3]
VRL raised $1.75 bn bonds at 7.4% and a $2.25 bn term loan at ~6.4% in Q1 FY27, deleveraging $1.1 bn at group level in the quarter.^[5]
S&P, Fitch and Moody's upgraded VRL in Q1 FY27; VEDL, VAML and VOAG were upgraded to AA+/Stable by ICRA and CRISIL.^[5]
Board approved demerger of surplus real estate (~2,264 acres) into Vedanta Property Platforms Limited at 1 share per 20 Vedanta shares; completion targeted FY28.^[1]
Fujairah copper rod sales fell 51% YoY in Q1 FY27 due to Strait of Hormuz closure; target of 20+ kt quarterly run rate by Q3 FY27.^[5]

Market Cap

₹89,040 Cr

High / Low

₹361 / 171

Stock P/E

4.5

Price / Book

1.8

Book Value

₹127

EPS

₹44.5

No. of Shares

391.04 Cr

ROCE

17.7%

ROE

38.3%

OPM

24.9%

Debt / Equity

0.54

Sales

₹78,437 Cr

Net Profit

₹25,096 Cr

Promoter holding

54.7%

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Vedanta Ltd(VEDL)

About

Business segments

Products and brands

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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