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Informist, Wednesday, Jul. 29, 2026

By Rajesh Gajra

MUMBAI – On Thursday, Vedanta Ltd. will report its first quarterly financials after demerging its aluminium, oil and gas, iron and steel, and electricity businesses into separate, independent companies. With only subsidiary Hindustan Zinc Ltd., overseas zinc operations, copper, nickel, and ferrochrome businesses under its direct, operational purview, the company is seen posting strong on-year growth in its top line and bottom line for the June quarter amid a surge in Hindustan Zinc's net profit, operating profit, and revenue.

The consolidated net profit of Vedanta is expected to be INR 38.16 billion for the June quarter, according to an average of estimates by five brokerages. The highest net profit estimate is INR 54.95 billion from ICICI Securities Ltd., and the lowest is INR 29.84 billion from Kotak Securities Ltd.

The company's revenue from operations for the June quarter is seen at INR 241.65 billion, and the EBITDA is expected to be INR 80.13 billion. The highest revenue estimate is INR 265.54 billion from ICICI Securities, and the lowest is INR 220.72 billion from Nuvama Wealth Management Ltd.

According to brokerages, Vedanta's consolidated estimates are not comparable with historical financials due to the effect of the demerger, which took place during the June quarter. The company is likely to provide comparable financials when it announces its earnings.

The company's June quarter performance is likely to be supported mainly by the strong earnings performance of its subsidiary Hindustan Zinc Ltd. The company, in which Vedanta holds 60.7% stake, Friday reported a 146% rise in net profit on year at INR 54.25 billion, on the back of strong revenue from operations growth of 77% at INR 136.87 billion and a 109% rise in earnings before interest, depreciation, and amortisation at INR 80.74 billion. 

This strong performance was predominantly due to the sharp rise of over 30% on year in zinc prices and nearly 120% in silver prices, as well as saleable zinc production growth of 6% on year. For Vedanta, the effect of the strong earnings growth in Hindustan Zinc will be the highest on its own financials.

But the company will take a considerable hit on its top line performance from its international zinc operations. Vedanta's mined zinc from its mines in South Africa fell 14% on year to 48,000 tonnes in the June quarter, as per the quarterly production data released by the company on Jul. 3. Kotak expects Vedanta's international zinc operations to post a 53% fall on year in EBITDA at INR 2 billion due to a fall in volume.

The copper business of the company will also weigh adversely on the June quarter top line since copper sales in India were up only 3% on year and international copper rod sales fell 51%. The company's ferro chrome production was also up only 4% on year, and this will weigh on the top line performance of the company for the quarter.

The company will detail its earnings Thursday. Investors will watch out for commentary on the demand outlook for India Zinc, and an update on the mining operations in South Africa.

On Tuesday, shares of Vedanta were at INR 259.35 on the National Stock Exchange, down 2% from closing price Monday. The shares are down over 10% from the date the March quarter earnings were announced. One brokerage report on the company available with Informist after the demerger has a "buy" call at a target price of INR 350.

Following are the June quarter earnings estimates for Vedanta Ltd. from five brokerages in descending order of estimate of net profit, in INR million:

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Edited by Himanshi Gupta

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