Vedanta Resources reports second-highest ever revenue and EBITDA in H1FY26

Vedanta Resources Limited (“VRL” or the “Company”), a global leader in transition metals, critical minerals, energy, and technology, delivered robust financial performance in H1FY26, supported by favourable commodity prices and sustained operational efficiencies. The Company reported its second-highest ever revenue of $9,367 million, marking an 8% year-on-year increase.

EBITDA stood at $2,752 million, also the second-highest on record, rising 6% YoY, while delivering an industry-leading EBITDA margin of 36%*, up 7 basis points YoY. Profit After Tax (PAT) before special items reached $738 million, reflecting 7% YoY growth.

Recommended For You

Photos: Best-dressed celebrities at the 2026 Golden Globes

Bangladesh plans to join international stablization force in Gaza

Exam season begins in UAE: CBSE schools conduct board practicals, prelims

Prashant Tamang, Indian Idol season 3 winner and star of 'Paatal Lok', dies at 43

Pocket power: How mobile photography changed the lives of these Middle East creators

 

Vedanta Resources further strengthened its balance sheet, with the Net Debt-to-EBITDA ratio improving to 2.0x in H1FY26. Cash and cash equivalents stood at $2,628 million, while return on capital employed remained strong at approximately 23%, underscoring disciplined, value-focused capital deployment. During the period, the Company refinanced $550 million of high-cost debt, reducing overall interest costs to around 10% and extending average debt maturity to approximately 4.5 years.

Reflecting the improved credit profile, S&P Global and Moody’s upgraded Vedanta Resources’ outlook to Positive, while Fitch maintained its B+/Stable rating. These actions highlight the Company’s stable operating performance and prudent refinancing strategy across its portfolio.

The Company invested approximately $0.9 billion in growth capital expenditure during the first half and achieved record production across several segments. Aluminium production reached 1,222 kt (+1%), alumina output increased to 1,240 kt (+19%), and Zinc India’s mined metal production rose to 523 kt (+1%). Zinc International reported a sharp increase to 117 kt (+44%). Cost of production improved across operations, with Zinc India COP declining 8% YoY, Zinc International COP down 1% YoY, and Zinc India achieving its lowest first-half COP in five years.

Vedanta continued to expand its strategic mineral footprint, securing three additional high-value critical mineral blocks, bringing the total number of allocated blocks to 11.

Konkola Copper Mines ramped up production following its restart, delivering 41 kt of metal in concentrate and 51 kt of finished goods. BALCO, the Group’s aluminium subsidiary, produced its first metal from India’s most powerful 525 kA smelter, while the Lanjigarh refinery in Odisha produced its first alumina from the expanded facility. Merchant power capacity increased to 4.2 GW with the commissioning of the Athena 600 MW and Meenakshi 1,000 MW assets. Additionally, Hindustan Zinc commissioned the Debari Roaster, enhancing overall production efficiency.