We delivered strong operational and financial performance in FY 2025-26, driven by a continued focus on controllable factors and supported by macro external factors. Key initiatives included cost base optimisation, disciplined capital expenditure, efficient working capital management, targeted marketing and volume-led efforts. These initiatives were supported by robust governance and control frameworks to ensure safe and compliant operations in line with statutory and corporate requirements.
In FY 2025-26, we recorded an EBITDA of ₹ 55,976 crore, 29% higher Y-o-Y with strong double digit adjusted EBITDA margin1 of 39%. (FY 2024-25: ₹ 43,541 crore, margin 34%). This was primarily driven by stronger commodity prices, forex gains, favourable input cost, higher sales volumes and improved premium mix.
Higher sales volume resulted in EBITDA increase by ₹ 434 crore, driven by higher volumes at Aluminium, Power, Zinc India and International partially offset by reduced volumes at Oil & Gas and Iron Ore business.
Cost saving and marketing initiatives resulted in increase in EBITDA by ₹ 983 crore, primarily due to improved premia mix at Aluminium business.
Market factors resulted in increase in EBITDA by ₹ 10,984 crore (net of strategic hedging). This was primarily driven by strengthening of commodity price, rupee depreciation, and favourable input commodity price.
Gross debt as on 31 March 2026 was ₹ 81,740 crore (FY 2024-25: ₹ 73,853 crore), increased by ₹ 7,887 crore mainly due to the increase at VEDL standalone partially offset by repayment of loan at HZL and BALCO.
Net debt at ₹ 53,254 crore (FY 2024-25: ₹ 53,251 crore), flat Y-o-Y mainly due to increased capex outflow, working capital investment and return to shareholder offset by better cash flow from operations and strategic actions like HZL stake sale.
The balance sheet of Vedanta Limited continues to remain strong with cash and cash equivalents of ₹ 28,485 crore, up 38% Y-o-Y. Net Debt to EBITDA ratio at 0.95x (FY 2024-25: 1.22x).
1 Excluding custom smelting at Copper Business and one-off gain
EBITDA increased by 29% in FY 2025-26 to ₹ 55,976 crore.
(₹ crore, unless stated)| Consolidated EBITDA | FY 2025-26 | FY 2024-25 | % change |
|---|---|---|---|
| Zinc | 23,377 | 18,686 | 25% |
| - India | 22,056 | 17,365 | 27% |
| - International | 1,321 | 1,321 | - |
| Oil and Gas | 4,350 | 4,664 | (7%) |
| Aluminium | 25,502 | 17,798 | 43% |
| Power | 1,623 | 737 | - |
| Iron Ore | 1,007 | 1,006 | - |
| Steel | 164 | 522 | (69%) |
| Copper | (48) | (112) | 57% |
| FACOR | 191 | 40 | - |
| Others | (189) | 200 | - |
| Total EBITDA | 55,976 | 43,541 | 29% |
| EBITDA for FY 2024-25 | 43,541 |
| Market and regulatory: 10,984 | - |
| a) Prices, premium / discount (Net of strategic hedging) | 5,200 |
| b) Direct raw material price fluctuation | 1,332 |
| c) Foreign exchange movement | 4,452 |
| Operational: 1,414 | - |
| d) Volume | 434 |
| e) Cost saving and marketing | 983 |
| Others | 34 |
| EBITDA for FY 2025-26 | 55,976 |
Commodity price fluctuations have a significant impact on the Group’s business. Prices, premium/discount: During FY 2025-26, we saw a net increase of ₹ 5,200 crore (net of strategic hedging) on EBITDA, owing to the price movements.
Zinc, lead and silver: Average zinc LME prices during FY 2025-26 increased to US$ 2,970 per tonne, up 3% Y-o-Y; lead LME prices decreased to US$ 1,954 per tonne, down 5% Y-o-Y; and silver prices increased to US$ 53 per ounce, up 75% Y-o-Y. The cumulative impact of these price fluctuations increased EBITDA by ₹ 4,283 crore.
Aluminium: Average aluminium LME prices increased to US$ 2,775 per tonne in FY 2025-26, up 10% Y-o-Y, this had a positive impact of ₹ 5,180 crore on EBITDA.
Strategic hedging: This primarily includes opportunity loss on pricing due to strategic hedging impacting EBITDA negatively by ₹ 2,926 crore.
Prices of key raw materials such as imported alumina, thermal coal, carbon and coking coal have decreased in FY 2025-26, positively impacting EBITDA by ₹ 1,332 crore, primarily at Aluminium and ESL.
Rupee depreciated against the US dollar during FY 2025-26. Stronger dollar is favourable to the Group’s EBITDA, given the local cost base and predominantly US dollar-linked pricing. The favourable currency movements positively impacted EBITDA by ₹ 4,452 crore.
Key exchange rates against the US dollar:
| Average year ended 31 March 2026 | Average year ended 31 March 2025 | % change | As at 31 March 2026 | As at 31 March 2025 | |
|---|---|---|---|---|---|
| Indian rupee | 88.36 | 84.55 | 5% | 93.87 | 85.47 |
Higher volume led to increase in EBITDA by ₹ 434 crore by following businesses:
Cost savings and marketing initiatives resulted in increase in EBITDA by ₹ 983 crore during FY 2025-26, primarily due to improved premia mix in Aluminium, cost savings in Oil & Gas business and Iron ore, partially offset by inflated cost in Aluminium, Copper and Zinc International.
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
|---|---|---|---|
| Net Sales/Income from Operations | 1,74,075 | 1,50,725 | 15% |
| Other Operating Income | 3,119 | 2,243 | 39% |
| EBITDA | 55,976 | 43,541 | 29% |
| EBITDA margin1 (%) | 39% | 34% | - |
| Finance Cost | 8,351 | 9,914 | (16%) |
| Investment Income | 2,978 | 2,983 | - |
| Exchange Gain / (Loss) | 28 | (47) | - |
| Exploration cost written off | (1,252) | (459) | - |
| Profit before Depreciation and Taxes | 49,378 | 36,105 | 37% |
| Depreciation and Amortisation | 9,774 | 11,096 | (12%) |
| Profit before Exceptional items | 39,604 | 25,009 | 58% |
| Exceptional items2: credit / (expense) | (4,178) | 1,868 | - |
| Taxes3 | 10,330 | 6,342 | 63% |
| Profit after taxes4 | 25,096 | 20,535 | 22% |
| Profit after taxes (before Exceptional items) | 28,595 | 19,399 | 47% |
| Minority interest | 7,706 | 5,547 | 39% |
| Attributable PAT (after exceptional items) | 17,391 | 14,988 | 16% |
| Attributable PAT (before exceptional items) | 20,893 | 13,854 | 51% |
| Basic earnings per share (₹/share) | 44.58 | 38.97 | 14% |
| Basic EPS before exceptional items (₹/share) | 53.55 | 36.02 | 39% |
| Exchange Rate (₹/US$) - Average | 88.36 | 84.55 | 5% |
| Exchange Rate (₹/US$) - Closing | 93.87 | 85.47 | 10% |
Revenue for the year was ₹ 1,74,075 crore (FY 2024-25: ₹ 1,50,725 crore), 15% higher Y-o-Y. This was driven by higher volumes, favourable commodity prices and rupee depreciation.
EBITDA for the year was ₹ 55,976 crore (FY 2024-25: ₹ 43,541 crore), 29% higher Y-o-Y. This was primarily driven by stronger commodity prices, rupee depreciation, favourable input cost, higher sales volumes and improved premium mix.
We achieved second-highest adjusted EBITDA margin1 of 39% for the year.
Depreciation for FY 2025-26 was ₹ 9,774 crore compared to ₹ 11,096 crore in FY 2024-25, 12% lower Y-o-Y, due to accounting treatment as required by IND AS 105, post NCLT demerger orders of 16 December 2025 and 9 January 2026.
The blended cost of borrowings was 9% for FY 2025-26 compared to 10.2% in FY 2024-25.
Finance cost for FY 2025-26 was ₹ 8,351 crore, 16% lower compared to ₹ 9,914 crore in FY 2024-25 mainly on account of decrease in blended cost of borrowings.
Investment income for FY 2025-26 stood at ₹ 2,978 crore, flat compared to ₹ 2,983 crore.
The exceptional items for FY 2025-26 was at ₹ 4,178 crore, mainly consists of impairment of fixed assets in Western cluster, Liberia & trade receivables w/ off and capital creditor settlement in Talwandi Sabo Private Limited.
[for more information, refer note [34] set out in P&L notes of the financial statement on exceptional items.]
Tax expense for FY 2025-26 stood at ₹ 10,330 crore (FY 2024-25: ₹ 6,342 crore). The normalised ETR is 28% flat Y-o-Y. ETR is high on account of reversal of deferred tax assets.
Attributable PAT before exceptional items was ₹ 20,893 crore in FY 2025-26 compared to ₹ 13,854 crore in FY 2024-25.
Earnings per share before exceptional items for FY 2025-26 was ₹ 53.55 per share as compared to ₹ 36.02 per share in FY 2024-25.
Board has declared total dividend of ₹ 34 per share during the year.
Total shareholders’ fund as on 31 March 2026 aggregated to ₹ 49,652 crore as compared to ₹ 41,212 crore as of 31 March 2025. This was primarily driven by net profit attributable to equity holders earned during the year partially offset by dividend paid during the year.
The net fixed assets as on 31 March 2026 were ₹ 1,48,815 crore. This comprises ₹ 30,304 crore as capital work-in-progress, compared to ₹ 1,33,801 crore in FY 2024-25 including CWIP of ₹ 30,939 crore.
Our financial position remains strong with cash and liquid investments of ₹ 28,485 crore.
The Company follows a Board-approved investment policy and invests in high quality debt instruments with mutual funds, bonds and fixed deposits with banks. The portfolio is rated by CRISIL which has assigned a rating of “Tier I” (meaning highest safety) to our portfolio.
Gross debt as on 31 March 2026 was ₹ 81,740 crore, an increase of ₹ 7,887 crore since 31 March 2025, mainly due to the increase at VEDL standalone partially offset by repayment of loan at HZL and BALCO.
Gross debt comprises term debt of ₹ 77,241 crore, working capital loan of ₹ 2,958 crore and short-term borrowing of ₹ 1,539 crore. The loan in ₹ currency is 81% and balance 19% in foreign currency. Average debt maturity of term debt is ~c. 3 years as of 31 March 2026.
