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Vedanta Ltd

| Audited Consolidated Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤29th Apr 26

Summary : Vedanta reports profit, progresses demerger, faces regulatory and operational challenges.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Cost of materials consumed (FY26): ₹29,891 crore.
  2. Consolidated Employee benefit expense (FY26): ₹1,748 crore.
  3. Consolidated Finance costs (FY26): ₹2,817 crore.
  4. Consolidated Depreciation (FY26): ₹4,810 crore.
  5. Consolidated Other expenses (FY26): ₹19,930 crore.
  6. Consolidated Total Revenue (Year ended March 31, 2026): ₹1,76,520 crore.
  7. Standalone Total Revenue (Year ended March 31, 2026): ₹88,300 crore.
  8. Consolidated Continuing Operations Revenue: ₹78,437 crore.
  9. Consolidated Discontinued Operations Revenue: ₹98,083 crore.
  10. Consolidated Net cash from operating activities (FY26): ₹39,499 crore.
  11. Consolidated Net cash used in investing activities (FY26): ₹(24,338) crore.
  12. Consolidated Net cash used in financing activities (FY26): ₹(13,549) crore.
  13. Standalone Net cash from operating activities (FY26): ₹14,312 crore.
  14. Standalone Net cash used in investing activities (FY26): ₹(2,139) crore.
  15. Standalone Net cash used in financing activities (FY26): ₹(11,133) crore.
  16. Consolidated Total Assets (March 31, 2026): ₹2,33,237 crore.
  17. Consolidated Total Equity (March 31, 2026): ₹68,577 crore.
  18. Consolidated Total Liabilities (March 31, 2026): ₹1,64,660 crore.
  19. Standalone Total Assets (March 31, 2026): ₹1,77,380 crore.
  20. Standalone Total Equity (March 31, 2026): ₹78,049 crore.
  21. Standalone Total Liabilities (March 31, 2026): ₹99,331 crore.
  22. Disclosure of related party transactions will be filed with XBRL.
  23. Both standalone and consolidated financial results are provided.
  24. Consolidated results include subsidiaries, associates, joint ventures, and joint operations.
  25. Standalone results are for Vedanta Limited only.

Corporate Overview

  1. India (Zinc, Lead, Silver, Power, Oil & Gas, Aluminium, Iron Ore).
  2. Western Cluster, Liberia (Zinc International, Aluminium).
  3. Cambay Block (Oil & Gas).
  4. Rajasthan Block (Oil & Gas).
  5. Short seller allegations and regulatory inquiries.
  6. GoI arbitration regarding Profit Oil.
  7. Uncertainty over Cambay Block PSC extension.
  8. Western Cluster project viability concerns (geopolitical, stripping ratios, ore grades, logistics).
  9. Boiler incident at Athena Power Plant.
  10. Mining of zinc, lead, silver, copper, iron ore.
  11. Manufacturing of zinc, lead ingots, copper cathode, alumina, aluminium.
  12. Exploration and production of oil and gas.
  13. Power generation (wind and thermal).
  14. Other businesses: port/berth, glass substrate, power cables, ferro alloys.
  15. Management believes short seller allegations are baseless.
  16. Management confident on Cambay Block PSC extension.
  17. Management believes Western Cluster impairment is due to geopolitical factors.
  18. Continuing Operations: Zinc, Lead and Silver (India), Zinc International, Copper, Power, Others.
  19. Discontinued Operations: Oil & Gas, Aluminium, Iron Ore, Power, Others.

Risk Factors

  1. Cambay Block PSC extension uncertainty.
  2. Ongoing short seller allegations.
  3. Western Cluster project viability concerns.
  4. Athena Power Plant boiler incident.

Key Drivers

  1. Demerger scheme approved by NCLT.
  2. Unmodified audit opinion received.
  3. Reported significant profit after tax.
  4. Positive resolution of GoI arbitration.

Auditor’s Report

  1. Unmodified opinion on Consolidated Financial Results.
  2. Unmodified opinion on Standalone Financial Results.
  3. Approval of Cambay Block PSC extension pending with MoPNG.
  4. Allegations by a short seller and ongoing regulatory inquiries.

Board Commentary

  1. Third interim dividend of ₹11/- per equity share.
  2. Total dividend for FY 2025-26 is ₹34/- per equity share.
  3. Cambay Block PSC extension uncertainty.
  4. Short seller allegations and regulatory inquiries.
  5. Western Cluster project viability concerns.
  6. Athena Power Plant boiler incident.
  7. GoI arbitration on Profit Oil (Rajasthan Block) ongoing.
  8. Cambay Block PSC extension challenged in Delhi High Court.
  9. Short seller allegations under regulatory scrutiny.
  10. NCLT approval received for demerger scheme.

Corporate Governance

  1. Audit and Risk Management Committee reviewed and approved results.
  2. Short seller allegations and ongoing regulatory inquiries.

Management Discussion & Analysis

Future Strategy

  1. Demerger of various businesses into 6 separate companies.

Risk Control Measures

  1. Legal challenges initiated for PSC extension.
  2. Management believes short seller allegations are baseless.
  3. Management confident on legal position in GoI arbitration.

Critical Risks

  1. Cambay Block PSC extension denial by MoPNG.
  2. Ongoing short seller allegations and regulatory scrutiny.
  3. Western Cluster project impairment due to viability concerns.
  4. Boiler incident at Athena Power Plant.
Vedanta Ltd (VEDL) Quarterly Report Analysis & Insights | Dhanarthi