Financials Vedanta Limited

Equities

VEDL

INE205A01025

Diversified Mining

Market Closed - NSE India S.E. Other stock markets 11:49:47 12/12/2025 GMT			5-day change	1st Jan Change
543.60 ^INR	+2.75%		+3.64%	+22.31%

12-11	Vedanta declared as successful bidder in respect of Genjana nickel, chromium and PGE block	RE
11-20	Elpro International Limited acquired an unknown minority stake in Vedanta Limited for INR 76.2 million.	CI

Projected Income Statement: Vedanta Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	868,630	1,327,320	1,473,080	1,437,270	1,529,680	1,623,913	1,775,197	1,871,375
Change	-	52.81%	10.98%	-2.43%	6.43%	6.16%	9.32%	5.42%
EBITDA ¹	273,180	448,240	344,220	351,980	423,440	500,837	572,564	597,965
Change	-	64.08%	-23.21%	2.25%	20.3%	18.28%	14.32%	4.44%
EBIT ¹	196,800	359,290	238,670	244,750	312,480	383,416	452,204	460,877
Change	-	82.57%	-33.57%	2.55%	27.67%	22.7%	17.94%	1.92%
Interest Paid ¹	-52,100	-47,970	-62,250	-94,650	-99,140	-90,883	-91,168	-92,346
Earnings before Tax (EBT) ¹	172,130	329,640	202,760	203,630	268,770	318,880	385,393	422,038
Change	-	91.51%	-38.49%	0.43%	31.99%	18.64%	20.86%	9.51%
Net income ¹	116,020	188,020	105,740	42,390	149,880	172,806	213,963	231,019
Change	-	62.06%	-43.76%	-59.91%	253.57%	15.3%	23.82%	7.97%
Announcement Date	13/05/21	28/04/22	12/05/23	25/04/24	30/04/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	156,870	208,040	224,980	278,740	281,050	300,480	336,970	398,220	386,220	366,540	348,180	379,300	337,330	389,450	355,410	355,090	357,640	376,340	391,150	404,550	378,240	382,290	419,600	444,100
Change	-	32.62%	8.14%	23.9%	0.83%	6.91%	12.14%	18.18%	-3.01%	-5.1%	-5.01%	8.94%	-11.07%	15.45%	-8.74%	-0.09%	0.72%	5.23%	3.94%	3.43%	-6.5%	1.07%	9.76%	5.84%
EBITDA ¹	39,930	65,310	76,950	90,370	98,710	103,630	109,380	136,330	101,970	76,990	70,670	94,590	64,200	114,790	85,310	87,680	99,450	98,280	111,040	114,670	99,180	111,993	124,400	143,300
Change	-	63.56%	17.82%	17.44%	9.23%	4.98%	5.55%	24.64%	-25.2%	-24.5%	-8.21%	33.85%	-32.13%	78.8%	-25.68%	2.78%	13.42%	-1.18%	12.98%	3.27%	-13.51%	12.92%	11.08%	15.19%
EBIT ¹	22,600	45,930	57,830	69,820	77,470	82,450	84,680	112,540	77,330	50,750	43,470	-	38,700	88,370	-	60,250	72,140	71,320	84,230	84,790	70,940	-	-	-
Change	-	103.23%	25.91%	20.73%	10.96%	6.43%	2.7%	32.9%	-31.29%	-34.37%	-14.34%	-	-	128.35%	-	-	19.73%	-1.14%	18.1%	0.66%	-16.33%	-	-	-
Charge d'intérêts ¹	-12,520	-13,120	-13,210	-13,250	-11,820	-10,660	-12,160	-13,330	-12,060	-16,420	-15,720	-18,050	-21,100	-25,230	-24,170	-24,150	-22,220	-26,670	-24,420	-25,830	-20,260	-23,500	-24,800	-28,000
Earnings before Tax (EBT) ¹	-	40,130	54,100	57,430	71,700	78,060	77,920	101,960	72,600	43,640	43,940	42,580	40,860	81,770	41,050	39,930	59,260	76,330	66,610	66,570	60,530	66,347	77,200	92,800
Change	-	-	34.81%	6.16%	24.85%	8.87%	-0.18%	30.85%	-28.8%	-39.89%	0.69%	-3.1%	-4.04%	100.12%	-49.8%	-2.73%	48.41%	28.81%	-12.73%	-0.06%	-9.07%	9.61%	16.36%	20.21%
Net income ¹	10,330	8,240	32,990	64,320	42,240	46,150	41,640	57,990	44,210	18,080	24,640	18,810	26,400	-17,830	20,130	13,690	36,060	43,520	35,470	34,830	31,850	36,460	41,800	55,800
Change	-	-20.23%	300.36%	94.97%	-34.33%	9.26%	-9.77%	39.27%	-23.76%	-59.1%	36.28%	-23.66%	40.35%	-167.54%	212.9%	-31.99%	163.4%	20.69%	-18.5%	-1.8%	-8.56%	14.47%	14.65%	33.49%
Announcement Date	03/10/20	06/11/20	29/01/21	13/05/21	26/07/21	29/10/21	28/01/22	28/04/22	28/07/22	28/10/22	27/01/23	12/05/23	21/07/23	04/11/23	25/01/24	25/04/24	06/08/24	08/11/24	31/01/25	30/04/25	31/07/25	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Vedanta Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	250,480	208,510	447,380	575,620	673,460	646,602	603,638	512,888
Change	-	-16.76%	114.56%	28.66%	17%	-3.99%	-6.64%	-15.03%
Announcement Date	13/05/21	28/04/22	12/05/23	25/04/24	30/04/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Vedanta Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	68,860	106,300	137,870	167,520	170,050	175,929	180,411	173,294
Change	-	54.37%	29.7%	21.51%	1.51%	3.46%	2.55%	-3.94%
Free Cash Flow (FCF) ¹	170,940	243,330	192,780	189,020	225,570	236,269	279,040	314,022
Change	-	42.35%	-20.77%	-1.95%	19.34%	4.74%	18.1%	12.54%
Announcement Date	13/05/21	28/04/22	12/05/23	25/04/24	30/04/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Vedanta Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	31.45%	33.77%	23.37%	24.49%	27.68%	30.84%	32.25%	31.95%
EBIT Margin (%)	22.66%	27.07%	16.2%	17.03%	20.43%	23.61%	25.47%	24.63%
EBT Margin (%)	19.82%	24.84%	13.76%	14.17%	17.57%	19.64%	21.71%	22.55%
Net margin (%)	13.36%	14.17%	7.18%	2.95%	9.8%	10.64%	12.05%	12.34%
FCF margin (%)	19.68%	18.33%	13.09%	13.15%	14.75%	14.55%	15.72%	16.78%
FCF / Net Income (%)	147.34%	129.42%	182.32%	445.91%	150.5%	136.72%	130.42%	135.93%
Profitability
ROA	6.28%	9.78%	5.36%	2.2%	7.61%	11.61%	12.75%	12.65%
ROE	19.85%	29.46%	20.18%	12.09%	41.67%	39.86%	42.62%	40.48%
Financial Health
Leverage (Debt/EBITDA)	0.92x	0.47x	1.3x	1.64x	1.59x	1.29x	1.05x	0.86x
Debt / Free cash flow	1.47x	0.86x	2.32x	3.05x	2.99x	2.74x	2.16x	1.63x
Capital Intensity
CAPEX / Current Assets (%)	7.93%	8.01%	9.36%	11.66%	11.12%	10.83%	10.16%	9.26%
CAPEX / EBITDA (%)	25.21%	23.71%	40.05%	47.59%	40.16%	35.13%	31.51%	28.98%
CAPEX / FCF (%)	40.28%	43.69%	71.52%	88.63%	75.39%	74.46%	64.65%	55.19%
Items per share
Cash flow per share ¹	64.73	93.68	88.88	95.84	102	104.8	123.9	132.5
Change	-	44.72%	-5.12%	7.83%	6.44%	2.73%	18.24%	6.93%
Dividend per Share ¹	9.5	45	101.5	29.5	43.5	34.03	34.62	33.29
Change	-	373.68%	125.56%	-70.94%	47.46%	-21.76%	1.71%	-3.83%
Book Value Per Share ¹	167.4	175.8	106	82.59	110.8	117.7	149.7	168.7
Change	-	4.99%	-39.7%	-22.07%	34.14%	6.22%	27.22%	12.66%
EPS ¹	31.32	50.38	28.32	11.33	38.65	45.25	54.75	59.16
Change	-	60.86%	-43.79%	-59.99%	241.13%	17.07%	21%	8.05%
Nbr of stocks (in thousands)	3,703,804	3,705,006	3,708,850	3,713,194	3,902,820	3,905,603	3,905,603	3,905,603
Announcement Date	13/05/21	28/04/22	12/05/23	25/04/24	30/04/25	-	-	-