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Vedanta Ltd.
NSE: VEDLBasic MaterialsOther Industrial Metals & Mining
- Last close
- ₹226.50
- Day change
- −₹8.35 (−3.56%)vs
- Market cap
- ₹96,097 crIndian rupees
- Research updated
- 2 reports
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About Vedanta
Vedanta Ltd. is a diversified natural resources company that plays a significant role in the global mining and metals markets. Originating from India, the company engages in the exploration, extraction, and processing of a wide range of resources, including zinc, lead, silver, copper, iron ore, and aluminum. Additionally, Vedanta is active in the energy sector, producing oil and gas and exploring opportunities in the power generation industry. Vedanta Ltd.’s primary purpose is to provide essential raw materials needed for numerous industries such as construction, automotive, technology, and energy. With operations spanning multiple countries, the company has a substantial impact on local and global economies, contributing to industrial growth and development. The firm's presence in the market is bolstered by its integrated value chain, which begins with mining and culminates in the production of refined, market-ready metals. This positions Vedanta Ltd. as a key player in the commodities market, where its activities not only support industrialization in emerging markets but also resonate broadly across sectors that demand reliable and sustainable resource supplies.
- Sector
- Basic Materials
- Industry
- Other Industrial Metals & Mining
- Listing
- NSE: VEDL
- Next results
- Chief executive
- Mr. Arun Misra
- Employees
- 16,090
- Headquarters
- Mumbai, India
- ISIN
- INE205A01025
- Website
- vedantalimited.com
Public research · Report of
Business model & financial foundation
Vedanta (NSE: VEDL), Zinc, lead and silver mining and smelting; copper refining (post-demerger): revenue of ₹76,672 crore in FY26 (+24.5% on FY25), an EBITDA margin of 30.2%, net profit of ₹12,461 crore and net debt of ₹10,522 crore.
- Revenue, FY26 (₹ crore)
- 76,672
- consolidated
- Revenue growth, FY26
- +24.5%
- on FY25
- EBITDA margin, FY26
- 30.2%
- EBITDA from statement (total revenue from ops less operating costs) / revenue
- Net profit, FY26 (₹ crore)
- 12,461
- to owners
- Return on equity, FY26
- 20.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 10,522
- Net debt, continuing perimeter (debt less cash and liquid investments)
- Market capitalisation (₹ crore)
- 1,03,438
- at the close of 16 Oct 2026
Company profile
Post-demerger Vedanta Ltd is a holding-and-operating company whose earnings are dominated by its 60.71% stake in Hindustan Zinc, India's largest zinc-lead producer and one of the world's largest silver producers. It also owns Zinc International (Gamsberg/BMM in South Africa, Skorpion in Namibia), a loss-break-even custom copper smelting/refining business at Silvassa and Fujairah, FACOR ferrochrome, a port berth and glass substrates. Earnings move with LME zinc and lead, LBMA silver, the rupee and Zinc India volumes and costs.
| Item | Value |
|---|---|
| Legal name | Vedanta Limited (formerly Sesa Sterlite Limited, Sesa Goa Limited) |
| Exchange and ticker | NSE: VEDL; BSE: 500295 |
| ISIN | INE205A01025 |
| CIN | L13209MH1965PLC291394 |
| Sector | Metals and Mining |
| Industry | Zinc, lead and silver mining and smelting; copper refining (post-demerger) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | MSKA & Associates LLP (from FY27; S.R. Batliboi & Co. LLP audited FY26) (since FY27) |
| Market capitalisation | ₹1,03,438 crore (16 Oct 2026) |
| Shares outstanding | 391.00 crore shares (FY26) |
| Price | ₹245.9 (close, 16 Oct 2026) |
| 52-week range | ₹243.3 - ₹795.0 (to 16 Oct 2026) |
| Website | https://www.vedantalimited.com |
Corporate structure and shareholding
Parent: Vedanta Resources Ltd (via Twin Star Holdings and others, 54.72% at 30 Jun 2026).
| Entity | Holding | Business |
|---|---|---|
| Hindustan Zinc Ltd | 60.71% | Integrated zinc, lead and silver miner-smelter in Rajasthan; listed (NSE: HINDZINC) |
| THL Zinc Ventures / Black Mountain Mining (Gamsberg, BMM) | 74% | Zinc-lead mining in South Africa (Zinc International) |
| Skorpion Zinc (Namibia) | 100% | Zinc mine/refinery, refinery conversion project (Zinc International) |
| Copper division (Silvassa) and Vedanta Copper International / Fujairah Gold FZC | 100% | Custom copper refining and rods; precious metals refinery in UAE |
| Ferro Alloy Corporation Ltd (FACOR) | 100% | Chrome ore mining and ferrochrome |
| Vizag General Cargo Berth | 100% | Port berth at Visakhapatnam |
| Avanstrate Inc | 98.2% | LCD glass substrate (Japan, Korea, Taiwan) |
| Incab Industries | 100% | Power cables, acquired under IBC Dec 2025 for Rs 585 cr |
Demerged 1 May 2026 (1:1): Vedanta Aluminium Metal, Vedanta Power (ex-TSPL), Vedanta Oil & Gas (ex-Malco Energy), Vedanta Iron & Steel; listed 15 Jun 2026. Base Metals demerger dropped Dec 2024.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 56.38% | 56.38% | 56.38% | 54.72% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 11.08% | 12.15% | 13.93% | 15.78% |
| Domestic institutions | 16.24% | 15.30% | 13.43% | 10.83% |
| of which mutual funds | 8.83% | 8.43% | 6.90% | 4.60% |
| Retail | 11.41% | 11.16% | 11.16% | 13.69% |
| Other | 4.89% | 5.01% | 5.10% | 4.98% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Post-demerger Vedanta (NSE: VEDL) retains a 60.71% interest in Hindustan Zinc (HZL), Zinc International (74%), copper, FACOR, port, glass and other businesses. Aluminium, merchant power, oil & gas and iron/steel were distributed in May 2026. FY26 HZL EBITDA of INR 22,056 crore was the dominant continuing earnings source; the post-demerger parent therefore remains primarily a zinc/silver exposure rather than a diversified resources earnings stream.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Zinc, Lead and Silver - India (Hindustan Zinc) | 39,057 | 50.5% | 22,056 | 94.2% |
| Zinc International | 4,860 | 6.3% | 1,321 | 5.6% |
| Copper (India and Fujairah) | 31,069 | 40.2% | -48.0 | -0.2% |
| Others (FACOR, port, glass, cables, wind/Mettur power) | 2,300 | 3.0% | 90.0 | 0.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Hindustan Zinc (HINDZINC) | Listed 60.71% subsidiary; ~95% of VEDL continuing EBITDA; the look-through anchor |
| Hindalco Industries (HINDALCO) | Indian diversified non-ferrous (aluminium, copper) major |
| National Aluminium Co (NATIONALUM) | Indian non-ferrous metal producer, LME-linked |
| Vedanta Aluminium Metal (VAML) | Demerged sister company; same promoter and governance |
| Coal India (COALINDIA) | |
| NMDC (NMDC) | Indian mining company, commodity-linked |
| Teck Resources | Global zinc miner (Red Dog) and refiner; zinc cycle reference |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations, continuing operations | n.a. | n.a. | n.r. | 61,605 | 76,672 |
| Cost of revenue (vendor classification) * | 69,700 | 91,515 | 84,926 | 89,014 | 46,726 |
| Other operating costs (vendor classification) * | 24,418 | 28,622 | 30,926 | 29,326 | 11,616 |
| EBITDA (vendor classification) * | 47,032 | 36,945 | 36,673 | 44,833 | 29,176 |
| Finance costs | n.a. | n.a. | n.a. | 4,197 | 2,746 |
| Profit before tax, continuing | n.a. | n.a. | n.a. | 11,628 | 17,197 |
| Tax expense, continuing | n.a. | n.a. | n.a. | 2,352 | 4,736 |
| PAT from continuing operations | n.a. | n.a. | n.a. | 9,276 | 12,461 |
| Diluted EPS, continuing operations (₹) | n.a. | n.a. | n.a. | 13.27 | 17.90 |
| Depreciation, depletion and amortisation | n.a. | n.a. | n.a. | 4,233 | 4,810 |
| Other operating income | 1,112 | 1,765 | |||
| Other income | 1,830 | 1,550 | |||
| Materials consumed + stock-in-trade purchases + inventory change | 22,580 | 29,924 | |||
| Power and fuel charges | 3,640 | 3,651 | |||
| Employee benefit expense | 1,722 | 1,748 | |||
| Other expenses (royalty, mining, freight, stores) | 16,197 | 19,930 | |||
| EBITDA from statement (total revenue from ops less operating costs) | 18,578 | 23,184 | |||
| Share of JVs and associates | 1.00 | -1.00 | |||
| Exceptional items (pre-tax) | -351.0 | 20.0 | |||
| Continuing NCI PAT, latest allocation | 4,131 | n.r. | |||
| Continuing owners PAT, latest continuing allocation | 5,145 | n.r. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 82,704 | 49,427 | 42,069 | 53,753 | 68,577 |
| Borrowings | 53,529 | 66,600 | 72,759 | 75,185 | 29,658 |
| Cash and cash equivalents | 8,671 | 6,926 | 2,812 | 3,993 | 19,136 |
| Current trade receivables, excludes FY26 held-for-distribution | 4,946 | 4,014 | 3,607 | 3,636 | 1,305 |
| Inventories, FY26 excludes held-for-distribution | 14,313 | 15,012 | 13,001 | 14,474 | 5,414 |
| Trade payables excluding operational buyers/suppliers credit | 21,531 | 24,744 | 10,095 | 10,195 | 7,250 |
| Net property, plant and equipment * | 1,46,018 | 1,38,460 | 1,44,279 | 1,52,101 | 29,080 |
| Capital work in progress * | 45,237 | 50,201 | 53,981 | 63,167 | 11,130 |
| Total assets * | 1,98,382 | 1,95,377 | 1,90,807 | 2,03,293 | 2,33,236 |
| Net debt, continuing perimeter (debt less cash and liquid investments) | 10,522 | ||||
| Non-current trade receivables excluding FY26 HFD | 2,409 | 2,451 | 0.00 | ||
| Operational buyers/suppliers credit | 14,935 | 16,293 | 5,103 | ||
| Assets held for distribution | 1,59,240 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| CFO, total continuing plus discontinued (before financing interest) | 32,950 | 24,751 | 35,654 | 39,562 | 39,499 |
| Free cash flow (vendor definition) * | 24,333 | 19,278 | 18,902 | 22,557 | 18,623 |
| Dividends paid to VEDL owners (outflow negative) | -16,681 | -29,959 | -18,572 | -16,772 | -13,279 |
| Total cash PPE/intangibles/CWIP purchases (outflow negative) | -10,305 | -13,654 | -16,752 | -17,005 | -20,876 |
| Total CFO less cash capex, before financing interest/dividends | 18,902 | 22,557 | 18,623 | ||
| Discontinued CFO gross of intersegment transactions | 23,993 | 24,476 | |||
| Continuing CFO, net of intersegment transactions | n.d. | n.d. | |||
| Continuing cash capex (not growth-capex measure) | n.d. | n.d. |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued paid-up shares, AR rounded (not weighted average) | 370.63 | 370.97 | 372.00 | 391.00 | 391.00 |
| Weighted basic shares excluding ESOP treasury shares | 384.63 | 390.12 | |||
| Weighted diluted shares | 387.79 | 393.40 | |||
| Continuing owners PAT, S9 original annual debt allocation | 5,145 | 7,058 | |||
| Continuing NCI PAT, S9 original annual allocation | 4,131 | 5,422 | |||
| Trade receivables current plus non-current, including HFD | 6,016 | 6,087 | 7,198 | ||
| Continuing management and brand expense | 1,119 | 1,737 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations, continuing operations | n.a. | n.a. | 16,413 | 15,537 | 16,445 | 20,959 | 23,731 | 23,456 |
| Cost of revenue (vendor classification) * | 21,181 | 20,763 | 28,677 | 20,912 | 12,240 | 11,081 | 10,472 | |
| Other operating costs (vendor classification) * | 8,460 | 9,025 | 313.0 | 8,946 | 5,256 | 6,786 | 6,011 | |
| EBITDA (vendor classification) * | 8,432 | 9,103 | 8,011 | 8,079 | 5,934 | 6,645 | 7,851 | |
| Finance costs | n.a. | n.a. | 1,071 | 609.0 | 896.0 | 547.0 | 694.0 | 662.0 |
| Profit before tax, continuing | n.a. | n.a. | 3,331 | 2,933 | 3,072 | 5,241 | 5,951 | 7,189 |
| Tax expense, continuing | n.a. | n.a. | 794.0 | 831.0 | 867.0 | 1,354 | 1,684 | 1,895 |
| PAT from continuing operations | n.a. | n.a. | 2,537 | 2,102 | 2,205 | 3,887 | 4,267 | 5,294 |
| Diluted EPS, continuing operations (₹) | n.a. | n.a. | 3.49 | 3.07 | 2.93 | 5.95 | 5.95 | 7.90 |
| Other operating income | 273.0 | 217.0 | 292.0 | 378.0 | 878.0 | 749.0 | ||
| Other income | 346.0 | 382.0 | 264.0 | 486.0 | 418.0 | 542.0 | ||
| Materials consumed + stock-in-trade purchases + inventory change | 5,727 | 6,142 | 6,469 | 8,468 | 8,845 | 8,147 | ||
| Power and fuel charges | 896.0 | 883.0 | 932.0 | 932.0 | 904.0 | 1,133 | ||
| Employee benefit expense | 424.0 | 394.0 | 425.0 | 414.0 | 515.0 | 413.0 | ||
| Other expenses (royalty, mining, freight, stores) | 4,393 | 4,059 | 4,083 | 5,002 | 6,786 | 6,011 | ||
| EBITDA from statement (total revenue from ops less operating costs) | 5,246 | 4,276 | 4,828 | 6,521 | 7,559 | 8,501 | ||
| Depreciation, depletion and amortisation | n.a. | n.a. | 1,191 | 1,116 | 1,123 | 1,239 | 1,332 | 1,192 |
| Share of JVs and associates | 1.00 | 0.00 | -1.00 | 0.00 | 0.00 | 0.00 | ||
| Exceptional items (pre-tax) | 0.00 | 0.00 | 0.00 | 20.0 | 0.00 | 0.00 | ||
| Non-controlling interest in continuing PAT | 1,163 | 894.0 | 1,054 | 1,548 | 1,924 | 2,191 | ||
| Continuing PAT attributable to owners | 1,374 | 1,208 | 1,151 | 2,339 | 2,343 | 3,103 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 24.5% | ||||
| EBITDA margin | 30.2% | 30.2% | |||
| Net margin | 15.1% | 16.3% | |||
| Return on equity | 19.4% | 20.4% | |||
| Return on assets | 4.7% | 5.7% | |||
| Net debt (₹ crore) | 10,522 | ||||
| Net debt / EBITDA | 0.45x | ||||
| Asset turnover | 0.31x | 0.35x | |||
| Receivable days | 22 | 6 | |||
| Inventory days (on revenue) | 86 | 26 | |||
| Payable days (on revenue) | 60 | 35 | |||
| Cash conversion | 4.26x | 3.17x | |||
| Capex intensity | 27.6% | 27.2% | |||
| Free cash flow (₹ crore) | 22,645 | 11,097 | 18,902 | 22,557 | 18,623 |
| Dividend payout | 180.8% | 106.6% | |||
| EPS, diluted (₹) | 13.27 | 17.90 | |||
| Book value per share (₹) | 223.1 | 133.2 | 113.1 | 137.5 | 175.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA from statement (total revenue from ops less operating costs) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt, continuing perimeter (debt less cash and liquid investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA from statement (total revenue from ops less operating costs).
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, continuing operations).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Vedanta includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Vedanta
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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