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Swing Capital

Vedanta Ltd

NSE: VEDL BSE: 500295Metal

Vedanta Ltd is a diversified natural resource group engaged in exploring, extracting and processing minerals and oil & gas. The group engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore and oil & gas. It has presence across India, South Africa, Namibia, Ireland, Liberia & UAE. Its other businesses includes commercial power generation, steel manufacturing & port operations in India and manufacturing of glass substrate in South Korea and Taiwan.[1]

₹327
52W: ₹152 — ₹341
PE 70.4 · Book ₹200 · +64% vs book
Market Cap₹1,27,831 Cr
Stock P/E70.4Price to Earnings
ROCE2.74%Return on Capital
ROE2.37%Return on Equity
Div. Yield13.4%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company has been maintaining a healthy dividend payout of 120%

Weaknesses

  • −The company has delivered a poor sales growth of -8.32% over past five years.
  • −Tax rate seems low
  • −Company has a low return on equity of 10.1% over last 3 years.
  • −Earnings include an other income of Rs.19,156 Cr.
  • −Promoter holding has decreased over last 3 years: -11.7%
  • −Working capital days have increased from 76.7 days to 495 days

Shareholding Pattern

Promoters56.38%
FIIs13.93%
DIIs13.43%
Public16.05%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters59.31%56.38%▼2.956.38%56.38%56.38%56.38%56.38%56.38%
FIIs10.23%11.45%▲1.212.02%▲0.611.15%▼0.910.6%▼0.611.08%▲0.512.15%▲1.113.93%▲1.8
DIIs14.78%16.29%▲1.515.49%▼0.816.38%▲0.916.47%▲0.116.25%▼0.215.31%▼0.913.43%▼1.9
Public15.41%15.64%▲0.215.92%▲0.315.89%▼0.016.35%▲0.516.09%▼0.316.05%▼0.016.05%

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales17,83317,78116,71518,2884,3624,91018,8295,2196,6167,691
Expenses14,65414,45812,95114,5644,4984,97315,3745,4336,5907,729
Operating Profit3,1793,3233,7643,724-136-633,455-21426-38
OPM %18%19%23%20%-3%-1%18%-4%0%0%
Net Profit3,0841094,18310,5531,7831,4095,7422,1952,9076,882
EPS ₹8.30.2911.2526.994.563.614.685.617.4317.6

AI Insights

Revenue Trend

Mar 2026 revenue at ₹24,252Cr, down 67.4% YoY. OPM at -1%.

Debt Position

Borrowings at ₹10,656Cr. Debt-to-equity ratio: 0.14x. Healthy balance sheet.

Capex Cycle

CWIP at ₹150Cr (16% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 13.43% (+3.45pp change). FIIs: 13.93% (+6.45pp change). Promoters hold 56.38%.

Margin & Efficiency

ROCE declining from 8% (Mar 2015) to 3% (Mar 2026). Working capital days: 495.

Valuation

PE 70.4x with 2.74% ROCE. Price is 64% above book value of ₹200. Dividend yield: 13.4%.

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