The company’s consolidated revenue rose 6% YoY to Rs 39,218 crore in Q2 FY26, up from Rs 37,171 crore in Q2 FY25, driven by higher LME prices, improved premiums, and forex gains, partially offset by lower volumes. Sequentially, revenue increased 5% from Rs 37,434 crore in Q1 FY26, aided by higher LME, premia, forex gain and higher volume.
EBITDA stood at Rs 11,612 crore, up 12% YoY, supported by higher premiums and forex gains, though partially offset by elevated costs and reduced production volumes. On a sequential basis, EBITDA improved 8% over Rs 10,746 crore in Q1 FY26. The EBITDA margin remained stable at 34%, unchanged from last year, but slightly lower than 35% in Q1 FY26.
Profit before tax (PBT) grew 22% YoY to Rs 7,015 crore from Rs 5,765 crore, and rose 16% QoQ from Rs 6,053 crore in Q1 FY26.
However, profit after tax (PAT) declined 38% YoY to Rs 3,479 crore, compared to Rs 5,603 crore in Q2 FY25, due to exceptional losses of Rs 1,547 crore during the quarter. Sequentially, PAT dropped 22% from Rs 4,457 crore in Q1 FY26.
Depreciation and amortization rose 6% YoY to Rs 2,868 crore, mainly led by higher production at Zinc International, while finance costs fell 21% YoY to Rs 2,110 crore on account of lower interest rates. On a QoQ basis, however, finance costs were up 4% due to one-off charges in Q1 FY26.
Investment income declined 3% YoY to Rs 701 crore, impacted by a change in the investment mix, and fell 10% sequentially due to higher interest refunds in Q1 FY26.
On the balance sheet front, gross debt stood at Rs 83,544 crore as of 30 September 2025, while net debt stood at Rs 62,063 crore, translating into a comfortable net debt-to-EBITDA ratio of 1.37x. The company maintained a strong liquidity position with cash and cash equivalents of Rs 21,481 crore.
Vedanta is a global producer of critical minerals, energy transition metals, power, and technology, with operations across India, South Africa, Namibia, Liberia, the UAE, Saudi Arabia, Korea, Taiwan, and Japan. It is the world’s largest integrated zinc producer, the fourth-largest silver producer, and among the top aluminium producers globally. Vedanta is also India’s only private oil and gas producer and one of the country’s largest private power generators.
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