Motilal Oswal's research report on Vedanta
Vedanta (VEDL) reported a consolidated revenue of INR399b (+6% YoY and +5% QoQ) against our est. of INR371b, driven by higher LME, improved premiums, and forex gains in 2QFY26. Consolidated EBITDA stood at INR114b (+16% YoY and +15% QoQ) against our est. of INR96b, driven by higher premiums and forex gains, partially offset by higher costs and lower volumes. EBITDA margin for 2QFY26 stood at 28.6% compared to 26.2% in 1QFY26 and 26.1% in 2QFY25.
Outlook
The stock currently trades at 5.7x EV/EBITDA and 3.4x P/BV on the FY27 estimate. We reiterate our Neutral rating on the stock with a SoTP-based TP of INR550.
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