Vedanta Ltd Q2FY26 – ₹39,868 Crore Revenue, ₹3,479 Crore Profit & a ₹16 Dividend: The Metallurgical Circus Continues With 100% Pledged Promoter Stakes & 6-Way Demerger Drama

1. At a Glance

Ladies and gentlemen, welcome to Vedanta Ltd – The Great Indian Metals & Minerals Multiverse, where aluminium meets oil, zinc meets silver, and debt meets dividends faster than you can say “pledged shares.”

For Q2FY26, the behemoth clocked a revenue of ₹39,868 crore, with a PAT of ₹3,479 crore — and because Anil Agarwal’s generosity is as legendary as his leverage, he dropped a fat ₹16/share interim dividend again. That’s roughly ₹6,256 crore straight out the door, despite ₹57,193 crore in borrowings and 100% of promoter shares encumbered.

The stock currently trades around ₹494, boasting a market cap of ₹1.93 lakh crore, P/E of 20.5x, and a dividend yield of 8.8%, making it the spiritual successor to that rich uncle who insists he’s broke — while buying everyone at the table another round.

Return in last 3 months: +16.3%, ROE at 21.8%, ROCE at 18.5%, and an interest coverage of just 2.96x — the perfect recipe for a company that survives on equal parts cashflow and cosmic faith.

The circus? Still on. The crowd? Still entertained.

2. Introduction

Vedanta isn’t just a metals conglomerate — it’s a Bollywood family saga with balance sheets instead of emotions. Founded in chaos, run on dividends, and pledged to the heavens, it remains India’s favorite case study in how to be both rich and broke at the same time.

Its business stretches from aluminium to oil & gas, from Goa to Namibia, and from “world-class reserves” to “world-class debt.” Every time you think they’ll slow down, they announce another demerger, acquisition, or environmental clearance — all while sending shareholders one more dividend like a love letter with borrowed postage.

By the end of Q2FY26, Vedanta declared revenue up 9.3% YoY, EBITDA at ₹11,612 crore, and a PAT before exceptional items at ₹5,026 crore. Exceptional loss of ₹2,067 crore? Oh, that’s just another Tuesday at Vedanta.

The group promises to split itself into six listed entities — Aluminium, Oil & Gas, Power, Steel & Ferrous, Base Metals, and Vedanta Ltd — so each can have its own existential crisis.

3. Business Model – WTF Do They Even Do?

Explaining Vedanta’s business is like explaining the plot of a Christopher Nolan movie: multiple timelines, many universes, and everyone pretending to understand.

At its core, Vedanta digs, drills, melts, and refines everything Mother Earth has to offer — aluminium, copper, zinc, silver, oil, gas, power, and even steel. It’s a diversified natural resources empire with operations across India, South Africa, Namibia, Ireland, Liberia, and the UAE.

Let’s simplify it:

Aluminium (38%) – Vedanta’s crown jewel. They’re India’s largest aluminium producer with 46% market share. From ingots to rolled sheets, they melt more metal than any engineering student’s career dreams.
Zinc, Lead & Silver (24%) – Operated mainly through Hindustan Zinc (65% stake), the company is India’s zinc king and the world’s third-largest silver producer.
Copper (15%) – Once the pride of Tuticorin (before Sterlite shut down), Vedanta’s copper business now serves as the comeback story no one asked for.
Oil & Gas (8%) – Through Cairn India, Vedanta extracts hydrocarbons like it’s still 2012. Average daily production fell to 105.5k boepd from 127.5k, but hey, oil prices stayed the same — small wins!
Power (4%) – With 12 GW capacity, Vedanta is India’s second-largest private power player — right after every electricity bill that shocks you.
Iron Ore (4%) – Between Karnataka, Odisha, and Goa, Vedanta mines iron and pig iron because apparently, diversification isn’t just a business strategy — it’s therapy.
Others (7%) – Steel, ferrochrome, glass substrate — basically, whatever else can be melted or marketed.

Now, tell me — how many companies can boast of running aluminium refineries, oil wells, and a fertiliser plant simultaneously? Exactly.

4. Financials Overview

Source table

Metric	Q2FY26	Q2FY25	Q1FY26	YoY %	QoQ %
Revenue (₹ Cr)	39,868	36,480	38,829	+9.3%	+2.7%
EBITDA (₹ Cr)	11,612	9,459	10,985	+22.8%	+5.7%
PAT (₹ Cr)	3,479	12,203	5,742	-71.5%	-39.4%
EPS (₹)	9.0	31.2	14.7	-71.1%	-38.8%

Commentary:
Revenue up, profits down — classic Vedanta energy. EBITDA margin looks healthy at ~29%, but PAT nosedived due to

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