Profit before tax (PBT) increased 2.14% YoY to Rs 6,053 crore in Q1 FY26.

EBITDA increased by 5% YoY to Rs 10,746 crore in the quarter ended 30th June 2025. EBITDA margin (excluding custom smelting in the copper business) improved to 35% in Q1 FY26 compared with 34% in Q1 FY25.

In Q1 FY26, depreciation & amortization at Rs 2,824 crore increased 3% YoY, mainly due to higher depreciation at Zinc India.

Cash and cash equivalents position remains strong at Rs 22,137 crore in Q1 FY26, increased by 33% YoY.

In Q1 FY26, the alumina production stood at 587 kt, up 9% YoY and 36% QoQ while Zinc India’s mined metal production stood at 265 kt, up 1% YoY.

Mined metal of Zinc International jumps 50% YoY and 12% QoQ to 57 kt in Q1 FY26. Gamsberg’s Q1 production jumps 74% YoY and 13% QoQ driven by mining ramp up and improved ore availability.

In oil & gas, production stood at 93.2 thousand barrels of oil equivalent per day (kboepd) in Q1 June 2025.

In Q1 FY26, saleable iron ore production was at 1.8mnt, up 42% YoY while Pig iron production stood at 213 kt, up 4% YoY.

Meanwhile, the company’s board approved the expansion of Gamsberg Phase II Project, with an investment of $84 million. The expansion will raise plant’s capacity from 4 Mtpa to 8.4 Mtpa of Ore, enabling the production of an additional 220 (kilo tonnes per annum) ktpa of metal in concentrate, This will position Vedanta Zinc International as the largest zinc producer in South Africa.

Anil Agarwal, chairman, Vedanta said, “Our 1Q performance has set a strong foundation for the year ahead. Amidst global market volatility, we delivered the highest-ever first quarter EBITDA. Operationally, we achieved the lowest hot metal cost (ex-Alumina) in the last 16 quarters, lowest-ever 1Q Zinc India CoP, 74% YoY increase in Gamsberg's production, 33% QoQ surge in power sales, and 150% QoQ jump in Ferro Chrome volumes.

The ramp-up of the Lanjigarh refinery to 587kt demonstrates our progress towards delivering over 3 MnT of Alumina in FY26. Looking ahead, the commissioning of Train II at Lanjigarh, 435kt smelter capacity at Balco and 1300 MW of new thermal power capacity, all in 2Q, will enable us to deliver our full-year guidance. The start of operations at our Sijimali bauxite mine and Kuraloi coal mine in H2 is likely to boost our performance to a record high.”

Ajay Goel, CFO, Vedanta, said “This quarter, we achieved the highest- ever first quarter EBITDA of Rs 10,746 crore, reflecting 5% YoY growth. The EBITDA margin expanded by 81bps to 35%, which is the highest in last 13 quarters. Our adjusted PAT grew 13% YoY to around Rs 5,000 crore. This strong performance alongside corporate initiatives, such as the HZL stake sale which generated Rs 3,028 crore cash, has enabled Vedanta to deliver a Net Debt to EBITDA ratio of 1.3x.

Given our NCD issuance of Rs 5,000 crore and other refinancing, the cost of our debt has reduced by around 130bps YoY to 9.2%. The recent reaffirmation in credit rating at AA by both Crisil and ICRA highlights our financial strength and market confidence in Vedanta’s growth story.”

Vedanta, a subsidiary of Vedanta Resources, is one of the world’s leading natural resources, critical minerals, energy, and technology companies, spanning across India, South Africa, Namibia, Liberia, the UAE, Saudi Arabia, Korea, Taiwan, and Japan, with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminum, power, and glass substrate.