In March 2024, Vedanta announced a $6 billion investment across various business verticals, including aluminium, zinc, iron ore, steel, and oil and gas, aiming to add at least $2.5 billion to its annual EBITDA. Q3 FY26 revenue reached a record ₹45,899 crore, up 19% YoY, while EBITDA reached an all-time high of ₹15,171 crore, growing 34% YoY.
Cyborg Score Rationale
Vedanta delivered its highest-ever quarterly PAT of ₹7,807 crore with 60% YoY growth and record Q3 revenue of ₹45,899 crore, up 19% YoY. The company shows strong operational momentum with significant EBITDA margin expansion and ongoing portfolio diversification across critical minerals required for energy transition.
Top Insights
Record quarterly profitability with PAT of ₹7,807 crore (60% YoY growth) and EBITDA of ₹15,171 crore (34% YoY growth)
$6 billion capex program targeting $2.5 billion in additional annual EBITDA across 50+ projects with planned creation of five newly listed companies
India accounts for ~65% of total revenues, with geographic diversification across Malaysia (9%), China (3%), UAE (1%), and others (22%)
Dominant position in Indian aluminium with 46% domestic market share and 2.4 MnT annual smelter capacity plus 3.5 MTPA alumina refinery
Named Competitors
Glencore — Global diversified mining and commodities company
Rio Tinto — Major diversified mining company
Vale — Major iron ore and diversified mining producer
Hindustan Zinc — India's largest integrated zinc-lead producer
Recent Developments
(February 2026) Q3 FY26 record results: ₹7,807 crore PAT, ₹45,899 crore revenue, ₹15,171 crore EBITDA with 629 bps margin expansion
(December 2025) Incab acquisition and Depo Graphite-Vanadium block acquisition in India
(March 2024) Announced $6 billion investment program across five business verticals targeting $2.5 billion EBITDA accretion
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