Vedanta Limited surged 4.48% to Rs 772.40 on Tuesday, touching an intraday high of Rs 778 — within striking distance of its 52-week high of Rs 795 — after the mining and metals conglomerate reported an all-time high quarterly EBITDA and a net profit that beat market estimates by approximately 15%, triggering broad-based buying across a stock that has already doubled from its 52-week low of Rs 398.60.
The stock opened around Rs 748, drifted briefly to a session low of Rs 732.20, and then climbed steadily through the session as the results and investor presentation filtered through — a textbook results-day chart that reflects growing conviction rather than a kneejerk spike.
What the market was expecting vs what it got
| Metric | Actual Q4 FY26 | Market Estimate | Beat |
|---|---|---|---|
| Revenue | Rs 51,524 Cr | Rs 50,050 Cr | +~3% |
| EBITDA | Rs 18,447 Cr | Rs 18,108 Cr | +~2% |
| EBITDA Margin | ~44% | 36.20% | +780 bps |
| PAT | Rs 9,352 Cr | Rs 8,150 Cr | +~15% |
The margin beat was the most striking element — at approximately 44%, Vedanta’s Q4 EBITDA margin came in nearly 780 basis points above the CNBC-TV18 poll estimate of 36.20%, and a full 915 basis points above the 28.3% reported in Q4 FY25. For a company of Vedanta’s scale, a near-800 basis point margin beat against consensus is exceptional.
The numbers that drove the move
Revenue for Q4 FY26 reached Rs 51,524 crore, up 29% year-on-year and 12% sequentially. EBITDA surged 59% year-on-year to a record Rs 18,447 crore — driven by higher realised prices across aluminium, zinc and silver, lower alumina costs following commissioning of Lanjigarh Train II, and improved operating efficiencies. PAT came in at Rs 9,352 crore, up 89% year-on-year and 20% sequentially.
For the full year FY26, revenue totalled Rs 1,74,075 crore, EBITDA reached Rs 55,976 crore — up 29% year-on-year — and PAT stood at Rs 25,096 crore, up 22%. Net debt to EBITDA improved to 0.95x, the best in 14 quarters, and ROCE stood at approximately 32% — up 539 basis points year-on-year.
The demerger catalyst
The results arrive one day before Vedanta’s demerger becomes effective on May 1, 2026 — separating the group’s aluminium, zinc, oil and gas, power and base metals businesses into independent listed entities. At a PE of 21.46 and a dividend yield of 5.50% at Tuesday’s price, Vedanta offers an unusual combination of value, yield and growth optionality heading into the demerger, which the market appears to be beginning to price in more aggressively.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making investment decisions.