Overview
- Q3 FY26 PAT rose 60% to Rs 7,807 crore, with revenue up 19% to Rs 45,899 crore and EBITDA at a record Rs 15,171 crore.
- Operational momentum strengthened with alumina output up 57% to 7.94 lakh tonnes, aluminium cast metal at 6.20 lakh tonnes, Zinc India mined metal up 4% to 2.76 lakh tonnes, and Zinc International up 28% to 59,000 tonnes.
- Leverage remains elevated with net debt at Rs 60,624 crore and gross debt at Rs 80,709 crore as of December 31, 2025, though the net-debt-to-EBITDA ratio improved to 1.23x from 1.37x in the prior quarter.
- Brokerage commentary flagged stronger liquidity with free cash flow of about Rs 1,870 crore in the quarter and a cash balance of Rs 20,080 crore at quarter-end.
- Vedanta reaffirmed a demerger plan targeted for April 1 with separate listings expected by mid-to-end May, as brokerages maintained buy or neutral ratings with targets including Rs 898 (Systematix), Rs 810 (Motilal Oswal) and Rs 1,274 (Nuvama).