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Vedanta Limited reported its strongest-ever quarterly performance for the third quarter ended December 31, 2025, driven by higher production, margin expansion and improved balance-sheet metrics, while securing regulatory approval for its long-awaited demerger.
The India-based natural resources group posted record quarterly revenue of $5.2 billion, up 19% year on year. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 34% to an all-time high of $1.7 billion, supported by a 629 basis point expansion in margins to 41%. Profit after tax jumped 60% year on year to $0.9 billion.
Vedanta said its financial position continued to strengthen, with net debt to EBITDA improving to 1.23 times from 1.40 times a year earlier. Return on capital employed stood at 27%, up 296 basis points year on year, reflecting improved operational efficiency and disciplined capital allocation.
During the first nine months of FY26, the company invested $1.3 billion in growth capital expenditure. Operational performance remained strong across key businesses. Aluminium production reached a record 620 kilotonnes in the quarter, while alumina output surged 57% year on year to an all-time high of 794 kilotonnes. Zinc India delivered its highest-ever third-quarter mined metal production at 276 kilotonnes, with refined metal output rising 4% to 270 kilotonnes.
Zinc India also reported its lowest third-quarter cost of production in five years at $940 per tonne, a 10% year-on-year reduction, aided by operational efficiencies and cost optimisation initiatives.
A key development during the quarter was the approval from the National Company Law Tribunal (NCLT) for Vedanta’s proposed demerger, a move aimed at unlocking long-term value by creating independent, focused businesses.
Following the NCLT order, Vedanta said its AA credit rating was reaffirmed by CRISIL and ICRA, while Vedanta Resources Limited’s credit outlook was upgraded from “stable” to “positive” by S&P, Moody’s and Fitch Ratings.
“This has been a remarkable quarter for Vedanta,” said Ajay Goel, Chief Financial Officer at Vedanta. “The reaffirmation of our credit ratings and the positive outlook upgrades underscore market confidence in our growth trajectory. We are now entering an exciting phase of growth and value unlocking for all stakeholders.”
Vedanta also delivered a total shareholder return of around 30% during the quarter, outperforming India’s benchmark Nifty index by a wide margin. Over the past five years, the company has generated a total shareholder return of 428%, supported by a cumulative dividend yield of 73.5%, with the stock repeatedly hitting lifetime highs.
The India-based natural resources group posted record quarterly revenue of $5.2 billion, up 19% year on year. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 34% to an all-time high of $1.7 billion, supported by a 629 basis point expansion in margins to 41%. Profit after tax jumped 60% year on year to $0.9 billion.
Vedanta said its financial position continued to strengthen, with net debt to EBITDA improving to 1.23 times from 1.40 times a year earlier. Return on capital employed stood at 27%, up 296 basis points year on year, reflecting improved operational efficiency and disciplined capital allocation.
During the first nine months of FY26, the company invested $1.3 billion in growth capital expenditure. Operational performance remained strong across key businesses. Aluminium production reached a record 620 kilotonnes in the quarter, while alumina output surged 57% year on year to an all-time high of 794 kilotonnes. Zinc India delivered its highest-ever third-quarter mined metal production at 276 kilotonnes, with refined metal output rising 4% to 270 kilotonnes.
Zinc India also reported its lowest third-quarter cost of production in five years at $940 per tonne, a 10% year-on-year reduction, aided by operational efficiencies and cost optimisation initiatives.
A key development during the quarter was the approval from the National Company Law Tribunal (NCLT) for Vedanta’s proposed demerger, a move aimed at unlocking long-term value by creating independent, focused businesses.
Following the NCLT order, Vedanta said its AA credit rating was reaffirmed by CRISIL and ICRA, while Vedanta Resources Limited’s credit outlook was upgraded from “stable” to “positive” by S&P, Moody’s and Fitch Ratings.
“This has been a remarkable quarter for Vedanta,” said Ajay Goel, Chief Financial Officer at Vedanta. “The reaffirmation of our credit ratings and the positive outlook upgrades underscore market confidence in our growth trajectory. We are now entering an exciting phase of growth and value unlocking for all stakeholders.”
Vedanta also delivered a total shareholder return of around 30% during the quarter, outperforming India’s benchmark Nifty index by a wide margin. Over the past five years, the company has generated a total shareholder return of 428%, supported by a cumulative dividend yield of 73.5%, with the stock repeatedly hitting lifetime highs.
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