Vedanta Ltd., the diversified natural resources company led by Anil Agarwal, announced its consolidated financial results for the second quarter of FY26 on October 31, 2025, showcasing strong operational growth and record-breaking performance across key business segments.
The company reported a 59% year-on-year decline in consolidated net profit to ₹1,798 crore, compared to ₹4,352 crore in the same quarter last year. This drop was primarily due to an exceptional loss of ₹2,067 crore, contrasting with exceptional gains of ₹1,868 crore in the corresponding quarter of FY25.
However, despite the decline in profit, Vedanta achieved its highest-ever quarterly revenue at ₹39,868 crore, marking a 5.9% increase from ₹37,634 crore in Q2 FY25. The company also delivered a record second-quarter EBITDA of ₹11,612 crore, up 12% year-on-year, supported by margin expansion and consistent operational excellence.
Segment Performance Highlights
Aluminium
Vedanta’s aluminium division continued to demonstrate exceptional strength, achieving record production milestones.
- Alumina production: 653 kt, up 31% YoY and 11% QoQ.
- Cast metal aluminium production: 617 kt, up 1% YoY and 2% QoQ.
- BALCO milestone: First metal produced from India’s largest 525 kA smelter.
The aluminium business also recorded a segmental EBITDA of ₹5,532 crore, surpassing market estimates and highlighting the division’s robust cost efficiency and capacity utilisation.
Zinc – India and International Operations
The zinc segment achieved record mined metal output and cost efficiency improvements.
- Zinc India: Highest-ever Q2 mined metal production at 258 kt, up 1% YoY.
- Zinc International: Mined metal production rose 38% YoY to 60 kt, led by Gamsberg’s 54% YoY output surge.
- Cost performance: Hindustan Zinc recorded its lowest second-quarter cost of production in five years at $994 per tonne, reflecting a 7% YoY reduction.
Oil & Gas
Vedanta’s oil and gas business reported production of 89.3 kboepd during the quarter. Segmental EBITDA stood at ₹1,029 crore, slightly below expectations due to lower commodity realisations.
Iron Ore, Steel, and Copper
- Iron ore production: 0.1 Mnt, up 48% YoY.
- Pig iron production: Record 238 kt, up 26% YoY.
- Ore production at Facor: 47 kt, up 23% YoY.
Power
Vedanta’s power portfolio expanded significantly, with merchant thermal capacity increasing to 4.2 GW following the commissioning of the Athena (600 MW) and Meenakshi (1,000 MW) plants.
Financial and Strategic Highlights
Vedanta’s EBITDA margin expanded to 28.6%, compared to 26.11% in the same period last year, reflecting strong cost management and efficiency gains. The company’s net debt-to-EBITDA ratio improved to 1.37x, supported by a reaffirmed credit rating of AA.
On a standalone basis, excluding exceptional items, Vedanta’s PAT rose 13% YoY to ₹5,026 crore, indicating the company’s underlying business strength despite one-time losses.
Its parent entity, Vedanta Resources Limited, successfully refinanced $550 million through a bond issue, lowering the average interest rate from 11.6% to 10% and extending the debt maturity to 4.5 years.
Outlook
Vedanta’s Q2 FY26 results underline its robust operational foundation and commitment to growth. With a strong pipeline of new capacity additions, improved efficiency metrics, and a strategic focus on value creation, the company remains well-positioned for a record-breaking FY26, potentially surpassing its historic EBITDA peak of around USD 6 billion achieved in FY22.
Despite short-term profit pressures from exceptional items, Vedanta’s performance across its aluminium, zinc, and power segments reflects a positive long-term trajectory, supported by disciplined financial management and sustained investment in high-growth areas.
Also Read:
- Mahindra & Mahindra Q2FY26 Results: Profit Rises 28% YoY, Revenue Up 22%
- SBI Q2 FY26 Results: Net Profit Rises 10% YoY to ₹20,160 Crore; NII Up 3.3%
- Titan Q2 FY26 Results: Profit Soars 59% YoY to ₹1,120 Crore, Revenue Rises 22%
- Tata Consumer Products Q2 FY26 Results: Profit Rises 11% YoY, Revenue Surges 18%
- Bharti Airtel Q2 FY26 Results: Profit Soars 89% YoY to ₹6,792 Crore; Revenue Rises 26%
Conclusion
Vedanta’s Q2 FY26 results highlight a company in transformation—delivering record revenues, expanding margins, and achieving operational milestones across key verticals. While exceptional losses impacted profitability, the overall performance demonstrates resilience and growth potential, reinforcing Vedanta’s position as one of India’s leading diversified natural resources players heading into what could be its best-ever financial year.
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