Earnings Review
Vedanta Q3 consol PAT up 61% YoY, misses Street view
This story was originally published at 18:50 IST on 29 January 2026
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--Vedanta Oct-Dec Zinc India EBITDA INR 60.64 bln vs INR 45.32 bln year ago
--Vedanta net debt INR 606.24 bln on Dec 31
--Vedanta Q3 consol continuing ops EBITDA INR 69.14 bln vs INR 50.23 bln
--Vedanta Oct-Dec consol copper revenue INR 86.43 bln vs INR 58.03 bln
--Vedanta Q3 India zinc, lead, silver revenue INR 106.08 bln vs INR 82.97 bln
--Vedanta Apr-Dec consol revenue continuing ops INR 599 bln vs INR 507 bln
--Vedanta Apr-Dec consol net profit INR 106.93 bln vs INR 115.05 bln year ago
--Vedanta Oct-Dec consol net profit INR 57.10 bln vs INR 35.47 bln year ago
--Vedanta Oct-Dec one-time cost due to impact of labour codes INR 1.32 bln
--Vedanta Oct-Dec net profit includes one-time cost INR 1.99 bln
--Vedanta Q3 consol revenue continuing ops INR 233.69 bln vs INR 170.63 bln
--Analysts saw Vedanta Oct-Dec consol net profit at INR 58.54 bln
--Vedanta Oct-Dec consol net profit INR 57.10 bln
By Narayana Krishna
HYDERABAD – Vedanta Ltd. on Thursday reported a consolidated net profit of INR 57.10 billion for the December quarter, up 61% on year and slightly below analysts' estimates of INR 58.54 billion. The mining major's total revenue from continuing operations for the quarter was at INR 233.7 billion, up 37% on year.
Total revenue, including discontinued operations for the quarter, was at INR 458.99 billion, up 19% on year. Analysts had estimated the company's total revenue at INR 434.80 billion. The net profit after tax from discontinued operations for the quarter was INR 41.35 billion, up 44.4% on year.
The company reported a one-time cost of INR 1.32 billion related to the implementation of labour codes, which had an impact on net profit for the quarter.
Vedanta's December quarter earnings performance was largely supported by growth in its aluminium and zinc segments, the company said in a press release.
Vedanta reports revenue from continued operations to reflect the performance of its ongoing businesses, including aluminium, zinc–including India and international, oil and gas, iron ore, and power. This excludes Sterlite Copper's Tuticorin operations, classified as "discontinued", enabling a clearer assessment of the company's core operating performance on an on-year and sequential basis.
Vedanta's net profit was up 218% on quarter, while its revenue from continuing operations was up nearly 25%.
Vedanta's December quarter revenue from the domestic zinc, lead, and silver segment was INR 106.80 billion against 82.97 billion a year ago. The company's consolidated revenue from the copper segment was at INR 86.43 billion against INR 58.03 billion a year ago. The revenue inclusive of discontinued operations was up 17% on quarter, led by higher metal prices, improved volumes, and foreign exchange gains.
Vedanta said the December quarter was a landmark one for Vedanta, as it delivered its highest-ever earnings before interest, tax, depreciation, and amortisation of INR 151.7 billion, with two of its businesses achieving their best-ever financial results. For continuing operations, EBITDA was at INR 69.14 billion against INR 50.23 billion.
The aluminium business posted its strongest EBITDA margin of $1,268 per tonne, supported by record alumina and aluminium production. The zinc business in India recorded its highest-ever quarterly EBITDA of INR 60.64 billion, driven by record mined and refined metal output, with silver contributing 44% of overall profit, the company said.
The zinc business' international operations also reported a 28% on-year increase in production, led by the Gamsberg mine in South Africa achieving its highest-ever recovery.
Vedanta's oil and gas business reached a major milestone with India's first sub-sea template installation, while the thermal power business delivered 188% on-year growth in EBITDA with a 62% increase in sales volumes.
The steel and ferrochrome business also achieved record production of steel billets at 285 kilotonnes, and ferrochrome output was up 32% on year.
"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," Vedanta Executive Director Arun Mishra was quoted in a company statement.
Vedanta reported a 31.7% on-year rise in its total expenses for the latest quarter to INR 189.2 billion. Power and fuel costs increased 33% on year to INR 23.5 billion for the quarter. Finance costs declined nearly 8% on year to INR 9.9 billion. As of Dec.31, Vedanta's net debt was at INR 606.24 billion.
For Apr-Dec, Vedanta's consolidated net profit fell 7% on year to INR 107 billion and revenue was up 18.4% at INR 599 billion.
On Thursday, Vedanta's shares ended at INR 766.35 on the National Stock Exchange, up nearly 4% from its previous close. End
US$1 = INR 91.96
Edited by Tanima Banerjee
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