Vedanta Limited’s first quarter performance sets strong foundation for year ahead

Mumbai, August 04.
Vedanta Limited, a global powerhouse of minerals, power and energy companies with headquarters at Mumbai, has reported its highest ever first quarter EBITDA while adjusted PAT jumping 13 per cent year-on-year (YoY) to Rs 5,000 crore.

The company today announced its Unaudited Consolidated Results for the First Quarter ended June 30, 2025.

With Lanjigarh recording its highest ever Alumina production at 587 kt (+9% YoY), company was on track to achieve 3 MMT record volume in FY26, Vedanta Limited said in a regulatory filing. The company commissioned 950 MW of Merchant Power Capacity YTD, taking total merchant power generation capacity to 3.83GW

Vedanta Limited also paid an Interim dividend of Rs 7/share.

Financial Highlights:
o Consolidated Revenue at Rs 37,434 crore, up 6% YoY
o Highest ever first quarter EBITDA at Rs 10,746 crore, up 5% YoY
o EBITDA margin (ex-Copper) at 35%, up 81 bps YoY – highest in the last 13 quarters
o Adjusted PAT jumps 13% YoY to Rs 5,000 crore; PAT at Rs 4,457 crore
o Strong double-digit Return on Capital Employed at 25%, improved by 87 bps YoY
o With capex spent of Rs 5155 crore and consolidated dividend payout of ₹ 4280 crore, the Net
Debt stands at Rs 58,220 crores, implying Net debt/ EBITDA ratio of 1.3x
o Credit Rating reaffirmed at AA by both CRISIL and ICRA
o Generated Rs 3,028 crore from 1.6% stake sale in HZL; Liquidity improved 7% QoQ and 33%
YoY with Cash and Cash Equivalent of Rs 22,137 crore
Operational Highlights 1QFY26:

Below are the key operational highlights across the group during the quarter:
▪ Aluminum
o Record alumina production at 587 kt, up 9% YoY and 36% QoQ
o Cast Metal production of Aluminium at 605 kt, up 1% YoY and flat QoQ
o Lowest HM Cost (Ex-Alumina) at 888 $/t in last 16 quarter; overall aluminium COP lower by
12% QoQ

Records its highest ever first quarter EBITDA at Rs 10,746cr (+5% YoY) supported by
margin expansion of 81 bps to 35%
Adjusted PAT jumps 13% YoY to Rs 5,000cr; PAT stands at Rs 4,457cr
Net debt/ EBITDA stands at 1.3x and the credit rating is reaffirmed at AA
With Lanjigarh recording its highest ever Alumina production at 587 kt (+9% YoY), we
on track to achieve 3 MMT record volume in FY26
Commissioned 950 MW of Merchant Power Capacity YTD, taking total merchant power
generation capacity to 3.83GW
Paid an Interim dividend of Rs 7/share
▪ Zinc India
o Highest-ever first quarter mined metal production at 265 kt, up 1% YoY
o Lowest 1Q HZL cost at $1,010/t, lower 9% YoY
o Record quarterly zinc alloy production at HZAPL, taking the overall VAP share to c.24%
▪ Zinc International
o Mined metal production at Zinc International jumps 50% YoY and 12% QoQ to 57 kt
o Overall cost of production at $1269/t, lower 21% YoY
o Gamsberg’s 1Q production jumps 74% YoY and 13% QoQ driven by mining ramp up and
improved ore availability.
▪ O&G
o 1QFY26 production at 93.2 kboepd; natural decline in the MBA fields, partially offset by infill
wells brought online in Aishwarya, ABH and Satellite fields
▪ Iron Ore, Steel and Copper
o Saleable iron ore production at 1.8mnt, up 42% YoY
o Pig iron production at 213 kt, up 4% YoY and QoQ – highest ever pig iron production in 1Q
o Highest Ferro Chrome production at 28 kt, up 3% YoY and 150% QoQ
o Copper Cathode production at 44 kt, up 119% YoY and flat QoQ
▪ Power
o Total power sales increased 33% QoQ, while TSPL achieved 90% plant availability
o Meenakshi power plant capacity of 650 MW is now operational with the COD of Unit 3
(350MW) received in July’25
o Unit 1 of 600 MW Athena Power Plant commissioned in July’25

Commenting on 1QFY26 results, Anil Agarwal, Chairman, Vedanta said, “Our 1Q performance has set a strong foundation for the year ahead. Amidst global market volatility, we delivered the highest-ever first quarter EBITDA. Operationally, we achieved the lowest hot metal cost (ex-Alumina) in the last 16 quarters, lowest-ever 1Q Zinc India CoP, 74% YoY increase in Gamsberg’s production, 33% QoQ surge in power sales, and 150% QoQ jump in Ferro Chrome volumes. The ramp-up of the Lanjigarh refinery to 587kt demonstrates our progress towards delivering over 3 MnT of Alumina in FY26. Looking ahead, the commissioning of Train II at Lanjigarh, 435kt smelter capacity at Balco and 1300 MW of new thermal power capacity, all in 2Q, will enable us to deliver our full-year guidance. The start of operations at our Sijimali bauxite mine and Kuraloi coal mine in H2 is likely to boost our performance to a record high.”

Ajay Goel, CFO, Vedanta, said “This quarter, we achieved the highest- ever first quarter EBITDA of Rs 10,746 crore, reflecting 5% YoY growth. The EBITDA margin expanded by 81bps to 35%, which is the highest in last 13 quarters. Our adjusted PAT grew 13% YoY to ~5,000 crores. This strong performance alongside corporate initiatives, such as the HZL stake sale which generated Rs 3028 crore cash, has enabled Vedanta to deliver a Net Debt to EBITDA ratio of 1.3x. Given our NCD issuance of Rs 5000 crore and other refinancing, the cost of our debt has reduced by around 130bps YoY to 9.2%. The recent reaffirmation in credit rating at AA by both Crisil and ICRA highlights our financial strength and market’ confidence in Vedanta’s growth story.”