Vedanta Share Price Today: Q2 FY26 Results, Demerger Timeline, Analyst Targets and Key Risks (10 December 2025)

Vedanta Limited’s stock is trading close to its 52‑week high, supported by strong Q2 FY26 earnings, progress on its long‑planned demerger, rating upgrades for its promoter company and a powerful rally in silver that benefits subsidiary Hindustan Zinc. At the same time, short‑seller allegations, high promoter leverage and regulatory scrutiny mean the stock sits in a high‑reward, high‑risk zone rather than in the “sleep‑well” basket.

Vedanta share price today (10 December 2025)

As of early afternoon on 10 December 2025, Vedanta Limited was trading around ₹528.4 on the NSE and ₹527.1 on the BSE, up roughly 2–2.5% for the day. The stock has moved between ₹516 and ₹531 intraday and remains very close to its 52‑week high of about ₹543, far above its 52‑week low near ₹363. ^[1]

At this price level, broker data indicate a market capitalisation of roughly ₹2.0 lakh crore, a trailing EPS of about ₹24 and a dividend yield in the 8–9% range, placing Vedanta among the highest‑yielding large‑cap names in India. ^[2]

Trading activity has been intense in recent sessions. Platforms tracking delivery and value data highlight high turnover, strong institutional participation and volumes well above longer‑term averages, with the stock repeatedly testing or hitting new 52‑week highs in the first week of December. ^[3]

How Vedanta stock has moved in 2025

From a longer‑term perspective, Vedanta has staged a strong comeback from its lows:

The stock is more than 40% above its 52‑week low around ₹362–363. ^[4]
As of 9 December 2025, GoodReturns data show the share was up over 15% year‑to‑date, trading close to its 52‑week high. ^[5]
A separate analysis of company slides by Investing.com notes a five‑year total shareholder return (TSR) of 424%, including dividends, with a cumulative dividend yield of about 84% over that period. ^[6]

This mix of capital gains plus heavy cash payouts explains why Vedanta consistently appears in lists of top dividend yield stocks, with SBI Securities’ Dividend Yield Monitor (as reported by The Economic Times) pegging its FY25 yield at around 8.8% when the stock was near ₹515. ^[7]

Q2 FY26 results: record EBITDA, softer net profit

Top line and profitability

Vedanta’s Q2 FY26 (quarter ended 30 September 2025) was a study in contrasts: record operating performance, but reported net profit under pressure.

Key consolidated numbers from company filings and broker compilations:

Total income: about ₹40,500 crore, up 4.3% QoQ and 3.9% YoY. ^[8]
Revenue: around ₹39,800 crore, up 5.9% YoY. ^[9]
EBITDA:₹11,612 crore, a 12% YoY increase, marking a record second‑quarter EBITDA for the company. ^[10]
EBITDA margin: improved to roughly 28–29% versus about 26% in the same quarter last year, reflecting better costs and pricing. ^[11]
Profit after tax (reported): about ₹3,479 crore, down 21.9% QoQ and 37.9% YoY. ^[12]
PAT before exceptional items: around ₹5,026 crore, up 13% YoY, showing that core operations are growing even as below‑the‑line items drag down reported profit. ^[13]
Net profit used in one independent analysis:₹1,798 crore, down 59% YoY, once a large exceptional loss is factored in versus a gain in the base period. ^[14]

On a per‑share basis, Kotak Securities’ result summary shows EPS of ₹4.56 for Q2 FY26, down sharply from ₹8.09 in Q1 FY26 and ₹11.18 in Q2 FY25, a 43.6% QoQ and 59.2% YoY decline. ^[15]

In other words: operating earnings are hitting records, but reported bottom‑line is lumpy because of exceptional items and higher finance costs.

Balance sheet and cash flows

The Q2 FY26 material paints a mixed, but improving, picture of leverage:

EBITDA‑level leverage: Net debt‑to‑EBITDA improved to about 1.37x, with Vedanta’s AA domestic credit rating reaffirmed. ^[16]
Return on capital employed (ROCE): rose to roughly 26%, up around 350 bps YoY, driven by higher EBITDA. ^[17]
Liquidity: cash and cash equivalents of about ₹21,481 crore. ^[18]
Dividend: the company declared a ₹16 per share dividend during the quarter, continuing its aggressive payout policy. ^[19]
Net debt movement: Investing.com’s summary of the Q2 slide deck notes that net debt rose by roughly ₹3,800 crore during the quarter, largely because of ₹6,256 crore of dividends and ₹6,772 crore of capex, partly offset by ₹8,940 crore of operating cash flow. ^[20]

At the promoter level, Vedanta Resources Limited (VRL) refinanced USD 550 million of bonds in Q2, cutting the average interest rate from 11.6% to about 10% and extending maturities to roughly 4.5 years. ^[21]

Segment performance: aluminium and zinc in focus

According to the Q2 FY26 slide deck and independent coverage: ^[22]

Aluminium
- Best‑ever quarterly and half‑yearly production.
- Alumina production: 653 kt, up 31% YoY and 11% QoQ.
- Cast metal aluminium: 617 kt, up 1% YoY and 2% QoQ.
- BALCO produced first metal from India’s largest 525 kA smelter, and Vedanta also achieved first alumina from Train II in its 3 MTPA Lanjigarh expansion.
Zinc (Hindustan Zinc)
- Highest‑ever second‑quarter and half‑yearly mined metal production: 258 kt and 523 kt, respectively.
- Cost of production for zinc fell to a five‑year low of about USD 994/MT, around 7% lower YoY.
- Hindustan Zinc entered major indices such as Nifty 100 and Nifty Next 50, underscoring its importance in India’s capital markets.

Management commentary in the slides suggests FY26 could be Vedanta’s “strongest year ever”, with group EBITDA guidance of over USD 6 billion and capex of USD 1.7–1.9 billion, focused on aluminium, zinc and oil & gas. ^[23]

Demerger and 1:5 split: what it could mean for shareholders

The other big structural story for Vedanta is its planned demerger into separate listed entities.

Structure of the demerger

Under the currently proposed revised scheme, Vedanta plans to separate into five listed companies: ^[24]

Vedanta Aluminium – aluminium business
Vedanta Oil & Gas – upstream and oil assets
Vedanta Power – power generation
Vedanta Iron & Steel – ferrous portfolio
Vedanta Limited – to hold Hindustan Zinc (zinc and silver) and act as an incubator for new verticals, including technology and base metals

According to GoodReturns’ summary of the scheme and broker notes:

For each existing share of Vedanta Limited, an eligible shareholder is expected to receive one share in each of the new entities (a demerger ratio commonly described as 1:5).
All of these entities are to be listed on both the NSE and BSE. ^[25]

An earlier version of the plan envisaged six verticals, including a separate base metals company. After feedback from the regulator, the base metals business has been retained within the new Vedanta Limited, simplifying the structure. ^[26]

Regulatory status and timeline

The demerger remains subject to regulatory and judicial approvals:

On 13 November 2025, the National Company Law Tribunal (NCLT) Mumbai Bench heard Vedanta’s application under Sections 230–232 of the Companies Act and reserved its order. ^[27]
During the hearing, the Ministry of Petroleum and Natural Gas (MoPNG) raised objections about potential financial risks post‑demerger, alleged misrepresentation of hydrocarbon assets and insufficient disclosure of liabilities, including how exploration blocks were presented and how loans were raised on those assets. ^[28]
Vedanta’s counsel argued that the company has complied with all requirements and noted that SEBI has cleared the revised demerger plan after earlier queries on disclosure and compliance. ^[29]

Separately, GoodReturns reports that Chairman Anil Agarwal has pushed the effective date for the demerger to March 2026, after previously extending it to 30 September 2025 because of pending approvals. ^[30]

Brokerage Nuvama Institutional Equities expects: ^[31]

NCLT approval in December 2025,
completion of the demerger by end‑FY26,
and believes the demerger could add about ₹84 per share to Vedanta’s fair value, taking it to ₹686 per share on a sum‑of‑the‑parts basis once executed.

Silver rally, Hindustan Zinc and the hidden kicker in Vedanta

One of the more interesting pieces of the Vedanta story right now is silver.

A GoodReturns article, citing research from Emkay Global, argues that the market is undervaluing Hindustan Zinc’s silver exposure, and by extension, Vedanta’s. ^[32]

Key points from that analysis:

Silver prices in India recently hit around ₹1,53,000 per kg, up about 20% in September alone and 63–65% year‑to‑date, significantly outperforming gold. ^[33]
Globally, silver is said to be in a structural supply–demand deficit, with annual demand estimated at ~1.1 billion ounces versus supply of ~1.0 billion ounces, supported by industrial and green‑energy uses plus a weaker dollar. ^[34]
Hindustan Zinc (HZL), in which Vedanta holds a large stake, gets an estimated 20–25% of its revenue from silver, but a much larger 35–40% of its EBITDA from the metal because silver is largely a by‑product of zinc and incremental revenue drops almost straight to the operating line. ^[35]
Emkay’s calculations suggest that each USD 1/oz move in silver prices swings HZL’s EBITDA by about 1%, with about 88% of silver revenue effectively passed through to EBITDA. ^[36]

With HZL having generated ₹174 billion of EBITDA at a 53% margin in FY25, Emkay projects EBITDA of ₹220 billion with a 57% margin by FY27, assuming current zinc and silver prices persist. They estimate that HZL contributes around 40% of Vedanta’s EBITDA, and therefore maintain a BUY rating on Vedanta with a target price of ₹525. ^[37]

This silver‑linked optionality is one reason metal names such as Hindustan Zinc and Vedanta have rallied on days when silver makes new records, especially when combined with expectations of US Federal Reserve rate cuts that tend to support precious metals. ^[38]

Ratings upgrades vs short‑seller allegations

Few Indian stocks sit at the intersection of high dividend yield, multi‑billion‑dollar capex plans and global short‑seller scrutiny the way Vedanta does.

Rating agencies turn more positive

On 9 December 2025, GoodReturns reported that both Moody’s and S&P Global have revised their credit outlook on Vedanta Resources (the London‑based promoter) to “Positive” while affirming existing ratings. ^[39]

Moody’s
- Affirmed a B1 Corporate Family Rating and B2 senior unsecured bond rating.
- Cited stronger earnings and cash flow driven by higher production, favourable commodity prices and deeper integration in aluminium.
- Highlighted a meaningful improvement in EBIT/interest coverage thanks to liability management and debt refinancing that brought funding costs below 10% in FY26, from about 13% the year before. ^[40]
S&P Global
- Affirmed ‘B+’ foreign and local currency issuer ratings on Vedanta Resources.
- Flagged cost‑reduction initiatives, better product prices and new aluminium capacity ramp‑up as drivers of improved earnings and cash flows. ^[41]

Broker notes summarised in the same report add that:

Nuvama Institutional Equities maintains a BUY on Vedanta with a target price of ₹686, emphasising the company’s focus on the “3Ds” – demerger, delivery and deleveraging. ^[42]
Geojit Financial Services also reiterates BUY with a target of ₹568, valuing Vedanta at about 5.4x FY27E EV/EBITDA, and citing robust Q2 performance and the “Vedanta 2.0” transformation aimed at critical minerals and energy‑transition opportunities. ^[43]

Viceroy Research’s short call

On the other side of the debate sits US‑based short‑seller Viceroy Research.

On 9 July 2025, Viceroy released a highly critical report on Vedanta Resources and its Indian listed subsidiaries. In response, Vedanta’s share price fell nearly 8% intraday, with Hindustan Zinc also sliding, as covered by Republic World. ^[44]

Key allegations from that report, as summarised in public coverage: ^[45]

Viceroy claimed Vedanta Resources behaves like a “parasite” holding company, dependent on cash “extracted” from Vedanta Limited through dividends and fees, and described the structure as resembling a “Ponzi scheme”.
The report highlighted standalone net debt of about USD 4.9 billion at Vedanta Resources (as of March 2025), arguing that effective interest costs had jumped from 6.4% to 15.8% despite reported reductions in gross debt.
It accused the group of capitalising operating expenses to inflate profits and asset values, and questioned the sustainability of high dividends paid by Vedanta Limited to its indebted parent.
Hindustan Zinc was described as a “legal and financial minefield”, allegedly entangled in contract breaches, regulatory issues and related‑party transactions designed to extract value at the expense of minority shareholders.

Subsequent commentary from Viceroy after the Q2 FY26 results argued that, despite headline EBITDA strength, their core thesis on leverage and free cash flow had not changed, pointing to rising net debt at group level and heavy reliance on dividends to service promoter obligations. ^[46]

It’s worth stressing that these are allegations by an interested short‑seller, not established findings by regulators or courts. Still, they remain a live overhang for investor sentiment, especially when combined with MoPNG’s concerns over disclosures in the demerger scheme. ^[47]

Analyst targets and consensus on Vedanta stock

GoodReturns’ December roundup of broker views provides a snapshot of Street sentiment: ^[48]

Consensus rating: Overall BUY from 13 analysts, including 7 “Strong Buy” and 2 “Buy” recommendations.
Average target price: about ₹563.5 per share, implying roughly 7%–10% upside from current levels near ₹528.
Key broker targets:
- Nuvama Institutional Equities:₹686, anchored on successful execution of demerger, delivery of ongoing projects and deleveraging at both Vedanta and its parent.
- Geojit Financial Services:₹568, citing strong Q2, a diversified earnings mix (aluminium, zinc, oil & gas, power), multiple growth projects nearing commissioning and ESG initiatives, all valued at 5.4x FY27E EV/EBITDA.
- Emkay Global:₹525, with the thesis dominated by undervalued silver exposure via Hindustan Zinc.

At today’s price, these targets translate into an indicative upside range of about 0–30%, before factoring in Vedanta’s high single‑digit dividend yield. Of course, sell‑side targets are not guarantees; they are models built on commodity price assumptions, project timelines and regulatory outcomes that may or may not materialise.

Ownership and governance backdrop

Vedanta’s shareholding pattern underscores its hybrid profile as both a promoter‑driven and institutionally owned large‑cap:

Promoters: about 56%
Foreign institutional investors (FIIs): roughly 11%
Domestic institutional investors (DIIs): about 16%
Public and others: the balance, around 16–17% ^[49]

This mix means promoter decisions (such as demerger structure, dividend policy and related‑party dealings) are pivotal, but institutional scrutiny is also significant, particularly after the Viceroy report and the NCLT’s spotlight on disclosure quality in the demerger process. ^[50]

Key risks to watch in 2026

For investors and traders tracking Vedanta into 2026, several themes merit close monitoring:

Demerger execution and regulatory risk
- NCLT has already flagged concerns raised by the MoPNG around financial risks and disclosure of hydrocarbon assets. Any conditions, delays or structural changes to the scheme could impact valuations and timelines for the proposed 1:5 split. ^[51]
Promoter leverage and capital allocation
- Despite rating‑agency optimism, Vedanta Resources remains highly leveraged, and group structure still relies on healthy dividends and cash upstreaming from Vedanta Ltd. A deterioration in commodity prices or tighter capital controls could stress this arrangement. ^[52]
Commodity price volatility
- Vedanta’s earnings are heavily exposed to aluminium, zinc, silver, oil and gas. Sharp corrections in LME and energy prices—or higher global interest rates weakening metal demand—could reverse the current earnings momentum. ^[53]
Execution of growth capex
- The company plans USD 1.7–1.9 billion of capex in FY26. Large projects, such as the BALCO 525 kA smelter and alumina expansion at Lanjigarh, carry risks of cost over‑runs, ramp‑up delays and regulatory challenges. ^[54]
ESG and environmental regulation
- Vedanta and its subsidiaries operate in environmentally sensitive sectors. While management highlights net‑zero by 2050 ambitions, large renewable PPAs and community programmes, any escalation in ESG controversies or local opposition could impact project approvals and costs. ^[55]

Bottom line

Vedanta in December 2025 is not the beaten‑down, distressed story it was at earlier points in the cycle. Operationally, the company is delivering: record EBITDA, improved ROCE, strong aluminium and zinc volumes, and a credible plan to re‑organise itself into focused verticals. Rating agencies have started to acknowledge improvements at the promoter level, and most domestic brokerages retain BUY‑side stances with moderate to strong upside assumptions. ^[56]

At the same time, short‑seller allegations, high promoter debt, heavy dividend dependence and intense regulatory scrutiny of the demerger mean that Vedanta remains a high‑beta, opinion‑driven stock rather than a simple value or income play. ^[57]

For investors, the decision around Vedanta now revolves less around a single valuation metric and more around one core question: Will the company successfully execute its demerger and deleveraging plan before the commodity cycle turns?