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Vedanta: Robust performance aided by higher aluminium and silver prices

ICICIdirect Research 30 Apr 2026 DISCLAIMER

Vedanta reported record performance amid rise in base metal prices.
On the consolidated basis, the total operating income stood at ₹52,851 crore (up 31% YoY) in Q4FY26.
Reported EBITDA stood at ₹18,447 crore, with corresponding EBITDA margins at 34.9%, up ~240 bps QoQ in the quarter. 
EBITDA/tonne for the Aluminium division was at ~$1,540/tonne, up by 22% QoQ, aided by higher aluminium price, which rose 13% QoQ to ~$3,200/ton in Q4FY26.
EBITDA Margins at Zinc India came in at ~57%, up 176 bps QoQ, supported by an increase in silver prices, which rose by 54% QoQ to ~$84/oz along with higher by-product sales includes sulfuric acid and residue recycling.
Following the demerger of five entities, Vedanta aluminium remains our top pick within the conglomerate, with an expected listing valuation of +₹400 per share.
The revised sum of the parts (SoTP) valuation for all resulting entities combined is estimated at ₹820 per share with Vedanta Ltd post its demerger ex-date settling at ₹280/share vs. our expectation of ₹300-325/share

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