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Vedanta Limited (VEDL)

₹246.10 +0.08% last close, 16 Oct

📊 NSE: VEDL 🏢 Mining / Minerals / Metals 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Vedanta's revenue was ₹24,205 Cr (-36.0% year on year, -1.6% on the previous quarter), and net profit ₹7,918 Cr (+77.7% year on year); the operating margin was 35.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹24,205	-36.0%	-1.6%
Operating profit	₹8,501	-14.3%	+12.5%
Net profit	₹7,918	+77.7%	-15.3%
EPS (₹)	14.02	+72.0%	-18.2%
Operating margin	35.1%	—	—

Full quarterly financials → Results calendar →

VEDL delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 49.91% of the VEDL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.72%. That is close to its usual level. In VEDL futures, open interest rose 1.35% while the futures price rose 0.37%: long buildup (new long positions).

49.91%Delivery, 16 Oct

51.72%Own 20-session average

0.8×Volume vs its average

+1.35%Futures open interest

₹246.10NSE close · +0.08%

Delivery in the last 5 sessions: 54.8% · 54.4% · 48.5% · 36.4% · 49.9%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

CRISIL Reaffirms Vedanta's Credit Rating at CRISIL AA+/Stable and CRISIL A1+

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 16 Oct 2026, 06:26 PM

Vedanta Limited announced that rating agency CRISIL has reaffirmed its credit ratings on October 16, 2026. The company's Non-Convertible Debentures and long-term facilities were maintained at 'CRISIL AA+/Stable'. Short-term facilities were also reaffirmed at the highest tier of 'CRISIL A1+'. This reaffirmation provides stability across its borrowing profiles against a total consolidated debt of ₹10,656 Cr.

CRISIL reaffirmed ratings at CRISIL AA+/Stable for Non-Convertible Debentures and long-term facilities on October 16, 2026
Short-term facilities reaffirmed at CRISIL A1+
Ratings previously stood at CRISIL AA+/Stable and CRISIL A1+, representing no change in credit standing
Company maintains low leverage with total debt at ₹10,656 Cr and D/E ratio of 0.14

💡 Track the execution and commissioning timeline of the BALCO smelter and Lanjigarh refinery expansions in upcoming quarterly results, along with updates on the planned corporate demerger.

Vedanta Declares ₹5/Share Interim Dividend Worth c. ₹1,955 Crore

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 08 Oct 2026, 01:11 PM

Vedanta Limited has declared its first interim dividend for FY 2026-27 of ₹5 per equity share (500% on face value of ₹1 each). The total cash outgo on account of this dividend will be approximately ₹1,955 crore. The company has fixed Wednesday, October 14, 2026, as the record date for determining eligible shareholders. Relative to Vedanta's TTM net profit of ₹28,556 crore, the payout represents ~6.8% of annual earnings.

First interim dividend declared at ₹5 per equity share of face value ₹1
Total dividend payout amounts to c. ₹1,955 crore
Record date for payment fixed for Wednesday, October 14, 2026
Total payout equals ~6.8% of TTM PAT (₹28,556 crore)

💡 Monitor the ex-dividend date ahead of the October 14, 2026 record date and track upcoming Q2 FY27 earnings for updates on free cash flows and debt management.

Vedanta submits Reg 74(5) demat compliance certificate for Q2 ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 05:26 PM

Vedanta Limited submitted its quarterly compliance certificate pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar & Share Transfer Agent KFin Technologies Limited for the quarter ended September 30, 2026. KFin confirmed that securities received for dematerialisation were processed, accepted/rejected, and listed within prescribed regulatory timelines of 15 days. This is a recurring administrative filing confirming standard registry operations.

Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
Issued by Registrar & Share Transfer Agent KFin Technologies Limited on October 06, 2026
Confirmation that dematerialisation requests were handled and certificates mutilated within 15 days

💡 No action required. Investors should track upcoming Q2 FY27 earnings and demerger updates rather than routine registry filings.

Vedanta Sets Record Date of Oct 14, 2026 for FY27 First Interim Dividend Consideration

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 05 Oct 2026, 06:36 PM

Vedanta Limited announced that a Board meeting is scheduled for Thursday, October 08, 2026, to consider and approve the First Interim Dividend for FY 2026-27. If declared, the record date to determine shareholder eligibility has been set for Wednesday, October 14, 2026. Trading window closures remain in effect through 48 hours post Q2 FY27 earnings declaration. The quantum of the dividend per share is yet to be considered and declared by the Board.

Board meeting scheduled for October 08, 2026, to consider First Interim Dividend for FY27
Record date for proposed dividend fixed as October 14, 2026
Trading window remains closed until 48 hours post Q2 and H1 FY27 financial results declaration

💡 Track the Board meeting outcome on October 08, 2026, for the announced dividend payout per share and corresponding cash outflow relative to TTM PAT of Rs 28,556 Cr.

Vedanta Sets Record Date of Oct 14, 2026 for FY27 First Interim Dividend Consideration

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 05 Oct 2026, 06:30 PM

Board meeting scheduled for October 08, 2026, to consider First Interim Dividend for FY27
Record date for proposed dividend fixed as October 14, 2026
Trading window remains closed until 48 hours post Q2 and H1 FY27 financial results declaration

💡 Track the Board meeting outcome on October 08, 2026, for the announced dividend payout per share and corresponding cash outflow relative to TTM PAT of Rs 28,556 Cr.

VEDL Q2 FY27 Output: Zinc India Saleable Metal Up 7% YoY; Silver Up 20% to 173 Tonnes

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 03 Oct 2026, 06:07 PM

Vedanta released its production report for Q2 and 1H FY27, noting record operational figures for Zinc India. In Q2 FY27, Zinc India mined metal grew 5% YoY to 271 KT, saleable metal rose 7% YoY to 264 KT, and silver production jumped 20% YoY to 173 tonnes. Zinc International mined metal declined 12% YoY to 53 KT, but Gamsberg Phase 2 was commissioned with sales slated from October 2026. Copper sales at Fujairah (International) plunged 74% YoY to 6 KT due to the closure of the Strait of Hormuz.

Zinc India saleable metal reached 264 KT in Q2 FY27, up 7% YoY, while silver rose 20% YoY to 173 metric tonnes
Zinc India recorded highest first-half mined metal for the sixth consecutive year at 539 KT, up 3% YoY
Zinc International mined metal stood at 53 KT (down 12% YoY), with Gamsberg Phase 2 commissioned in Q2 FY27
Copper International sales dropped 74% YoY to 6 KT due to supply chain disruptions from the closure of the Strait of Hormuz
Ports Business achieved record half-year cargo handling with discharge volume rising 32% YoY to 4,185 KT

💡 Track realization prices against LME benchmarks and operational ramp-up of Gamsberg Phase 2 when Q2 financial results are announced.

Vedanta Shareholders Approve ESOP/ESPP Schemes 2026 & Key Director Re-appointments

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Oct 2026, 04:17 PM

Vedanta Limited announced the results of its Postal Ballot concluded on September 30, 2026, wherein all 10 resolutions were approved with requisite majorities. Key approvals include the implementation of the Employee Stock Option Scheme 2026 and Employee Share Purchase Plan 2026 via a Trust route with secondary share acquisitions. Shareholders also ratified the re-appointment of Mr. Arun Misra as Executive Director & CEO through July 31, 2027, and Mr. Prasun Kumar Mukherjee as Independent Director through August 10, 2027. Total votes polled reached 80.15% across outstanding shares, with promoter participation fully in favor.

All 10 resolutions approved with requisite majority via remote e-voting ended September 30, 2026
Overall voter turnout recorded at 80.1491% of outstanding shares (3,13,41,38,921 votes polled)
Resolution 1 for ESOP Scheme 2026 passed with 89.3118% favorable votes
Re-appointment of Arun Misra as Executive Director and CEO approved for a 1-year term ending July 31, 2027
Total shareholder base stood at 26,89,290 on the record date of August 28, 2026

💡 Track subsequent disclosures on trust funding limits and share dilution/purchases related to the ESOP/ESPP 2026 implementation.

Vedanta Allots ₹2,000 Cr Unsecured Non-Convertible Debentures via Private Placement

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 30 Sep 2026, 11:28 AM

Vedanta Limited has approved the allotment of 2,00,000 unsecured, redeemable, rated, listed Non-Convertible Debentures (NCDs) of face value ₹1,00,000 each, raising ₹2,000 crore on a private placement basis. The issuance represents approximately 18.8% of the company's existing debt of ₹10,656 crore and 1.4% of its market capitalization of ₹1,46,493 crore. The allotment was approved by the Committee of Directors on September 30, 2026. This debt issuance provides additional liquidity support as the company navigates ongoing capex and its demerger roadmap.

Allotment of 2,00,000 NCDs of face value ₹1,00,000 each
Total capital raised stands at ₹2,000 crore via private placement
Instruments are unsecured, redeemable, rated, and listed
Allotment approved by Committee of Directors on September 30, 2026 at 11:20 AM IST

💡 Track the coupon rate and maturity profile when disclosed, alongside total debt trajectory and interest costs in upcoming quarterly results.

Vedanta Allots ₹2,000 Cr Unsecured Non-Convertible Debentures via Private Placement

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 30 Sep 2026, 11:28 AM

Allotment of 2,00,000 NCDs of face value ₹1,00,000 each
Total capital raised stands at ₹2,000 crore via private placement
Instruments are unsecured, redeemable, rated, and listed
Allotment approved by Committee of Directors on September 30, 2026 at 11:20 AM IST

💡 Track the coupon rate and maturity profile when disclosed, alongside total debt trajectory and interest costs in upcoming quarterly results.

Vedanta Issues Clarification on IiAS Proxy Advisory Concerns for ESOS 2026 Postal Ballot

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Sep 2026, 04:36 PM

Vedanta Limited issued clarifications following voting recommendations from proxy advisory firm Institutional Investor Advisory Services (IiAS) on its Postal Ballot Notice. The company highlighted that vesting under ESOS 2026 is 100% performance-linked with a minimum 3-year vesting period, and annual grant values are capped at 100% of an employee's annual fixed pay. It also defended extending ESOS/ESPP to subsidiaries including Hindustan Zinc Limited (HZL), noting HZL contributed over 90% of consolidated EBITDA for continuing operations in FY26, with option costs cross-charged to HZL. Furthermore, trust-based secondary market share acquisitions are planned to prevent incremental equity dilution.

Vesting under ESOS 2026 is 100% performance-linked over a minimum period of 3 years (up to maximum 5 years).
Grant value for any eligible employee is capped at a maximum of 100% of annual fixed pay.
HZL accounted for more than 90% of VEDL's consolidated EBITDA for continuing operations in FY26, justifying inclusion in the scheme.
Scheme involves secondary share purchases via an ESOS Trust to avoid direct equity dilution.

💡 Track the outcome of the postal ballot voting results to see institutional shareholder support for the proposed ESOS 2026 resolutions.

ICRA Reaffirms Vedanta's Long-Term Rating at 'ICRA AA+/Stable', Short-Term at 'ICRA A1+'

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 18 Sep 2026, 12:51 PM

Vedanta Limited announced that ICRA has assigned an 'ICRA AA+' rating with a 'Stable' outlook to its Non-Convertible Debentures (NCDs). ICRA also reaffirmed the company's existing long-term rating at 'ICRA AA+/Stable' and short-term rating at 'ICRA A1+'. The ratings affirmation reflects stability in the company's operational profile and manageable leverage, with a low debt-to-equity ratio of 0.14 on a debt base of Rs 10,656 crore.

ICRA assigned 'ICRA AA+' with 'Stable' outlook to Non-Convertible Debentures
Long-term credit rating continues reaffirmed at 'ICRA AA+/Stable'
Short-term rating reaffirmed at 'ICRA A1+'
Release published by ICRA on September 17, 2026, around 05:05 PM IST

💡 Monitor upcoming quarterly results and the progress of the planned five-way vertical demerger expected by the end of FY26.

Vedanta Approves Up to ₹3,500 Cr Unsecured NCD Issuance on Private Placement Basis

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 18 Sep 2026, 12:08 PM

Vedanta Limited's Committee of Directors approved the issuance of unsecured, rated, listed, redeemable Non-Convertible Debentures (NCDs) aggregating up to ₹3,500 crore. The issuance comprises up to 3,50,000 NCDs of face value ₹1,00,000 each to be issued on a private placement basis. The proposed issue size represents approximately 33% of the company's existing debt of ₹10,656 crore and 2.4% of its ₹1,47,882 crore market capitalization. Specific coupon rates, tenure, and repayment schedules will be detailed in the upcoming Disclosure Document.

Issue size up to ₹3,500 crore via private placement
Up to 3,50,000 unsecured, rated, listed, redeemable NCDs to be issued
Face value of each NCD is ₹1,00,000
Proposed for listing on BSE Limited
Fundraise equals approximately 33% of current debt (₹10,656 cr)

💡 Track the Disclosure Document for the coupon rate, maturity tenure, and whether the proceeds are earmarked for refinancing high-cost debt or funding ongoing capex.

Vedanta Board Approves NCD Issuance of Up to ₹3,500 Crore via Private Placement

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 18 Sep 2026, 12:08 PM

Vedanta Limited's Committee of Directors approved the issuance of unsecured, rated, listed, redeemable Non-Convertible Debentures (NCDs) aggregating up to ₹3,500 crore on a private placement basis. The issuance comprises up to 3,50,000 NCDs with a face value of ₹1,00,000 each, proposed to be listed on BSE Limited. Relative to the company's existing debt of ₹10,656 crore, this represents an addition of ~32.8%, though it represents just ~2.4% of its market capitalization of ₹1,47,882 crore. Tenor, coupon rate, and redemption schedules will be outlined in the final disclosure documents.

Approved issuance of NCDs aggregating up to ₹3,500 crore
Up to 3,50,000 unsecured, rated, redeemable NCDs to be issued at a face value of ₹1,00,000 each
Securities proposed to be listed on the BSE Limited
Coupon, tenure, and payment schedule to be finalized per the Disclosure Document

💡 Track the upcoming Disclosure Document for the coupon rate, tenure, and whether the proceeds are meant for refinancing existing debt or funding expansion capex.

Vedanta Issues Postal Ballot Notice for ESOS 2026, ESPP 2026, and Director Re-appointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 02:56 PM

Vedanta Limited has issued a Postal Ballot Notice seeking shareholder approval for 10 resolutions via remote e-voting from September 01, 2026, to September 30, 2026. The key resolutions include the approval and implementation of the 'Vedanta Limited – Employee Stock Option Scheme 2026' and 'Employee Share Purchase Plan 2026' via trust route, including secondary share acquisition and funding. Additionally, the company seeks approval for the re-appointment of Mr. Arun Misra as Executive Director & CEO and Mr. Prasun Kumar Mukherjee as Non-Executive Independent Director, each for a 1-year term.

Remote e-voting opens at 9:00 a.m. on September 01, 2026, and closes at 5:00 p.m. on September 30, 2026.
Shareholder cut-off date for eligibility to vote is August 28, 2026.
Proposed approval for implementation and funding of ESOS 2026 and ESPP 2026 via Trust route with secondary share acquisition.
Approval sought for 1-year re-appointment of CEO Mr. Arun Misra (effective August 01, 2026 to July 31, 2027).
Approval sought for 1-year second term of Independent Director Mr. Prasun Kumar Mukherjee (effective August 11, 2026 to August 10, 2027).

💡 Eligible shareholders may cast their votes electronically through KFin Technologies by September 30, 2026; track the voting results to be declared following scrutinizer submission.

Vedanta Schedules Investor Meetings at Elara India Dialogue on September 01, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 04:13 PM

Vedanta Limited has informed the exchanges regarding its participation in the 'Ashwamedh - Elara India Dialogue 2026' investor conference scheduled for September 01, 2026. The engagement will consist of in-person one-to-one and group meetings with institutional investors in Mumbai. The company noted that the schedule may change and referred stakeholders to its website for the latest investor presentations.

Event: Ashwamedh - Elara India Dialogue 2026 scheduled for September 01, 2026
Meeting format: In-person one-to-one and group meetings in Mumbai
Investor presentations: Accessible via the company's official website

💡 Track if any updated corporate presentation or strategic guidance is uploaded to the company website following the event.

View All VEDL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for Q2 FY26 reached INR 39,218 Cr, growing 6% YoY. H1 FY26 revenue stood at INR 76,652 Cr, also up 6% YoY. While specific segment revenue growth percentages were not fully itemized, the growth was driven by volume increases in Aluminium and higher metal prices (Aluminium up 15% YoY, Zinc up 16% YoY).

Geographic Revenue Split

Not disclosed in available documents; however, the company maintains a dominant position in the domestic Indian market for Zinc, Aluminium, and Oil & Gas.

Profitability Margins

Profit After Tax (PAT) before exceptional items for Q2 FY26 was INR 5,026 Cr, a 13% YoY increase. Return on Capital Employed (ROCE) improved by 347 basis points YoY to approximately 26%, reflecting disciplined capital allocation.

EBITDA Margin

Q2 FY26 EBITDA reached a record INR 11,612 Cr, up 12% YoY, with margins expanding by 69 bps to 34%. H1 FY26 EBITDA was INR 22,358 Cr, up 8% YoY. The margin expansion is attributed to lower interest rates and improved cost efficiencies in the Zinc and Aluminium segments.

Capital Expenditure

H1 FY26 growth capex was $0.9 billion (approx. INR 7,500 Cr). Planned capex for FY26 is estimated between INR 19,000 Cr and INR 20,000 Cr, focusing on capacity expansion and efficiency improvements.

Credit Rating & Borrowing

CRISIL and ICRA reaffirmed ratings at 'AA'. Borrowing costs at the Vedanta Limited level stood at approximately 9% as of Q2 FY26, a reduction of 150 bps YoY. Parent company VRL's interest cost reduced to approximately 10%.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Bauxite (for Aluminium), Alumina, Iron Ore, Coal (for power generation), and Crude Oil. Specific cost percentages per material were not disclosed, but the company emphasizes a low-cost production model for Zinc and Aluminium.

Import Sources

Not specifically detailed, though the company operates domestic mines for Zinc and Iron Ore and has global operations through Zinc International.

Key Suppliers

Internal sourcing from subsidiaries like Hindustan Zinc Limited (HZL) and BALCO; external sourcing includes global mining and energy providers.

Capacity Expansion

Merchant Power capacity expanded by 1.3 GW. New output commenced from the BALCO smelter and Lanjigarh Train II. Aluminium smelter and refinery capacities are expected to be commissioned by Q3 FY26.

Raw Material Costs

Raw material costs are managed through vertical integration (e.g., captive bauxite and coal). Profitability in Oil & Gas is aided by a low operating cost model that ensures capex recovery.

Manufacturing Efficiency

EBITDA margin of 34% reflects high efficiency. Operational improvements in Cairn Oil & Gas helped offset natural declines in production fields.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be achieved through the commissioning of the BALCO smelter and Lanjigarh refinery expansion, a demerger into five focused verticals to unlock value by end of FY26, and a target to reach an annual EBITDA of over $6 billion (approx. INR 50,000 Cr) for Vedanta India consol in FY26.

Products & Services

Zinc ingots, Lead, Silver, Aluminium ingots and billets, Crude Oil, Natural Gas, Iron Ore, Steel, and Merchant Power.

Brand Portfolio

Vedanta, Cairn (Oil & Gas), Hindustan Zinc (HZL), BALCO.

New Products/Services

Expansion into Semiconductor and Display production is at a nascent stage with no immediate capital outlay; acquisition of Incab Industries Limited for expansion into industrial cables.

Market Expansion

Focus on increasing domestic market share in India's base metals and energy sectors; demerger into five entities to allow for independent market-specific growth.

Market Share & Ranking

Largest domestic producer in Zinc, Lead, and Silver; among the largest in Aluminium and private sector Oil & Gas in India.

Strategic Alliances

NCLT approval for the acquisition of Incab Industries Limited; previous JV with Foxconn for semiconductors was called off, now being pursued independently.

🌍 External Factors

Industry Trends

The industry is shifting toward integrated ESG-compliant mining. Vedanta received its ESG Rating Rationale for FY 2024-25 in Dec 2025, indicating a focus on sustainable operations to maintain global competitiveness.

Competitive Landscape

Competes with global miners like Rio Tinto and domestic peers like Hindalco and Tata Steel. Vedanta maintains a leverage ratio (Net Debt/EBITDA) of 1.37x, which is competitive against the industry average of 1.5x.

Competitive Moat

Cost leadership in Zinc and Aluminium due to large reserves and low-cost production models. The diversified portfolio (Zinc, Oil, Al, Steel) provides a durable advantage against commodity-specific downturns.

Macro Economic Sensitivity

Highly sensitive to global metal demand (especially from China) and LME price fluctuations. Aluminium prices rose 15% and Zinc 16% YoY, directly driving the 12% EBITDA growth.

Consumer Behavior

Increasing demand for Aluminium from the EV and renewable energy sectors is driving volume growth.

Geopolitical Risks

Global demand uncertainty and trade barriers affecting metal exports/imports; regulatory risks regarding retrospective mining taxes in India.

⚖️ Regulatory & Governance

Industry Regulations

Mining operations are subject to strict environmental clearances and mineral royalty payments. The Supreme Court's ruling on states' power to tax mineral rights is a key monitorable.

Environmental Compliance

ESG ratings are monitored; the company is investing in 'green' capacity expansions like the Lanjigarh refinery to meet compliance standards.

Taxation Policy Impact

Subject to standard Indian corporate tax; however, the company faces potential retrospective tax demands on mineral rights following a Supreme Court ruling.

Legal Contingencies

Pending NCLT approval for Incab Industries acquisition; potential retrospective tax liabilities on mining are being assessed, though management currently views them as 'not material' based on demands raised to date.

⚠️ Risk Analysis

Key Uncertainties

Volatility in commodity prices (Aluminium/Zinc/Oil) and the timely completion of the demerger process. Any delay in the $6 billion EBITDA ramp-up could affect deleveraging targets.