MUMBAI (India CSR): Vedanta Limited today announced its unaudited consolidated results for the first quarter ended 30th June 2025. Vedanta delivered robust financials with profit after tax* jumping 13% YoY to Rs 5,000 crores. The company clocked the highest-ever first quarter EBITDA of Rs 10,746 crores, up 5% YoY. Vedantaโs EBITDA margin** improved by 81 bps to 35% YoY, the highest in the last 13 quarters. Consolidated revenue for Q1 stood at Rs 37,434 crores, up 6% YoY.
Liquidity improved 7% QoQ and 33% YoY with cash and cash equivalents at Rs 22,137 crore. Return on Capital Employed (ROCE) improved by 87 bps YoY to 25%. Credit ratings reaffirmed at AA by both CRISIL and ICRA.
Vedanta clocked record quarterly alumina production at 587 KT, up 9% YoY, with the lowest hot metal cost (ex-alumina) at $888/t in the last 16 quarters. Overall aluminum production cost fell 12% QoQ. Zinc India operations achieved highest-ever Q1 mined metal production at 265 KT and lowest Q1 zinc CoP at $1,010/t (down 9% YoY). International zinc operations posted a 50% YoY jump in mined metal production with CoP at $1,269/t (down 21% YoY). Power sales increased 33% QoQ. Vedanta commissioned 950 MW of merchant power capacity โ Athena Power Plant (Unit 1 โ 600 MW) and Meenakshi Power Plant Unit 3 (350 MW) both achieved COD in July 2025.
PAT Adjusted for key one-offs: Cairn OALP exploration cost write-off (net of tax) in 1QFY26 and 4QFY25 respectively and DTA of unutilized tax losses at ASI in 1QFY25
EBITDA margin (ex-copper)***
Management Commentary
Anil Agarwal, Chairman, Vedanta, said:
โOur Q1 performance has set a strong foundation for the year ahead. Amidst global market volatility, we delivered the highest-ever first quarter EBITDA. Operationally, we achieved the lowest hot metal cost (ex-Alumina) in the last 16 quarters, lowest-ever Q1 Zinc India CoP, 74% YoY increase in Gamsberg’s production, 33% QoQ surge in power sales, and 150% QoQ jump in Ferro Chrome volumes. The ramp-up of the Lanjigarh refinery to 587 KT demonstrates our progress toward delivering over 3 MnT of Alumina in FY26. Looking ahead, commissioning of Train II at Lanjigarh, 435 KT smelter capacity at BALCO, and 1,300 MW of new thermal power capacity in Q2 will support full-year guidance. The start of operations at Sijimali bauxite mine and Kuraloi coal mine in H2 is likely to boost our performance to record levels.โ
Ajay Goel, CFO, Vedanta, added:
โWe achieved the highest-ever Q1 EBITDA of Rs 10,746 crore, up 5% YoY. EBITDA margin expanded by 81 bps to 35%, highest in 13 quarters. Adjusted PAT grew 13% YoY to ~Rs 5,000 crore. This performance, along with initiatives like the HZL stake sale generating Rs 3,028 crore in cash, helped deliver a Net Debt to EBITDA ratio of 1.3x. With our Rs 5,000 crore NCD issuance and refinancing, our debt cost reduced by 130 bps YoY to 9.2%. The reaffirmation of our AA credit rating by CRISIL and ICRA reflects the marketโs confidence in our growth.โ
1QFY26 ESG Highlights
- ESG Leadership: Featured in S&P Global Sustainability Yearbook 2025. Hindustan Zinc in top 1% globally.
- Renewable Energy: 1906 MW RE PDAs signed; 0.84 bn units utilized in 1QFY26
- Gender Diversity: Improved to 22% from 20% YoY
- Waste Utilization: 72% HVLT waste utilized
- Water Recycling: Achieved 48%
- Tree Plantation: Over 0.5 million trees planted in Q1; 3.5 million cumulative
- Women & Child Welfare: 8,600+ Nand Ghars, 0.34 Mn+ children, 0.25 Mn+ women benefitted
- CSR Spend: Rs 94 crore in Q1, impacting ~2.04 million lives
***
Consolidated Financial Performance
(In โน crore unless stated otherwise)
| Particulars | 1QFY26 | 1QFY25 | % YoY Change | 4QFY25 | % QoQ Change |
|---|---|---|---|---|---|
| Revenue from operations | 37,434 | 35,239 | 6% | 39,789 | (6%) |
| Other Operating Income | 390 | 525 | (26%) | 666 | (41%) |
| EBITDA | 10,746 | 10,275 | 5% | 11,618 | (8%) |
| EBITDA Marginยน | 35% | 34% | +1% | 35% | 0% |
| Finance Cost | 2,026 | 2,222 | (9%) | 2,583 | (22%) |
| Investment Income | 779 | 742 | 5% | 732 | 6% |
| Exploration Cost Write-Off | 757 | 97 | โ | 258 | โ |
| Exchange Gain/(Loss) | 135 | (41) | โ | 135 | 0% |
| PBT (before D&A) | 8,877 | 8,657 | 3% | 9,645 | (8%) |
| Depreciation & Amortization | 2,824 | 2,731 | 3% | 2,988 | (5%) |
| Profit Before Tax | 6,053 | 5,926 | 2% | 6,657 | (9%) |
| Tax Charge/(Credit) | 1,596 | 831 | 92% | 1,696 | (6%) |
| Reported PAT | 4,457 | 5,095 | (13%) | 4,961 | (10%) |
| Key One-Offsยฒ | 543 | (662) | โ | 183 | โ |
| Adjusted PAT | 5,000 | 4,433 | 13% | 5,144 | (3%) |
ยน Excludes custom smelting at copper business
ยฒ Adjusted for exploration cost write-off (Cairn OALP), and deferred tax asset recognition
***
Operational Summary
- Revenue: Rs 37,434 crore, up 6% YoY (down 6% QoQ) due to lower output commodity prices
- EBITDA: Rs 10,746 crore, up 5% YoY; driven by lower costs, forex gains, premium pricing
- EBITDA Margin: Highest in 13 quarters at 35%, up 81 bps YoY
- Depreciation & Amortization: Rs 2,824 crore, up 3% YoY
- Finance Cost: Down 9% YoY and 22% QoQ
- Investment Income: Up 5% YoY and 6% QoQ
- Tax Rate: 26% in 1QFY26 vs 14% in 1QFY25
- PAT: Rs 4,457 crore; Adjusted PAT Rs 5,000 crore
- Debt & Liquidity:
- Gross Debt: Rs 80,357 crore
- Net Debt: Rs 58,220 crore
- Net Debt/EBITDA: ~1.3x
- Cash & Cash Equivalents: Rs 22,137 crore
(India CSR)
