Vedanta Limited today released its unaudited consolidated results for the quarter ending June 30, 2025. In Q1 FY26, the company reported strong financial performance, with consolidated revenue reaching ₹37,434 crore, marking a 6% increase over the same quarter last year. EBITDA rose to a record ₹10,746 crore, up 5% year-on-year, supported by operational efficiency and cost control measures. Excluding the Copper business, the EBITDA margin improved by 81 basis points to 35%, the highest margin recorded in the past 13 quarters.
Adjusted Profit After Tax (PAT) showed a robust 13% year-on-year growth, reaching ₹5,000 crore, while reported PAT stood at ₹4,457 crore. Return on Capital Employed (ROCE) also strengthened, rising by 87 basis points to 25%, reflecting continued capital efficiency. Capital expenditure during the quarter amounted to ₹5,155 crore, alongside a dividend payout of ₹4,280 crore, underlining the company’s commitment to shareholder returns.
The balance sheet remained healthy with net debt standing at ₹58,220 crore, maintaining a comfortable Net Debt to EBITDA ratio of 1.3 times. The company’s creditworthiness was reaffirmed with AA ratings from both CRISIL and ICRA, indicating strong financial fundamentals and resilience. Furthermore, the sale of a 1.6% stake in Hindustan Zinc Limited yielded ₹3,028 crore, boosting liquidity by 7% quarter-on-quarter and 33% year-on-year, with total cash and equivalents reaching ₹22,137 crore.
In aluminum operations, alumina production hit a record 587,000 tonnes—up 9% year-on-year and 36% quarter-on-quarter—while cast metal production stood at 605,000 tonnes, showing stability. The hot metal cost, excluding alumina, dropped to $888 per tonne, the lowest in 16 quarters. Overall aluminum cost of production declined 12% quarter-on-quarter, underscoring improvements in operational efficiency.
Zinc India delivered its highest-ever first-quarter mined metal production at 265,000 tonnes, up 1% year-on-year. The cost of production decreased 9% to $1,010 per tonne. Zinc alloy output at HZAPL reached record levels, raising the share of value-added products to approximately 24%, contributing positively to margins and market differentiation.
Zinc International also saw significant progress, with mined metal production increasing by 50% year-on-year and 12% quarter-on-quarter to 57,000 tonnes. The cost of production dropped 21% year-on-year to $1,269 per tonne. Output from the Gamsberg mine rose 74% year-on-year and 13% quarter-on-quarter, driven by ramped-up mining activity and improved ore availability.
In the Oil & Gas segment, daily production stood at 93,200 barrels of oil equivalent. While natural field declines continued, they were partially offset by the introduction of new infill wells. This maintained overall stability in output while ongoing investments aimed to enhance long-term recovery.
The Iron Ore, Steel, and Copper businesses posted solid performance. Saleable iron ore output rose 42% year-on-year to 1.8 million tonnes. Pig iron production hit a record 213,000 tonnes, up 4% both year-on-year and quarter-on-quarter. Ferro chrome output increased by 3% year-on-year and surged 150% sequentially to 28,000 tonnes. Copper cathode production doubled year-on-year to 44,000 tonnes, maintaining its level from the previous quarter.
In the Power segment, total power sales jumped 33% quarter-on-quarter. TSPL achieved 90% plant availability, and Meenakshi Power Plant’s full 650 MW capacity came online, with Unit 3 (350 MW) commissioned in July 2025. Additionally, Athena Power Plant’s Unit 1 (600 MW) was also commissioned in July 2025, enhancing the company’s power generation capacity and reliability.
Anil Agarwal, Chairman of Vedanta, said, “Our first quarter performance lays a solid groundwork for the year. Despite global market volatility, we posted the highest ever first quarter EBITDA. Key operational milestones include the lowest hot metal cost in 16 quarters, the lowest zinc India cost in a first quarter, strong production growth at Gamsberg, power sales up by a third, and a 150% jump in ferro chrome volumes. The Lanjigarh refinery’s alumina production growth to 587,000 tonnes shows steady progress toward our full-year target of over 3 million tonnes. Upcoming commissioning of Lanjigarh Train II, new smelter capacity at Balco, and thermal power additions in the next quarter are expected to strengthen our performance further. The start of operations at Sijimali bauxite and Kuraloi coal mines in the second half will support new production highs.”
Ajay Goel, CFO, added, “This quarter’s record EBITDA of ₹10,746 crore reflects solid growth and operational improvements. The EBITDA margin expanded to 35%, the highest in over three years. Adjusted PAT rose 13% to around ₹5,000 crore. Corporate actions, including the Hindustan Zinc stake sale generating over ₹3,000 crore in cash, have improved our financial metrics, with a net debt to EBITDA ratio of 1.3 times. Our recent refinancing efforts lowered borrowing costs by approximately 130 basis points to 9.2%. Credit rating affirmations from CRISIL and ICRA further validate the strength and confidence in Vedanta’s business model.”
Vedanta Limited, a subsidiary of Vedanta Resources Limited, is a leading global metals, mining, energy, and technology company with operations across India, Africa, the Middle East, and Asia. The company’s portfolio includes Zinc (world’s largest integrated producer), Silver (fourth largest globally), Aluminium (India’s largest primary producer), Oil & Gas (India’s largest private crude oil producer), Nickel (sole Indian producer), Copper, Iron Ore, Steel, Lead, Power, and Glass Substrate.
Committed to environmental, social, and governance (ESG) excellence, Vedanta targets net-zero emissions by 2050 or earlier. The company is certified as a Great Place to Work and recognized as a Kincentric Best Employer. Vedanta Limited is publicly traded on the Bombay Stock Exchange and National Stock Exchange of India.
