Anil Agarwal
Chairman
I have spent most of my life believing that India’s greatest wealth lies below the ground. And that it holds the key to prosperity for Bharat. This year, Vedanta delivered its best-ever financial performance. But more importantly, it continued to create tremendous value for the nation, for our communities, for our shareholders, business partners and our workforce.
The path forward is full of promise as we have demerged into pure-play businesses with each capable of becoming a Vedanta in its own right. There is no shortage of opportunity.
We are living through a defining moment in human history. Energy transition, technological advancement, and AI reshaping global priorities. As the fastest growing major economy in the world, India is pivotal in this new world. For us, rapid industrialisation, large-scale infrastructure build-up, an AI and digital-driven economy, and exponential energy demand are all converging at once.
This entire economy is underwritten by minerals, metals and energy. To cut imports, tomorrow’s India will need far greater investments in these sectors. And Vedanta is perfectly positioned and ready.
Our portfolio spanning 15 major commodities, oil & gas, and 5 GW of merchant power capacity makes us strategically vital to India’s progress. But the scale of transformation demands we rise even higher. That is the genesis of Vedanta 2.0 – to be a global leader in critical minerals, energy, and technology, while creating long-term value for our shareholders, communities, and the planet.
The demerger of Vedanta into five independent, pure-play entities is complete. All four resulting entities are now listed and trading on the exchanges along with the flagship Vedanta Limited. Each business has been structurally fortified with independent focus, sharper strategy, and stronger capital structures to independently unlock shareholder value and compete with the best in the world.
Scale is central to Vedanta 2.0. and FY 2025-26 marked a breakthrough year. We successfully commissioned major expansion projects across aluminium, zinc, oil & gas, and power, with a capex spend of over ₹ 15,000 crore. We have ₹ 17,000–19,000 crore earmarked for growth capex in FY 2026-27. Zinc India’s Board has separately approved Phase I capex of ~₹ 17,000 crore to expand refined metal capacity from 1.14 to 2 million metric tonnes. Our total capex outlay now stands at ~US$ 8 billion, of which ~US$ 4 billion has already been deployed as of 31 March 2026.
We are also reshaping our portfolio for the future. We have secured 3 new strategic mineral blocks, taking our total critical mineral composite licences to 10, spanning copper, nickel, chromium, cobalt, vanadium, potash, manganese, tungsten, gold, and rare earth elements. Resource security through domestic processing is not optional for India. It is imperative. And we are leading the charge.
FY 2025-26 was a milestone year with record production across our global assets, sustained global cost leadership, and our highest-ever financial performance.
Revenue grew 15% to ₹ 1,74,075 crore. EBITDA grew 29% to ₹ 55,976 crore, with EBITDA margins expanding sharply by 467 basis points to 39%. PAT grew 22% year-on-year to ₹ 25,096 crore. These numbers reflect the disciplined execution of our teams across every asset and every geography.
Our total exchequer contribution during the year was ₹ 62,722 crore. It is a reaffirmation that nation-building is our core purpose.
Over the past five years, we have created a cumulative wealth impact of nearly ₹ 2,500 crore for employees through ESOP grants, covering nearly 40% of our workforce across plants, functions, and career levels.
Growth and prudence are not opposites at Vedanta. We have built a culture that balances both.
During the year, we maintained strong dividend payouts of ₹ 34 per share. We deleveraged VRL’s debt by US$ 4.5 billion over four years to US$ 5.1 billion, while achieving a best-in-class Net Debt/EBITDA of 0.95x at Vedanta India. Proceeds of ~₹ 6,300 crore from the Hindustan Zinc stake sale further strengthened our capital profile.
Our improved performance has been recognised globally. CRISIL and ICRA have reaffirmed Vedanta’s "AA" rating. S&P upgraded VRL to "BB" with a stable outlook. Moody’s upgraded us to "Ba3" with a positive outlook and with clear room for further improvement.
Sustainability is not a parallel agenda at Vedanta. It is embedded in our strategy and our soul.
Over the past year, we made meaningful ESG progress, improving our water positivity ratio to 0.64x and significantly expanding our community development reach to nearly 5 million women and children. Our CSR spend stood at ₹ 419 crore, benefiting 7.8 million people, with 12,769 Nand Ghars now operational.
Our efforts are receiving global recognition. Hindustan Zinc and Vedanta Aluminium ranked first and second respectively in the S&P Corporate Sustainability Assessment for their peer groups for the third consecutive year. Our oil & gas business ranked in the top five globally in its very first participation. And Hindustan Zinc became the first Indian company to join the International Council on Mining and Metals (ICMM), a truly historic milestone.
Vedanta is uniquely positioned to be both a beneficiary and an enabler of this transformation
Vedanta is its people. Our 1,10,000-strong workforce brings expertise, passion, and ownership to everything they do.
We invest in their safety, growth, and financial wellbeing. Over the past five years, we have created a cumulative wealth impact of nearly ₹ 2,500 crore for employees through ESOP grants, covering nearly 40% of our workforce across plants, functions, and career levels. That is what it means to make our people partners in our success.
Metals, minerals, energy, and technology will define India’s journey to becoming a developed nation. But India cannot depend on global supply chains. We must own our resources, process them domestically, and lead from the front.
Vedanta is uniquely positioned to be both a beneficiary and an enabler of this transformation. Our priorities are clear: disciplined execution of growth projects and steadily building a future-ready, multi-metal enterprise that serves India and the world.
I am filled with deep confidence in our strategy, our people, and our ability to create enduring value. The journey ahead is very exciting. Vedanta’s DNA is entrepreneurial, nimble and hardworking. We have consistently sought opportunity. Now, we are ready to multiply our potential.
My sincere gratitude to our shareholders, the Government of India, our partners, employees, and the communities we serve. You are our constant source of strength.
This is just the beginning!
