Motilal Oswal's research report on Vedanta
Vedanta Limited (VEDL) reported a consolidated revenue of INR467b (+19% YoY and +17% QoQ) against our est. of INR435b, driven by higher LME, better volume, and forex gains in 3QFY26. Consolidated EBITDA stood at INR152b (+37% YoY and +33% QoQ), against our est. of INR143b, driven by lower costs and favorable LME. EBITDA margin for 3QFY26 stood at 32.5% compared to 28.6% in 2QFY26 and 28.4% in 3QFY25.
Outlook
The stock currently trades at 7x EV/EBITDA and 4.4x P/BV on the FY27 estimate. We reiterate our Neutral rating on the stock with a SoTP-based TP of INR810.
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