Vedanta Posts FY26 Gains With Record Production And Lower Leverage

05 May 2026 CW Team

Operationally, aluminium and alumina set fresh records with annual aluminium production of 2,456 thousand tonnes (kt) and alumina at 2,916 thousand tonnes (kt), and the business reached an exit run rate of four million tonnes per annum (MTPA). The BALCO smelter expansion and downstream investment yielded first metal from a new 525 kA smelter and the group acquired Incab Industries to strengthen downstream copper and aluminium capabilities. Cost of production for aluminium and zinc improved, delivering five per cent and nine per cent declines respectively year on year, supporting better margins.

Hindustan Zinc and international zinc operations reported higher mined and refined metal output with zinc international led by strong performance at Gamsberg where phase one achieved planned output and phase two was over ninety per cent complete with ramp targeted in the next fiscal year. Silver production contributed to profitability and zinc cost of production reached multi-year lows. Oil and gas delivered stable operated production with a recent offshore gas discovery and ongoing appraisal activity while the company continues to operate contested blocks under status quo orders.

Sustainability and community initiatives expanded with renewable energy consumption of 3.97 billion units and merchant thermal sales of 4,934 million units in the quarter, and CSR spend of Rs 4.19 billion for FY26 supporting millions of beneficiaries. Decarbonisation measures, energy efficiency projects and safety initiatives were rolled out across operations to reduce emissions and water use. The company outlined commissioning schedules for multiple projects including smelter and mine starts, with several items progressing into the coming two fiscal years.

Vedanta reported strong full year and fourth quarter performance driven by record production, margin expansion and strategic project delivery. Group revenue for FY26 rose to Rs 515.24 billion, an increase of 29 per cent year on year, while consolidated EBITDA improved materially and net debt to EBITDA reduced to 0.95x from 1.22x in the prior-year quarter. Rating agencies reaffirmed credit assessments and the group completed growth capital expenditure of Rs 149.18 billion to advance expansions across metals and energy. Operationally, aluminium and alumina set fresh records with annual aluminium production of 2,456 thousand tonnes (kt) and alumina at 2,916 thousand tonnes (kt), and the business reached an exit run rate of four million tonnes per annum (MTPA). The BALCO smelter expansion and downstream investment yielded first metal from a new 525 kA smelter and the group acquired Incab Industries to strengthen downstream copper and aluminium capabilities. Cost of production for aluminium and zinc improved, delivering five per cent and nine per cent declines respectively year on year, supporting better margins. Hindustan Zinc and international zinc operations reported higher mined and refined metal output with zinc international led by strong performance at Gamsberg where phase one achieved planned output and phase two was over ninety per cent complete with ramp targeted in the next fiscal year. Silver production contributed to profitability and zinc cost of production reached multi-year lows. Oil and gas delivered stable operated production with a recent offshore gas discovery and ongoing appraisal activity while the company continues to operate contested blocks under status quo orders. Sustainability and community initiatives expanded with renewable energy consumption of 3.97 billion units and merchant thermal sales of 4,934 million units in the quarter, and CSR spend of Rs 4.19 billion for FY26 supporting millions of beneficiaries. Decarbonisation measures, energy efficiency projects and safety initiatives were rolled out across operations to reduce emissions and water use. The company outlined commissioning schedules for multiple projects including smelter and mine starts, with several items progressing into the coming two fiscal years.

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