AI-generated · cited to primary sources · not investment advice
Vedanta (500295) Nov 2025 Filing Analysis
Does management do what it says?
The timeline for reaching the 3.2 MTPA capacity at ESL Steel has been shifted to FY27, though a further expansion to 3.5 MTPA is now guided for FY28. (1 revised, 1 in progress, 2 exceeded, 1 missed across 5 tracked commitments)
“let me reiterate that we are on the track for full-year guidance with H2 hot metal cost being sub $1,650.”
Both the BALCO smelter and Lanjigarh Train II achieved first production/commissioning milestones in October 2025 (start of Q3), effectively meeting the H1/early Q3 window. (3 met, 1 missed, 1 revised across 5 tracked commitments)
“are well on track to achieve our enhanced full-year capital guidance of between USD $1.7 to $1.9 billion.”
Management is on track to exceed the $6 billion target, with Q3 recording a record EBITDA of Rs.15,171 crores and Q4 expected to surpass Q3 levels. (1 in progress across 1 tracked commitment)
“we are confident in achieving an annual EBITDA of more than $6 billion in FY '26 at Vedanta India consol level, surpassing previous records”
Management has slightly extended the target timeline to September/October 2025 due to ongoing NCLT and NCLAT hearings, though they remain confident in the previously shared timelines. (2 revised across 2 tracked commitments)
“We remain confident of completing our demerger by end of this fiscal, unlocking focused value across our five verticals.”
Vedanta Resources (parent company) targets reducing its debt to $3 billion over the next two years. — target: $3 billion (+2 more commitments)
“We also have publicly committed that from current $4.4 billion will go down to $3 billion over next two years.”
See the full cited Management analysis of Vedanta
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