Whalesbook
Toh suno, Vedanta ke liye FY26 ka Q4 ekdum zabardast raha hai.
Company ne bataya ki unka consolidated net profit 92.38% jump karke ₹6,698 crore tak pahunch gaya. Revenue bhi 44.59% tez ho kar ₹23,731 crore ho gaya. Ye sab hua record operational volumes ki wajah se, jaise ki 2.9 million tonnes alumina aur 2.46 million tonnes aluminium produce kiya. Aur pata hai kya? Aluminium aur Zinc mein company ne pichhle 5 saal ke sabse kam operating costs achieve kiye hain. Ye sab kaise hua? Kyunki company ne growth par kaafi paisa lagaya hai, lagbhag ₹14,918 crore growth capex mein kharch kiye hain FY26 mein.
Ab baat karte hain investor returns ki. Poore saal ka dividend mila ke ₹34 per share diya gaya hai. Aur company ka debt bhi control mein aa gaya hai; Net Debt to EBITDA ratio ab 0.95x ho gaya hai, jo pehle 1.22x tha. Is improvement ki wajah se CRISIL aur ICRA ne rating ko bhi upgrade kar diya hai. Poore FY26 mein revenue 15% badh kar ₹1,74,075 crore, EBITDA 29% badh kar ₹55,976 crore, aur PAT 22% badh kar ₹25,096 crore raha.
Lekin asli dhamaka toh demerger plan se hua hai. Company ne bola hai ki May 1, 2026 se ye alag-alag businesses ko split kar denge. CFO Ajay Goel ka kehna hai ki isse har business apne growth ke next phase ke liye ready hoga aur investors ko bhi zada value milegi. Matlab, company do alag entities mein divide ho jayegi, jisse har business par zyada focus ho sakega.
Is super performance aur demerger ki khabar se Vedanta ka share intraday mein 5% se bhi zyada bhag gaya. Abhi iska P/E ratio lagbhag 12.5x ke aas paas hai, jo commodity producers ke liye normal hai. Analysts bol rahe hain ki demerger se value unlock ho sakti hai, par operational scale aur bargaining power kam hone ka risk bhi hai. Dekhna hoga ki ye alag hui companies future mein kaise perform karti hain aur commodity prices ka unpar kya asar padta hai.