Vedanta Limited (NSE: VEDL | BSE: 500295)
Source: Vedanta Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Vedanta Limited |
| Corporate Identity Number (CIN) | L13209MH1965PLC291394 |
| ISIN | INE205A01025 |
| NSE Symbol & BSE Scrip Code | VEDL | 500295 |
| Date of Incorporation / Founding Year | 08 September 1965 |
| Founders / Key Founding Figures | Anil Agarwal (Founder and Non-Executive Chairman) |
| Registered Office & Corporate Headquarters | 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai, Maharashtra – 400 093, India |
| Telephone & Investor Relations Contact | Tel.: +91-22 6643 4500 | Email: comp.sect@vedanta.co.in / esg@vedanta.co.in |
| Chairman / Managing Director & CEO | Anil Agarwal (Non-Executive Chairman), Navin Agarwal (Executive Vice-Chairman), Arun Misra (Executive Director) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Ajay Goel (Chief Financial Officer), Prerna Halwasiya (Company Secretary and Compliance Officer) |
| Promoter & Holding Group | Twin Star Holdings Limited, Vedanta Resources Limited (VRL) |
| Industry / Sector Classification | Diversified Natural Resources, Metals, Mining, Oil & Gas, Power |
| Total Employees / Workforce | 1,10,000 workforce strength across operations |
| Manufacturing Plants / Branches / Offices Count | 215 plants and 35 offices globally |
| Countries / States Served | 28 States in India and 79 International Countries |
| Statutory Auditors | S.R. Batliboi & Co. LLP, Chartered Accountants |
| Registrar and Share Transfer Agent (RTA) | KFin Technologies Limited, Hyderabad |
🏢 The Corporate Identity: Vedanta Limited Overview, Promoters & History
The Big Picture: Business Model & Core Value Proposition
Vedanta Limited operates as a globally diversified natural resources conglomerate with world-class assets spanning zinc, lead, silver, aluminium, oil and gas, copper, iron ore, steel, nickel, power, glass substrate, and display glass manufacturing. The enterprise covers the full value chain from exploration and asset development to extraction, processing, and value-addition, serving growing global demand for transition metals and critical minerals.
The Founders, Promoters & Their Legacy
The group was founded by Anil Agarwal, who serves as the Non-Executive Chairman of Vedanta Limited with over four decades of entrepreneurial experience. Under his vision, the organisation transformed from a modest domestic mining company into a global industrial powerhouse. Navin Agarwal serves as the Executive Vice-Chairman, steering the company’s strategy through organic growth and value-accretive acquisitions, while next-generation leaders like Priya Agarwal Hebbar champion sustainability, operational excellence, and corporate governance.
The Journey: Corporate History & Key Milestones
Incorporated in September 1965 as Sesa Goa Limited before evolving through strategic expansions and amalgamations into Vedanta Limited, the company has consistently scaled its production capacities across all core verticals. Key historical milestones include the establishment of global-scale operations in zinc via Hindustan Zinc Limited, the acquisition of Cairn India’s oil and gas assets, the expansion of aluminum refining and smelting complexes in Odisha and Chhattisgarh, and the execution of landmark strategic demergers designed to unlock pure-play value across standalone entities.
The Corporate Umbrella & Group Structure
Vedanta Limited functions as a subsidiary of Vedanta Resources Limited (VRL), which holds a 56.38% equity stake in the company. The group’s operational framework encompasses multiple key subsidiaries, joint ventures, and associates including Hindustan Zinc Limited, Bharat Aluminium Company Limited (BALCO), Cairn India Holdings Limited, Talwandi Sabo Power Limited, ESL Steel Limited, and international mining entities across South Africa, Namibia, and Liberia.
⚙️ The Business Engine: Segments, Brands, Products & Operations
The Core Divisions & Segment Revenue Breakdown
The company manages its operations through distinct reportable segments that capture its diversified natural resource portfolio. Segment performance reflects strong underlying volumes across aluminium, zinc, and power operations.
| Business Segment | Segment Revenue (₹ in Crore) | % Share of Total Revenue | Segment Results / EBITDA (₹ in Crore) | Segment Assets (₹ in Crore) | Segment Liabilities (₹ in Crore) |
|---|---|---|---|---|---|
| Zinc India | 39,057 | 22.44% | 22,056 | 27,474 | 8,784 |
| Zinc International | 4,860 | 2.79% | 1,321 | 13,521 | 2,691 |
| Oil & Gas (Discontinued) | 31,069 | 17.85% | (48) | 5,837 | 8,707 |
| Iron Ore | 135 | 0.08% | 89 | 529 | 67 |
| Copper | 2,165 | 1.24% | 1 | 3,489 | 2,149 |
| Aluminium (Discontinued) | 65,847 | 37.83% | 25,502 | 80,592 | 20,926 |
| Power | 6,457 | 3.71% | 1,007 | 5,408 | 3,582 |
| Others | 8,891 | 5.11% | 1,534 | 16,876 | 1,868 |
The Product & Service Catalog (with Operational KPIs & Order Book)
Vedanta’s product catalog includes primary aluminium ingots, foundry alloys, wire rods, billets, and rolled products; refined zinc and lead; silver bars; copper cathodes, continuous cast rods, and sulphuric acid; pig iron, metallurgical coke, and ductile iron pipes; thermal power; and crude oil and natural gas. Key operational highlights for FY 2025-26 include record annual aluminium production of 2,456 kt, record alumina production of 2,916 kt, highest-ever mined metal at Zinc India of 1,114 kt, and refined metal production costs reaching a 5-year low of US$ 959/t.
The Names You Know: Key Brands & Flagship Portfolio
The enterprise markets its specialized metals and industrial products under globally recognized operational banners and eco-friendly product lines that underscore its market leadership.
| Brand / Product Name | Category / Business Segment | Target Market & Key Positioning |
|---|---|---|
| EcoZen | Low Carbon Zinc | Industrial manufacturing, galvanised infrastructure, and sustainable consumer applications. |
| Green Aluminium | Low Carbon Aluminium | Automotive, aerospace, renewable energy, and electrical transmission sectors globally. |
| Cairn India | Oil & Gas Exploration & Production | Domestic hydrocarbon self-sufficiency, petroleum refining, and energy infrastructure. |
| Sesa Iron Ore & Pig Iron | Ferrous Metals | Global steel mills, foundry industries, and infrastructure construction markets. |
Mapping the Domestic & Global Reach (India vs. Exports)
Vedanta maintains a robust domestic market presence across India while actively exporting critical commodities to international destinations across 79 countries. Exports contributed 35.02% of the total turnover of the entity during the fiscal year.
| Market Destination | Revenue Contribution (₹ in Crore) | % Share of Total Turnover |
|---|---|---|
| Domestic (India) | 1,13,115 | 64.98% |
| International (Exports) | 60,960 | 35.02% |
The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices
The company operates 215 manufacturing and operational plants alongside 35 corporate and regional offices. Major operational hubs include Jharsuguda and Lanjigarh in Odisha, Korba and Chotia in Chhattisgarh, Dariba, Zawar, and Barmer in Rajasthan, Sesa Goa operations in Goa, Vizag port facilities in Andhra Pradesh, and international processing assets in South Africa, Namibia, South Korea, and Taiwan.
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
| Financial Parameter | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 1,74,075 | 1,50,725 | +15.49% |
| EBITDA | 55,976 | 43,541 | +28.56% |
| Profit After Tax (PAT) | 25,096 | 20,535 | +22.21% |
| Total Equity (Net Worth) | 68,577 | 53,753 | +27.58% |
| Net Debt / EBITDA Ratio | 0.95x | 1.22x | -22.13% |
Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)
| Consolidated P&L Statement Line Item | FY 2025-26 (₹ in Crore) | FY 2024-25 (₹ in Crore) | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 1,74,075 | 1,50,725 | +15.49% |
| Other Income | 2,684 | 2,640 | +1.67% |
| EBITDA (Segment Results) | 55,976 | 43,541 | +28.56% |
| Depreciation, Depletion and Amortisation Expense | 9,774 | 11,096 | -11.91% |
| Finance Costs | 8,351 | 9,914 | -15.77% |
| Profit Before Tax (Continuing & Discontinued) | 35,426 | 26,877 | +31.81% |
| Net Profit After Tax (PAT) | 25,096 | 20,535 | +22.21% |
Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)
| Consolidated Balance Sheet Line Item | As at 31 March 2026 (₹ in Crore) | As at 31 March 2025 (₹ in Crore) | Latest YoY (%) |
|---|---|---|---|
| Total Current Assets | 26,810 | 51,765 | -48.21% |
| Total Assets | 2,33,237 | 2,03,293 | +14.73% |
| Equity Share Capital | 391 | 391 | 0.00% |
| Other Equity | 49,261 | 40,821 | +20.68% |
| Total Equity (Net Worth) | 68,577 | 53,753 | +27.58% |
| Non-Current Borrowings | 16,209 | 52,712 | -69.25% |
| Total Non-Current Liabilities | 23,722 | 75,965 | -68.77% |
| Current Borrowings | 10,786 | 21,141 | -48.98% |
| Total Current Liabilities | 35,023 | 73,575 | -52.40% |
| Total Equity and Liabilities | 2,33,237 | 2,03,293 | +14.73% |
Cash Flow: Tracking the Money Movement
| Consolidated Cash Flow Statement Line Item | Year Ended 31 March 2026 (₹ in Crore) | Year Ended 31 March 2025 (₹ in Crore) | Latest YoY (%) |
|---|---|---|---|
| Net Cash Generated from Operating Activities | 39,499 | 39,562 | -0.16% |
| Purchases of Property, Plant and Equipment (CapEx) | 20,876.00 | 17,005.00 | +22.76% |
| Net Cash Used in Investing Activities | (24,338) | (19,190) | +26.83% |
| Net Cash Used in Financing Activities | (13,549) | (19,223) | -29.52% |
| Net Increase in Cash and Cash Equivalents | 1,816 | 1,181 | +53.77% |
Funding the Future: CapEx, CWIP & R&D Spending
Capital expenditure commitments remain robust, directed toward volume augmentation, debottlenecking, and green energy transition projects across aluminum, zinc, and oil and gas assets. Total capital expenditure during the year stood at ₹ 20,876 crore. Concurrently, R&D investments reached ₹ 23.6 crore for FY 2025-26, supported by 8 granted patents and 418.7 crore in active patent applications.
👥 Power & Control: Corporate Governance, Leadership & Ownership
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Mr. Anil Agarwal | Non-Executive Chairman | 00010883 | Non-Executive Non-Independent |
| Mr. Navin Agarwal | Executive Vice-Chairman | 00006303 | Executive Director |
| Ms. Priya Agarwal Hebbar | Non-Executive Director | 05162177 | Non-Executive Non-Independent |
| Mr. Arun Misra | Executive Director & Whole-Time Director | 01835605 | Executive Director |
| Mr. S.V. Murali Dhar Rao | Non-Executive Independent Director | 11003912 | Independent Director |
| Mr. Prasun Kumar Mukherjee | Non-Executive Independent Director | 00015999 | Independent Director |
| Dr. Meena Hemchandra | Non-Executive Independent Director | 05337181 | Independent Director |
| Mr. Rajarangamani Gopalan | Non-Executive Independent Director | 01624555 | Independent Director |
| Mr. Ajay Goel | Chief Financial Officer | – | Key Managerial Personnel |
| Ms. Prerna Halwasiya | Company Secretary & Compliance Officer | – | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
| Category of Shareholder | Number of Shares Held | Percentage of Shareholding (%) |
|---|---|---|
| Promoter & Promoter Group | 2,20,48,67,749 | 56.38% |
| Domestic Institutional Investors (DIIs) | 52,51,99,919 | 13.43% |
| Foreign Institutional Investors (FPIs / Foreign Promoters) | 54,45,23,033 | 13.93% |
| Resident Individuals & Public Retail | 45,41,99,199 | 11.62% |
| Bodies Corporate, Trusts, IEPF & Others | 18,17,98,157 | 4.64% |
| Total | 3,91,03,88,057 | 100.00% |
🗺️ The Corporate Family Tree: Group Structure & Strategic Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
Vedanta Limited maintains a extensive network of direct and indirect subsidiaries engaged in mineral extraction, metal refining, power generation, and specialized manufacturing. Major subsidiaries include Hindustan Zinc Limited (60.71% stake), Bharat Aluminium Company Limited, Cairn India Holdings Limited, and Talwandi Sabo Power Limited.
Strategic Investments & Treasury Holdings
The company holds strategic investments in quoted and unquoted equity and debt instruments, including Optionally Convertible Redeemable Preference Shares in Serentica group companies for renewable power procurement, alongside treasury shares held through the Vedanta Limited ESOS Trust amounting to 55,86,325 equity shares.
🎯 The Strategic Outlook: Competitive Moats, Risks & Future Growth Plans
Competitive Advantages & Economic Moats
Vedanta’s primary economic moats stem from global cost leadership in key commodities like zinc and aluminium, extensive backward integration, captive power generation capabilities, and a diversified multi-metal portfolio strategically positioned to serve India’s surging domestic demand and the global energy transition.
What Could Go Wrong? Key Challenges & Business Risks
Key business risks include commodity price volatility on the London Metal Exchange, geopolitical turbulence affecting supply chains and energy costs, regulatory and environmental compliance challenges, and uncertainties surrounding capital project execution and operational approvals.
The Next Chapter: Growth, Order Pipeline & CapEx Initiatives
The company is actively advancing the Vedanta 2.0 transformation through a strategic demerger process designed to create focused, pure-play listed entities. Growth initiatives include expanding aluminum smelting capacity, ramping up Gamsberg phase II operations, and executing disciplined capital allocation aimed at maintaining net debt below 1.5x.
The Verdict: Strategic Outlook & Conclusion
Delivering record operational volumes and its highest-ever financial performance in FY 2025-26, Vedanta Limited demonstrates robust financial discipline, strong deleveraging, and disciplined capital management. With a sub-1x Net Debt/EBITDA ratio and an enduring commitment to nation-building and sustainability, the company is exceptionally well-positioned to drive long-term stakeholder value.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.vedantalimited.com