1. At a Glance – When a Mining Giant Decides to Do Yoga, Cardio & Splits at the Same Time
Vedanta Ltd at ₹766 is currently behaving like that gym bro who suddenly discovered flexibility. Market cap is a chunky ₹2.99 lakh crore, stock is up 55% in 3 months and 78% YoY, dividend yield is a juicy 5.68%, and ROE is flexing at 38.5% like it just got a protein sponsorship.
Q3 FY26 was a proper dhamaka:
- Revenue: ₹23,369 Cr (+37% YoY)
- PAT: ₹7,807 Cr (+95.6% YoY)
- OPM: ~29%
- EPS (Q3): ₹14.60
And just when you thought it would calm down, Vedanta threw a ₹23/share dividend, got NCLT approval for demerger, sold HZL shares via OFS, and reminded everyone that debt is still very much part of the family.
This isn’t just a metals company anymore. It’s aluminium, zinc, oil, power, steel, iron ore, dividends, court cases, OFS drama, and a corporate restructuring Netflix series. Curious already? Good. Let’s dig. ⛏️
2. Introduction – Vedanta: One Company, Seven Businesses, Twelve Headaches
Vedanta Ltd is what happens when a commodity trader refuses to choose one lane. Aluminium, zinc, silver, copper, oil & gas, power, iron ore, steel—if it comes out of the earth or burns coal, Vedanta probably touches it.
India contributes ~65% of revenues, with the rest scattered across Malaysia, China, UAE and “others” (read: wherever minerals were cheap in the past). The company has scale, integration, and global relevance—but also leverage, cyclicality, and governance debates that never really go away.
FY26 so far has been about cash extraction:
- High commodity prices (selectively),
- Aggressive dividends,
- Selling Hindustan Zinc stake,
- And prepping the demerger into multiple listed entities.
The question isn’t whether Vedanta can earn money—it clearly can. The real question is: who gets that money, when, and with how much debt attached?
Ready to audit the beast? 🧾
3. Business Model – WTF Do They Even Do? (Short Answer: Everything Underground)
Vedanta’s model is simple in theory, chaotic in execution:
- Dig stuff from the ground
- Process it in-house
- Sell it globally
- Pay dividends
- Borrow again
- Repeat
