Vedanta Ltd on Wednesday reported a sharp rise in its fiscal fourth-quarter earnings, with consolidated net profit rising 89 percent year-on-year to Rs 9,352 crore, marking its highest-ever quarterly profit. The performance was driven by strong operational gains across businesses and comes ahead of the group’s planned demerger, which is set to take effect from May 1.

Consolidated revenue for the January-March quarter rose 29 percent year-on-year to Rs 51,524 crore, Vedanta said in a statement. Its earnings before interest, tax, depreciation and amortisation (EBITDA) surged 59 percent to a record Rs 18,447 crore. EBITDA margins expanded sharply to around 44 percent, up over 900 basis points from a year ago, reflecting improved commodity realisations, higher volumes and favourable cost dynamics.

Vedanta shares jumped following the earnings announcement and were trading up 4.44 percent at Rs 772.15 on NSE in the late afternoon session.

The company said this was its strongest-ever quarterly performance, with profit, revenue and EBITDA all hitting record highs. For the full year FY26, Vedanta reported net profit of Rs 25,096 crore, up 22 percent year-on-year, and revenue of Rs 1.74 lakh crore, up 15 percent.

The sharp rise in quarterly profit was aided by strong operating leverage, higher commodity prices, and improved cost efficiencies across key segments such as aluminium and zinc. Lower finance costs and favourable forex movements also supported profitability during the quarter.

The results also come amid a structural shift in financial reporting, with several key businesses -- including aluminium, oil and gas, iron ore and power -- classified as discontinued operations under Ind AS 105 following the approval of Vedanta’s demerger plan. The scheme, which has received regulatory clearances, is scheduled to become effective from May 1, with shareholders to receive stakes in the newly carved-out entities.

Vedanta said its balance sheet strengthened further during the quarter, with net debt-to-EBITDA improving to 0.95 times, the best level in 14 quarters, supported by strong cash flows and deleveraging.

Segment results 

Revenue from zinc, lead and silver surged 44 per cent to Rs 12,672 crore in the quarter, helped by robust zinc and silver prices in London Metal Exchange (LME).  Aluminium revenues also increased 17 per cent to Rs 18,753 crore, aided by favorable prices stemming from a scarcity in the global supply. Aluminium segment EBITDA rose 82 per cent to Rs 8,485 crore, the company said.

Zinc India EBITDA rose 61 per cent to Rs 7,743 crore, as it recorded lowest cost of production in five Years...

Under the oil and gas segement, production slumped 15 per cent to 81.5k boepd, primarily driven by natural decline,  with revenue contracting 3 per cent and EBITDA declining 12 per cent at Rs 1,065 crore. Vedanta expects average gross volume in the segement at 90 - 95 kboepd in FY27.

Meanwhile, revenue from iron ore increased 13 per cent to Rs 1,722 crore and EBITDA surged 32 per cent at Rs 411 crore, amid 1 per cent decline in saleable iron production. Steel business saw a 12 per cent rise in revenue at Rs 2,107 crore, amid robust domestic prices.

Copper business swung to profit at Rs 8 crore after it recorded a loss of Rs 49 crore last year.

FY26 

Vedanta said that its capital expenditure in the year stood at Rs 14,918 crores, focused on volume expansion, cost compression and supply chain integration.

The mining company recorded annual Revenue at Rs 1,74,075 crore, up 15 per cent  YoY, while EBITDA jumped 59 per cent YOY at Rs 55,976 crore. Its  free cash flow (pre-capex) was at Rs 26,013 crore, as of March 31, 2026.

"During the year, we deployed Rs 14,918 crore of growth capex, commissioning key projects including Lanjigarh Train II, the new BALCO smelter, downstream expansions at Jharsuguda, the Debari roaster at Zinc India, and 1.3 GW of power capacity. Our continued focus on operational excellence resulted in lowest costs in last five years at Aluminium and Zinc business," said executive director, Arun Misra.

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