Vedanta Ltd. share price target

pinned by a 61% YoY surge in sales volumes, and the successful ramp-up of additional capacities at Meenakshi & Athena power plants. EBITDA from continuing operations grew 37.0% YoY to Rs. 6,866cr, driven by robust revenue growth and sustained cost optimisation across businesses and EBITDA margin remained flat at 29.9% YoY. Reported PAT climbed 82.4% YoY to Rs. 3,672cr, propelled by combination of higher revenue, better cost efficiencies and improved metal prices. Vedanta's earnings saw robust growth in Q3FY26, supported by operational excellence and key strategic initiatives during the quarter. The period was marked...

Robust non-ferrous prices and expansion across divisions is expected to support growth at VEDL in near to medium term. However, we believe the stock has run up very sharp in the recent past (>75% in last 6 months) and likely cool off in non-ferrous metal prices and silver could potentially limit the gains in the counter. Hence, we downgrade Vedanta from BUY to HOLD with SOTP based revised target price of 785....

Vedanta Limited (VEDL) reported a consolidated revenue of INR467b (+19% YoY and +17% QoQ) against our est. of INR435b, driven by higher LME, better volume, and forex gains in 3QFY26.

We visited Hindustan Zinc (HZ)’s Rampura Agucha (RA) mine and interacted with the management. HZ contributes 40% to VEDL’s consolidated EBITDA. The management reiterated its strong medium-term visibility on earnings, supported by a secure mine life, high structural entry barriers, and renewablesled cost tailwind.

Vedanta Ltd. had a healthy financial performance in Q2FY26 due to robust revenue growth and disciplined execution across its diversified segments. Despite a mixed macro environment, there was healthy traction in the aluminium, zinc and power segments. Its focus on environmental stewardship, community development and sustainable growth is expected to enhance its reputation. With multiple growth...

Steady prospects at Zinc India; growth building in power & steel: Zinc India remain to be cash cow, contributing ~37% to VEDL's H1FY26 EBITDA. While near-term growth is modest, long-term prospects are robust with mined metal capacity expected to rise to 1.5 MT by FY28 and potential scale-up to 2 MT, alongside a ~250 KT zinc smelter expansion at capex of 12,000 crore. This is further supported by ~2,200 MW of thermal power capacity (Meenakshi & Athena), iron ore expansion to 30 MTPA, and the doubling of steel capacity to 3.5 MT by FY27E. Overall, we expect...

Vedanta (VEDL) reported a consolidated revenue of INR399b (+6% YoY and +5% QoQ) against our est. of INR371b, driven by higher LME, improved premiums, and forex gains in 2QFY26.

Hindustan Zinc (HZ) is a key beneficiary of the uptrend in silver prices, which are up 63% YTD. We believe the exposure to silver is underpriced as the consensus expectations trail the strong move in silver in recent months with the metal now trading at USD47/oz (vs USD34/oz in Q1FY26 and USD30/oz in FY25).

Vedanta (VEDL), with its bid amount of ~INR 170bn (staggered over 5 years), has reportedly (Link) emerged as the highest bidder for acquiring the assets of Jaiprakash Associate (JAL).

*over or under performance to benchmark index Vedanta's financial performance was moderate in Q1FY26, characterised by commodity price volatility and changing global trade dynamics. Despite the macro headwinds, domestic demand was strong, helping support market premiums. Margins were strong across key businesses, driven by operational excellence and cost discipline. The company's commitment to deleveraging and improving its capital efficiency, along with a robust business model, strong governance framework and transparent disclosures,...

VED reported a steady Q4FY25 with EBITDA of Rs116.2bn (+4.5% vs Emkay; +3.0% QoQ); the performance was mainly led by sequentially better profitability in its Aluminium and Zinc India businesses.

Vedanta (VEDL) reported consolidated net sales of INR405b (+14% YoY and +3% QoQ), in line with our estimates. The QoQ growth was driven by favorable market prices and higher premiums.

Vedanta Limited - Company Update - Demerger (Not Rated)

We resume coverage on Vedanta (VEDL) with a BUY rating. We see VEDL weaving its growth story around two ‘Vs’ and one ‘C’ viz. volume, value, and cost reduction–across segments.

Vedanta (VEDL) posted consol. net sales of INR358b (+6% YoY/flat QoQ), in line with our estimate. The growth was driven by favorable market prices.

Post the recent rally in the share prices, timely execution of the growth and backward integration projects, progress on strategic actions/demerger and headway towards deleveraging will assume further importance for the stock performance in future.

VEDL is continuously striving to reduce costs across its businesses through
backward integration, operational efficiencies, and captive power usage (including renewables).