Announcement
Announcement under Regulation 30 (LODR)-Allotment 30 Sep - Vedanta allotted 2,00,000 unsecured listed NCDs aggregating ₹2,000 crore on private placement basis.
Source: Bse
Vedanta Limited (VEDL)
Large CapMetals stocks · Large cap · NSE
Vedanta Limited is a leading producer of metals, oil & gas, critical minerals, power, and technology, with operations across India, Africa, the Middle East, and East Asia. It supplies essential materials for global energy transition, industrial growth, and technological advancement, aiming for net-zero emissions by 2050 or sooner.
Data qualityFresh enough for analysisQuote updated 21 Oct, 09:17 am ISTDetails
Quote21 Oct, 09:17 am IST
Base fundamentals16 Oct 2026 · screener
Latest result30 Jul, 08:42 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -5.0% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 49
Sector 3M: -3.4% vs Nifty 500 -4.4%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VEDLD candles · FIT view-66.7%TODAY · PROVISIONALLatest price ₹245.85 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-0.5%
RSI
40
MACD hist
-1.29
52W pos
1%
2026-10-21O ₹247.00H ₹247.00L ₹244.05C ₹245.85Vol 4.2L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
VEDLNifty MetalNifty 500
- VEDL
- -7.1%
- Nifty 500
- -5.6%
- Nifty Metal
- -3.8%
- Vs Nifty 500
- -1.5 pp
Chart stats
19 Oct 2026- From 52W high
- -69.4%
- 52W range position
- 0%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.55x
- Avg traded value
- ₹250 Cr
- 20D price channel
- ₹242.5 - ₹271.4
₹795
₹242.5 - ₹795
₹7.5
Latest completed session
20-session average
36.4% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE82
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +53.6% · PAT +77.7% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model+75.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +54% YoY · PAT +78% YoY · margin expansion · operating leverage
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹24,205 Cr | +53.6% | -1.6% |
| EBITDA | ₹8,501 Cr | +98.8% | +12.5% |
| Operating margin | 35.0% | +800 bps | +400 bps |
| PAT | ₹7,918 Cr | +77.7% | -15.3% |
| PAT margin | 32.7% | +442 bps | -529 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.74
- P/B
- 1.94
- EV/EBITDA
- 3.96
- Market Cap
- 96156.00Cr
Profitability
- ROE
- 38.20%
- ROCE
- 16.10%
- ROA
- 12.29%
- Dividend Y
- 13.80%
Growth (CAGR)
- Revenue 5Y
- -2.00%
- EPS 5Y
- 8.00%
- Revenue 3Y
- -19.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.66
- Interest Coverage
- 9.37×
- Altman Z
- 1.46
- Book Value
- 127.00
Cash Flow
- FCF Yield
- 15.98%
- FCF Positive Y
- 12/5
- OCF
- 39499.00 Cr
- EPS TTM
- 50.33
Shareholding
- Promoter Hold
- 54.72%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 40%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 78.4k+25.1% vs prev
Net Profit
₹ CrLatest: 25.1k+22.2% vs prev
Return on Equity
%Latest: 50.5+1.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 40.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.2% over last month) — short-term momentum negative.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 82 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 82 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation29/30
Growth15/25
Quality18/20
Balance Sheet7/15
Cash Flow8/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
82
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
82/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 16.0%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 75.0%.
Main drags
- Altman Z is 1.5, in distress territory.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
8.7
PB
1.9
EV/EBITDA
4.0
ROE
38.2%
ROCE
16.1%
FCF Yield
16.0%
Debt/Equity
0.7
MoS
+75.0%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 8.7, so peak-cycle earnings risk should be checked.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
82
Previous: 82
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+75.0%
Previous: +75.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
82
82
82
82
82
82
82
82
82
82
82
82
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹379.23
+35.2% MoS
Growth-justified P/E
19.6
Growth-justified Value
₹983.95
+75.0% MoS
PEG
0.75
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
LLOYDSME
Large
Lloyds Metals And Energy Limited
Power Generation
match 26
62
21.8
36.6%
+40%
UNDERVALUED
JSL
Large
Jindal Stainless Limited
Steel
match 23
64
18.4
17.7%
+46%
UNDERVALUED
JINDALSTEL
Large
JINDAL STEEL LIMITED
Steel
match 22
26
34.1
8.2%
-385%
OVERVALUED
NMDC
Mid
NMDC Limited
Mining
match 18
75
8.3
23.4%
+24%
DEEP VALUE
NATIONALUM
Mid
National Aluminium Company Limited
Aluminium
match 17
92
8.7
29.4%
+75%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T18:55:51.930Z
Management commentary snapshot
Vedanta reported best-ever Q4 FY26 financial performance with PAT up 89% YoY to ₹9,352 crore, EBITDA up 59% YoY to ₹18,447 crore, and Revenue up 29% YoY to ₹51,524 crore. Net Debt/EBITDA improved to 0.95x, the best in 14 quarters.
VEDL delivered record Q4 and FY26 results, driven by higher LME prices, increased volumes, and significant cost compression. The substantial deleveraging and reaffirmed credit ratings are positive. The demerger, effective May 1, 2026, is expected to sharpen capital allocation, but segment-specific leverage post-demerger warrants close monitoring.
Growth engines
Volume Expansion Across Key Businesses
PositiveRecord annual production in Aluminium, Alumina, Zinc India, Zinc International, IOB Pig Iron, and Ferro Chrome, reflecting improved operating efficiency and new capacity ramp-ups.
Cost Compression Initiatives
PositiveAchieved lowest costs in the last five years for Aluminium ($1,752/t) and Zinc business ($959/t), driven by operational excellence.
Strategic Growth Capex Deployment
PositiveDeployed ₹14,918 crore in growth capex in FY26, commissioning key projects for volume expansion, cost compression, and supply chain integration.
Demerger for Sharpened Capital Allocation
PositiveDemerger effective from May 1, 2026, is expected to sharpen capital allocation with a focus on maintaining healthy leverage and reinvesting free cash flows into scalable growth.
Capacity and execution
Lanjigarh Alumina Refinery Expansion
PositiveAlumina production at Lanjigarh refinery reached an exit run rate of 4 MTPA.
New BALCO Smelter Commissioning
PositiveCommissioning initiated for India’s largest 525 kA Smelter at BALCO (435 KTPA capacity).
Debari Roaster at Zinc India
Positive160 KTPA Debari Roaster commissioned in 1HFY26.
Power Capacity Additions
Positive1.3 GW of power capacity commissioned in FY26, including 1000 MW at Meenakshi and 600 MW at Athena.
Tailwinds
Higher LME Prices
PositiveQ4FY26 consolidated revenue and EBITDA driven by higher LME prices for key commodities.
Increased Premiums
PositiveHigher premiums contributed to increased EBITDA in Q4FY26.
Forex Gains
PositiveForex gains contributed to increased EBITDA in Q4FY26.
Renewable Energy Adoption
PositiveRenewable energy use rising 52% YoY in FY26, supporting sustainability and potentially reducing energy costs.
Risk radar
Commodity Price Volatility
NeutralFuture fluctuations in LME and Brent prices could impact realizations and profitability, as seen in the EBITDA bridge sensitivity.
Demerger Execution and Credit Implications
NeutralCredit rating reaffirmed at AA/Watch with Developing Implications by CRISIL & ICRA, indicating potential uncertainties during the demerger process.
Oil & Gas Production Decline
NegativeAverage gross operated production for FY26 stood at 87.2 kboepd, a 16% YoY decline, primarily driven by natural decline.
Cambay Block PSC Extension Litigation
NeutralVedanta has challenged the rejection of PSC extension for Cambay block in Delhi High Court; the matter is sub-judice, creating operational uncertainty.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall annual growth and the impact of long-term strategies. QoQ comparison is vital in the cyclical metals sector to track sequential momentum in volumes, realizations, spreads, and the immediate effects of cost management and project execution.
Sector KPIs management disclosed
Aluminium Production Volume
PositiveRecord annual Aluminium production at 2,456 kt, up 1% YoY.
Alumina Production Volume
PositiveRecord annual Alumina production at 2,916 kt, up 48% YoY, with exit run rate of 4 MTPA.
Zinc India Mined Metal Production
PositiveBest-ever annual mined metal at 1,114 kt, up 2% YoY.
Zinc International Mined Metal Production
PositiveAnnual Mined metal production at Zinc International jumps 27% YoY to 225 kt, with Gamsberg's annual production up 39% YoY to 185 kt.
Management forward view
Strong Operational Execution
PositiveFY26 was a year of strong execution for Vedanta, with record operational performance across the portfolio.
Positioning for Next Phase of Growth
PositiveThe quarter marks a defining point for Vedanta, with the demerger effective from May 1, 2026, positioning the company for its next phase of growth.
Strengthened Balance Sheet
PositiveThe balance sheet strengthened further with Net Debt to EBITDA improving to 0.95x, and credit ratings reaffirmed.
Commitment to Shareholder Returns
PositiveContinued to reward shareholders, paying a dividend of ₹34/share and delivering a Total Shareholder Return (TSR) of 48.6% in FY26.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt/EBITDA | 0.95x (Q4 FY26) | Post-demerger leverage ratios across the newly formed entities and adherence to debt servicing discipline. |
| Alumina Production Run Rate | 2,916 kt (FY26 annual production), 4 MTPA (exit run rate) | Sustained ramp-up to 4 MTPA and progress on the Lanjigarh expansion to 5 MTPA. |
| Gamsberg Phase 2 Commissioning | 93.6% project progress | Successful commissioning and production ramp-up in Q2 FY27 as targeted. |
| FY27 Growth Capex Execution | ₹14,918 crore (FY26) | Execution of the guided ₹17,000 – ₹19,000 crore capex for FY27, focusing on volume expansion and cost compression projects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 67th percentile within Metals. Main check: balance sheet trust is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
74 docs text-extracted · 16 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Metals: 67th pctile, median 70 · Large: 51st pctile, median 73
Evidence depth
Financial-only
74 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
55
watch · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 16%.
- ▸12 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.46.
- ▸Promoter holding fell 1.7%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Vedanta Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 18 Sep - ICRA reaffirmed Vedanta’s NCD and long-term ratings at AA+/Stable; short-term rating at A1+.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 18 Sep - CRISIL reaffirmed Vedanta’s AA+/Stable and A1+ ratings for debentures and debt.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.