Vedanta Ltd — FY25 Financial Performance & Strategic Positioning

FY25 / Q4 FY25 Financial Highlights • Revenue from operations for FY25 rose ~10% year-on-year to about ₹1,50,725 crore, the highest ever. • Q4 revenue was ₹39,789 crore, up ~14% YoY. • Annual EBITDA stood at ~₹43,541 crore, up ~37% YoY. • Q4 EBITDA was ~₹11,618 crore, up ~30% YoY, with EBITDA margin in Q4 ~35% (versus ~30% YoY). Profitability & Debt Metrics • Full-year profit after tax (PAT) soared ~172% YoY to ~₹20,535 crore in FY25. • Q4 PAT was ~₹4,961 crore, up ~118% YoY. • Net debt as of end FY25 was ~₹53,251 crore. Net debt / EBITDA ratio improved to ~1.2× (from ~1.5×). • Free cash flow (pre-capital expenditure) in Q4 was ~₹7,814 crore. Cash and cash equivalents rose ~34% YoY to ~₹20,602 crore. Operational & Segment Strengths • Record production for aluminium: ~2,422 kt; Zinc India production also reached new highs. • Capital expenditure for FY25 was ~₹12,626 crore, focused on volume expansion and improving supply chain integration. Outlook & Risks • Strengths include improved margins, disciplined cost control, reducing leverage, credible free cash flow generation, and leadership in metal production. • Risks include commodity price volatility (metals, energy), input cost inflation, foreign exchange impact, global demand fluctuations, and regulatory/environmental risks associated with mining and metals. • Also, how the proposed demerger or restructuring (if carried out) will affect value unlock, business focus, and financial metrics will be important to watch.