VEDL Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹21,337 Cr
verified against source
Revenue YoY
19%
reported change
EBITDA
₹15,171 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Vedanta reported a landmark Q3 FY26 with record performance across all key metrics. Revenue stood at INR 45,899 crore (+19% YoY), driven by favorable metal prices and strong operational execution. EBITDA reached INR 15,171 crore (+34% YoY) with a historic high margin of 41% (629 bps expansion YoY), while PAT came in at INR 7,807 crore (+60% YoY). Key operational wins include 57% YoY increase in alumina output to ~0.8 million tons, lowest hot metal cost in 17 quarters at $1,674/ton, and HZL's highest-ever mined/refined metal output. Three major aluminum commissionings completed including Train Two at Lanjigarh refinery (5 MTPA capacity). The demerger received NCLT approval with April 1, 2026 targeted effective date. Management guided that Q4 will surpass Q3, positioning FY2026 for lifetime-high annual EBITDA exceeding $6 billion. Key risks include alumina cost at $800/ton vs. $310 spot market prices, ASP commissioning delays in oil & gas, and equipment supply constraints for power expansion plans.
Colored figures show movement against the previous available record.
Guidance to track
- Lifetime high annual EBITDA expected, surpassing earlier H1 guidance. Q4 performance likely to exceed Q3 levels.
- $1.3 billion invested in first 9 months across aluminum, zinc, oil & gas, and power. On track for full-year guidance.
- Current ratio of 1.23x to improve to approximately 1x through OFS proceeds (~INR 3,000 crore from 1.1% HZL stake sale) and operating cash flows.
- Lanjigarh refinery ramping to 900 KT+ in Q4 and full capacity utilization in Q1 FY27 with Sijimali bauxite mine commissioning. Hot metal cost expected to reduce by $50-60/ton.
Risks flagged
- Captive alumina production cost at ~$800/ton significantly exceeds spot market prices of ~$310-315/ton. LME-linked contracts with 45-60 day lag create margin pressure in rising aluminum price environment.
- Gross production stuck at 85,000 BOE/day vs. plan due to ASP commissioning delays at Mangala. Large-scale ASP implementation (one of the largest globally) still in final commissioning stage, delaying additional 50 million barrel reserve unlock.
- Indian manufacturers have capacity constraints for power equipment. Management acknowledged exploring both domestic and international suppliers for 10-12 GW planned expansion over 5-7 years, with no concrete commitments disclosed.
- 1.5 to 3 MTPA alumina expansion remains 70% complete but awaiting final forest clearance. Previous timelines repeatedly postponed. Management hopeful for approval this quarter but no firm commitment.
Key quotes
- We achieved our best-ever quarterly EBITDA of INR 15,171 crore, while also recording our lifetime high revenue and PAT of INR 45,899 crore and INR 7,807 crore, respectively. Notably, two of our businesses delivered the best-ever EBITDA, resulting in a consolidated EBITDA margin of 41%, a historic high for Vedanta, representing a year-on-year increase of 629 basis points.
- The macro environment is supportive, with a strong demand and pricing being favorable, and we expect these conditions to sustain going forward.
- We will get to 2.8 million tons of aluminum post our Balco project ramp up. The team is working on a set of debottlenecking exercises to close the gap from 2.8 to 3 million tons, which is what we've guided in the market, over the next 18 months.
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