Overview
- Vedanta reported Q2 profit after tax before exceptional items of Rs 5,026 crore and EBITDA of Rs 11,612 crore with a 34% margin, broadly meeting expectations.
- Citi raised FY26–28 EBITDA estimates by up to 16% and lifted its target price to Rs 585, citing higher zinc, aluminium and silver assumptions and projecting aluminium near USD 3,500 in 2027.
- Nuvama expects about a 20% sequential jump in Q3 FY26 EBITDA, raised FY27 EBITDA to Rs 63,450 crore, and guides to an NCLT nod in Q3 FY26 that could allow the demerger to complete by end-Q4 FY26.
- Investec highlighted progress on Vedanta Resources’ refinancing and noted Rs 23 per share already declared in H1 FY26, with brokers projecting additional H2 payouts in the roughly Rs 10–20 per share range.
- ICICI Securities underscored aluminium-led earnings strength and cost gains from backward integration, while coverage also noted a $500 million bond issue to refinance near-term debt and broker caution around the Jaiprakash Associates bid.