Vedanta smashes records: profit jumps 60%, EBITDA hits all-time high in Q3

Vedanta delivered exceptional financial performance with profit after tax jumping 60% YoY to ₹7,807 crore.

The company reported a record quarterly EBITDA of ₹15,171 crore, up 34% YoY supported by margin expansion of 629 bps to 41%.

The company also recorded the highest-ever quarterly revenue of ₹45,899 crore, up 19% YoY.

Vedanta’s Net Debt to EBITDA ratio improved to 1.23x from 1.40x, with a strong double-digit Return on Capital Employed (ROCE) at 27%, improving by 296 bps YoY. Credit ratings for Vedanta have been reaffirmed at AA by both CRISIL and ICRA, following the recent NCLT demerger order.

Vedanta invested about USD 1.3 billion in growth capex in the nine months of FY26. The company delivered strong operational performance during the quarter, with record production across key businesses. Aluminium recorded its highest-ever quarterly production at 620 kt, up 1% YoY, while alumina production surged to a record 794 kt, up 57% YoY, reflecting improved operational efficiencies and ramp-up initiatives.

Zinc India posted its highest-ever third-quarter mined metal production at 276 kt, up 4% YoY, alongside refined metal production of 270 kt, also up 4% YoY. Notably, Zinc India achieved its lowest Q3 cost of production in the last five years at $940/t, lower by 10% YoY. Zinc International operations reported production of 59 kt, up 28% YoY.

The Iron Ore business reported quarterly ore production of 1.2 million tonnes, up 3% YoY, while pig iron production increased to 229 kt, up 6% YoY. Copper cathode production stood at 45 kt, marking the highest quarterly production in the last seven years. Ferro chrome production rose sharply to 24 kt, up 32% YoY. The Power business delivered a robust performance, with sales increasing 61% YoY.

Vedanta achieved several important milestones during the quarter. The company received approval from the Hon’ble National Company Law Tribunal (NCLT) for its proposed demerger, marking a key step towards unlocking long-term value. Vedanta also acquired Incab Industries, strengthening its downstream footprint in copper and aluminium.

The company delivered a total shareholder return of ~30% during the quarter, outperforming the Nifty by 5.0x and the Nifty Metal index by 2.7x, as shares soared to lifetime highs repeatedly. In addition, Vedanta Group secured three additional mining blocks of high-value critical minerals, taking its total assigned blocks to 11.

The total shareholder returns for the last 5 years stood at 428%, accompanied by a cumulative dividend yield of 73.5%.

Commenting on Q3FY26 results, Arun Misra, Executive Director, Vedanta, said, “Q3 FY26 has been a landmark quarter for Vedanta, delivering our highest ever EBITDA of ₹15,171 crore, with two of our businesses achieving their best ever financial results. Aluminium posted its strongest EBITDA margin of $1,268 per ton, supported by record alumina and aluminium production. Zinc India recorded its highest ever quarterly EBITDA of ₹6,064 crore, driven by record mined and refined metal output, with silver contributing 44% of overall profit.

"Zinc International also reported a 28% YoY increase in production, led by Gamsberg achieving its highest ever recovery. Our Oil & Gas business reached a major milestone with India’s first subsea template installation, while our Thermal Power Business delivered 188% YoY EBITDA growth with a 62% increase in sales volumes. Steel and Ferrochrome Business also achieved record production of steel billets at 285 kt, and ferrochrome output up 32% YoY. Alongside the landmark approval for the demerger into five pure play entities, these results demonstrate our strong operational momentum and readiness to unlock long term value as we advance Vedanta’s 2.0 journey.”

Ajay Goel, Chief Financial Officer, Vedanta, said “This has been a remarkable quarter for Vedanta. We delivered our highest-ever quarterly PAT of ₹7,807 crore, marking a strong 60% YoY growth. Our Q3 revenue stood at a record ₹45,899 crore, up 19% YoY, while EBITDA reached an all-time high of ₹15,171 crore, growing 34% YoY.

"EBITDA margins expanded sharply by 629 bps YoY to 41%. Our balance sheet continues to strengthen, with Net Debt to EBITDA improving to 1.23x from 1.40x YoY. The reaffirmation of our AA credit rating by CRISIL and ICRA following the NCLT demerger order, along with upgrades in VRL credit rating outlook from Stable to Positive by S&P, Moody’s & Fitch Ratings, underscore the market confidence in Vedanta’s growth trajectory. We are now entering an exciting phase of growth and value unlocking, creating long-term value for all our stakeholders.”