Vedanta Q4 FY26: PAT up 89%, margin 44%, ₹11 dividend

Strong March-quarter print lifts headline numbers

Vedanta Ltd reported a sharp improvement in its March quarter (Q4 FY26) performance, with consolidated profit after tax (PAT) rising 89% year-on-year to ₹9,352 crore. The company also reported consolidated revenue of ₹51,524 crore, up 29% YoY, and EBITDA of ₹18,447 crore, up 59% YoY. Vedanta said the EBITDA margin improved to 44%, expanding by 915 basis points compared with the year-ago period. The company described the quarter as its best-ever quarterly PAT and EBITDA in the data carried in the reports. The results were accompanied by a fresh interim dividend announcement, keeping shareholder payouts in focus alongside earnings. The updates came from multiple reports published around the same day and included some variation in the revenue and margin figures cited.

Profit, revenue, and EBITDA: what was reported

Across the coverage, the central theme was a steep rise in profitability in Q4 FY26. One set of figures put consolidated PAT at ₹9,352 crore, up 88.5% from ₹4,961 crore a year earlier, and also noted the profit was about 20% higher sequentially. EBITDA was reported at ₹18,447 crore, up 59% YoY and about 22% QoQ, with the margin at 44% (up 915 bps YoY and around 306 bps sequentially). In the same set of numbers, consolidated revenue was cited at ₹51,524 crore, up 29% YoY. Separately, another report cited “total revenue from operations” at ₹24,609 crore for Q4 FY26, up 47.4% from ₹17,032 crore in the year-ago quarter. There was also a note that referenced EBITDA margin at 30.7% versus 31.4% YoY, which conflicts with the 44% margin cited elsewhere in the coverage.

Dividend: ₹11 per share interim payout for Q4

Alongside the earnings, Vedanta announced an interim dividend of ₹11 per equity share for Q4 FY26. The company stated that, during the quarter ended 31 March 2026, the board meeting held on 23 March 2026 approved the third interim dividend of ₹11 per equity share on face value of Re 1 per equity share for FY 2025-26. Vedanta added that total dividend declared for FY 2025-26 stood at ₹34 per equity share of Re 1 each. Separately, another update said Vedanta’s board-approved third interim dividend of ₹11 per share amounted to ₹4,300 crore. That update also cited Saturday, March 28, as the record date to determine eligible shareholders.

Full-year FY26 snapshot also featured record figures

Beyond the March quarter, the reports highlighted full-year performance for FY26. Vedanta’s full-year PAT was cited at ₹25,096 crore, a 22% year-on-year increase. The company’s FY26 revenue was reported at ₹1,74,075 crore, up 15%, and described as its highest-ever for the year. These full-year figures were presented alongside the Q4 numbers to underline the improvement in earnings momentum over FY26.

Balance sheet and credit profile: leverage metric improves

One report carried management commentary on leverage and ratings. It said Vedanta’s net debt to EBITDA improved to 0.95x from 1.22x a year ago. The same note said CRISIL and ICRA reaffirmed VEDL’s credit rating as AA / Watch with Developing Implications. The report also cited annual capex investment of ₹14,918 crore and said Vedanta paid a dividend of ₹34 per share, along with delivering a TSR of 48.6%, as per the statement attributed to Goel.

Conflicting figures in circulation: how to read them

The coverage included more than one set of quarter numbers, including different revenue bases and even different profit figures. Apart from the widely repeated PAT of ₹9,352 crore, one report mentioned a 92% YoY surge in consolidated net profit to ₹6,698 crore versus ₹3,483 crore, stating the profit was attributable to owners of the company. Another snippet referenced a net profit of ₹7,807, without adding context in the excerpt. The revenue line also varied between “consolidated revenue” of ₹51,524 crore and “revenue from operations” of ₹24,609 crore for Q4 FY26. And while several reports highlighted an EBITDA margin of 44%, another note cited a margin of 30.7% versus 31.4% YoY. Readers tracking the stock typically reconcile such differences by checking the company’s filing definitions (consolidated vs operations, segmental inclusions, and any exceptional items), but the excerpts provided here do not contain those reconciliation details.

Market reaction cues mentioned in reports

In the flow of updates around the dividend, one item stated Vedanta shares rose nearly 3% after the board approved the ₹11 per share interim dividend. The same set of dividend-related reports reiterated the payout size at ₹4,300 crore. Another broadcast-style excerpt noted the reported profit was above an indicative “ballpark” figure of ₹8,473 crore mentioned in that segment, and contrasted it with profit levels of about ₹4,500 crore to ₹5,000 crore in earlier quarters. These references were framed as near-term reaction points around the earnings print and dividend decision.

Key numbers table: what the reports contained

Peer and group context: Hindustan Zinc dividend also announced

The provided coverage also referenced Hindustan Zinc, a Vedanta group company, announcing a first interim dividend of ₹11 per equity share (550% on face value of ₹2 per share) for FY 2026-27, amounting to ₹4,648 crore. Hindustan Zinc’s board fixed April 30, 2026, as the record date for determining eligible shareholders. The same excerpt said Hindustan Zinc posted a 67.60% YoY rise in consolidated net profit to ₹5,033 crore and revenue from operations up 49.05% YoY to ₹13,544 crore in Q4 FY26. While these numbers are separate from Vedanta’s consolidated print, they formed part of the broader metals and mining earnings and dividend news flow.

What to watch next

The key confirmed next steps in the excerpts relate to dividend administration and timelines. For Vedanta, the board approval date for the third interim dividend was cited as 23 March 2026, with March 28 mentioned as the record date in one update. For investors, the immediate focus typically remains on the final filing details behind the multiple reported revenue and margin figures, and on how the company presents the quarter’s performance drivers in its official communication. Vedanta’s FY26 results and the stated improvement in net debt to EBITDA to 0.95x also place attention on leverage trends alongside ongoing capex of ₹14,918 crore. Further clarity on any differences in reported revenue bases and margins would come from the company’s detailed results documents and exchange filings.