• Highest-ever revenue: ₹1,74,075 crore in FY26 (up 15% YoY) and ₹51,524 crore in Q4 (up 29% YoY)
  • Record EBITDA of ₹55,976 crore in FY26 (up 29% YoY) and ₹18,447 crore in Q4 (up 59% YoY); Q4 margins at 44%
  • Net Debt to EBITDA at 0.95x compared to 1.22x in FY25

Bangalore : Vedanta Limited (BSE: 500295 & NSE: VEDL) today announced its Unaudited Consolidated Results for the fourth quarter and full year ended 31st March 2026, delivering its strongest financial performance to date.

Vedanta achieved its highest-ever quarterly revenue of ₹51,524 crore, up 29% YoY, while annual revenue rose to ₹1,74,075 crore, up 15% YoY. EBITDA for the quarter surged to a record ₹18,447 crore, up 59% YoY, with margins expanding sharply by 915 bps YoY to 44%. For FY26, EBITDA stood at ₹55,976 crore, up 29% YoY, with margins at ~39%.

The company reported a record-breaking Profit After Tax of ₹9,352 crore in Q4 FY26, up 89% YoY. For the full year, Profit After Tax stood at an all-time high of ₹25,096 crore, reflecting a 22% YoY increase. This performance was driven by robust operational delivery and cost efficiencies.

The company’s balance sheet strengthened significantly, with Net Debt to EBITDA improving to 0.95x, its best level in the last 14 quarters, compared to 1.22x a year ago. Credit ratings for Vedanta Limited were reaffirmed at AA by both CRISIL & ICRA, while the rating for Vedanta resources, the parent company, was upgraded to BB- by Fitch Ratings.

Vedanta generated strong free cash flows, with pre-capex free cash flow of ₹11,930 crore in Q4 (up 53% YoY) and ₹26,013 crore for FY26, supporting higher liquidity and capital allocation flexibility. Cash and cash equivalents increased 38% YoY to ₹28,485 crore. The Return on Capital Employed (ROCE) improved to ~32%, up 539 bps YoY, reflecting enhanced capital efficiency.

The company delivered strong operational performance across its key businesses in FY26, underpinned by record production and improved efficiencies. The aluminium business achieved its highest-ever annual production at 2,456 kt (up 1% YoY), while alumina output surged 48% YoY to a record 2,916 kt. Zinc India recorded best-ever mined metal production of 1,114 kt (up 2% YoY) and refined metal production of 851 kt (up 3% YoY), while Zinc International production rose 27% YoY to 225 kt. Ferro chrome production reached a record 101 kt (up 21% YoY), iron ore – pig iron output stood at 895 kt (up 10% YoY), and copper cathode production increased to a record 170 kt (up 15% YoY). The power business reported annual sales of 18,571 MU (up 14% YoY). 

During the year, the company achieved key milestones including the production of the first metal from India’s largest 525 kA smelter at BALCO, Chhattisgarh, acquisition of Incab Industries to strengthen its downstream copper and aluminium portfolio, an offshore gas discovery at the Cairn-operated Ambe block, and securing a 5-year, 500 MW PPA for Meenakshi and Athena, reinforcing its growth and integration strategy.

The company is also steadily progressing with its demerger, effective 1st May 2026, marking a significant milestone in its journey to unlock long-term value.

The company also delivered a Total Shareholder Return (TSR) of 48.6% in FY26, outperforming the Nifty Metal Index by over 2 times, while maintaining a strong dividend payout, including ₹34 per share for the full year.

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 ~₹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.”

Mr. Ajay Goel, CFO, Vedanta, said, “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 ‘26.  Our Revenue grew 15% YoY to ₹1,74,075 crore, EBITDA 29% YoY to ₹55,976 crore and PAT at ₹25,096 crore, marking a 22% 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%.”

Consolidated Financial Performance –                                               

(In ₹ crore, except as stated)

Particulars 4Q4Q% Change3Q% Change QoQFY2026FY2025
FY2026FY2025YoYFY2026
  Revenue from operations  51,52439,78929%45,89912%1,74,0751,50,725
  Other Operating Income 1,32766699%75276%3,1192,243
  EBITDA  18,44711,61859%15,17122%55,97643,541
  EBITDA Margin144%35%9%41%3%39%34%
  Finance cost 2,0392,583-21%2,176-6%8,3519,914
  Investment Income 7527323%7481%2,9782,987
  Exploration cost written off161258-38%14710%1,252459
  Exchange Gain/ (Loss), Non- operational and others -114135–141–28-51
  Profit before depreciation and taxes   16,8859,64475%13,73723%49,37936,104
  Depreciation & Amortization 1,3562,988-55%2,725-50%9,77411,096
  Profit before tax  15,5296,656–11,01041%39,60525,008
  Tax Charge/ (Credit)4,4461,696–2,98249%11,0115,609
  Profit After Taxes before exceptional items  11,0834,961123%8,03038%28,59419,399
  Exceptional Items (net of tax)-1,731––-223–-3,4981,135
  PAT  9,3524,96189%7,80720%25,09620,535