BSE Metal Sector Regulatory Filings — May 05, 2026

FY26 revenue +8% YoY to INR 1.55 lakh Cr outperforming BSE METAL avg +4%, driven by 12% zinc volume growth

EBITDA margin stable at 25% QoQ (vs sector compression -50 bps), ROE steady at 15% reflecting operational resilience

Proposed final dividend Rs 20/share, +11% YoY, yield ~1.5% with payout ratio 25% indicating shareholder focus

Debt-to-Equity improved to 0.6x from 0.7x YoY, lowest in 3 years amid deleveraging

Q4 aluminium production +3% YoY to 5.5 lakh tonnes despite price dip, capacity utilization 95%

FY27 guidance: 10% production growth across zinc/aluminium, capex $2 Bn focused on expansion

No insider selling in Q4; promoter holding stable at 69.6% signaling management conviction

Transcript highlights cost savings of INR 1,200 Cr YoY via supply chain optimization

Q4 revenue -5% YoY to INR 38,500 Cr due to 8% aluminium price fall, underperforming peers +1%

Power segment EBITDA -15% YoY on regulatory tariff cuts, dragging overall margins

Oil & Gas volumes flat QoQ amid field maturity, capex reallocation to metals

Zinc margins compressed 80 bps QoQ to 32% on higher energy costs

Q4 revenue -5% YoY (INR 38,500 Cr), 3rd consecutive quarter of softening amid metal price volatility

Zinc EBITDA margin -80 bps QoQ to 32%, energy costs up 12% YoY

Consolidated opex +7% YoY driven by raw material inflation, eroding FY26 gains

No upward revision to FY27 revenue targets despite volumes; assumes stable LME prices

Absolute debt at INR 65,000 Cr, interest coverage 3.5x down from 4.2x YoY

Power EBITDA -15% YoY on tariff pressures, 20% of FY26 revenue at risk

Production flat QoQ at 1.2 lakh boe/d, reserves replacement ratio <80%

Ongoing pledging of 15% promoter shares (value ~INR 12,000 Cr), liquidity watch

Deep dive into Q4/FY26 call reveals 10% FY27 volume guidance, undervalued at 6x EV/EBITDA vs sector 8x

Rs 20/share final dividend (record date June 15, 2026), attractive 1.5% yield for income portfolios

D/E to 0.6x, frees $2 Bn capex for high-ROI metals expansion, ROE potential to 18%

+12% FY26 volumes, margins 32%; LME rebound could drive 20% EBITDA upside

INR 1,200 Cr YoY reductions scalable to FY27, margin expansion to 28% feasible

Utilization 95%, new capacity online H2 FY27 for 15% output growth

Trades at 0.8x book vs historical 1.2x, catalyst from guidance reaffirmation

Stable margins vs BSE METAL avg compression, relative strength play

June 2026 AGM to approve capex/dividend, watch for buyback hints

Potential divestment of non-core assets post-FY26, unlocking INR 5,000 Cr value

Vedanta's 25% EBITDA margin flat YoY vs BSE METAL peers' -50 bps avg compression, implies sector cost discipline amid price weakness

FY26 revenue +8% YoY from volumes (zinc +12%) offsetting price declines (-8% aluminium), theme for diversified miners

$2 Bn FY27 guidance (up 20% YoY) signals BSE METAL capex cycle restart post-2025 slowdown

+11% YoY payout amid stable cash flows, contrasting peers' cuts; favors income strategies in sector

D/E 0.6x improvement mirrors sector shift from 0.9x avg, reducing volatility risk

Q4 revenue softness tied to LME drops, watch Q1 FY27 for price rebound impact

Review website www.vedantalimited.com for detailed Q4/FY26 metrics, management commentary on metal prices [IMMEDIATE, May 5, 2026]

Approve FY26 dividends/capex, potential buyback announcement [June 2026]

Rs 20/share final dividend, trading opportunity pre-ex [June 15, 2026]

Test 10% production guidance, margin trajectory post-cost savings [July 2026]

Monitor promoter pledging (15%) and any sales post-results [Ongoing, next 30 days]

LME rebound to $2,800/mt could lift EBITDA 15%, vs current $2,500 [Weekly]

$2 Bn FY27 spend milestones, delays risk guidance cut [H2 2026]

Reserves update and production ramp, divestment rumors [Q2 2026]