Emkay Global Financial's research report on Vedanta
VED reported a steady Q4FY25 with EBITDA of Rs116.2bn (+4.5% vs Emkay; +3.0% QoQ); the performance was mainly led by sequentially better profitability in its Aluminium and Zinc India businesses. Net debt stood at Rs532.5bn in Q4, down 7.2% sequentially, mainly driven by strong cash generation. The focus during the earnings call was on projects, mine developments, and power segment expansion timelines, with most projects coming online by 1HFY26, with the demerger targeted for completion by Sep25.
Outlook
We reduce our earnings estimates by ~5% for FY26–27 and reiterate BUY while pruning our target price by 4.5% to Rs 525, down from Rs 550 earlier.
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