Anil Agarwal-led mining giant, Vedanta Limited, on Thursday reported consolidated results for the third quarter and nine months ended December 31, 2025. For the third quarter of FY26, Vedanta’s consolidated revenue from operations rose 19 per cent year-on-year to Rs 45,899 crore, compared with Rs 38,526 crore in the corresponding period last year.
Net profit rose 60 per cent to Rs 7,807 crore from Rs 4,876 crore in the year-ago quarter.
Vedanta Q3 Results Full Details
Profit before tax increased 65 per cent to Rs 11,010 crore from Rs 6,661 crore a year ago. Profit after tax before exceptional items stood at Rs 8,030 crore, up 65 per cent year-on-year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 34 per cent year-on-year to a record Rs 15,171 crore, compared with Rs 11,284 crore in the same quarter last year. Profit before depreciation and tax increased 47 per cent to Rs 13,737 crore from Rs 9,342 crore.
Vedanta said EBITDA margin for the quarter stood at 41 per cent, expanding by 629 basis points year-on-year and 512 basis points quarter-on-quarter.
What Vedanta Top Honchos Said?
Commenting on the results, Vedanta Executive Director Arun Misra said, “Q3 FY26 has been a landmark quarter for Vedanta, delivering our highest-ever EBITDA of Rs 15,171 crore, with two of our businesses achieving their best-ever financial results.”
He said the aluminium business posted its strongest EBITDA margin, supported by record alumina and aluminium production. “Zinc India recorded its highest-ever quarterly EBITDA of Rs 6,064 crore, driven by record mined and refined metal output, with silver contributing 44 per cent of overall profit,” Misra said.
Vedanta Chief Financial Officer Ajay Goel said the company delivered its highest-ever quarterly profit after tax. “We delivered our highest-ever quarterly PAT of Rs 7,807 crore, marking a strong 60 per cent year-on-year growth,” he said.
Goel said consolidated revenue stood at a record Rs 45,899 crore, up 19 per cent year-on-year, while EBITDA grew 34 per cent to an all-time high. “EBITDA margins expanded sharply to 41 per cent,” he added.
Aluminium, Zinc and Other Metals
Operationally, Vedanta reported strong performance across businesses during the quarter. In aluminium, alumina production reached a record 794 kilotonnes, up 57 per cent year-on-year and 22 per cent quarter-on-quarter. Cast metal production stood at 620 kilotonnes, up 1 per cent year-on-year. The cost of production declined to $1,674 per tonne, down 11 per cent year-on-year.
Zinc India reported its highest-ever third-quarter mined metal production at 276 kilotonnes, up 4 per cent year-on-year, while metal production rose to 270 kilotonnes. Cost of production declined to $940 per tonne, the lowest for a third quarter in the last five years.
Zinc International posted a 28 per cent year-on-year jump in mined metal production to 59 kilotonnes, led by a 40 per cent year-on-year rise in production at the Gamsberg mine.
Iron ore production at Iron Ore Karnataka stood at 1.2 million tonnes, while Iron Ore Goa produced 0.4 million tonnes. Ferrochrome production at FACOR rose 32 per cent year-on-year to 24 kilotonnes.
Steel production rose 19 per cent quarter-on-quarter to 325 kilotonnes, while copper cathode production remained flat year-on-year at 45 kilotonnes.
Oil and Gas, Power
In oil and gas, production during the quarter stood at 84.9 thousand barrels of oil equivalent per day. Vedanta said the business achieved India’s first subsea template installation during the quarter.
Power sales increased 61 per cent year-on-year, supported by the commissioning of the Athena and Meenakshi power plants.
Balance Sheet and Credit Profile
On the financial front, Vedanta said depreciation and amortisation stood at Rs 2,725 crore. Finance cost declined 11 per cent year-on-year due to lower borrowing rates. The effective tax rate for the quarter was 27 per cent.
As of December 31, 2025, gross debt stood at Rs 80,709 crore, while net debt was Rs 60,624 crore. Net debt to EBITDA improved to 1.23 times from 1.40 times a year ago. Cash and cash equivalents remained strong at Rs 20,085 crore.
Vedanta said credit rating agencies ICRA and CRISIL reaffirmed the company’s AA rating following the NCLT demerger order, reflecting confidence in its financial position and operating performance.
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