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Vedanta

VEDL NSE
₹257.35 No trade today
P/E
5.11
View as Markdown
MCP
Close 4 Nov 2026 ₹257.35 +68.39 +36.2% 1Y
Start ₹188.96

Key Fundamentals

MidcapDiversified MetalsMetals & Mining

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
16.10%
Debt to Equity
0.66
EPS (TTM)
₹50.33
Book Value
₹32.63
Market Cap
—
P/E (TTM)
5.11
P/B
7.89
ROE
38.20%
Dividend Yield
2.03%
EBITDA
₹24,734 Cr
52W High
₹360.00
52W Low
₹184.79
Volume
0

Peer Comparison

Commodities › Metals & Mining › Diversified Metals

Vedanta peer comparison
Vedanta (this company)
₹257.355.11₹95,844 Cr7.892.03%38.20%16.10%₹88,898 Cr₹28,556 Cr
Jain Resource Recycling
₹280.0026.82₹9,493 Cr5.610.00%30.40%25.70%₹10,718 Cr₹360 Cr
Pondy Oxides & Chemical
₹391.3020.25₹2,963 Cr3.790.52%20.00%24.00%₹3,273 Cr₹148 Cr
Ardee Industries
₹47.1918.88₹1,445 Cr3.180.00%80.90%49.10%₹944 Cr₹62 Cr
Innomet Advanced Materials
₹304.65—₹375 Cr8.360.00%3.73%5.68%——
Median 5 companies₹280.0019.57₹2,963 Cr5.610.00%30.40%24.00%₹6,996 Cr₹254 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

54 Average

Data confidence 98/100

Category scores

Quality
79
Strong
Returns, margins, earnings quality 22% weight
Valuation
80
Strong
Cheap vs sector & own history 24% weight
Growth
12
Poor
Sales & profit trajectory 9% weight
Financial Health
38
Weak
Solvency, leverage, coverage 9% weight
Momentum
25
Poor
Trend strength, vol-adjusted 12% weight
Ownership
46
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.0%
  • Company has been maintaining a healthy dividend payout of 150%

Weaknesses

5
  • Promoter holding has decreased over last quarter: -1.66%
  • The company has delivered a poor sales growth of -2.28% over past five years.
  • Contingent liabilities of Rs.31,673 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.14,343 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish658
OscillatorsNeutral252
Moving AveragesStrong Bullish406

Key readings

RSI (14)
57.79
Neutral
MACD (12,26,9)
−4.24
Bullish
SMA (50)
258.55
Bearish
SMA (200)
273.14
Bearish

As of

Analyst Rating

Based on 9 analysts
BUY78%

7 of 9 analysts rate Buy, 1 Hold, 1 Sell.

As of

BUY
7
78%
HOLD
1
11%
SELL
1
11%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+2.01%
5Y−2.28%
3Y−18.95%
1Y+25.06%
TTM+2.02%

Net profit

Net profit growth by window
10YTurned to profit
5Y+10.79%
3Y+20.06%
1Y+22.21%
TTM+43.52%

Operating cash flow

Operating cash flow growth by window
10Y+6.84%
5Y+10.50%
3Y+6.11%
1Y−0.16%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+58.32 pp
5Y−1.48 pp
3Y+6.19 pp
1Y−0.06 pp
TTM+2.97 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹72,225 Cr
Mar 2018₹91,866 Cr
Mar 2019₹92,048 Cr
Mar 2020₹84,447 Cr
Mar 2021₹88,021 Cr
Mar 2022₹1,32,732 Cr
Mar 2023₹1,47,308 Cr
Mar 2024₹1,43,727 Cr
Mar 2025₹62,717 Cr
Mar 2026₹78,437 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹11,316 Cr
Mar 2018₹13,692 Cr
Mar 2019₹9,698 Cr
Mar 2020−₹4,744 Cr
Mar 2021₹15,032 Cr
Mar 2022₹23,710 Cr
Mar 2023₹14,503 Cr
Mar 2024₹7,539 Cr
Mar 2025₹20,535 Cr
Mar 2026₹25,096 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹9,820 Cr −0.6% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Vedanta Ltd trades at ₹246 as of 2026-11-02 with a market cap of ₹94,405 Cr and a PE of 4.89x on TTM EPS of ₹50.33. The stock sits 31.7% below its 52-week high of ₹360 despite delivering a 52% stock return over the past one year and 37% TTM profit growth, while negative 5-year sales CAGR of -2% and contingent liabilities of ₹31,673 Cr present offsetting concerns.

Bull Case 8
  • PE of 4.89x on TTM EPS of ₹50.33 is deeply compressed relative to most large-cap mining peers, suggesting the market may be pricing in significant risk already
  • TTM profit growth of 37% signals a sharp earnings recovery, supported by a 3-year compounded profit growth rate of 17%
  • ROE of 38% in the last year and a 3-year average ROE of 31% reflect strong capital efficiency well above cost of equity for most metals businesses
  • The company has reduced debt, with a current debt-to-equity ratio of 0.66x, improving the balance sheet cushion against commodity cycles
  • Dividend payout of 150% of earnings translates to a current yield of 2.1%, offering tangible cash returns to shareholders
  • Stock has compounded at 48% CAGR over 3 years and 18% over 5 years, demonstrating sustained long-term wealth creation
  • At ₹246, the stock is 33.1% above its 52-week low of ₹184.79, indicating a base of buying support formed at lower levels
  • 10-year compounded profit growth of 13% and 10-year stock CAGR of 14% show the business has delivered through multiple commodity cycles
Bear Case 8
  • 5-year compounded sales growth is -2% and 3-year sales CAGR is -19%, indicating persistent top-line erosion that raises questions about volume and pricing sustainability
  • Contingent liabilities of ₹31,673 Cr are substantial relative to the ₹94,405 Cr market cap, representing about 33.5% of current market value and posing material risk if crystallised
  • Earnings include other income of ₹14,343 Cr, meaning a significant portion of reported profit is non-operational, which may not be recurring
  • The stock is trading 31.7% below its 52-week high of ₹360, reflecting weakened sentiment or potential structural derating
  • Promoter holding decreased by 1.66% in the last quarter, signalling possible dilution or reduced promoter confidence
  • Price-to-book ratio of 7.54x is elevated for a metals and mining company, suggesting the market is paying a premium over book value that could compress in a downturn
  • The company may be capitalising interest costs, which would inflate reported asset values and understate true operating expenses on the income statement
  • ROCE of 10.06% is notably lower than ROE of 18.2%, indicating that leverage is amplifying equity returns and underlying asset productivity is more modest

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Vedanta delivered a standout Q2 FY27 with record profit (₹6,202 crore, +151% YoY), record-low zinc costs ($703/t), and near-zero net leverage (0.1x EBITDA). Hindustan Zinc remains the earnings engine at 90%+ of EBITDA, benefiting from elevated zinc and silver prices plus a weaker rupee. Key risks include heavy dependence on commodity prices for margin sustainability, an expected aluminium surplus in CY27, geopolitical disruption in the copper business, and rising costs at Gamsberg. The trend is strongly positive on earnings and balance sheet, but the forward outlook hinges on whether zinc/silver prices hold and whether the $25 billion capex plan delivers returns through the cycle.

Headwinds 6
  • Aluminium surplus expected CY27 Oct 23

    UAE's EGA smelter 50% restarted with full production expected Q1 CY27. Aluminium prices retreated from $3,800 to ~$3,020/tonne; one brokerage expects LME aluminium at $2,800/tonne in CY27 implying further 7% decline.

  • Odisha cancels 28.8 acres land Oct 30

    Odisha's IDCO cancelled 28.8 acres of government land allotted to Vedanta in Jharsuguda for prolonged non-utilisation, per an October 27 order. This comes amid Vedanta's proposed ₹1 trillion investment plan in the state.

  • Copper disrupted by Hormuz closure Oct 28

    Strait of Hormuz closure slashed Copper International sales 74% to 6 kt in Q2; H1 sales were just 16 kt vs 43 kt a year earlier. Rod operation at Fujairah was affected with recovery targeted above 20 kt/quarter by Q3.

Positives 7
  • Q2 profit surges 151% to record Oct 28

    Vedanta reported record net profit of ₹6,202 crore (up 151% YoY) on revenue of ₹25,812 crore (up 57%). EBITDA jumped 106% to ₹9,938 crore with margin expanding 1,055 bps to 60%.

  • Net debt slashed to ₹3,675 cr Oct 28

    Net debt fell ₹4,624 crore sequentially to ₹3,675 crore, pushing net debt-to-EBITDA to just 0.1x. Free cash flow before capex was ₹5,803 crore in Q2, with H1 cumulative FCF of ₹10,215 crore.

  • Zinc India record at $703/t cost Oct 28

    Zinc India produced record 271 kt mined metal with cost of production (ex-royalty) falling 29% YoY to $703/tonne, the lowest since transitioning to underground mining. FY27 CoP guidance cut to $825-850/tonne from $975-1,000.

Neutral 2
  • ₹5 dividend record date Oct 14 Oct 14

    Vedanta shares fell ~2.67% to ₹250.15 on the ex-dividend date of October 14 for the ₹5/share first interim dividend. Dividend yield stands at 4.31% at current prices.

  • Power Mech wins ₹327 cr O&M order Oct 19

    Power Mech Projects secured a ₹327.35 crore, 48-month O&M contract for 130 MW capacity at Vedanta's Lanjigarh power plant in Odisha, following earlier ₹970 crore and ₹109 crore contracts with Vedanta entities.

Quarterly Results

₹ Cr
VEDL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
33,733
38,945
35,541
35,509
35,764
37,634
17,063
16,686
15,754
18,747
21,337
24,609
24,205
Expenses
27,313
27,466
27,010
26,741
25,819
27,806
12,050
11,440
11,478
13,832
14,816
17,050
15,704
Operating Profit
6,420
11,479
8,531
8,768
9,945
9,828
5,013
5,246
4,276
4,915
6,521
7,559
8,501
OPM %
19%
29%
24%
25%
28%
26%
29%
31%
27%
26%
31%
31%
35%
Other Income
2,326
1,863
779
385
934
3,168
3,202
2,771
2,737
1,248
4,426
5,503
3,166
Interest
2,110
2,523
2,417
2,415
2,222
2,667
1,073
1,071
609
1,033
547
694
662
Depreciation
2,550
2,642
2,788
2,743
2,731
2,696
1,238
1,191
1,116
1,303
1,239
1,332
1,192
PBT
4,086
8,177
4,105
3,993
5,926
7,633
5,904
5,755
5,288
3,827
9,161
11,036
9,813
Tax %
19%
111%
30%
43%
14%
27%
17%
14%
16%
9%
15%
15%
19%
Net Profit
3,308
−915
2,868
2,275
5,095
5,603
4,876
4,961
4,457
3,479
7,807
9,352
7,918
EPS (₹)
7.1
−4.8
5.42
3.68
9.7
11.13
9.07
8.91
8.14
4.6
14.6
17.13
14

Profit & Loss

₹ Cr
VEDL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
73,710
64,262
72,225
91,866
92,048
84,447
88,021
1,32,732
1,47,308
1,43,727
62,717
78,437
88,898
Expenses
51,595
82,741
50,849
66,989
68,877
63,704
60,703
87,908
1,12,877
1,08,415
44,139
55,254
61,402
Operating Profit
22,114
−18,479
21,376
24,877
23,171
20,743
27,318
44,824
34,431
35,312
18,578
23,183
27,496
OPM %
30%
−29%
30%
27%
25%
25%
31%
34%
23%
25%
30%
30%
31%
Other Income
−19,222
4,290
4,423
6,087
4,270
−14,932
2,743
1,832
2,625
5,241
12,739
14,186
14,343
Interest
5,659
5,778
5,855
5,112
5,689
4,977
5,210
4,797
6,225
9,465
4,197
2,817
2,936
Depreciation
7,159
8,572
6,292
6,283
8,192
9,093
7,638
8,895
10,555
10,723
4,233
4,810
5,066
PBT
−9,925
−28,540
13,652
19,569
13,560
−8,259
17,213
32,964
20,276
20,365
22,887
29,742
33,837
Tax %
15%
−37%
17%
30%
28%
−43%
13%
28%
28%
63%
10%
16%
—
Net Profit
−11,369
−17,862
11,316
13,692
9,698
−4,744
15,032
23,710
14,503
7,539
20,535
25,096
28,556
EPS (₹)
−52.77
−41.39
23.47
27.82
19.01
−17.93
31.21
50.58
28.45
11.4
38.33
44.47
50.33
Div. Payout %
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
83%
76%
99%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
30%
89%
357%
259%
113%
76%
—

Balance Sheet

₹ Cr
VEDL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
296
296
297
372
372
372
372
372
372
372
391
391
Reserves
53,579
43,743
60,128
62,940
61,925
54,263
61,906
65,011
39,051
30,350
40,821
49,261
Borrowings
77,752
67,778
71,569
58,159
66,226
59,187
57,669
53,583
80,329
87,706
91,479
32,947
Other Liabilities
58,654
80,163
64,952
58,896
70,045
66,915
63,549
74,981
69,703
69,690
67,249
1,49,712
Total Liabilities
1,90,281
1,91,980
1,96,946
1,80,367
1,98,568
1,80,737
1,83,496
1,93,947
1,89,455
1,88,118
1,99,940
2,32,311
Fixed Assets
70,108
67,231
76,756
80,279
96,397
88,904
90,470
93,466
95,744
98,963
99,905
30,548
CWIP
38,748
38,461
27,557
32,055
24,959
18,585
16,314
15,879
19,529
22,889
33,896
10,531
Investments
39,606
53,386
46,962
28,700
33,065
24,753
16,660
17,291
13,150
11,869
14,532
15,418
Other Assets
41,819
32,903
45,671
39,333
44,147
48,495
60,052
67,311
61,032
54,397
51,607
1,75,814
Total Assets
1,90,281
1,91,980
1,96,946
1,80,367
1,98,568
1,80,737
1,83,496
1,93,947
1,89,455
1,88,118
1,99,940
2,32,311

Cash Flow

₹ Cr
VEDL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
17,805
20,377
18,083
17,366
23,754
19,300
23,980
34,963
33,065
35,654
39,562
39,499
Investing
−4,133
−7,868
2,681
15,480
−10,594
−5,925
−6,678
−2,243
−668
−13,676
−19,158
−24,134
Financing
−13,956
−11,303
−12,425
−39,255
−10,242
−15,547
−17,565
−28,903
−34,142
−26,092
−19,223
−13,549
Net Cash Flow
−284
1,206
8,339
−6,409
2,918
−2,172
−263
3,817
−1,745
−4,114
1,181
1,816
Free Cash Flow
7,231
14,965
12,648
10,070
14,937
11,631
17,262
24,658
19,411
19,097
22,848
18,747
CFO/OP
96
−124
109
83
114
99
96
91
114
109
230
205

Ratios

VEDL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
18
14
11
16
16
12
14
14
10
9
21
6
Inventory Days
129
132
161
135
184
184
153
147
124
107
234
66
Days Payable
78
267
308
202
242
275
245
221
91
83
165
88
Cash Conversion Cycle
69
−120
−136
−51
−42
−80
−77
−61
43
33
90
−16
Working Capital Days
−121
−219
−338
−182
−212
−186
−150
−82
−120
−107
−243
−121
ROCE %
9%
−14%
11%
15%
14%
10%
17%
28%
20%
21%
12%
16%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Vedanta insights

61 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 54.72%
  • FIIs 15.78%
  • Public 14.35%
  • DIIs 10.69%
  • Others 4.39%
  • Government 0.06%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Vedanta

What does Vedanta Ltd do?
Vedanta Ltd is a diversified natural resource group engaged in exploring, extracting and processing minerals and oil & gas. The group engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore and oil & gas.
Where is Vedanta Ltd (VEDL) listed?
Vedanta Ltd trades as VEDL on the NSE and under code 500295 on the BSE.
Which sector does Vedanta Ltd belong to?
Vedanta Ltd is classified under the Metals & Mining sector, in the Diversified Metals industry.
What is the PE ratio of Vedanta Ltd?
Vedanta Ltd trades at a PE ratio of 5.11 as of 4 Nov 2026, on earnings per share of ₹50.33, against a book value of ₹32.63 per share.
What is the 52-week high and low of Vedanta Ltd?
Over the last 52 weeks Vedanta Ltd has traded between ₹184.79 and ₹360 as of 4 Nov 2026.
Does Vedanta Ltd pay dividends?
Vedanta Ltd has a dividend yield of 2.03%.
What is the Return on Equity (ROE) of Vedanta Ltd?
Vedanta Ltd reported a return on equity of 38.20%. Its debt-to-equity ratio is 0.66.

Company Information

Vedanta Ltd is a diversified natural resource group engaged in exploring, extracting and processing minerals and oil & gas. The group engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore and oil & gas. It has presence across India, South Africa, Namibia, Ireland, Liberia & UAE. Its other businesses includes commercial power generation, steel manufacturing & port operations in India and manufacturing of glass substrate in South Korea and Taiwan. Presently, India accounts for ~65% of total revenues, followed by Malaysia (9%), China (3%), UAE (1%) and others (22%).

Website vedantalimited.com
CEO Mr. Navin Kumar Agarwal
Employees 17,332
Listed 13 May 1998
Face Value ₹1

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