Vedanta Ltd reported a robust fiscal year 2026 with revenue rising 15% to ₹1.74 lakh crore and PAT increasing 22% to ₹25,096 crore. The company highlighted the completion of its demerger into five entities, focusing on growth capex for FY27.

Vedanta Ltd Fiscal Year 2026 Financials

Revenue ₹1,74,075 crore; PAT ₹25,096 crore.
Reader Takeaway: Record annual performance and successful demerger; ongoing risks include geopolitical tensions and legal disputes.

What just happened

Vedanta Ltd announced its financial results for the fiscal year 2025-26, reporting a 15% increase in revenue to ₹1,74,075 crore. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) grew by 29% to ₹55,976 crore. Profit After Tax (PAT) saw a 22% rise, reaching ₹25,096 crore compared to ₹20,535 crore in the previous year.

The company also reported a Net Debt to EBITDA ratio of 0.95x as of March 31, 2026, down from 1.22x a year earlier. Net debt stood at ₹53,254 crore.

Why this matters

The strong financial performance indicates improved operational efficiency and favourable market conditions, including higher sales volumes, commodity prices, and rupee depreciation. The reduction in debt-to-EBITDA ratio strengthens the company's balance sheet. The completion of the 'Vedanta 2.0' demerger is a significant strategic move.

The backstory

Vedanta has been focused on operational improvements and deleveraging its balance sheet. The recent demerger into five independent companies is aimed at unlocking value and improving capital allocation efficiency.

What changes now

With the 'Vedanta 2.0' structure in place, the company is pivoting to a growth phase. A significant portion of ₹17,000–19,000 crore is allocated for growth capital expenditure in the upcoming fiscal year 2026-27.

Risks to watch

Investors should monitor external factors such as geopolitical tensions and ongoing legal disputes, which could impact Vedanta's operations and profitability.

Segment Performance

The Aluminium segment's EBITDA grew by 43% to ₹25,502 crore, while Zinc (India) EBITDA increased by 27% to ₹22,056 crore. However, the Steel segment saw a significant EBITDA decline of 69%, resulting in ₹164 crore.

Context metrics

• Revenue FY 2025-26: ₹1,74,075 crore (up 15% YoY)
• EBITDA FY 2025-26: ₹55,976 crore (up 29% YoY)
• PAT FY 2025-26: ₹25,096 crore (up 22% YoY)
• Net Debt/EBITDA FY 2025-26: 0.95x (down from 1.22x)

What to track next

Key areas to track include the execution of planned growth capex projects, continued deleveraging efforts, and the company's ability to navigate external risks and legal challenges.