Profit before exceptional items and tax soared 62.61% YoY to Rs 4,945 crore in Q3 FY26. The company reported an exceptional loss of Rs 199 crore during the quarter under review.

EBITDA jumped 34% to Rs 15,171 crore in Q3 FY26 from Rs 11,284 crore in Q3 FY25. EBITDA margin improved to 41% in Q3 FY26, compared with 34% in Q3 FY25.

Depreciation and amortisation rose 2% YoY to Rs 2,725 crore. This was lower due to accounting treatment as required under Ind AS 105 following the NCLT demerger order dated 16 December 2025. The YoY increase was primarily due to major capitalisation and higher production at Zinc India.

Investment income declined 5% YoY due to a change in the investment mix, but rose 7% quarter-on-quarter (QoQ) owing to higher interest income from income tax refunds.

On the balance sheet front, gross debt stood at Rs 80,709 crore as of 31 December 2025, while net debt was Rs 60,624 crore. Net debt-to-EBITDA ratio improved to 1.23x from 1.40x in Q3 FY25. Cash and cash equivalents remained strong at Rs 20,085 crore. The company follows a board-approved investment policy and invests in high-quality debt instruments, including mutual funds, bonds, and bank fixed deposits.

Arun Misra, executive director, Vedanta, said, 'Q3 FY26 has been a landmark quarter for Vedanta, delivering our highest-ever EBITDA of Rs 15,171 crore, with two of our businesses achieving their best-ever financial results. Aluminium posted its strongest EBITDA margin of $1,268 per ton, supported by record alumina and aluminium production. Zinc India recorded its highest-ever quarterly EBITDA of Rs 6,064 crore, driven by record mined and refined metal output, with silver contributing 44% of overall profit. Zinc International also reported a 28% YoY increase in production, led by Gamsberg achieving its highest-ever recovery. Our Oil & Gas business reached a major milestone with India's first subsea template installation, while our Thermal Power business delivered 188% YoY EBITDA growth with a 62% increase in sales volumes. The Steel and Ferrochrome Business also achieved record production of steel billets at 285 kt, and ferrochrome output up 32% YoY. Alongside the landmark approval for the demerger into five pure-play entities, these results demonstrate our strong operational momentum and readiness to unlock long-term value as we advance Vedanta's 2.0 journey'.

Ajay Goel, chief financial officer, Vedanta, said, 'This has been a remarkable quarter for Vedanta. We delivered our highest-ever quarterly PAT of Rs 7,807 crore, marking a strong 60% YoY growth. Our Q3 revenue stood at a record Rs 45,899 crore, up 19% YoY, while EBITDA reached an all-time high of Rs 15,171 crore, growing 34% YoY. EBITDA margins expanded sharply by 629 bps YoY to 41%. Our balance sheet continues to strengthen, with net debt to EBITDA improving to 1.23x from 1.40x YoY. The reaffirmation of our AA credit rating by CRISIL and ICRA following the NCLT demerger order, along with upgrades in VRL credit rating outlook from Stable to Positive by S&P, Moody's & Fitch Ratings, underscore the market confidence in Vedanta's growth trajectory. We are now entering an exciting phase of growth and value unlocking, creating long-term value for all our stakeholders.'

Vedanta is a global producer of critical minerals, energy transition metals, power, and technology, with operations across India, South Africa, Namibia, Liberia, the UAE, Saudi Arabia, Korea, Taiwan, and Japan. It is the world's largest integrated zinc producer, the fourth-largest silver producer, and among the top aluminium producers globally. Vedanta is also India's only private oil and gas producer and one of the country's largest private power generators.

The counter rallied 3.93% to Rs 766.10 on the BSE.

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