Vedanta Limited is a global natural resources powerhouse with a highly diversified portfolio spanning essential materials that are critical for industrial growth, energy security, and the green economy. The company is a leading producer of metals, including aluminium, zinc, lead, silver, iron ore, and steel; a significant player in the oil and gas sector; and a key supplier of power. Its operations are strategically located in high-growth geographies across India, Africa, the Middle East, and East Asia, positioning it to capitalize on the next era of global development. Sustainability is a core tenet of Vedanta's strategy, with a firm commitment to strong ESG governance, people-first workplace policies, and an ambitious goal of achieving net-zero emissions by 2050 or sooner. By operating at the intersection of resources, technology, and human potential, Vedanta aims to strengthen economies, empower local communities, and create enduring value for all its stakeholders.

Official Website: http://www.vedantalimited.com/

• Record Quarterly Performance (Q3FY26): The company achieved its highest-ever quarterly financial results.

• Revenue: Stood at a record ₹45,899 crore, an increase of 19% year-over-year (YoY) and 17% quarter-over-quarter (QoQ). This growth was driven by higher commodity prices (LME), increased volumes, better premiums, and favorable foreign exchange movements.

• EBITDA: Reached an all-time high of ₹15,171 crore, up 34% YoY and 31% QoQ. The EBITDA bridge analysis shows a positive YoY impact of ₹1,544 crore from LME/Brent prices and ₹677 crore from foreign exchange.

• Profit After Tax (PAT): Surged to a best-ever ₹7,807 crore, marking a 60% YoY and 124% QoQ increase.

• Nine-Month Performance (9MFY26): The performance for the first nine months of the fiscal year was also robust.

• Revenue: Reached a record ₹122,551 crore, up 10% YoY.

• EBITDA: Was the highest-ever at ₹37,529 crore, growing 18% YoY.

• PAT: Stood at ₹15,744 crore, up 1% YoY.

• Balance Sheet and Deleveraging: The company has strengthened its financial position.

• Net Debt: Stood at ₹60,624 crore. The Net Debt to EBITDA ratio improved significantly to 1.23x, compared to 1.40x in the same quarter last year (Q3FY25).

• Liquidity: Maintained a strong cash and cash equivalents position of ₹20,085 crore.

• Credit Rating: The 'AA / Watch with Developing Implications' rating was reaffirmed by both CRISIL and ICRA.

• Key Financial Ratios:

• Return on Capital Employed (ROCE): Showed strong improvement, standing at approximately 27%, an increase of 296 basis points YoY.

• EBITDA Margin: Expanded sharply to 41%, up 629 basis points YoY and 512 basis points QoQ.

The third quarter marked a period of record-breaking financial performance across revenue, EBITDA, and profit, complemented by a strengthening balance sheet and significant deleveraging.

• Diversified and Integrated Portfolio: Vedanta operates across a wide spectrum of commodities, including Aluminium, Zinc (India & International), Oil & Gas, Iron Ore, Steel, and Power. This diversification provides resilience against price volatility in any single commodity. The company is also focused on end-to-end integration, such as producing its own alumina for its aluminium smelters.

• ESG Leadership: The company has established a strong position in sustainability, which is increasingly valued by investors.

• Vedanta Aluminium secured the second rank in the S&P Corporate Sustainability Assessment for the third consecutive year.

• Cairn Oil & Gas, in its first participation, ranked among the top five globally in its sector.

• The company's water rating from the Carbon Disclosure Project (CDP) improved from 'B' to 'A minus'.

• High-Margin Silver Contribution: Within the Zinc India business, saleable silver production is a unique and highly profitable contributor. In Q3FY26, silver accounted for 44% of the segment's overall profit, positioning the company to benefit significantly from favorable silver prices.

• Strong Shareholder Returns: The company has a track record of rewarding its shareholders. It has delivered a 5-year Total Shareholder Return (TSR) of 428% and a 5-year cumulative dividend yield of 73.5%.

The company's unique strength lies in its diversified commodity portfolio, recognized leadership in ESG, a highly profitable silver business, and a demonstrated commitment to strong shareholder returns.

• Aluminium: Achieved record quarterly alumina production of 794 kt (+57% YoY) and record cast metal aluminium production of 620 kt (+1% YoY). The growth in alumina is a key enabler for integrated, low-cost aluminium production.

• Zinc India: Delivered its highest-ever Q3 mined metal production at 276 kt (+4% YoY) and highest-ever Q3 refined metal production at 270 kt (+4% YoY).

• Zinc International: Production jumped 28% YoY to 59 kt, driven by a 40% YoY production increase at the Gamsberg mine.

• Iron Ore and Steel: Ferrochrome production at FACOR grew 32% YoY to 24 kt. Steel production increased 19% QoQ to 325 kt.

• Power: Power sales increased by a substantial 61% YoY, supported by the commissioning of the Athena and Meenakshi power plants.

Growth was broad-based and driven by strong operational execution, with multiple business segments reporting record or near-record production volumes.

• Strategic Demerger: The approval from the National Company Law Tribunal (NCLT) for the demerger of Vedanta into five separate "pure-play" listed entities is a major catalyst. This restructuring is designed to unlock value by allowing each business to attract focused investment and pursue its own strategic path.

• Downstream Vertical Integration: The acquisition of Incab Industries presents an opportunity to expand into downstream products for copper and aluminium. This move allows the company to capture more value from its primary metal production.

• Critical Minerals Expansion: Vedanta has secured three additional mining blocks for high-value critical minerals, bringing its total to 11 blocks. This positions the company to capitalize on the growing global demand for minerals essential for the energy transition and advanced technologies.

The company is pursuing significant value-unlocking opportunities through strategic restructuring, targeted acquisitions for downstream expansion, and a deliberate move into the high-growth critical minerals sector.

• Growth Capex: The company has invested USD 1.3 billion in growth capital expenditure in the first nine months of FY26, signaling a strong commitment to expansion.

• Key Expansion Projects Pipeline: A detailed commissioning schedule highlights a robust pipeline of projects aimed at increasing capacity across all business verticals.

• Aluminium: Ongoing expansion of the BALCO smelter, Lanjigarh alumina refinery expansion to 5 MTPA, and development of new bauxite and coal mines (Sijimali, Ghogarpalli, Kuraloi).

• Zinc India: Projects include a new roaster at Debari, cell house debottlenecking, and a fertilizer project.

• Zinc International: Ramp-up of the Gamsberg Phase 2 expansion is targeted for Q1FY27.

• Oil & Gas: Key projects include the Alkaline Surfactant Polymer (ASP) project at Mangala and deep gas exploration in the Barmer basin.

• Iron & Steel: A new DI Pipe Plant in Goa and expansion of hot metal capacity at the steel plant are underway.

• Completed Debottlenecking: The company successfully completed debottlenecking at its Chanderiya and Dariba smelters, adding 21 Ktpa of refined zinc capacity.

Vedanta is actively deploying significant capital into a clear and comprehensive pipeline of expansion projects across its businesses to drive future growth.

• Execution of "Vedanta 2.0": The primary future plan is the successful execution of the demerger into five independent entities. This is part of the "Vedanta 2.0" journey aimed at simplifying the corporate structure and unlocking long-term value.

• Project Commissioning: The company's focus will be on the timely commissioning and ramp-up of its extensive project pipeline, including the Gamsberg Phase 2 zinc project, various aluminium and power expansions, and new growth projects in the oil and gas vertical.

• ESG and Sustainability Goals: Vedanta is committed to its long-term sustainability targets.

• Achieving Net Water Positivity by 2030.

• Reaching Net-Zero Emissions by 2050 or sooner.

• Cairn Oil & Gas has committed to a 30% reduction in methane emissions over the next five years.

Future plans are centered on the strategic demerger to unlock shareholder value, disciplined execution of a multi-billion dollar project pipeline, and advancing toward ambitious long-term sustainability goals.

• Consolidated Margin Expansion: The company reported its second-highest ever EBITDA margin of 41%. This represents a significant expansion of 629 basis points YoY and 512 basis points QoQ.

• Drivers of Margin Growth: Margin improvement was driven by a combination of higher commodity prices (LME), increased premiums, favorable forex gains, and successful cost reduction initiatives.

• Segment-Specific Performance:

• Aluminium: This segment achieved its best-ever quarterly EBITDA margin of $1,268 per ton. This was supported by a significant reduction in the cost of production to $1,674/t, an 11% YoY decrease.

• Zinc India: The business recorded its lowest Q3 cost of production in the last five years at $940/t, a 10% YoY reduction, which directly supported its strong profitability.

Margins expanded significantly due to a combination of favorable market dynamics and strong operational performance, particularly the successful implementation of cost-control measures in the key Aluminium and Zinc businesses.

• Market and Commodity Price Volatility: The company's financial performance is inherently exposed to the behavior of financial and metals markets, including the London Metal Exchange (LME). Fluctuations in commodity prices, interest rates, and foreign exchange rates are primary risks.

• Macro-Economic and Regulatory Risks: Operations are subject to a wide range of national, regional, and global uncertainties of a political, economic, business, competitive, or regulatory nature.

• Integration Risk: The forward-looking statements mention risks associated with the future integration of acquired businesses.

The company's primary risks are external, stemming from the inherent volatility of global commodity markets and potential changes in the macro-economic and regulatory environments.

• Credit Profile Enhancement:

• Vedanta Limited: Its 'AA' credit rating was reaffirmed by CRISIL and ICRA post the NCLT demerger order, signaling confidence in its financial stability.

• Vedanta Resources (Parent): The credit rating outlook for the parent company was upgraded from 'Stable' to 'Positive' by all three major agencies (S&P, Moody's, and Fitch), reflecting improved market confidence. The parent also successfully refinanced $550 million of high-cost debt, extending its average debt maturity to ~4.5 years and reducing interest costs.

• Corporate Social Responsibility (CSR): Vedanta invested ₹267.9 crore in CSR initiatives year-to-date, positively impacting 5.5 million lives through programs focused on education, women's empowerment, and community infrastructure.

• Index Inclusion: Hindustan Zinc (HZL), a subsidiary, was added to the Nifty Next 50 Index, which can improve its visibility and investor base.

The quarter was marked by significant positive developments, including a landmark demerger approval and upgraded credit profiles for both the company and its parent, underscoring strong market confidence.