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Results - Analysis
Revenue grows but profit slips
Vedanta
01-Aug-2025, 10:58
Net sales (including other operating income) of Vedanta has increased 5.76% to Rs 37824 crore. Sales of Iron Ore segment has gone up 1.06% to Rs 1,334.00 crore (accounting for 3.55% of total sales). Sales of Power segment has gone up 22.74% to Rs 2,073.00 crore (accounting for 5.51% of total sales). Sales of oil & Gas segment has gone down 21.26% to Rs 2,303.00 crore (accounting for 6.13% of total sales). Sales of copper segment has gone up 34.64% to Rs 6,374.00 crore (accounting for 16.95% of total sales). Sales of Aluminum segment has gone up 7.70% to Rs 14,556.00 crore (accounting for 38.72% of total sales). Sales of others segment has gone down 12.04% to Rs 2,264.00 crore (accounting for 6.02% of total sales). Sales of Zinc - International has gone up 52.72% to Rs 1,150.00 crore (accounting for 3.06% of total sales). Sales of Zinc & Lead - India segment has gone down 4.75% to Rs 6,116.00 crore (accounting for 16.27% of total sales). Sales of Silver - India segment fell 0.07% to Rs 1,426.00 crore (accounting for 3.79% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 4.58% to Rs 10,746.00 crore. PBIT of Iron Ore segment rose 11.48% to Rs 204.00 crore (accounting for 1.90% of total PBIT). PBIT of Power segment rose 63.12% to Rs 460.00 crore (accounting for 4.28% of total PBIT). PBIT of oil & Gas segment rose 17.30% to Rs 1,268.00 crore (accounting for 11.80% of total PBIT). PBIT of copper segment rose 54.39% to Rs -26.00 crore (accounting for -0.24% of total PBIT). PBIT of Aluminum segment rose 0.47% to Rs 4,462.00 crore (accounting for 41.52% of total PBIT). PBIT of others segment fell 45.14% to Rs 141.00 crore (accounting for 1.31% of total PBIT). PBIT of Zinc, Lead and Silver fell 2.25% to Rs 3,815.00 crore (accounting for 35.50% of total PBIT). PBIT of Zinc - International rose 128.11% to Rs 422.00 crore (accounting for 3.93% of total PBIT). PBIT margin of Iron Ore segment rose from 13.86% to 15.29%. PBIT margin of Power segment rose from 16.70% to 22.19%. PBIT margin of oil & Gas segment rose from 36.96% to 55.06%. PBIT margin of copper segment rose from negative 1.20% to negative 0.41%. PBIT margin of Aluminum segment fell from 32.86% to 30.65%. PBIT margin of others segment fell from 9.98% to 6.23%. PBIT margin of segment rose from 24.57% to 36.70%. Overall PBIT margin fell from 29.06% to 28.58%. Operating profit margin has declined from 27.81% to 26.22%, leading to 0.27% decline in operating profit to Rs 9,918.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 30.05% to 34.39%. Purchase of finished goods cost rose from 0.04% to 0.05%. Employee cost decreased from 2.43% to 2.24%. Other expenses fell from 40.72% to 37.86%. Power and Oil fuel cost fell from 15.80% to 14.89%. Other income rose 5.46% to Rs 985 crore. PBIDT rose 0.22% to Rs 10903 crore. Provision for interest fell 8.82% to Rs 2026 crore. PBDT rose 2.54% to Rs 8877 crore. Provision for depreciation rose 3.41% to Rs 2824 crore. Profit before tax grew 2.14% to Rs 6,053.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 1596 crore, compared to Rs 831 crore. Effective tax rate was 26.37% compared to 14.02%. Minority interest decreased 14.57% to Rs 1,272.00 crore. Net profit attributable to owners of the company decreased 11.67% to Rs 3,185.00 crore. Promoters' stake was 56.38% as of 30 June 2025 ,compared to 59.32% as of 30 June 2024 .
Net sales (including other operating income) of Vedanta has increased 5.76% to Rs 37824 crore. Sales of Iron Ore segment has gone up 1.06% to Rs 1,334.00 crore (accounting for 3.55% of total sales). Sales of Power segment has gone up 22.74% to Rs 2,073.00 crore (accounting for 5.51% of total sales). Sales of oil & Gas segment has gone down 21.26% to Rs 2,303.00 crore (accounting for 6.13% of total sales). Sales of copper segment has gone up 34.64% to Rs 6,374.00 crore (accounting for 16.95% of total sales). Sales of Aluminum segment has gone up 7.70% to Rs 14,556.00 crore (accounting for 38.72% of total sales). Sales of others segment has gone down 12.04% to Rs 2,264.00 crore (accounting for 6.02% of total sales). Sales of Zinc - International has gone up 52.72% to Rs 1,150.00 crore (accounting for 3.06% of total sales). Sales of Zinc & Lead - India segment has gone down 4.75% to Rs 6,116.00 crore (accounting for 16.27% of total sales). Sales of Silver - India segment fell 0.07% to Rs 1,426.00 crore (accounting for 3.79% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 4.58% to Rs 10,746.00 crore. PBIT of Iron Ore segment rose 11.48% to Rs 204.00 crore (accounting for 1.90% of total PBIT). PBIT of Power segment rose 63.12% to Rs 460.00 crore (accounting for 4.28% of total PBIT). PBIT of oil & Gas segment rose 17.30% to Rs 1,268.00 crore (accounting for 11.80% of total PBIT). PBIT of copper segment rose 54.39% to Rs -26.00 crore (accounting for -0.24% of total PBIT). PBIT of Aluminum segment rose 0.47% to Rs 4,462.00 crore (accounting for 41.52% of total PBIT). PBIT of others segment fell 45.14% to Rs 141.00 crore (accounting for 1.31% of total PBIT). PBIT of Zinc, Lead and Silver fell 2.25% to Rs 3,815.00 crore (accounting for 35.50% of total PBIT). PBIT of Zinc - International rose 128.11% to Rs 422.00 crore (accounting for 3.93% of total PBIT). PBIT margin of Iron Ore segment rose from 13.86% to 15.29%. PBIT margin of Power segment rose from 16.70% to 22.19%. PBIT margin of oil & Gas segment rose from 36.96% to 55.06%. PBIT margin of copper segment rose from negative 1.20% to negative 0.41%. PBIT margin of Aluminum segment fell from 32.86% to 30.65%. PBIT margin of others segment fell from 9.98% to 6.23%. PBIT margin of segment rose from 24.57% to 36.70%. Overall PBIT margin fell from 29.06% to 28.58%. Operating profit margin has declined from 27.81% to 26.22%, leading to 0.27% decline in operating profit to Rs 9,918.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 30.05% to 34.39%. Purchase of finished goods cost rose from 0.04% to 0.05%. Employee cost decreased from 2.43% to 2.24%. Other expenses fell from 40.72% to 37.86%. Power and Oil fuel cost fell from 15.80% to 14.89%. Other income rose 5.46% to Rs 985 crore. PBIDT rose 0.22% to Rs 10903 crore. Provision for interest fell 8.82% to Rs 2026 crore. PBDT rose 2.54% to Rs 8877 crore. Provision for depreciation rose 3.41% to Rs 2824 crore. Profit before tax grew 2.14% to Rs 6,053.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 1596 crore, compared to Rs 831 crore. Effective tax rate was 26.37% compared to 14.02%. Minority interest decreased 14.57% to Rs 1,272.00 crore. Net profit attributable to owners of the company decreased 11.67% to Rs 3,185.00 crore. Promoters' stake was 56.38% as of 30 June 2025 ,compared to 59.32% as of 30 June 2024 .
Commenting on 1QFY26 results, Mr. Anil Agarwal, Chairman, Vedanta said, 'Our 1Q performance has set a strong foundation for the year ahead. Amidst global market volatility, we delivered the highest-ever first quarter EBITDA. Operationally, we achieved the lowest hot metal cost (ex-Alumina) in the last 16 quarters, lowest-ever 1Q Zinc India CoP, 74% YoY increase in Gamsberg`s production, 33% QoQ surge in power sales, and 150% QoQ jump in Ferro Chrome volumes. The ramp-up of the Lanjigarh refinery to 587kt demonstrates our progress towards delivering over 3 MnT of Alumina in FY26. Looking ahead, the commissioning of Train II at Lanjigarh, 435kt smelter capacity at Balco and 1300 MW of new thermal power capacity, all in 2Q, will enable us to deliver our full-year guidance. The start of operations at our Sijimali bauxite mine and Kuraloi coal mine in H2 is likely to boost our performance to a record high.'
Mr Ajay Goel, CFO, Vedanta, said 'This quarter, we achieved the highest- ever first quarter EBITDA of ? 10,746 crore, reflecting 5% YoY growth. The EBITDA margin expanded by 81bps to 35%, which is the highest in last 13 quarters. Our adjusted PAT grew 13% YoY to ~5,000 crores. This strong performance alongside corporate initiatives, such as the HZL stake sale which generated ? 3028 crore cash, has enabled Vedanta to deliver a Net Debt to EBITDA ratio of 1.3x. Given our NCD issuance of Rs 5000 crore and other refinancing, the cost of our debt has reduced by around 130bps YoY to 9.2%. The recent reaffirmation in credit rating at AA by both Crisil and ICRA highlights our financial strength and market' confidence in Vedanta's growth story.'
Full year results analysis
Net sales (including other operating income) of Vedanta has increased 6.43% to Rs 152968 crore. Sales of Iron Ore segment has gone down 32.89% to Rs 6,086.00 crore (accounting for 4.01% of total sales). Sales of Power segment has gone up 0.10% to Rs 6,159.00 crore (accounting for 4.06% of total sales). Sales of oil & Gas segment has gone down 38.08% to Rs 11,044.00 crore (accounting for 7.28% of total sales). Sales of copper segment has gone up 16.83% to Rs 23,051.00 crore (accounting for 15.19% of total sales). Sales of Aluminum segment has gone up 20.99% to Rs 58,522.00 crore (accounting for 38.56% of total sales). Sales of others segment has gone down 0.00% to Rs 10,080.00 crore (accounting for 6.64% of total sales). Sales of segment has gone up 10.18% to Rs 3,918.00 crore (accounting for 2.58% of total sales). Sales of Zinc & Lead - India segment has gone up 18.69% to Rs 26,774.00 crore (accounting for 17.64% of total sales). Sales of Silver - India segment rose 14.18% to Rs 6,129.00 crore (accounting for 4.04% of total sales). Inter-segment sales rose Rs 928.00 crore to Rs 1,038.00 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 19.44% to Rs 43,541.00 crore. PBIT of Iron Ore segment fell 39.98% to Rs 1,006.00 crore (accounting for 2.31% of total PBIT). PBIT of Power segment fell 24.10% to Rs 737.00 crore (accounting for 1.69% of total PBIT). PBIT of oil & Gas segment fell 52.30% to Rs 4,664.00 crore (accounting for 10.71% of total PBIT). PBIT of copper segment fell 62.32% to Rs -112.00 crore (accounting for -0.26% of total PBIT). PBIT of Aluminum segment rose 84.30% to Rs 17,798.00 crore (accounting for 40.88% of total PBIT). PBIT of others segment rose 305.32% to Rs 762.00 crore (accounting for 1.75% of total PBIT). PBIT of Zinc,Lead and Silver_India segment rose 28.04% to Rs 17,365.00 crore (accounting for 39.88% of total PBIT). PBIT of segment rose 90.62% to Rs 1,321.00 crore (accounting for 3.03% of total PBIT). PBIT margin of Iron Ore segment fell from 18.48% to 16.53%. PBIT margin of Power segment fell from 15.78% to 11.97%. PBIT margin of oil & Gas segment fell from 54.81% to 42.23%. PBIT margin of copper segment fell from negative 0.35% to negative 0.49%. PBIT margin of Aluminum segment rose from 19.96% to 30.41%. PBIT margin of others segment rose from 1.87% to 7.56%. PBIT margin of segment rose from 19.49% to 33.72%. Overall PBIT margin rose from 25.54% to 28.69%. Operating profit margin has jumped from 24.49% to 27.68%, leading to 20.30% rise in operating profit to Rs 42,343.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 30.73% to 32.57%. Purchase of finished goods cost rose from 0.08% to 0.12%. Employee cost decreased from 2.30% to 2.27%. Other expenses fell from 42.37% to 37.63%. Power and Oil fuel cost fell from 16.40% to 14.64%. Other income rose 44.12% to Rs 3675 crore. PBIDT rose 21.91% to Rs 46018 crore. Provision for interest rose 4.74% to Rs 9914 crore. Loan funds rose to Rs 75,186.00 crore as of 31 March 2025 from Rs 72,771.00 crore as of 31 March 2024. Inventories rose to Rs 14,474.00 crore as of 31 March 2025 from Rs 13,001.00 crore as of 31 March 2024. Sundry debtors were higher at Rs 3,636.00 crore as of 31 March 2025 compared to Rs 3,607.00 crore as of 31 March 2024. Cash and bank balance rose to Rs 7,840.00 crore as of 31 March 2025 from Rs 4,327.00 crore as of 31 March 2024. Investments rose to Rs 14,532.00 crore as of 31 March 2025 from Rs 11,869.00 crore as of 31 March 2024 . PBDT rose 27.65% to Rs 36104 crore. Provision for depreciation rose 3.48% to Rs 11096 crore. Fixed assets increased to Rs 128,773.00 crore as of 31 March 2025 from Rs 117,046.00 crore as of 31 March 2024. Intangible assets increased from Rs 4,806.00 crore to Rs 5,028.00 crore. Profit before tax grew 42.41% to Rs 25,008.00 crore. Share of profit/loss was 50% lower at Rs 1 crore. Extraordinary items were decreased to Rs 1,868.00 crore. Provision for tax was expense of Rs 6342 crore, compared to Rs 12826 crore. Effective tax rate was 23.60% compared to 62.98%. Minority interest increased 68.09% to Rs 5,547.00 crore. Net profit attributable to owners of the company increased 253.57% to Rs 14,988.00 crore. Equity capital increased from Rs 372.00 crore as of 31 March 2024 to Rs 391.00 crore as of 31 March 2025. Per share face Value remained same at Rs 1.00. Promoters' stake was 56.38% as of 31 March 2025 ,compared to 61.95% as of 31 March 2024 . Promoters pledged stake was 99.99% as of 31 March 2025 ,compared to 99.99% as of 31 March 2024 . Cash flow from operating activities increased to Rs 39,562.00 crore for year ended March 2025 from Rs 35,654.00 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 17,005.00 crore, compared to Rs 16,752.00 crore during the year ended March 2024. The scrip is currently trading at Rs 426| Vedanta : Consolidated Results | ||||||
| Particulars | 2506 (03) | 2406 (03) | Var.(%) | 2503 (12) | 2403 (12) | Var.(%) |
| Net Sales (including other operating income) | 37,824 | 35,764 | 6 | 1,52,968 | 1,43,727 | 6 |
| OPM (%) | 26.2 | 27.8 | 27.7 | 24.5 | ||
| OP | 9,918 | 9,945 | 0 | 42,343 | 35,198 | 20 |
| Other Inc. | 985 | 934 | 5 | 3,675 | 2,550 | 44 |
| PBIDT | 10,903 | 10,879 | 0 | 46,018 | 37,748 | 22 |
| Interest | 2,026 | 2,222 | -9 | 9,914 | 9,465 | 5 |
| PBDT | 8,877 | 8,657 | 3 | 36,104 | 28,283 | 28 |
| Depreciation | 2,824 | 2,731 | 3 | 11,096 | 10,723 | 3 |
| PBT | 6,053 | 5,926 | 2 | 25,008 | 17,560 | 42 |
| Share of Profit/(Loss) from Associates | 0 | 0 | - | 1 | 2 | -50 |
| PBT before EO | 6,053 | 5,926 | 2 | 25,009 | 17,562 | 42 |
| EO Income | 0 | 0 | - | 1,868 | 2,803 | -33 |
| PBT after EO | 6,053 | 5,926 | 2 | 26,877 | 20,365 | 32 |
| Taxation | 1,596 | 831 | 92 | 6,342 | 12,826 | -51 |
| PAT | 4,457 | 5,095 | -13 | 20,535 | 7,539 | 172 |
| Minority Interest (MI) | 1,272 | 1,489 | -15 | 5,547 | 3,300 | 68 |
| Net profit | 3,185 | 3,606 | -12 | 14,988 | 4,239 | 254 |
| EPS (Rs)* | # | # | 35.7 | 9.4 | ||
| Notes | ||||||
| * EPS is on current equity of Rs 391.04 crore, Face value of Rs 1, Excluding extraordinary items. | ||||||
| # EPS is not annualised | ||||||
| bps : Basis points | ||||||
| EO : Extraordinary items | ||||||
| Figures in Rs crore | ||||||
| Source: Capitaline Corporate Database | ||||||
| Vedanta : Consolidated Segment Results | ||||||||
|
| % of (Total) | 2506 (03) | 2406 (03) | Var.(%) | % of (Total) | 2503 (12) | 2403 (12) | Var.(%) |
| Sales | ||||||||
| Iron Ore | 4 | 1334 | 1320 | 1 | 4 | 6086 | 9069 | -33 |
| Power | 6 | 2073 | 1689 | 23 | 4 | 6159 | 6153 | 0 |
| oil & Gas | 6 | 2303 | 2925 | -21 | 7 | 11044 | 17837 | -38 |
| copper | 17 | 6374 | 4734 | 35 | 15 | 23051 | 19730 | 17 |
| Aluminum | 39 | 14556 | 13515 | 8 | 39 | 58522 | 48371 | 21 |
| others | 6 | 2264 | 2574 | -12 | 7 | 10080 | 10080 | 0 |
| Zinc - International | 3 | 1150 | 753 | 53 | 3 | 3918 | 3556 | 10 |
| Zinc & Lead - India | 16 | 6116 | 6421 | -5 | 18 | 26774 | 22557 | 19 |
| Silver - India | 4 | 1426 | 1427 | 0 | 4 | 6129 | 5368 | 14 |
| Total Reported Sales | 100 | 37596 | 35358 | 6 | 100 | 151763 | 142721 | 6 |
| Less: Inter segment revenues | 0 | 119 | - | 1038 | 928 | 12 | ||
| Net Sales | 100 | 37596 | 35239 | 7 | 100 | 150725 | 141793 | 6 |
| PBIT | ||||||||
| Iron Ore | 2 | 204 | 183 | 11 | 2 | 1006 | 1676 | -40 |
| Power | 4 | 460 | 282 | 63 | 2 | 737 | 971 | -24 |
| oil & Gas | 12 | 1268 | 1081 | 17 | 11 | 4664 | 9777 | -52 |
| copper | 0 | -26 | -57 | 54 | 0 | -112 | -69 | -62 |
| Aluminum | 42 | 4462 | 4441 | 0 | 41 | 17798 | 9657 | 84 |
| others | 1 | 141 | 257 | -45 | 2 | 762 | 188 | 305 |
| Zinc, Lead and Silver | 36 | 3815 | 3903 | -2 | 40 | 17365 | 13562 | 28 |
| Zinc - International | 4 | 422 | 185 | 128 | 3 | 1321 | 693 | 91 |
| Total PBIT | 100 | 10746 | 10275 | 5 | 100 | 43541 | 36455 | 19 |
| Less : Interest | 2026 | 2222 | -9 | 9914 | 9465 | 5 | ||
| Add: Other un-allcoable | -2667 | -2127 | -25 | -8618 | -6627 | -30 | ||
| PBT | 100 | 6053 | 5926 | 2 | 100 | 25009 | 20363 | 23 |
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