VEDL Q4 FY25 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹16,686 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹11,618 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Vedanta delivered its highest-ever quarterly revenue of INR 39,789 crore in Q4 FY25, up 14% YoY, driven by robust domestic demand in aluminum and zinc where India outperformed global growth by 4pp and 3pp respectively. EBITDA reached INR 11,618 crore with 30% YoY growth, translating to a 12-quarter high margin of 35%, up 465bps YoY, reflecting operational efficiency and lower input costs. PAT surged 118% YoY to INR 4,961 crore on the back of operational strength and improved working capital. Full-year FY25 saw INR 150,725 crore revenue and INR 43,541 crore EBITDA, with the company on track to commission key growth assets—Lanjigarh Train 2, BALCO 435kt smelter, and Debari roaster—within FY26. The demerger is progressing through NCLT with September 2025 target. Key risks include alumina price volatility, Sijimali mine regulatory clearance delays, and macroeconomic uncertainty from U.S. tariffs impacting commodity prices. The company maintained its $9.5bn CapEx program with $5.5bn already deployed.
Colored figures show movement against the previous available record.
Guidance to track
- Total hot metal capacity to increase from 1.7 mtpa to 3.2 mtpa by FY26 end, with plans to de-bottleneck to 3.5 mtpa in FY27. Lanjigarh refinery targeting 3.1 mt production in FY26 with exit run rate of 4 mt by FY26-end.
- Lanjigarh cost expected at $340-$350/ton in Q1 FY26, $35-$50 lower than API landed costs, benefiting from Sijimali mine commissioning (Q3 FY26) and domestic bauxite sourcing.
- Value-added products proportion expected to increase from ~14% in FY25 to 70% in FY26 as BALCO and Jharsuguda VAP facilities ramp up.
- Production guidance of 95-100 kboepd, with volume trajectory improving from Q2 onwards as ASP injection begins in July 2025 and infill wells ramp up.
Risks flagged
- While alumina prices have declined from peak of $800/ton to ~$350/ton, high-cost alumina inventory carried forward from Q3 affected Q4 costs. Benefit realization depends on sustained lower alumina pricing.
- Sijimali mine commissioning targeted for Q2 FY26 but remains subject to forest clearance (expected June 2025). Management acknowledged historical delays in ramp-up and maintained Plan B with alternate bauxite sources.
- Analyst raised concern about INR 1,000/ton OMC bauxite price appearing low versus e-auction benchmarks. Management stated there is ongoing litigation and acknowledged taxes, duties, and logistics are extra—but did not clarify full cost structure.
- Saudi copper smelter remains in study phase with no CapEx commitment. Project economics depend on government enablers (long-term loans, grants, duty protections) still under negotiation with Saudi government.
Key quotes
- The goal is clear: to transform the company into a $100 billion critical minerals energy technology powerhouse, serving not just India, but the world.
- EBITDA margin increased to 35%, which is the highest in the last 12 quarters, representing a surge of 465 basis points YoY.
- We are targeting that we are going to get the EC in June 2025. We are hopeful that we are going to commence the operation of Sijimali mines by quarter two, FY 2026.
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