Lucknow: Vedanta Limited has reported a landmark financial performance for the third quarter of FY26, posting a 60 percent year-on-year surge in profit after tax (PAT) to ₹7,807 crore. The company also achieved its highest-ever quarterly revenue of ₹45,899 crore, marking a 19 percent YoY increase, according to its unaudited consolidated results for the quarter and nine months ended December 31, 2025.
The diversified natural resources major recorded a record quarterly EBITDA of ₹15,171 crore, up 34 percent YoY, supported by strong operational performance, higher volumes, improved commodity prices, and cost efficiencies. EBITDA margins expanded sharply by 629 basis points to 41 percent, reflecting enhanced profitability across businesses.
Vedanta’s financial position continued to strengthen, with the Net Debt to EBITDA ratio improving to 1.23x, compared to 1.40x a year earlier. The company reported a robust Return on Capital Employed (ROCE) of 27 percent, improving by 296 basis points YoY. Credit rating agencies CRISIL and ICRA reaffirmed Vedanta’s AA rating, following approval of the company’s proposed demerger by the National Company Law Tribunal (NCLT).
During the first nine months of FY26, Vedanta invested approximately USD 1.3 billion in growth capital expenditure, reinforcing its long-term expansion strategy.
Strong Operational Performance Across Businesses
Vedanta delivered record production across several key segments. Aluminium production reached an all-time quarterly high of 620 kilotonnes, while alumina production surged 57 percent YoY to a record 794 kilotonnes.
Zinc India reported its highest-ever third-quarter mined metal production at 276 kilotonnes, with refined metal output rising to 270 kilotonnes, both up 4 percent YoY. Notably, Zinc India achieved its lowest Q3 cost of production in five years at $940 per tonne, down 10 percent YoY. Zinc International operations recorded production of 59 kilotonnes, up 28 percent YoY.
The Iron Ore business reported ore production of 1.2 million tonnes, while pig iron production increased 6 percent YoY to 229 kilotonnes. Copper cathode production stood at 45 kilotonnes, the highest in the last seven years. Ferro chrome production rose sharply by 32 percent YoY to 24 kilotonnes, and the Power business saw sales grow 61 percent YoY.
Strategic Milestones and Shareholder Returns
During the quarter, Vedanta received NCLT approval for its proposed demerger, a key step towards creating five pure-play entities and unlocking long-term value. The company also acquired Incab Industries, strengthening its downstream presence in copper and aluminium.
Vedanta delivered a total shareholder return of around 30 percent during the quarter, significantly outperforming benchmark indices. Over the last five years, total shareholder returns stood at 428 percent, supported by a cumulative dividend yield of 73.5 percent. The Vedanta Group also secured three additional mining blocks for critical minerals, taking its total to 11 blocks.
Management Commentary
Commenting on the results, Executive Director Arun Misra said the quarter marked a significant milestone, with two businesses delivering their best-ever financial performance. He highlighted strong margins in aluminium, record EBITDA in Zinc India, robust growth in Zinc International, and major achievements across oil & gas, power, steel, and ferrochrome businesses. He added that the demerger approval positions Vedanta strongly for its next phase of growth under the “Vedanta 2.0” strategy.
Chief Financial Officer Ajay Goel said the company’s record profitability, expanding margins, and improving leverage reflect disciplined execution and operational strength. He noted that rating reaffirmations and positive outlook upgrades by global agencies underscore market confidence in Vedanta’s growth trajectory.
ESG Highlights
Vedanta continued to strengthen its ESG performance during Q3 FY26. Vedanta Aluminium secured second rank in the S&P Corporate Sustainability Assessment for the third consecutive year, while Cairn Oil & Gas ranked among the top five global companies in its sector in its first participation. Renewable energy usage increased 44 percent QoQ, greenhouse gas intensity declined 6.3 percent, and water recycling reached 69 million cubic metres. On the social front, Vedanta invested ₹267.9 crore in CSR initiatives, positively impacting 5.5 million people worldwide.
With record financial results, strong operational momentum, and progress on strategic restructuring, Vedanta has reinforced its position as one of India’s leading diversified natural resources companies.
