VEDL
Vedanta share price & financials
- Price
- ₹300.8
- Market cap
- ₹1.0L Cr
- Sector
- Metals & Mining
- Calls analysed
- 5
Vedanta Q4 FY26
What went well
- Record high annual revenue of INR1.74 lac crores in FY26, up 15% YoY.
- EBITDA of INR56,000 crore (up 29% YoY) and PAT of over INR 25,000 crore (up 22% YoY) in FY26.
- Free cash flow pre-capex of INR 26,013 crore and Return on Capital Employed of 32% in FY26.
What to watch
- Tragic incident at Athena power plant with no immediate timeline for resumption of operations.
- Delays in regulatory approvals for Sijimali bauxite mine, impacting operational timelines.
What Vedanta does
Vedanta Limited is a diversified natural-resources company that mines and processes metals and minerals - aluminium, zinc, lead, silver, copper, iron ore and ferrochrome - and produces oil & gas and power. It earns by selling these commodities into industrial and energy value chains, with realisations largely linked to the London Metal Exchange. Operations span India, Africa, the Middle East and East Asia, running integrated assets from bauxite mines and alumina refineries through smelters, zinc mines and oil fields. In December 2025 the NCLT approved the company's demerger into pure-play listed entities.
Segments
- Aluminium
- Zinc India
- Zinc International
- Oil & Gas
- Iron Ore & Ferrochrome (Facor)
- Steel & Copper
- Power
- Market position
- World's leading diversified producer of metals, oil & gas and critical minerals
- Operating geographies
- India, Africa, the Middle East and East Asia
- Lanjigarh alumina refinery capacity
- 5 million tonnes per annum
- New Balco aluminium smelter capacity
- 435,000 tonnes
- Zinc International flagship asset
- Gamsberg zinc mine, South Africa
- Steel plant
- Bokaro steel unit
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 2 delivered 2 missed 4 open- Net Debt to EBITDA Ratio delivered said Q1 FY26 Promised: Improve to 1x by the current fiscal (FY26 end) Q4 FY26: Actual: 0.95x
- Aluminum Hot Metal Cost missed said Q1 FY26 Promised: $1,700 to $1,750 per ton for FY26 Q4 FY26: Actual: $1,752 (marginally above target range)
- Demerger Effective Date delayed said Q4 FY25 Promised: Complete the process by September 2025 Q4 FY26: Target revised to May 1, 2026
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 53.6%, net profit up 77.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37,634 | 17,063 | 16,686 | 15,754 | 18,747 −50% | 21,337 +25% | 24,609 +47% | 24,205 +54% |
| EBITDA | 9,828 | 5,013 | 5,246 | 4,276 | 4,915 −50% | 6,521 +30% | 7,559 +44% | 8,501 +99% |
| Net profit | 5,603 | 4,876 | 4,961 | 4,457 | 3,479 −38% | 7,807 +60% | 9,352 +89% | 7,918 +78% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −39.2% 1Y
1Y: ₹433.7 on 10 Sept 2025 → ₹263.7. High ₹787.5 (17 Apr 2026), low ₹253.05 (17 Jul 2026).
How the price took the results
close before → close after
- Q4 FY26
- +4.6%
- 29 Apr
- Q3 FY26
- +6.0%
- 14 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 14.1% a year over 3 years, FY23 to FY26. Operating margin widened to 28.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹126.7k Cr | ₹143.7k Cr | ₹107.1k Cr | ₹80.4k Cr |
| Operating profit | ₹27.7k Cr | ₹35.2k Cr | ₹30.0k Cr | ₹23.3k Cr |
| Operating margin | 21.9% | 24.5% | 28.0% | 28.9% |
| Interest | ₹5.7k Cr | ₹9.5k Cr | ₹7.0k Cr | ₹2.9k Cr |
| Depreciation | ₹8.6k Cr | ₹10.7k Cr | ₹7.9k Cr | ₹5.0k Cr |
| Net profit | ₹26.2k Cr | ₹7.5k Cr | ₹20.5k Cr | ₹25.1k Cr |
| Net margin | 20.7% | 5.2% | 19.2% | 31.2% |
| ROCE | 20.0% | 21.0% | 12.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹372 Cr | ₹372 Cr | ₹372 Cr | ₹372 Cr | ₹391 Cr | ₹391 Cr |
| Reserves | ₹61.9k Cr | ₹65.0k Cr | ₹39.1k Cr | ₹30.4k Cr | ₹39.8k Cr | ₹49.3k Cr |
| Borrowings | ₹57.7k Cr | ₹53.6k Cr | ₹80.3k Cr | ₹87.7k Cr | ₹85.1k Cr | ₹32.9k Cr |
| Other liabilities | ₹63.5k Cr | ₹75.0k Cr | ₹69.7k Cr | ₹69.7k Cr | ₹91.4k Cr | ₹149.7k Cr |
| Total liabilities | ₹183.5k Cr | ₹193.9k Cr | ₹189.5k Cr | ₹188.1k Cr | ₹216.6k Cr | ₹232.3k Cr |
| Fixed assets | ₹90.5k Cr | ₹93.5k Cr | ₹95.7k Cr | ₹99.0k Cr | ₹110.2k Cr | ₹30.5k Cr |
| Capital work in progress | ₹16.3k Cr | ₹15.9k Cr | ₹19.5k Cr | ₹22.9k Cr | ₹30.4k Cr | ₹10.5k Cr |
| Investments | ₹16.7k Cr | ₹17.3k Cr | ₹13.2k Cr | ₹11.9k Cr | ₹12.4k Cr | ₹15.4k Cr |
| Other assets | ₹60.1k Cr | ₹67.3k Cr | ₹61.0k Cr | ₹54.4k Cr | ₹63.5k Cr | ₹175.8k Cr |
| Total assets | ₹183.5k Cr | ₹193.9k Cr | ₹189.5k Cr | ₹188.1k Cr | ₹216.6k Cr | ₹232.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −5.64 pp while FIIs added +5.18 pp. The shareholder count grew 25% to 26,01,130.
- Promoters
- 54.7%
- FIIs
- 15.8%
- DIIs
- 10.8%
- Government
- 0.1%
- Public
- 18.4%
- Others
- 0.2%
Since Jun 2025
- DIIs −5.64 pp
- FIIs +5.18 pp
- Public +2.10 pp
How it drifted, 12 quarters
Over this window promoters fell from 63.7% to 54.7% — −9.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 63.7%, FIIs 7.8%, DIIs 10.6%, Government 0.1%, Public 17.7%, Others 0.1%.Dec '23: Promoters 63.7%, FIIs 7.7%, DIIs 11.2%, Government 0.1%, Public 17.2%, Others 0.1%.Mar '24: Promoters 62.0%, FIIs 8.8%, DIIs 13.2%, Government 0.1%, Public 15.9%, Others 0.2%.Jun '24: Promoters 59.3%, FIIs 10.2%, DIIs 14.8%, Government 0.1%, Public 15.4%, Others 0.2%.Sep '24: Promoters 56.4%, FIIs 11.4%, DIIs 16.3%, Government 0.1%, Public 15.6%, Others 0.2%.Dec '24: Promoters 56.4%, FIIs 12.0%, DIIs 15.5%, Government 0.1%, Public 15.9%, Others 0.1%.Mar '25: Promoters 56.4%, FIIs 11.2%, DIIs 16.4%, Government 0.1%, Public 15.9%, Others 0.1%.Jun '25: Promoters 56.4%, FIIs 10.6%, DIIs 16.5%, Government 0.1%, Public 16.4%, Others 0.1%.Sep '25: Promoters 56.4%, FIIs 11.1%, DIIs 16.3%, Government 0.1%, Public 16.1%, Others 0.1%.Dec '25: Promoters 56.4%, FIIs 12.2%, DIIs 15.3%, Government 0.1%, Public 16.1%, Others 0.1%.Mar '26: Promoters 56.4%, FIIs 13.9%, DIIs 13.4%, Government 0.1%, Public 16.1%, Others 0.1%.Jun '26: Promoters 54.7%, FIIs 15.8%, DIIs 10.8%, Government 0.1%, Public 18.4%, Others 0.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Fund Mutual fund newly disclosed 1.53% held
- Ptc Cables Private Limited +0.19 pp 2.10% held
The same filing shows 2 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Vedanta above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Twin Star Holdings Ltd | 38.35% | −1.67 pp |
| Vedanta Holdings Mauritius Ii Limited | 12.60% | unchanged |
| Life Insurance Corporation Of India Insurer | 4.55% | −0.18 pp |
| Vedanta Holdings Mauritius Limited | 2.75% | unchanged |
| Ptc Cables Private Limited | 2.10% | +0.19 pp |
| ICICI Prudential Fund Mutual fund | 1.53% | newly disclosed |
| Welter Trading Limited | 0.98% | unchanged |
| Vedanta Netherlands Investments B.V. | 0.04% | unchanged |
| Anil Agarwal | 0.00% | unchanged |
| Navin Agarwal | 0.00% | unchanged |
| Westglobe Limited | 0.00% | unchanged |
| Pratik Agarwal | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in VEDL
Filings to Aug 2026
1 new, 12 added, 3 trimmed, 0 sold out — net +142.87 L shares (+43.0%).
- Held by funds
- ₹1.3k Cr
- 24 schemes
- Biggest holder
- SBI Large Cap Fund
- ₹256 Cr · 0.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Large Cap Fund SBI Mutual Fund | ₹256 Cr | +64.48 L | Jul '24 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹193 Cr | held | Jul '24 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹167 Cr | +1.93 L | Mar '21 |
| SBI MNC Fund SBI Mutual Fund | ₹139 Cr | −6.00 L | Jan '26 |
| SBI Flexicap Fund SBI Mutual Fund | ₹117 Cr | new | Aug '26 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹80 Cr | held | Dec '24 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹73 Cr | +18.91 L | Jun '26 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹60 Cr | +20.90 L | Jun '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
12 added, 3 trimmed — net +1.43 cr shares (+43.0%)
- Funds are sitting on
- -26%
- vs est. average cost
- Held by funds
- ₹1.3k Cr
- 24 schemes · ≈ 1.4% of the company
- Biggest holder
- SBI Large Cap Fund
- ₹256 Cr · 0.5% of that fund
- Longest holder
- Nippon India ETF Nifty Next 50 Junior BeES
- 5y 6m · since Mar '21
Shares held by these funds +285%
Aug '23 3.32 cr shares Jul '26
All earnings calls (4)
Read the Q4 FY26 call →Learn to analyse Vedanta
Guides on how to read this kind of business and the numbers that matter.