Quarter Ended: March 2026

Vedanta Ltd. – Q4 FY26 Results

NSE

vedl

BSE

500295

Vedanta delivered strong operational growth across key segments like Aluminium and Zinc, with sharp improvement in profitability. However, balance sheet compression and reliance on financing activities keep the outlook balanced

key financial highlights

Revenue from Operations:
- Revenue (Q4 FY26): ₹25,027 Cr
  - QoQ Change: +14.68%
  - YoY Change: +46.96%
- Previous Quarter (Q3 FY26): ₹21,823 Cr
- Previous Year (Q4 FY25): ₹17,032 Cr
Profit After Tax (PAT):
- PAT (Q4 FY26): ₹9,352 Cr
  - QoQ Change: +19.80%
  - YoY Change: +88.52%
- Previous Quarter (Q3 FY26): ₹7,807 Cr
- Previous Year (Q4 FY25): ₹4,961 Cr
QoQ Performance
- Revenue Trend: Strong growth
- Profit Trend: Strong growth

Margin Analysis

Key Drivers:

Higher commodity realizations
Improved operating leverage
Lower finance cost (YoY decline visible)
Contribution from discontinued operations

Key Signal: Operating strength is visible, but profit boost partially driven by restructuring/discontinued segments

Segment insight

Summary:

Vedanta continues to operate as a diversified natural resources company

Performance driven by:

Commodity cycles
Production volumes
Global pricing

Earning quality check

Drivers:

Strong operating profit growth
Significant contribution from:
- Discontinued operations (₹5,102 Cr in Q4)
Exceptional items impact minimal in FY26

Interpretation:

Core operations improving
But one-off / structural impacts present

balance sheet Analysis

Total Assets: ₹2,33,237 Cr (vs ₹2,03,293 Cr)
Total Equity: ₹68,577 Cr (vs ₹53,753 Cr)
Non-current Liabilities: ₹23,722 Cr (vs ₹75,965 Cr)
Current Liabilities: ₹35,023 Cr (vs ₹73,575 Cr)

Insight:

Massive reduction in liabilities → Deleveraging signal
Large assets classified as “held for distribution” → ₹1,59,240 Cr
Sharp drop in fixed assets (PPE: ₹97,834 → ₹30,027 Cr)

key risks

Commodity price volatility
High dependence on global demand cycles
Structural changes (demerger impact uncertainty)
Regulatory risks in mining & energy sectors

management strategy signals

Focus Area:

Business restructuring (demerger/unlocking value)
Debt reduction
Capital allocation optimization
Focus on core high-margin segments

Financial Metrics

Particular	Q4 FY26	Q.O.Q	Y.O.Y
Total Income	₹25,027 Crore	+14.68%	+46.96%
PBT	₹5,908 Crore	+13.15%	+77.41%
PAT	₹9,352 Crore	+19.78%	+88.53%

Vedanta delivered a strong quarter backed by both operational growth and structural changes.

Official Exchange Filing: Vedanta Limited

Quarterly Performance Context

COST OF OPERATIONS AS % OF REVENUE

76%

NET PROFIT AS % OF REVENUE

37%

FISCAL YEAR

2025-2026

AUDIT STATUS

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