Vedanta Ltd

Q1 FY26Diversified Metals

Vedanta Ltd Q1 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹279

Market cap₹1.0L Cr

P/E9.5

Updated23 Aug 2026

Read5 min read

The short version

Zinc India: Targeting commissioning of a 160,000 ton per annum roaster and expansion to over 1.2 million tons refined metal production. Vedanta Limited reported a 13% YoY growth in adjusted PAT to Rs.

From Vedanta Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Zinc India: Targeting commissioning of a 160,000 ton per annum roaster and expansion to over 1.2 million tons refined metal production.
Zinc International: Gamsberg Phase-2 project nearing completion, increasing mine capacity to 525,000 tons/year.
Oil & Gas: Targeting 95,000 to 100,000 barrels of oil equivalent per day for FY ’26 with volume gains from new well drilling and ASP injections.
Aluminum: Aiming 3 to 3.1 million tons alumina production with expansion projects like Lanjigarh Train II and Balco smelter. Expected decline in alumina cost per ton.
Power: Adding 1,300 MW of new capacity in Q2 FY ’26 with Meenakshi and Athena power plants fully commissioning units.
Bauxite: Production ramp-up at Sijimali mine starting Q4 FY ’26 to supply around 1-1.5 million tons of bauxite annually.
Exploration: Focus on Northeast and KG Deepwater for new drilling and resource potential.

Profitability & Margins

Vedanta Limited reported a 13% YoY growth in adjusted PAT to Rs. 5,000 crores in Q1 FY '26, indicating a positive earnings trajectory.
EBITDA margin expanded to 35%, the highest in 13 quarters, showing strong operational profitability.
The company targets volume growth and margin expansion across all businesses, with key expansions like Lanjigarh Train II and Balco smelter commissioning imminent.
Zinc India aims to commission a 160,000 ton roaster to support refined metal production exceeding 1.2 million tons annually.
Zinc International’s Gamsberg Phase-2 project (80% complete) will add 4 million tons run of mine post-ramp-up by FY '26 end, boosting earnings.
Oil & Gas division targets 95,000-100,000 barrels per day with enhanced recovery techniques (ASP) to arrest decline, supporting future profits.
Power business will add 1,300 MW capacity this year, improving realized power sales and margins.
Overall, the company is confident of sustaining momentum and delivering best financial performance for FY '26 amid a complex macro environment.

See what Vedanta Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Vedanta plans to invest about $2 billion in the Saudi copper projects, including a 400,000 tons per annum copper smelter and refinery, and a 300,000 tons copper rod project.
Zinc International's Gamsberg Phase-2 project is nearly 80% complete, targeting mechanical completion by December 2025, adding 4 million tons run of mine.
Hindustan Zinc Board approved first phase of capacity expansion to 2 million metric tons, investing $1.4 billion to add 250,000 tons capacity.
Vedanta aims to expand aluminum capacity to about 3.1 million tons and alumina capacity to 6 million tons by FY'27 (18 months timeline).
Power business is adding 1,300 MW new capacity in Q2 FY'26, with recent commissioning of 950 MW at Meenakshi and Athena plants.
Mining capital for Gamsberg Phase-2 is higher due to increased waste stripping capital requirements.
Total capital investment plan augmented from $9.5 billion to $11 billion, with $5.9 billion already spent as of June 2025.

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Fundraising & Capital Structure

Vedanta Limited raised Rs. 5,000 crores via Non-Convertible Debentures (NCDs) and other loans at favorable terms in Q1, reflecting strong credit strength.
The company monetized 1.6% stake in Hindustan Zinc, raising over Rs. 3,000 crores in Q1.
Net debt stood at Rs. 58,220 crores as of June 2025, down Rs. 3,100 crores YoY, supported by strong internal accruals and targeted capital actions.
The net debt to EBITDA ratio improved to 1.3x from 1.5x last year, highlighting improved capital management.
No explicit mention of planned new equity fundraising in the near term.
VRL (Vedanta Resources Limited) aims to deleverage $3 billion over three years, with $770 million repayment refinance needed this fiscal via refinancing and/or dividends (subject to Board approval).
Overall, the company is focused on deleveraging and managing debt efficiently rather than raising new, large-scale debt or equity immediately.

See what Vedanta Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The document does not explicitly mention the current or expected orderbook/pending orders for Vedanta Limited. However, it provides insights into ongoing and upcoming projects which imply a strong project pipeline: - Investment of about $2 billion planned for Saudi copper projects including a 400,000 tons per annum copper smelter and refinery and a 300,000 tons copper rod project. - Zinc India commissioning a 160,000 ton per annum roaster at Debari and capacity expansion to 1.2+ million tons refined metal. - Zinc International’s Gamsberg Phase-2 project to increase capacity to 525,000 tons per annum. - Oil and gas activities including ASP injection, deepwater drilling plans in KG Basin, and unconventional block exploration. - Power business adding 1,300 MW in FY26 with recent commissions at Meenakshi and Athena plants. - Aluminum expansion projects at Lanjigarh and Balco smelters targeting capacity increases. These indicate Vedanta's strong operational and investment pipeline rather than a classical orderbook.

Vedanta Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹24.6K Cr, net profit ₹9.4K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Vedanta Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Vedanta Ltd Q1 FY26 results?

What is Vedanta Ltd share price analysis?

Vedanta Ltd currently shows a neutral. The stock trades at a P/E of 9.5 with a market cap of ₹104,603 Cr. Investors should review the full earnings analysis for detailed insights.

Is Vedanta Ltd planning capital expenditure?

Vedanta plans to invest about $2 billion in the Saudi copper projects, including a 400,000 tons per annum copper smelter and refinery, and a 300,000 tons copper rod project.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.