Vedanta Ltd

Q3 FY26Diversified Metals

Vedanta Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 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

Read4 min read

The short version

Vedanta targets a lifetime high annual EBITDA of over $6 billion for FY26, surpassing earlier guidance. Vedanta expects to surpass Q3 FY26 EBITDA levels in Q4, targeting a lifetime high annual EBITDA of over $6 billion.

From Vedanta Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Vedanta targets a lifetime high annual EBITDA of over $6 billion for FY26, surpassing earlier guidance.
Aluminum production is set to increase with BALCO project ramp-up to 1 lakh tons by March and further increase thereafter, aiming for 2.8 million tons post-BALCO and eventually 3 million tons.
Captive alumina output is expected to reach around 3 million tons for the full year, a new record.
Zinc International’s Gamsberg Phase-II project is nearly 90% complete, commissioning expected next quarter, driving volumes higher.
Oil & Gas production targets include stabilizing and increasing output toward 90,000 barrels per day, with significant new reserves from Ambe and Northeast projects projected to boost volumes.
Power business aims to grow capacity by an additional 10 to 12 GW over the next 5-7 years, riding India's energy demand growth.
Several projects across businesses (fertilizer, VAB projects, DI pipe plant) are slated to start in FY27, enhancing volumes and reducing costs.

Profitability & Margins

Vedanta expects to surpass Q3 FY26 EBITDA levels in Q4, targeting a lifetime high annual EBITDA of over $6 billion.
Growth CAPEX of $1.7 billion for FY26 focuses on aluminum, zinc, oil & gas, and power projects, driving higher volumes, margins, and earnings visibility.
Strategic projects commissioning in FY27 includes bauxite mine, coal mines, power turbines, fertilizer plant, aluminum projects, Gamsberg Phase-II, and DI pipe plant—enhancing volumes and reducing costs.
Oil & Gas aims to stabilize and grow production to 90,000 BOE/day in FY27, targeting 150,000 BOE/day in subsequent years.
Demerger enhances balance sheet strength and capital structure optimization, supporting sustained growth.
Cost optimization continues with Aluminum achieving lowest hot metal cost in 17 quarters, and Hindustan Zinc delivering five-year lowest production cost.
EBITDA margin expanded to 41% in Q3 FY26, indicating improving profitability trajectory.

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

Capital Expenditure Plans

Invested about $1.3 billion in strategic growth CAPEX across aluminum, zinc, oil & gas, and power in the first nine months of FY26.
On track to invest approximately $1.7 billion for the full fiscal year FY26.
Key projects progressing into FY27 include:
- Commissioning of Sijimali bauxite mine.
- Start of operations at Ghogharpalli coal mines.
- Commissioning of second 600 MW turbine at Athena power plant.
- 510,000 tons per annum fertilizer project at Hindustan Zinc.
- 250,000 and 510,000 tons per annum Value-Added Business (VAB) projects at Jharsuguda and BALCO respectively.
- Phase-II commissioning at Gamsberg mine.
- 420,000 tons per annum DI pipe plant in Goa.
BALCO aluminum smelter ramp-up to increase capacity to about 1 lakh tons by March and full ramp-up over next 3-6 months.
Future power capacity plans include adding 10-12 GW over next 5-7 years to ride India’s energy growth demand.

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Fundraising & Capital Structure

Vedanta is focusing on debt de-leveraging and capital structure optimization, notably through the Zinc India offer-for-sale (OFS), which reduced promoter stake by about 1.1%, raising approximately Rs.3,000 crores for de-leveraging.
The company plans to be self-sufficient in debt servicing, with cash flows from brand fees and dividends expected to cover interest and principal repayments at VRL level.
No explicit mention of new equity fundraising; however, restructuring and potential OFS will facilitate balance sheet strengthening.
Debt allocation among the demerged entities is underway, with oil and gas expected to be debt-free post-demerger.
Financial credit ratings improvements suggest room for potential rating upgrades, favoring easier future fundraises if needed.
Overall, the strategy is to maintain disciplined growth CAPEX (~$1.7 billion full year) while optimizing debt via repayments and refinancing, rather than significant new debt or equity issuance currently.

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

Order Book & Pipeline

The provided pages from the Vedanta Limited document do not mention specific details about the current or expected order book or pending orders. The content primarily covers topics such as: - Production volumes and pricing in aluminum, zinc, and other metals - Demerger progress and approvals, effective April 1st, 2026 - Financial performance including revenue, EBITDA, and PAT - Project updates including commissioning timelines for mines, smelters, and power plants - Debt management and deleveraging plans - Hedging strategy and commodity price outlook - Operational challenges and growth prospects in oil and gas and mining sectors If you require detailed information on order books or pending orders, it appears that the document does not provide this data explicitly. Please indicate if you'd like insights on any other aspect.

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 Q3 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?

Invested about $1.3 billion in strategic growth CAPEX across aluminum, zinc, oil & gas, and power in the first nine months of FY26.

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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.