VEDL Q4 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
₹24,609 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
₹55,976 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 delivered its best-ever financial performance in FY2026 with record revenue of INR 1.74 lakh crores (+15% YoY), EBITDA of INR 55,976 crore (+29% YoY), and PAT of INR 25,096 crore (+22% YoY). The company achieved operational milestones including record alumina production of 2.9 million tons (+48% YoY) and highest-ever aluminium production of 2.46 million tons. Q4 was particularly strong with revenue of INR 51,524 crore (+29% YoY), EBITDA of INR 18,447 crore (+59% YoY) with 915bps margin expansion, and PAT of INR 9,352 crore (+89% YoY). The company deployed INR 15,000 crore in growth CapEx, commissioned the 5MTPA Lanjigarh alumina expansion and 435,000-ton Korba smelter. Post-demerger capital structure shows each entity with sustainable leverage ratios. Key risks include the Athena power plant incident (site access resumed, restart timeline pending assessment) and delays in Sijimali bauxite mine EC approval. Management guides FY2027 aluminium cost at $1,650-1,700/ton with alumina cost declining to $710-725/ton by H2.
Colored figures show movement against the previous available record.
Guidance to track
- H1 expected flat to 1% lower than Q4 FY26 due to raw material cost pressures including carbon and Middle East-related impacts on furnace oil and caustic.
- Lanjigarh Refinery approaching rated 4MTPA capacity in Q1; expect $20-25/ton reduction in Q2, with captive alumina utilization at 80-85%.
- Project 94% complete with healthy ore stockpile. Full ramp-up to 450,000-500,000 tons targeted over 12-15 months post-commissioning.
- Following Gamsberg Phase II ramp-up and considering Phase III expansion including smelter study with South Africa SEZ opportunity.
Risks flagged
- Following the April 14 fatal incident at unit one (boiler rupture), site access for full assessment was only granted a few days before this call. Restart timeline and Q1 FY27 PLF guidance remain withheld pending expert recommendations. Management could not commit to any specific timeline.
- Environmental clearance for the critical Sijimali mine (key feedstock for Lanjigarh) continues to face delays beyond originally expected February timeline. Local community protests and administrative processing cited. Management maintains H1 FY27 opening guidance but risk of further slippage remains given regulatory complexity.
- Konkola Copper Mines listing on NYSE via S-1 filing is in quiet period with third round of SEC comments. No specific timeline provided for completion, creating uncertainty around this $330M funding commitment.
- Vedanta Resources requires approximately $1B in FY2027 (principal $500M + interest). Post-demerger dividend flexibility for Hindustan Zinc upstreaming may reduce certain cash flow assumptions embedded in current deleveraging projections.
Key quotes
- FY 2026 represented a clear inflection point for Vedanta as strategy and execution converged to deliver the best ever financial performance in the company's history. We delivered record high annual revenue of INR 1.74 lakh crores, EBITDA of INR 56,000 crore, PAT of over INR 9,300 crore, and our free cashflow pre-tax of INR 26,013 crore.
- We have brought down VDL's borrowing cost below 9% at about 8.9% as we close the fiscal, and 16% reduction in financing cost, which is more than INR 1,563 odd crores, with further reduction in the borrowing cost in sight in near future.
- This foundational reset is aimed at sustainable growth over the coming decades. The demerger is now at its final stage. The effective and record date is set for May 1st. The shares of the resulting companies are expected to list and commence trading by mid-June.
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