Vedanta Limited announced its unaudited consolidated results for the 2nd quarter and half year ended September 30, 2025, on October 31, 2025. The mining and metals conglomerate delivered record revenue and EBITDA performance despite facing commodity price volatility during the quarter.
Vedanta achieved its highest-ever 2nd quarter revenue at ₹39,218 crore, registering a 6% YoY growth from ₹37,171 crore in Q2 FY25. The company reported record EBITDA of ₹11,612 crore, marking a 12% YoY increase from ₹10,364 crore, with the EBITDA margin expanding by 69 basis points to 34%.
Profit after tax before exceptional items stood at ₹5,026 crore, reflecting a 13% YoY jump. However, reported PAT came in at ₹3,479 crore due to exceptional items of ₹1,547 crore, compared to ₹5,603 crore in Q2 FY25.
The aluminium segment achieved record quarterly alumina production at 653 kilotonnes, up 31% YoY and 11% QoQ, whilst cast metal production of aluminium reached 617 kilotonnes, up 1% YoY and 2% QoQ. BALCO produced the first metal from India's largest 525 kA smelter, and the company achieved 1st alumina output from Train 2 under the 3 million tonne per annum expansion project at Lanjigarh.
Zinc India posted the highest ever 2nd quarter mined metal production at 258 kilotonnes, up 1% YoY, with the lowest Q2 cost of production in the last 5 years at $994 per tonne, lower 7% YoY. Zinc International mined metal production jumped 38% YoY to 60 kilotonnes.
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Net debt stood at ₹62,063 crore as on September 30, 2025, translating into a net debt to EBITDA ratio of 1.37 times, improving from 1.49 times in Q2 FY25. Gross debt was reported at ₹83,544 crore, whilst cash and cash equivalents remained strong at ₹21,481 crore.
Both ICRA and CRISIL reaffirmed their AA credit rating for Vedanta Limited. The parent company, Vedanta Resources Limited, successfully refinanced $550 million through a bond issue, reducing overall interest costs from approximately 11.6% to 10% and improving average debt maturity to approximately 4.5 years.
The company invested $0.9 billion in capital expenditure during H1 FY26. Merchant thermal power capacity was enhanced to 4.2 gigawatts with the commissioning of Athena 600 megawatts and Meenakshi 1,000 megawatts units.
The board declared an interim dividend of ₹16 per share during the quarter, maintaining its commitment to shareholder returns.
On October 31, 2025, Vedanta share price opened at ₹506.95 on NSE, near the previous close of ₹506.95. During the day, it surged to ₹507.40 and dipped to ₹491.20. The stock closed at ₹493.55 by the end of the day. The stock registered a significant decline of 2.64%.
Over the past week, it has declined by 2.32%, over the past month, it has moved up by 6.17%, and over the past 3 months, it has moved up by 20.22%.
Vedanta Limited's Q2 FY26 results demonstrate operational resilience with record revenue and EBITDA performance. The company achieved significant production milestones across aluminium, alumina, and zinc segments whilst improving its leverage position. With newly commissioned capacities and ongoing expansion projects, Vedanta is positioned to capitalise on commodity price recovery and deliver enhanced performance in FY26.
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Published on: Nov 1, 2025, 10:43 AM IST
Team Angel One
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