Overview
- Vedanta reported profit after tax before exceptional items of Rs 5,026 crore and Q2 EBITDA of Rs 11,612 crore, with margins expanding to 34% and performance broadly matching street estimates.
- Brokerages including Citi, Investec, ICICI Securities, CLSA and Nuvama reiterated bullish calls and raised targets, with Nuvama projecting about 20% sequential EBITDA growth in Q3 FY26.
- Citi lifted FY26–28 EBITDA forecasts by up to roughly 16% and now models 2027 aluminium at USD 3,500 a tonne, citing energy-transition demand, AI-linked uses and supportive monetary conditions.
- Vedanta raised $500 million via bonds to address near-term debt, while analysts noted continued refinancing progress at parent Vedanta Resources that supports balance-sheet stability.
- Shareholder returns drew higher estimates after Rs 23 per share paid in H1, with brokers flagging further FY26 payouts, ongoing demerger progress targeted by late FY26, mixed project execution, and a pending NCLT decision on the Jaiprakash Associates power assets that could weigh near term.