Buy Vedanta; target of Rs 416: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Vedanta

Vedanta’s 3QFY18 EBITDA increased on expected lines by 13% QoQ to INR67.6b, driven by higher zinc and oil prices, volume ramp-up at aluminum smelters, and improved plant availability at TSPL. Finance cost declined 5% QoQ to INR13b. Other income was impacted by hardening of yields. Tax rates were on higher side. Adjusted PAT increased 16% QoQ to INR22b, lower than our estimate.

Outlook

Buoyancy in oil prices is upside risk, while lower TcRc and cost pressure in aluminum pose downside risk to estimates. We raise our target price to INR416 (prior: 387) as we roll over to FY19E SOTP.For all recommendations report, click here

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