Vedanta Ltd.Record Performance & Demerger on Track

Vedanta Limited delivered its best-ever quarterly performance in Q3 FY26, with revenue surging 19% year-on-year to ₹45,899 crores and EBITDA climbing 34% to ₹15,171 crores.

The company achieved a historic high EBITDA margin of 41%, expanding 629 basis points year-on-year, while profit after tax jumped 60% to a lifetime high of ₹7,807 crores. Management upgraded full-year FY26 guidance to a lifetime high EBITDA exceeding $6 billion, driven by operational excellence across all verticals. The aluminum business recorded its lowest hot metal cost in 17 quarters at $1,674 per ton, beating guidance, while Hindustan Zinc achieved a five-year low production cost of $940 per metric ton.

Alumina production reached record levels of 0.8 million tons, up 57% year-on-year. The NCLT-approved demerger is progressing on schedule, targeting an April 1st effective date with listings expected in Q1. Net debt-to-EBITDA improved to 1.23x from 1.4x, with management targeting 1x by year-end through planned deleveraging of $0.8-1 billion. Credit rating agencies upgraded Vedanta following the demerger approval, with outlook improving from stable to positive.