Vedanta Ltd

Q4 FY26Diversified Metals

Vedanta Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹277

Market cap₹1.1L Cr

P/E9.9

Updated24 Aug 2026

Read5 min read

What the Q4 FY26 call signalled

3 of 4 strong

RevenueGood growth

MarginMargins steady

CapexCapex planned

FundraiseFundraise planned

The short version

Future growth expectations in sales/revenue/volumes for Vedanta Limited based on the document are: - Continued volume growth across core businesses driving record revenues (INR1.74 lakh crores in FY26). Zinc International EBITDA expected to grow from $300 million in FY27 to around $500 million, driven by Gamsberg underground expansion and phased capacity growth by 2030.

From Vedanta Ltd's Q4 FY26 earnings-call transcript · updated 24 Aug 2026.

Revenue & Sales Performance

Good growth

Future growth expectations in sales/revenue/volumes for Vedanta Limited based on the document are: - Continued volume growth across core businesses driving record revenues (INR1.74 lakh crores in FY26). - Aluminium business expansion with production ramp-up at Lanjigarh refinery, targeting close to 4 million tons per annum alumina. - Zinc India aiming to maintain record mined metal production above 1 million tons. - Zinc International increasing mined metal production by 27% YoY, targeting 450,000+ tons of zinc metal with Gamsberg Phase 2 ramp-up and new projects. - Power sales growth of 30% YoY expected with Athena and Meenakshi plants. - Steel production at Bokaro targeting higher annual outputs beyond current record (1.3 million tons). - Continued organic growth in each entity post de-merger with capex focused on 2x or 3x growth stories.

2 more points management made on revenue & sales performance

Profitability & Margins

Zinc International EBITDA expected to grow from $300 million in FY27 to around $500 million, driven by Gamsberg underground expansion and phased capacity growth by 2030.
Gamsberg underground has a Resource & Reserve (R&R) almost as large as Hindustan Zinc, with higher grade (~7%) ores. Mining and smelting projects for critical minerals expected to add value by 2030.
Zinc International’s $4 billion capex largely funded internally via self-generated cash flows post current projects, reducing reliance on external financing.
Vedanta’s overall EBITDA margins improved significantly (44% Q4 FY26), with highest-ever revenues and PAT in FY26, reflecting strong operational performance and cost efficiencies.

- Aluminium business delivered record alumina and aluminium production with a 38% margin and lowest hot metal cost in 5 years, supporting future EPS growth. - Power and other growth businesses (oil and gas, steel) driving diversified revenue and profit streams to fuel expansion. Overall, medium-term EPS growth is expected from volume ramp-ups, cost improvements, and new projects maturing by around 2030.

2 more points management made on profitability & margins

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

Capital Expenditure Plans

Capex planned

Zinc International (Zinc Intl) has a large capex of $4 billion focused on Gamsberg underground expansion and Phase 3 development, expected to boost capacity beyond 500 kt zinc production by ~2030.
Zinc Intl's current Gamsberg project is 94% complete; commissioning and ramp-up expected this quarter with full ramp-up over 12-18 months.
Copper business exploring expansion with a rod mill plant (~$30 million) ready by September 2026 and a potential copper smelter project in Saudi Arabia pending government incentives.
Vedanta plans a $2 billion capex in Saudi Arabia with 75% debt and 25% equity funding; incentives and subsidies discussed with local govt.
Iron & Steel segment has key projects like the Jharsuguda and Balco billet lines, and capacity doubling underway.

2 more points management made on capital expenditure plans

Top-ranked in Diversified Metals

Ranked on what management guided this quarter

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

For FY27, Vedanta Resources requires approximately USD 0.3 billion in new loans, plus an intercompany loan (ICL) amounting to about USD 0.5 billion, totaling around USD 1 billion funding needs.
Funding sources include brand fees (~USD 400 million) and dividend payouts (~USD 600 million) from Vedanta India, with expected organic de-leveraging of USD 0.5-0.6 billion.
Post de-merger, differentiated capital structures across the five entities may attract domestic and global anchor investors for equity funding, providing additional avenues for capital raising and de-leveraging.

Capital expenditures for growth projects (e.g., Zinc expansion, Saudi Arabia projects) are largely planned to be funded through self-generated cash flows, equity contributions (typically 25%), and debt (75%), supported by government incentives where applicable.
No explicit mention of immediate large-scale fundraising through new equity or debt beyond ongoing capex funding and structured capital allocation strategies.

2 more points management made on fundraising & capital structure

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

Order Book & Pipeline

The provided pages (especially page 19) of the Vedanta Limited document do not contain specific information related to the current or expected order book or pending orders. The content primarily focuses on: - Mine approvals and timelines, especially for Sijimali and coal mines like Kuraloi and Ghogharpalli. - Updates on refinery run rates and production capacity. - Discussions on regulatory approvals and community engagement. - Financial and operational performance highlights.

2 more points management made on order book & pipeline

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.

Full financials →

What Vedanta Ltd's management said in earlier quarters

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Pondy Oxides (Q4 FY26)
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Frequently Asked Questions

What were Vedanta Ltd Q4 FY26 results?

Future growth expectations in sales/revenue/volumes for Vedanta Limited based on the document are: - Continued volume growth across core businesses driving record revenues (INR1.74 lakh crores in FY26). Zinc International EBITDA expected to grow from $300 million in FY27 to around $500 million, driven by Gamsberg underground expansion and phased capacity growth by 2030.

What is Vedanta Ltd share price analysis?

Vedanta Ltd currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 9.9 with a market cap of ₹109,100 Cr. Investors should review the full earnings analysis for detailed insights.

Is Vedanta Ltd planning capital expenditure?

Zinc International (Zinc Intl) has a large capex of $4 billion focused on Gamsberg underground expansion and Phase 3 development, expected to boost capacity beyond 500 kt zinc production by ~2030.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.