01 — At a Glance
The Metals & Mines Behemoth Having Its Best Quarter Ever — While Filing Divorce Papers With Itself
- 52-Week High / Low₹770 / ₹362
- Q3 FY26 Revenue₹45,899 Cr
- Q3 FY26 PAT₹7,807 Cr
- Q3 FY26 EPS₹14.60
- TTM EPS (FY26 Trailing)₹36.25
- Book Value₹103
- Price to Book7.08x
- Dividend Yield5.96%
- Debt / Equity2.12x
- Return (1 Year)+60.6%
Opening Bell: Vedanta delivered ₹7,807 Cr PAT in Q3 FY26 — up 60% YoY, described by management as the “highest ever quarterly PAT.” Revenue hit ₹45,899 Cr (+19% YoY). EBITDA margin clocked 41% — a “historic high.” The stock has returned +60.6% in 1 year and +35.6% in just 3 months. Meanwhile, NCLT approved the demerger into 6 entities on December 16, 2025. So while the scoreboard shows record numbers, management is busy cutting the company into pieces. Anil Agarwal-style jugaad: break it up while it’s flying.
02 — Introduction
Welcome to Vedanta: The Company That Does Everything and Is Splitting Into Six Somethings
There are companies that do one thing really well. And then there’s Vedanta, which does zinc, aluminium, copper, oil & gas, iron ore, and power — across India, South Africa, Namibia, Ireland, Liberia, and UAE. It’s less a company and more a geopolitical mineral empire wrapped in a Rajasthan address. If Vedanta were a dinner plate, it would have six different cuisines on it and somehow none of them would be overcooked.
Q3 FY26 delivered the goods in spectacular fashion. Revenue up 19% YoY. EBITDA up 34% YoY. PAT up 60% YoY. Management called it a “lifetime high” revenue quarter and their “best ever EBITDA” in a single quarter. The EBITDA margin hit 41% — a number most Indian manufacturers would tattoo on their foreheads if they could. And Q4, apparently, is supposed to be even better. Bold claim. Very Vedanta.
Of course, there is the small matter of the demerger. Vedanta is splitting into Aluminium Co., Oil & Gas Co., Power Co., Base Metals Co., Steel & Ferrous Co., and Vedanta Ltd (the leftover). NCLT approved it in December 2025. Listings expected mid-to-end May. So you’re essentially holding six companies right now and only one ticker. It’s like buying a thali and being told each item will eventually be served in a separate restaurant across the city.
The debt is ₹85,065 Cr. The promoter holding dropped from 68% in 2023 to 56.38% today. The dividends are enormous and the interest bill is serious. But the operating cash machine is humming at full volume. Let’s dig in.
Concall Note (Jan 29, 2026): “Lifetime high revenue… best ever quarterly EBITDA… highest ever quarterly PAT… and we expect Q4 to be even better.” — Vedanta Management. That’s not investor communication. That’s a victory lap with pom-poms.
03 — Business Model: WTF Do They Even Do?
Metals, Mines, Oil Wells, Power Plants, and a Steel Mill. Just Your Average Tuesday.
Vedanta is a diversified natural resources group. Translation: they dig things out of the ground, process them into metals and fuels, and sell them to whoever needs them. The portfolio spans zinc (through 65% stake in Hindustan Zinc, the 3rd largest silver producer globally and 75% domestic zinc market share), aluminium (46% India market share, 2.4 MnT smelter capacity), copper (20% India share), oil & gas (through Cairn India, the largest private E&P in India), iron ore, pig iron, and commercial power generation (2nd largest private power player in India at 12 GW capacity).
Aluminium is the biggest revenue contributor at 38% of the 9-month FY25 mix. Zinc + Lead + Silver comes second at 24%. Oil & Gas at 8%. Power at 4%. Iron Ore at 4%. Copper at 15%. The breadth is both the strength and the complexity — at any given time, three of these six businesses can be doing well and three can be facing commodity headwinds. Vedanta’s job is to ensure the good ones cover for the bad ones, every quarter, without running out of cash to service ₹85,000 Cr of debt. Simple enough.
Aluminium38%Revenue Share 9M FY25
Zinc/Lead/Silver24%Revenue Share 9M FY25
Copper15%Revenue Share 9M FY25
Oil & Gas8%Revenue Share 9M FY25
The real moat here isn’t any single metal — it’s the scale of Hindustan Zinc. HZL is the 3rd largest silver producer globally, has the 2nd largest zinc R&R base in the world (456 MnT), and produces at some of the lowest costs on earth. Owning 65% of HZL is like owning the best silver mine on the planet and calling it a footnote to your aluminium business.
💬 Drop a comment: Which Vedanta business do you think will perform best as a standalone listed entity after the demerger? Aluminium? Zinc? Oil & Gas? Or just put your money on confusion?
04 — Financials Overview
Q3 FY26: The Record-Breaking Quarter Nobody’s Talking About Enough
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