Vedanta Resources Limited (VRL), a global powerhouse in transition metals, critical minerals, energy, and technology, has announced exceptional financial results for the first half of fiscal year 2026. The company posted its second-highest revenue in history at $9.367 billion, representing an 8% year-over-year growth, driven by favorable commodity market conditions and sustained operational excellence.
Financial metrics demonstrated remarkable strength with EBITDA reaching $2.752 billion, also ranking as the company’s second-highest performance, showing a 6% annual increase. The company maintained an industry-leading EBITDA margin of 36%, improving by 7 basis points year-over-year. Profit After Tax before special items grew 7% to $738 million, reflecting efficient operational management.
The company significantly strengthened its financial position, reducing its Net Debt-to-EBITDA ratio to 2.0x while maintaining cash reserves of $2.628 billion. Return on capital employed remained robust at approximately 23%, highlighting disciplined capital allocation strategies. Vedanta successfully refinanced $550 million of high-cost debt, lowering overall interest costs to around 10% and extending average debt maturity to 4.5 years.
Credit rating agencies recognized these improvements with S&P Global and Moody’s upgrading Vedanta’s outlook to Positive, while Fitch maintained its B+/Stable rating, acknowledging the company’s stable operational performance and prudent financial management.
Operational achievements included substantial capital investments of approximately $900 million, resulting in record production across multiple segments. Aluminum production reached 1,222 kilotons (+1%), alumina output increased to 1,240 kilotons (+19%), while Zinc India’s mined metal production grew to 523 kilotons (+1%). Zinc International reported exceptional growth with production surging 44% to 117 kilotons.
The company expanded its strategic mineral portfolio, securing three additional high-value critical mineral blocks, bringing its total allocated blocks to 11. Significant operational milestones included Konkola Copper Mines ramping up production to deliver 41 kilotons of metal in concentrate and 51 kilotons of finished goods. BALCO commissioned India’s most powerful 525 kA smelter, while the Lanjigarh refinery produced its first alumina from expanded facilities. Merchant power capacity increased to 4.2 GW with new asset commissions, and Hindustan Zinc enhanced production efficiency through the Debari Roaster commissioning.