Vedanta Q4 results 2026: PAT up 89% to ₹9,352 cr

What Vedanta reported for Q4 FY26

Vedanta posted a sharp jump in consolidated profitability for the March quarter (Q4 FY26), with profit after tax (PAT) rising to ₹9,352 crore. The company described this as its best-ever quarterly PAT, up about 89% year-on-year and around 20% sequentially. Revenue from operations for the January to March period was reported at ₹24,609 crore, up about 47% year-on-year. Alongside this, Vedanta reported its highest-ever quarterly EBITDA of ₹18,447 crore, up 59% year-on-year and about 22% quarter-on-quarter. EBITDA margin for the quarter improved to 44%, expanding by 915 basis points year-on-year and 306 basis points sequentially. The results were also described as beating Street expectations in one report.

Stock reaction and trading snapshot

Vedanta shares traded higher after the results. The stock was up 5.08% at ₹776.75 on the BSE around 2:50 pm, with a market capitalisation of ₹3,03,817.60 crore. During the session, it touched an intraday high of ₹778 per share. Another update later in the day pegged the stock up 4.73% at ₹774.20 in late deals. These moves reflect a positive immediate response to the quarter’s headline profit, margin expansion, and balance-sheet metrics highlighted by the company.

Profit, revenue, EBITDA: the key quarter numbers

For Q4 FY26, Vedanta reported consolidated PAT of ₹9,352 crore, compared with ₹4,961 crore in the year-ago period. Revenue from operations was ₹24,609 crore for the quarter, compared with ₹17,032 crore a year ago (another figure cited for the base quarter was ₹16,686 crore). Vedanta also disclosed consolidated revenue of ₹51,524 crore in Q4, up 29% year-on-year, and noted this as total segment revenue from continued and discontinued operations. EBITDA rose to ₹18,447 crore and EBITDA margin to 44%. The company attributed the topline strength to higher LME, volumes, premium, and forex gain, as per an exchange filing.

A note on differing profit and margin references

The coverage included multiple profit and margin references that appear to reflect different definitions. One segment reported that Vedanta’s PAT attributable to owners of the company was ₹6,698 crore for Q4 FY26, compared with ₹3,483 crore a year ago. Separately, a TV earnings note cited an EBITDA margin of 30.7% versus 31.4% year-on-year, which differs from the 44% margin reported in the company’s quarterly highlights. The company’s quarter commentary repeatedly referenced 44% as the best-ever EBITDA margin for the period. Readers tracking the numbers should therefore separate consolidated PAT, PAT attributable to owners, and any segment-specific or alternate margin calculations cited in market notes.

Dividend update: ₹11 interim, ₹34 total for FY26

Along with the Q4 print, Vedanta announced an interim dividend of ₹11 per equity share for Q4 FY26. The company said the board, in its meeting held on March 23, 2026, approved the third interim dividend of ₹11 per share on face value of Re 1 per share for FY 2025-26. With this, total dividend declared for FY 2025-26 stands at ₹34 per equity share. The dividend declaration was positioned alongside strong cash generation and improving leverage.

Balance sheet and cash flow signals

Vedanta reported free cash flow (pre-capex) of ₹11,930 crore for the quarter, up 53% year-on-year. Net debt to EBITDA improved to 0.95x in the quarter, which the company described as the best level in 14 quarters, versus 1.22x in Q4 FY25. A TV earnings fineprint note also cited an absolute net debt decline to about ₹53,250 crore from around ₹60,000 crore as of December. The company reported cash and cash equivalents of ₹28,485 crore, up 38% year-on-year, supported by free cash flow (pre-capex) of ₹26,013 crore. It also reported a record RoCE at 32%, improving by 539 basis points year-on-year.

Operational and capex highlights management cited

Executive Director Arun Misra said FY26 saw record operational performance across Vedanta’s portfolio. He highlighted deliveries of 2.9 million tonnes of alumina and 2.46 million tonnes of aluminium, along with 1.1 million tonnes of mined metal at Zinc India. He also cited 895 kt of pig iron and 101 kt of ferrochrome, and referred to improved operating efficiency alongside ramp-up of new capacities. During the year, the company deployed ₹14,918 crore of growth capex. Projects mentioned included Lanjigarh Train II, the new BALCO smelter, downstream expansions at Jharsuguda, the Debari roaster at Zinc India, and 1.3 GW of power capacity.

Full-year FY26 numbers alongside the quarter

For the full financial year, Vedanta reported revenue of ₹1,74,075 crore, up 15% year-on-year. Annual EBITDA was ₹55,976 crore, up 29% year-on-year, and full-year PAT stood at ₹25,096 crore, up 22% year-on-year. The annual capex number reiterated in the filings was ₹14,918 crore, aligned to volume expansion, cost compression, and supply chain integration. CFO Ajay Goel described the quarter as a defining point, citing all-time highs in revenue, EBITDA, and PAT for the quarter and full year.

Demerger timeline and what the company has said

Vedanta’s demerger is set to become effective from May 1, 2026, according to the filing referenced in the coverage. Management linked the quarter’s financial delivery with the preparation for this next phase. Goel also pointed to balance-sheet strengthening, with net debt to EBITDA improving to 0.95x from 1.22x a year ago. The company’s communication positioned the demerger timing as a near-term corporate event following the Q4 results.

Key figures at a glance

Event timeline

Market impact and why the quarter mattered

The immediate market focus was on three areas: the step-up in profits, the 44% EBITDA margin, and the reduction in leverage to 0.95x net debt/EBITDA. The company’s revenue from operations growth to ₹24,609 crore and EBITDA at ₹18,447 crore indicated a strong operating quarter, supported by factors the company listed such as higher LME, volumes, premium, and forex gain. Dividend announcements also matter for Vedanta’s shareholder base, and the company explicitly stated FY26 total dividend declared at ₹34 per share. The demerger effective date of May 1, 2026 adds a corporate catalyst that investors will watch alongside any further filings and implementation steps.

Conclusion

Vedanta’s Q4 FY26 result combined record consolidated PAT of ₹9,352 crore with a reported 44% EBITDA margin, improving leverage, and a ₹11 interim dividend. Management commentary emphasised operational delivery and ₹14,918 crore of annual growth capex. The next confirmed milestone is the demerger becoming effective from May 1, 2026, as stated in the company’s filing.