NSE: VEDL · BSE: 500295
VEDANTA LIMITED
Produces and sells metals, minerals and hydrocarbons across six reporting segments. Aluminium is the largest earner, contributing 56.1% of period segment revenue at ₹49,604 crore with an EBIT margin of 34.0%, followed by Copper at 26.0% (₹22,999 crore), which was loss-making at an EBIT margin of -0.8%. Iron Ore (6.8%), Oil and Gas (6.3%) and Power (2.2%) round out the bulk of the rest. Subsidiary Hindustan Zinc, which houses zinc, lead and silver, reported Q1 FY27 revenue of ₹13,747 crore and net profit of ₹5,469 crore. The biggest cost line is materials at 38.1% of revenue, with depreciation at 6.1% and capex at 26.6% of revenue, reflecting the asset-heavy nature of mining and smelting. Q1 FY27 production highlights included Zinc India mined metal of 268 kt, Copper India sales of 53 KT (the highest Q1 in eight years), and ports discharge volumes of 2,358 kt (up 40% YoY). A historic demerger split the group into five listed entities, separating the aluminium, copper, zinc-lead-silver and oil & gas businesses. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Aluminium (56%), Copper (26%), Iron Ore (7%), Oil and Gas (6%), Power (2%), Others (3%). Diversified, asset-heavy metals, mining and hydrocarbons exposed to commodity prices.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,32,732 | 1,47,308 | 1,43,727 | 1,52,968 | 78,437 |
| EBITDA (ex other income) | 44,056 | 34,205 | 38,001 | 44,211 | 23,204 |
| margin % | 33.2 | 23.2 | 26.4 | 28.9 | 29.6 |
| Owners' profit | 18,802 | 10,574 | 4,239 | 14,988 | 17,391 |
| EPS, as reported (₹) | 50.73 | 28.50 | 11.42 | 38.97 | 44.58 |
| ROE % · ROCE % | 28.7 · 28.4 | 29.3 · 24.5 | 17.9 · 26.6 | 38.2 · 28.4 | 36.6 · 10.1 |
| Debt / equity (x) | 0.64 | 1.34 | 1.71 | 1.37 | 0.39 |
| Cash from operations | 34,963 | 33,065 | 35,654 | 39,562 | 39,499 |
| Capex | (10,630) | (13,787) | (16,752) | (17,005) | (20,876) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37,634 | 39,115 | 40,455 | 37,824 | 39,868 | 23,369 | 24,609 | 24,205 |
| Profit before tax | 7,633 | 6,661 | 6,656 | 6,053 | 4,948 | 4,746 | 5,908 | 7,189 |
| Net profit | 5,603 | 4,876 | 4,961 | 4,457 | 3,479 | 7,807 | 9,352 | 7,918 |
| EPS (₹) | 11.26 | 9.09 | 8.92 | 8.15 | 4.61 | 14.62 | 17.15 | 14.02 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Zinc,Lead and Silver | 39,057 | 22.0 |
| Zinc-International | 4,859 | 2.7 |
| Oil & Gas | 9,582 | 5.4 |
| Aluminium | 65,846 | 37.1 |
| Copper | 31,069 | 17.5 |
| Iron Ore | 6,458 | 3.6 |
| Power | 9,026 | 5.1 |
| Others | 11,552 | 6.5 |
| Total, before eliminations | 1,77,449 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| VEDANTA LIMITED ◆ | 91,044 | 4.6 | 1.33 | 4.7 | 36.6 | 8.6 | (2.0) | 37.4 |
| JAIN RESOURCE RECYCLING L | 9,662 | 26.3 | 6.20 | 18.5 | 22.3 | 29.5 | — | 4.4 |
| PONDY OXIDES & CHEM LTD | 2,989 | 9.8 | 3.79 | 14.5 | 16.7 | 22.8 | — | 6.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.6 | 16.0 | 3 of 67 | 97% |
| P/B | 1.3 | 2.0 | 26 of 70 | 64% |
| ROCE | 8.6 | 7.8 | 34 of 77 | 57% |
| ROE | 36.6 | 7.9 | 3 of 70 | 97% |
| Debt / Equity | 0.4 | 0.3 | 44 of 70 | 38% |
| EBITDA margin | 37.4 | 9.7 | 11 of 70 | 86% |
| Revenue growth | (36.0) | 14.4 | 63 of 72 | 13% |
| Profit growth | 77.7 | 34.9 | 26 of 72 | 65% |
| Market cap | 91044 | 410 | 8 of 78 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Vedanta shares audio recording of Q2 and H1 FY27 earnings call | investor communications | low | — | — |
| 28 Oct 2026 · Vedanta posts record Q2 FY27 profit and sharply cuts net debt | compliance | low | — | — |
| 28 Oct 2026 · Record Q2 FY27 profit, 60% margin and ₹3,675 crore net debt | investor communications | medium | — | — |
| 28 Oct 2026 · Q2 revenue rises 57% and owner profit more than doubles | results | high | — | — |
| 28 Oct 2026 · Vedanta Q2 net profit rises 78% as continuing revenue grows 58% | results | high | — | — |
| 28 Oct 2026 · Vedanta grants 99.32 lakh performance-linked employee stock options | corporate actions | medium | — | — |
| 22 Oct 2026 · Vedanta board to consider Q2 FY27 results on October 28 | compliance | minimal | — | — |
| 22 Oct 2026 · Board meeting to review Q2 and half-year results; trading window closed | compliance | minimal | — | — |
| 22 Oct 2026 · Vedanta to consider Q2 and half-year results on October 28, 2026 | results | low | — | — |
| 20 Oct 2026 · Vedanta subsidiary Hindustan Zinc posts strong quarterly and half-year growth | results | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.