Aluminium Production
2.9M tons
+48% YoY
Record annual production driven by new smelter ramp-up and operational efficiency.
VEDANTA
Other
30 Apr 2026
Vedanta Limited — Q4 FY26
Vedanta delivered a record FY26 with ₹1.74 lakh crore revenue (+15% YoY), ₹55,976 crore EBITDA (+29% YoY), and ₹25,096 crore PAT (+22% YoY).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Vedanta delivered a record FY26 with ₹1.74 lakh crore revenue (+15% YoY), ₹55,976 crore EBITDA (+29% YoY), and ₹25,096 crore PAT (+22% YoY). Q4 EBITDA margin expanded 915 bps YoY to 32.2%, driven by record aluminium production (2.9Mt, +48% YoY), lowest zinc cost ($959/t), and strong volume growth across segments. The demerger is on track for listing by mid-June, with each entity having a tailored capital structure (e.g., oil & gas near zero debt). Guidance includes aluminium cost reduction to $1,650-1,700/t in FY27 and H2 ramp-up of new smelters. Key risk: delays in coal mine approvals (Sigimal, Gare) could impact captive power cost savings.
Key Numbers
Zinc India Mined Metal Cost
$959/ton
-9% YoY
Lowest cost in 5 years, supported by higher volumes and cost control.
Zinc International Mined Metal Production
225,000 tons
+27% YoY
Gains from Hamsburg ramp-up; phase 2 expansion 94% complete.
Power Sales
16.44B units
+30% YoY
Growth from Athena and Minakshi plants; average NSR up 31%.
Management Guidance
Aluminium cost target $1,650-1,700/t in FY27
Management expects aluminium cost of production to decline to $1,650-1,700 per ton in FY27, with H1 flat to 1% lower vs Q4 FY26.
Management guidance marginsAlumina cost to reach ~$750/t by Q2 FY27
Alumina cost expected to be around $750 per ton in Q2 FY27, down from Q4 FY26 levels, driven by captive bauxite and operational improvements.
Management guidance marginsBalco smelter ramp-up to full capacity by Q4 FY27
The new 435kt smelter at Balco will ramp up from 25kt in Q1 to 105kt per quarter by Q4 FY27.
Management guidance growthHamsburg phase 2 commissioning in Q1 FY27
The 8Mt run-of-mine expansion at Hamsburg is 94% complete and expected to commission in the current quarter, with ramp-up over 12-15 months.
Management guidance growthKey Risks
Athena power plant incident impact
The boiler accident at Athena plant has halted operations; restart timeline is uncertain pending assessment, potentially affecting power segment earnings.
high · management_commentaryDelays in coal mine approvals
Sigimal and Gare coal mines face regulatory delays; management expects EC soon but timeline has slipped, risking captive coal cost benefits.
medium · analyst_questionCopper segment margin pressure
Copper business has been barely profitable due to negative treatment charges; management expects margin improvement to 5% in FY27 but execution risk remains.
medium · analyst_questionZinc International ramp-up execution
Hamsburg phase 2 has faced delays due to waste stripping and skills shortages; any further delays could impact production and EBITDA targets.
medium · analyst_questionNotable Quotes
The year 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 1.74 lakh crores, EBITDA of 56,000 cr, PAT of over 9,300 cr and our free cash flow pre-tax of 26,013 rupees cr.
The demerger has been architected with precision on capital structure aligning debt with earning strength and growth stage of each resulting companies.
Frequently Asked Questions
What was Vedanta's revenue in Q4 FY26?
Vedanta reported revenue of ₹24,609 Cr in Q4 FY26, representing a +15% change compared to the same quarter last year.
What guidance did Vedanta management give for FY27?
Aluminium cost target $1,650-1,700/t in FY27: Management expects aluminium cost of production to decline to $1,650-1,700 per ton in FY27, with H1 flat to 1% lower vs Q4 FY26. Alumina cost to reach ~$750/t by Q2 FY27: Alumina cost expected to be around $750 per ton in Q2 FY27, down from Q4 FY26 levels, driven by captive bauxite and operational improvements. Balco smelter ramp-up to full capacity by Q4 FY27: The new 435kt smelter at Balco will ramp up from 25kt in Q1 to 105kt per quarter by Q4 FY27. Hamsburg phase 2 commissioning in Q1 FY27: The 8Mt run-of-mine expansion at Hamsburg is 94% complete and expected to commission in the current quarter, with ramp-up over 12-15 months.
What are the key risks for Vedanta in FY27?
Key risks include Athena power plant incident impact — The boiler accident at Athena plant has halted operations; restart timeline is uncertain pending assessment, potentially affecting power segment earnings.; Delays in coal mine approvals — Sigimal and Gare coal mines face regulatory delays; management expects EC soon but timeline has slipped, risking captive coal cost benefits.; Copper segment margin pressure — Copper business has been barely profitable due to negative treatment charges; management expects margin improvement to 5% in FY27 but execution risk remains.; Zinc International ramp-up execution — Hamsburg phase 2 has faced delays due to waste stripping and skills shortages; any further delays could impact production and EBITDA targets..
Did Vedanta meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Vedanta Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.