Vedanta profitsurges 13% to ₹ 5,000 crores on the back of record production and low cost

• Records highest ever first quarter EBITDA of ₹ 10,746 crores

Registers 13 quarter highest EBITDA margin to 35% YoY, improved by 81 bps

Udaipur : Vedanta Limited (BSE: 500295& NSE: VEDL) today announced its Unaudited Consolidated Results for the firstquarter ended 30^thJune 2025. Vedanta delivered robust financials with profit after tax^* jumping 13% YoY to ₹ 5,000 crores. The company clocked the highest ever first quarterEBITDAof ₹ 10,746 crores, up 5% YoY. Vedanta’s EBITDA margin** improved by 81 bps to 35% YoY, highest in the last 13 quarters. The company’s consolidated revenue for Q1 stood at ₹ 37,434 crores, up 6% YoY.

Vedanta’s liquidity improved7% QoQ & 33% YoY withcash and cash equivalent of ₹ 22,137 crore. The company’s Return on Capital Employed (ROCE) improved by 87 bps YoY to25%. Credit ratings for Vedanta reaffirmed at AA from both CRISIL and ICRA to AA.

The company clocked record quarterly alumina production at 587 KT, up 9% YoY with lowest hot metalcost (ex-alumina) at 888 $/t in the last 16 quarters; overall aluminum cost of production lower by 12% QoQ. Vedanta’s zinc operations in India achieved highest ever first quarter mined metal production at 265 KT and lowest first quarter zinc cost of production at US$1,010/t, lower 9% YoY. The company’s international zinc operations witnessed a 50% YoY jump in mined metal production with overall cost of production at $1,269/t, lower 21% YoY. Vedanta’s power sales increased 33% QoQ. The company commissioned 950 MW of merchant power capacity with Athena power plant (Unit 1 – 600 MW) commissioned in July’25 and the Meenakshi power plant unit 3 (350MW) receiving COD in July’25.

*PAT Adjusted for key one-offs: Cairn OALP Exploration cost written off (net of tax) in 1QFY26 and 4QFY25 respectively and DTA of unutilized tax losses at ASI in 1QFY25

**EBITDA margin (ex-copper)

Commenting on Q1FY26 results, MrAnil Agarwal, Chairman Vedanta, said,“Our Q1 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 Q1 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 1,300 MW of new thermal power capacity, all in Q2, 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.”

Mr Ajay Goel, CFO, Vedanta, said“This quarter, we achieved the highest- ever first quarter EBITDA of ₹ 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 ₹ 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.”

1QFY26 ESG Highlights

• ESG Leadership: Vedanta Group shines in the S&P Global Sustainability Yearbook 2025, with Hindustan Zinc ranking in the Top 1% globally for ESG performance, and Vedanta Limited and Vedanta Aluminium recognized as Sustainability Yearbook Members, reaffirming the Group’s commitment to responsible and sustainable growth. 
• Renewable Energy (RE): RE Power Delivery agreements (PDAs) of 1906 MW of installed capacity in place. Overall, FY25 RE utilization at 0.84 bn units in 1QFY26. 
• Gender Diversity:stands at 22% in 1Q FY26, showing an improvement over 1Q FY25, which was 20%. 
• Waste Utilization:  HVLT waste utilization is at 72% in 1QFY26. 
• Water Recycling: 48% in 1QFY26. 
• Tree Plantation: Over 0.5 million trees were planted in 1Q FY26, bringing the cumulative total to 3.5 million trees. We are now 50% of the way toward our FY2030 target of 7 million trees. 
• Women & Child Welfare: Till 1QFY26, 8,600+ Nand Ghars created for women and child welfare, 0.34 Mn+ children impacted, 0.25 Mn+ women benefitted 
• CSR contribution: Spent ₹ 94 crore in 1QFY26 on CSR initiatives for communities, positively touching ~2.04 million lives 

Consolidated Financial Performance –                                                 

(In₹ crore, except as stated)  

Particulars	1Q	1Q	% Change YoY	4Q	% Change  QoQ
	FY2026	FY2025		FY2025
Revenue from operations	37,434	35,239	6%	39,789	(6%)
Other Operating Income	390	525	(26%)	666	(41%)
EBITDA	10,746	10,275	5%	11,618	(8%)
EBITDA Margin1	35%	34%	1%	35%	0%
Finance cost	2,026	2,222	(9%)	2,583	(22%)
Investment Income	779	742	5%	732	6%
Exploration cost write off	757	97		258
Exchange Gain/ (Loss)- Non- operational and others	135	(41)		135	0%
Profit before depreciation and taxes	8,877	8,657	3%	9,645	(8%)
Depreciation & Amortization	2,824	2,731	3%	2,988	(5%)
Profit before tax	6,053	5,926	2%	6,657	(9%)
Tax Charge/ (Credit)	1,596	831	92%	1,696	(6%)
Profit After Taxes	4,457	5,095	(13%)	4,961	(10%)
Key one- offs2	543	(662)		183
Profit After Taxes (Adjusted)	5,000	4,433	13%	5,144	(3%)

¹Excludes custom smelting at copper business 

² PAT Adjusted for key one-offs: Cairn OALP Exploration cost written off (net of tax) in 1QFY26 and 4QFY25 respectively and DTA of unutilized tax losses at ASI in 1QFY25 

• Revenue:
• Consolidated revenue at ₹37,434 crore, up 6% YoY driven by higherpremia and forex gain partly offset by lower output commodity prices
• The revenue is lower by 6% QoQ largely on account of softening of output commodity prices and lower volumes
• EBITDA and EBITDA Margin:
• EBITDA increased by 5% YoY to ₹10,746 crore mainly driven by lower cost, higher premiums and forex benefit partially offset by lower output commodity prices and lower volumes
• EBITDA is lower by 8% QoQ on account of lower output commodity prices and volumes partially offset by better cost, easing of input commodity inflation
• EBITDA margin¹ at 35% — highest in last 13 quarters, up 81 bps YoY
• Depreciation & Amortization:
• Depreciation & Amortization at ₹2,824 crore increased 3% YoY, mainly due to higher depreciation at Zinc India
• Depreciation & Amortization decreased 5% QOQ, mainly due to lower production at Oil & Gas and Zinc India businesses
• Exploration Cost:
• Includes capitalized OALP exploration costs which were expensed to P&L, due to absence of anticipated future benefits relating to drilling activities in the blocks
• Finance Cost:
• Finance cost is lower 9% YoY and 22% QoQ due to reduction in average borrowings, lower interest rates and one-offs
• Investment Income:
• Investment Income is higher 5% YoY due to increase in average investments, and higher 6% QoQ due to MTM gain and higher interest on income tax refund in 1QFY26
• Taxes:

• ETR is 26% as compared to 14% in 1QFY25 which includes one-time item of ₹662 crore

• Profit After Tax
  • PAT is ₹ 4,457 crore
• Leverage, liquidity, and credit rating:
• Gross debt at ₹ 80,357 crore as on 30^th June 2025
• Net debt at ₹ 58,220 crore as on 30^th June 2025, implying Net debt to EBITDA ratio of ~ 1.3x
• Cash and cash equivalents position remains strong at ₹ 22,137 crore, increased by 7% QoQ and 33% YoY. The Company follows a Board-approved investment policy and invests in high quality debt instruments with mutual funds, bonds, and fixed deposits with banks

Both ICRA and CRISIL have reaffirmed AA rating for Vedanta Limited