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Revenue from operations in the reporting period increased 57% YoY to Rs 26,356 crore.
The company's EBITDA more than doubled to Rs 9,938 crore from Rs 4,817 crore, registering a 106% increase. On a sequential basis, profit rose 17% from Rs 5,294 crore in the June quarter, while revenue increased 10% from Rs 23,456 crore. EBITDA grew 17% from Rs 8,469 crore.
The company's EBITDA margin, excluding its copper business, improved to 60% from 49% a year earlier, an expansion of 1,055 basis points. The margin also increased 293 basis points sequentially.
The financial comparisons relate to continuing operations following Vedanta's demerger, which became effective on May 1, 2026.
Vedanta attributed its strong quarterly performance to higher commodity prices, favourable foreign exchange movements and increased production across key businesses.
Finance costs declined 9% to Rs 696 crore from Rs 761 crore, while investment income increased 44% to Rs 495 crore. Depreciation and amortisation expenses rose 19% to Rs 1,339 crore, largely due to higher ore production at Hindustan Zinc. The company reported a tax expense of Rs 2,188 crore, compared with Rs 736 crore a year earlier.
Zinc India business
Vedanta's Zinc India business emerged as a major contributor to the quarterly earnings growth. The segment's revenue increased 76% YoY to Rs 14,525 crore from Rs 8,235 crore, while EBITDA more than doubled to Rs 9,243 crore from Rs 4,434 crore.
Mined metal production reached a record 2,71,000 tonnes, up 5% YoY, while refined metal production increased 7% to 264,000 tonnes.
Silver production
The company also reported a substantial reduction in zinc production costs. The cost of production, excluding royalty, fell 29% YoY to $703 per tonne from $994 per tonne.
Higher zinc and silver prices further supported profitability. The average zinc price increased 35% YoY, while silver prices rose 59%.
Zinc International, copper and FACOR performance
Vedanta's Zinc International business reported a 40% increase in revenue to Rs 1,730 crore, while EBITDA rose 47% to Rs 550 crore.
The company commissioned the second phase of its Gamsberg project in South Africa during the September quarter, adding 200,000 tonnes of annual metal-in-concentrate capacity and increasing Zinc International's total capacity to 500,000 tonnes.
Its copper business reported a 41% increase in revenue to Rs 9,280 crore, while EBITDA stood at Rs 80 crore, compared with a loss of Rs 13 crore a year earlier.
Copper India sales increased 16% to 52,000 tonnes. However, international copper sales declined 74%, affected by supply-chain disruptions linked to the closure of the Strait of Hormuz.
FACOR reported a 49% rise in revenue to Rs 320 crore, supported by higher ferrochrome production and improved realisations.
Vedanta reported a sharp improvement in its balance sheet, with consolidated net debt declining by Rs 4,624 crore during the quarter to Rs 3,675 crore from Rs 8,299 crore at the end of June.
The company's net debt-to-EBITDA ratio improved to 0.1 times from 0.3 times in the previous quarter. Gross debt stood at Rs 30,297 crore as of September 30, while cash and cash equivalents increased to Rs 26,622 crore from Rs 19,992 crore in June.
Vedanta generated free cash flow before capital expenditure of Rs 5,803 crore during the quarter, compared with Rs 4,412 crore in the preceding quarter.
The company invested Rs 1,135 crore in growth projects during the September quarter. "Strong cash generation of Rs 5,803 crore during the quarter enabled us to reduce net debt by Rs 4,624 crore to Rs 3,675 crore," said Ajay Goel, Group CFO of Vedanta.
He added that the company's businesses across Hindustan Zinc, Zinc International, FACOR, Copper and Ports provide opportunities for further growth.
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