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Diversified Indian metals and mining conglomerate producing zinc, aluminium, oil & gas, iron ore and power, controlled by the Agarwal family.
Diversified Indian metals and mining conglomerate producing zinc, aluminium, oil & gas, iron ore and power, controlled by the Agarwal family.
Earns from zinc, lead and silver through Hindustan Zinc, which it controls, plus aluminium, oil and gas from the Rajasthan block, iron ore and power, at prices set largely by global commodity markets. Its parent, Vedanta Resources, has carried heavy debt, so the group has relied on dividends passed up from subsidiaries and has planned a demerger into separate listed companies.
In one line: India's Freeport-McMoRan and Rio Tinto combined.
Moat: narrow (scale, installed base). Large, low-cost domestic mining/smelting assets across multiple commodities, but leveraged as a diversified conglomerate.
Headquarters: Mumbai, India · Founded: 1976 · Employees: 108,905
Size Vedanta (VEDL.NS) is an India Materials company (Aluminum) with a market value of $10.8B, the 115th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹261.75 on 6 Nov 2026.
Performance Over six months the shares fell 14.3%, against -27.7% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 17 in its peer set.
Growth Revenue fell 37.3% over the last twelve months (peer median +14.6%); the operating margin is 28.0% (peer median 15.2%).
Valuation It trades at 6.0× forward earnings against a peer median of 7.3× (5th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 30.7 points above its cost of capital (11.8% WACC).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹985B | ₹753B | ₹635B | ₹1.45T | ₹1.49T |
| Revenue growth | — | +18% | -56% | -2% | — |
| Gross profit | ₹517B | ₹253B | ₹261B | ₹388B | ₹369B |
| EBITDA | ₹329B | ₹204B | ₹199B | ₹382B | ₹371B |
| Net income | ₹215B | ₹174B | ₹150B | ₹42.4B | ₹106B |
| Free cash flow | n/a | ₹157B | ₹132B | ₹108B | ₹154B |
| Capital expenditure | n/a | ₹209B | ₹170B | ₹168B | ₹138B |
| Total debt | ₹353B | ₹329B | ₹915B | ₹877B | ₹803B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Vedanta VEDL.NS | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% |
| Hindalco Industries HINDALCO.NS | $22.7B | -9% | +20% | 11% | 8.6× | n/a |
| Hindustan Zinc HINDZINC.NS | $25.4B | -11% | +57% | 51% | 11.8× | 1.4% |
| National Aluminium NATIONALUM.NS | $6.33B | -19% | +14% | 43% | 8.3× | -4.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VEDL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.1% | -6.7% | 3rd highest of 18 |
| 6-month return | -14.3% | -27.7% | 2nd highest of 17 |
| Distance from 52-week high | -27.3% | -43.2% | 5th highest of 18 |
| Revenue growth (TTM) | -37.3% | +14.6% | lowest of 17 |
| Operating margin | 28.0% | 15.2% | 4th highest of 17 |
| Forward P/E | 6.0× | 7.3× | 5th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -9.5% | -6.2% | 7th least demanding of 15 |
| Growth delivered (Del g) | -3.1% | +11.1% | lowest of 15 |
| Hurdle (Req g minus delivered) | -6.5 pp | -17.1 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | +30.7 pp | +9.7 pp | 3rd highest of 18 |
| EV / EBITDA | 3.8× | 5.0× | cheapest of 9 |
| Net debt / EBITDA | 0.3× | 0.4× | 5th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vedanta VEDL.NS | India | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% | -3.1% |
| Alcoa AA | United States | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% | +7.1% |
| Guangdong HEC Technology 600673.SS | China | $10.4B | -35% | +30% | 6% | 51.0× | n/a | n/a |
| Inner Mongolia Dian Tou Energy 002128.SZ | China | $12.1B | -16% | +47% | 34% | 9.3× | -15.4% | +8.5% |
| Yunnan Aluminium 000807.SZ | China | $12.8B | -23% | +16% | 26% | 5.8× | -16.1% | +15.2% |
| Henan Shenhuo Coal Industary and Electricity Power 000933.SZ | China | $8.45B | -21% | +17% | 26% | 6.2× | -16.2% | +17.0% |
| Tianshan Aluminum 002532.SZ | China | $8.36B | -28% | +17% | 31% | 6.4× | -13.0% | +1.4% |
| Norsk Hydro NHY.OL | Norway | $14.4B | -34% | -4% | 10% | 8.3× | 0.4% | +12.7% |
| Shandong Nanshan Aluminium 600219.SS | China | $7.53B | -19% | +4% | 13% | 10.7× | -5.7% | +9.4% |
| Vedanta Aluminium Metal VAML.NS | India | $15.6B | n/a | n/a | n/a | 6.7× | n/a | n/a |
| National Aluminium NATIONALUM.NS | India | $6.33B | -19% | +14% | 43% | 8.3× | -4.2% | +14.7% |
| Chinahongqiao 1378.HK | Hong Kong | $25.5B | -36% | +7% | 25% | 5.0× | -12.8% | +12.7% |
| United Company RUSAL international PJSC 0486.HK | Hong Kong | $4.26B | -34% | -4% | 6% | n/a | n/a | n/a |
| Henan Zhongfu Industrial 600595.SS | China | $3.36B | -28% | +24% | 16% | 5.7× | -10.2% | +23.3% |
| Century Aluminum CENX | United States | $3.31B | -43% | +10% | 15% | 3.2× | 9.9% | +9.5% |
| Grupa Kety KTY.WA | Poland | $3.15B | +11% | +8% | 15% | 16.9× | 6.6% | +9.2% |
| Constellium CSTM | United States | $2.93B | -36% | +26% | 9% | 8.3× | -6.8% | +8.7% |
| Henan Mingtai Aluminum Industrial 601677.SS | China | $2.70B | -17% | +19% | 6% | 7.2× | -2.7% | +16.6% |