Mumbai, Jan 31: Vedanta Limited (BSE: 500295 | NSE: VEDL) today announced its Unaudited Consolidated Results for the third quarter and nine months ended December 31, 2025, reporting an exceptional financial and operational performance. Profit After Tax (PAT) surged 60% year-on-year, supported by record EBITDA, margin expansion, and strong operational execution across businesses.
Financial Highlights – Q3FY26
Vedanta recorded its highest-ever quarterly revenue, reflecting a 19% year-on-year growth, driven by higher commodity prices, increased volumes, favourable premiums, and forex gains. EBITDA rose 34% year-on-year to a record level, with margins expanding by 629 basis points to 41%.
Profit After Tax for the quarter marked a 60% year-on-year increase. Return on Capital Employed (ROCE) remained strong at 27%, improving by 296 basis points year-on-year. The Net Debt to EBITDA ratio further improved to 1.23x, reflecting balance sheet strength and disciplined capital management.
Vedanta’s credit ratings were reaffirmed at AA by both CRISIL and ICRA following the approval of the Company’s proposed demerger by the National Company Law Tribunal (NCLT).
Strong Operational Performance
The Company delivered record or near-record production across multiple businesses:
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Aluminium: Highest-ever quarterly production; alumina output surged to a record level
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Zinc India: Record third-quarter mined and refined metal production; achieved the lowest Q3 cost of production in the last five years
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Zinc International: Production increased 28% year-on-year
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Iron Ore: Ore production rose year-on-year; pig iron output increased
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Copper: Highest quarterly cathode production in the last seven years
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Ferro Chrome: Production increased 32% year-on-year
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Power: Sales volumes rose 61% year-on-year
Strategic Milestones
During the quarter, Vedanta received approval from the National Company Law Tribunal (NCLT) for its proposed demerger, marking a significant step toward the creation of five independent, pure-play entities. The Company also acquired Incab Industries, strengthening its downstream capabilities in copper and aluminium.
Vedanta continued to invest significantly in growth capital expenditure during the first nine months of FY26, reinforcing its commitment to long-term expansion and operational excellence.
Shareholder Value Creation
Vedanta delivered a total shareholder return of approximately 30% during the quarter, significantly outperforming benchmark indices. Over the past five years, total shareholder returns stood at 428%, supported by a strong cumulative dividend payout.
Management Commentary
Commenting on the performance, Mr. Arun Misra, Executive Director, Vedanta, said:
“Q3 FY26 has been a landmark quarter for Vedanta, with our highest-ever EBITDA and strong performances across key businesses. Aluminium and Zinc India delivered their best-ever financial results, supported by record production and cost efficiencies. The approval of our demerger into five pure-play entities further strengthens our readiness to unlock long-term value as we advance Vedanta’s 2.0 journey.”
Mr. Ajay Goel, Chief Financial Officer, Vedanta, added:
“This has been a remarkable quarter marked by record PAT, revenue, and EBITDA, alongside sharp margin expansion. Our balance sheet continues to strengthen, reflected in improved leverage metrics and reaffirmation of our AA credit rating. These results underscore market confidence in Vedanta’s growth trajectory and value-creation strategy.”
ESG Highlights – Q3FY26
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ESG Leadership: Vedanta Aluminium ranked second globally in the S&P Corporate Sustainability Assessment for the third consecutive year. Cairn Oil & Gas ranked among the top five globally in its first participation.
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Environmental Progress: Renewable energy usage increased quarter-on-quarter, greenhouse gas intensity declined, and water recycling levels improved significantly.
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Social Impact: CSR initiatives positively impacted millions of lives globally, with a strong focus on education, skill development, and women empowerment.
Outlook
With strong operational momentum, an improving balance sheet, and key strategic initiatives underway, Vedanta remains well positioned to sustain growth and unlock long-term value for all stakeholders.
