Vedanta Share Price Today Near Record High: Q2 FY26 Results, Demerger Delay and Analyst Forecasts Explained (1 December 2025)

Vedanta Limited’s stock is sitting just below record levels as of 1 December 2025, powered by record quarterly revenue and EBITDA, aggressive aluminium expansion plans, and progress on group deleveraging — even as net profit has been hit by large exceptional items and its demerger timeline slips into 2026. ^[1]

Below is a complete, news-style rundown of where Vedanta stands today for investors tracking Vedanta share price today, the Vedanta demerger, and Vedanta stock forecasts.

Vedanta share price today (1 December 2025)

As of late morning trade on 1 December 2025, Vedanta Limited (NSE: VEDL) is trading very close to its 52‑week high:

• Last traded price: around ₹533–535 per share on the NSE
• Day’s range: roughly ₹530.00 – ₹537.65
• Previous close: about ₹526.00
• Move today: up about 1–2% intraday
• 52‑week range: approx. ₹363.00 – ₹537.65
• Volume: around 5.8–6 million shares traded so far
• Market cap: roughly ₹2.05–2.08 lakh crore ^[2]

Several market trackers note that Vedanta is effectively hovering just below a fresh record high, with some labelling 1 December as an “all‑time high” milestone for the stock. Recent data from MarketsMojo highlights that Vedanta has gained about 8% in the past week and close to 24% over three months, with a five‑day return near 8%. ^[3]

In the broader market backdrop, the Sensex and Nifty are at record peaks on the back of stronger‑than‑expected GDP data, providing a bullish environment for cyclical and metals names like Vedanta. ^[4]

Returns snapshot: a multi‑year outperformer

Depending on the time frame, Vedanta has been a strong wealth creator:

• 1 week: ~7–8%
• 1 month: ~4%
• 3 months: ~23–24%
• 6 months: ~23%
• 1 year: ~15–16%
• 3 years: ~72%
• 5 years: ~338% (a multi‑bagger over five years) ^[5]

Those returns are now being tested against a richer valuation, a high headline dividend yield, and the uncertainty of a complex demerger.

Q2 FY26 results: record revenue and EBITDA, but profit hit by exceptional loss

Vedanta’s Q2 FY26 (quarter ended 30 September 2025) is the key fundamental driver behind the latest leg of the rally — and it is a nuanced story.

Headline numbers

According to the company’s Q2 FY26 results release and investor presentation: ^[6]

• Revenue:
  • Highest‑ever second‑quarter revenue of ₹39,218 crore, up about 6% year‑on‑year.
• EBITDA:
  • Record Q2 EBITDA of ₹11,612 crore, up 12% YoY.
  • Q2 EBITDA margin expanded to roughly 34%.
• Profit before exceptional items (PAT before exceptional):
  • ₹5,026 crore, up about 13% YoY, indicating solid underlying operations.
• H1 FY26 (first half) performance:
  • Highest‑ever H1 revenue of around ₹76,652 crore and EBITDA of ₹22,358 crore, both up mid‑single to high‑single digits year‑on‑year.

However, that’s not the whole picture.

Net profit slump due to one‑off charges

Once exceptional items are included, Vedanta’s net profit looks much weaker:

• Consolidated net profit for Q2 fell to about ₹1,798 crore, a 58–59% YoY decline from ₹4,352 crore a year ago.
• The hit is largely due to an exceptional loss of around ₹2,067 crore, including a sizeable write‑off and a settlement payment. ^[7]

Reuters notes that adjusted profit, which strips out these exceptional items, actually rose ~21.7% YoY to ~₹7,014 crore, as higher prices for aluminium and copper and tight cost control lifted the company’s operating margin to around 22%. ^[8]

In short:

• Operationally: Record revenue and EBITDA, better margins, and strong contributions from aluminium and zinc.
• On headline profit: A sharp one‑off hit that drags down reported net profit and earnings per share.

Segment performance: aluminium and zinc lead

Recent quarterly updates and sector coverage highlight: ^[9]

• Aluminium:
  • Record aluminium production of about 617 kt and alumina production of 653 kt in Q2, up roughly 31% YoY, signalling successful capacity ramp‑up.
• Zinc & silver (Hindustan Zinc):
  • Hindustan Zinc Ltd (HZL), Vedanta’s key subsidiary, posted a consolidated PAT of around ₹2,649 crore for Q2 FY26, up about 19% QoQ.
  • Silver contributed roughly ₹1,060 crore, close to 40% of HZL’s profit, taking advantage of elevated silver prices.
• Commodity backdrop:
  • Benchmark aluminium prices rose about 8%, and copper about 5–6% during the quarter, boosting realisations and helping margins.

Dividend payout: still a high‑yield stock

Vedanta continues to run an aggressive dividend policy:

• The company traded ex‑dividend on 26 August 2025 for a ₹16 per share interim dividend (second interim dividend of FY26). ^[10]
• Various data providers currently show a trailing dividend yield around 8–9% at today’s share price. ^[11]

High cash payouts are attractive for income‑seeking investors, but they matter in the context of Vedanta’s debt profile — which is why the parent’s deleveraging is so closely watched.

Deleveraging update: parent Vedanta Resources trims debt and extends maturities

One of the structural overhangs on Vedanta has been the debt at its London‑based parent, Vedanta Resources Ltd (VRL). There is meaningful progress here in 2025:

• In October 2025, VRL raised US$500 million through a bond issuance and used the proceeds to repay near‑term obligations, including a US$550 million private credit facility. ^[12]
• The group says it has cut gross debt from about US$9.1 billion in FY22 to roughly US$4.8 billion now. ^[13]
• The average maturity of the debt book is now over 4 years, with no material maturities until FY27, and the weighted average interest cost has fallen to single digits. ^[14]

On the Vedanta Limited side, recent Q2 commentary suggests a net debt‑to‑EBITDA ratio around 1.3–1.4x and a domestic credit rating in the AA range, indicating a still‑leveraged but more comfortable balance sheet than in previous years. ^[15]

Overall, deleveraging is a genuine pillar of the bull case, though the group’s historic dependence on dividends upstreamed from Vedanta to support parent‑level debt remains a key governance and risk factor.

Demerger update: value unlocking vs regulatory drag

The plan: five listed Vedanta verticals

Vedanta is in the middle of a major corporate restructuring designed to split the conglomerate into focused, “pure play” businesses.

Official Vedanta Resources material and brokerage commentary outline a plan where Vedanta Limited shareholders will ultimately hold exposure to five listed entities: ^[16]

1. Vedanta Limited
   • Will hold Hindustan Zinc, as well as newer technology and semiconductor/display initiatives and base‑metals interests.
2. Vedanta Aluminium (including a 51% stake in BALCO)
3. Vedanta Oil & Gas (Cairn Oil & Gas)
4. Vedanta Steel & Ferrous Materials (Iron Ore, Western Cluster Liberia, ESL Steel)
5. Vedanta Power (all IPPs, including Athena and Meenakshi)

Shareholders are expected to receive shares in each of the demerged entities on a proportional basis. Both shareholders and creditors have already approved the scheme, with creditors giving about 83% approval vs the required 75%. ^[17]

The company frames this as a “3D strategy – Demerger, Diversification, Deleveraging”, aiming to unlock value, simplify capital allocation and attract different investor profiles to different businesses. ^[18]

The reality: delays and regulatory questions

Execution has been slow and politically sensitive:

• The National Company Law Tribunal (NCLT) has repeatedly deferred final hearings, including to 8 October 2025, following objections from the Ministry of Petroleum and Natural Gas (MoPNG) over disclosures related to certain oil blocks. ^[19]
• In late October and November, hearings were rescheduled again as the Mumbai bench was reconstituted, forcing a re‑hearing of the scheme and MoPNG’s objections. ^[20]
• Recent broker analysis (e.g. Swastika Investmart) suggests the effective demerger timeline has slipped to around March 2026, assuming regulatory approvals come through. ^[21]

Some commentary also flags risks around specific demerged entities — for example, concerns that heavily indebted units such as certain energy vehicles (like Malco Energy) could face liquidation risk if not adequately capitalised. ^[22]

For investors, the demerger is both the biggest potential value‑unlocking catalyst and the biggest execution risk.

Corporate actions and promoter encumbrance disclosures

Alongside Q2 results, Vedanta filed a flurry of regulatory disclosures with the stock exchanges in late October 2025: ^[23]

• Board meeting outcomes, Q2 FY26 results, investor presentation and earnings call transcript (31 October).
• Multiple Regulation 30 intimations about analyst/investor meetings and earnings calls in early November.
• SEBI SAST filings (Regulations 29 and 31) in late October relating to changes in substantial shareholding and promoter share encumbrance, including disclosures involving Citicorp International and Axis Trustee Services, plus detailed reasons for promoter‑level encumbrances.

Shareholding data from Screener and Dhan show that as of September 2025: ^[24]

• Promoters hold about 56.4%,
• Domestic institutions (DIIs) about 16.2%,
• Foreign institutions (FIIs) roughly 11.1%, and
• Public shareholders around 11.8%.

While promoter ownership is high, persistent pledging/encumbrance disclosures are a key risk factor investors continue to monitor.

Valuation: how expensive is Vedanta at these levels?

Different data providers give slightly different snapshots, but the message is broadly consistent: Vedanta is no longer cheap, yet still carries a high yield.

Indicative metrics as of 1 December 2025: ^[25]

• Share price: ~₹533–535
• Market capitalisation: ~₹2.05–2.08 lakh crore
• Price‑to‑earnings (P/E): Low‑ to mid‑teens on trailing earnings (variously around 10–17x depending on methodology and time frame).
• Price‑to‑book (P/B): Around 2.4–5.0x.
• Dividend yield: Roughly 8–9%.
• Return on equity (ROE): Anywhere between ~22–38% as per different providers, reflecting strong profitability in recent years.
• Beta: Around 1.5–1.6, indicating higher volatility than the broader Indian market.

Fundamental “fair value” screens provide very mixed signals:

• One intrinsic‑value model from Smart‑Investing pegs fair value near ₹305 per share, implying the stock trades well above its historical valuation models. ^[26]
• A technical/fair‑value forecast from StockInvest.us had predicted a “fair opening price” near ₹525 for 1 December, broadly in line with where the stock actually opened. ^[27]

Taken together, Vedanta looks priced for optimism: investors are paying up for strong cash flows, dividends, expansion plans and the promise of a cleaner structure post‑demerger — while assuming that commodity prices and regulation remain reasonably favourable.

Analyst ratings and price targets for Vedanta

Consensus view: mostly “Buy” with mid‑single to high‑single‑digit upside

Across major data aggregators, analysts remain broadly positive but do not see unlimited upside from current levels:

• IndMoney (S&P Global data)
  • 13 analysts cover Vedanta.
  • About 69% rate it “BUY” and 31% “HOLD”; none rate it “SELL”.
  • Average target price:₹563.54, implying roughly 7% upside from a reference price around ₹530.75.
  • Target range:₹480 (low) to ₹686 (high). ^[28]
• Dhan (Refinitiv data)
  • Summary of 14 analyst ratings: about 71% “Buy”, 29% “Hold”, 0% “Sell”. ^[29]
• Trendlyne
  • Shows an average target near ₹536, with a modest upside of around 5% from recent levels and notes that some brokers have downgraded or trimmed targets post‑rally. ^[30]

CLSA: Outperform with ₹580 target

A notable recent call is from CLSA, which in early November raised its target price on Vedanta to ₹580 (from ₹520) while maintaining an “Outperform” rating: ^[31]

• CLSA highlights:
  • Q2 FY26 EBITDA of roughly ₹11,400 crore (~₹114 billion) and last‑twelve‑months EBITDA around US$4.9 billion, at an EV/EBITDA of about 6.2x.
  • Management guidance for FY26 EBITDA above US$6 billion, helped by higher commodity prices and lower aluminium costs.
  • Strong 6‑month share price return (~29%) yet still an attractive dividend yield (around 10% by their estimate).
  • Expansion projects and backward integration in aluminium, power and zinc as key drivers, along with better visibility on VRL’s debt funding and the eventual demerger by the end of FY26.

Earlier 2025 target frameworks

Educational material from Motilal Oswal’s learning centre earlier in 2025 framed a broad “fair value corridor” of ₹450–₹600 for Vedanta based on sustainable demand for metals and energy, cost control and supportive macro conditions — a range that is broadly consistent with where professional broker targets still cluster today. ^[32]

Growth drivers: aluminium expansion, Odisha capex and digital bets

Beyond quarter‑to‑quarter numbers, several medium‑term growth levers stand out:

1. Aluminium capacity doubling
   • Vedanta officials have reiterated plans to double aluminium capacity from 3 MTPA to around 6 MTPA, anchored by a planned 3 MTPA smelter at Dhenkanal in Odisha.
   • Land acquisition for the Dhenkanal project is underway, and management reports “good progress”. ^[33]
2. Large incremental investment in Odisha
   • In October 2025, the group announced an additional ₹1 lakh crore of investment in Odisha, including:
     • A ₹2,000 crore ferro‑alloys plant in Keonjhar, and
     • Two new aluminium parks, one at Jharsuguda and another at a state‑identified location. ^[34]
3. Diversified metals and energy portfolio
   • Operational records in aluminium, alumina and zinc, plus exposure to silver and oil & gas, provide multiple profit centres, which is part of why adjusted profit and EBITDA have grown even when reported PAT is volatile. ^[35]
4. Technology, semiconductors and glass
   • The demerger blueprint explicitly positions Vedanta to scale up semiconductors, display glass and digital businesses in a separate structure, aiming to catch India’s push into electronics manufacturing. ^[36]

Key risks investors should watch

Despite the share price strength, Vedanta carries substantial risks:

1. Commodity price volatility
   • Vedanta’s earnings are highly sensitive to LME prices for aluminium, zinc, copper and silver. Q2 margins benefited from higher metal prices; the reverse is equally possible if global growth slows or trade conditions ease. ^[37]
2. Debt and promoter‑level funding dependence
   • While VRL has meaningfully reduced debt and extended maturities, the absolute leverage remains high, and the group has a long history of relying on Vedanta Limited dividends to service parent obligations.
   • Ongoing SEBI SAST disclosures on share encumbrance underline that promoter‑level pledging is still material. ^[38]
3. Demerger uncertainty and regulatory scrutiny
   • The timeline has already slipped into calendar 2026, and the MoPNG’s objections to block‑level disclosures show that regulatory risk is real. Any further delays, changes to scheme terms, or adverse conditions for specific demerged entities could affect sentiment. ^[39]
4. Exceptional items and accounting volatility
   • Q2 FY26’s big drop in net profit is a reminder that one‑off charges (asset write‑offs, settlements, restructuring costs) can be large and unpredictable at a diversified resource group. ^[40]
5. Macro and ESG headwinds
   • As a mining and metals group with smelters and thermal power plants, Vedanta remains exposed to environmental regulation, ESG pressures, and local community issues alongside global growth cycles. (This is a general structural risk common to the sector.)

Vedanta stock outlook: what today’s set‑up implies

Putting it all together as of 1 December 2025:

• The stock trades just below record highs, after a strong multi‑year run.
• Operational performance is robust, with record revenue and EBITDA, strong aluminium and zinc output, and attractive margins despite volatility in bottom‑line profit. ^[41]
• Deleveraging is real but incomplete, and promoter‑level funding risks haven’t fully disappeared. ^[42]
• The demerger is a genuine re‑rating catalyst, yet also the biggest source of uncertainty — both in timing and in eventual structure. ^[43]
• The stock offers a high dividend yield (around 8–9%), but that yield is partly the mirror image of its complex capital structure. ^[44]
• Analyst consensus remains positive, with most brokers rating Vedanta a “Buy” or “Outperform” and seeing mid‑single to high‑single‑digit upside from current levels, plus potential further upside if the demerger and capex cycle execute smoothly. ^[45]

For aggressive investors comfortable with commodity cycles, complex group structures and regulatory risk, today’s Vedanta narrative is about riding a high‑yield, growth‑plus‑restructuring story that is already being rewarded in the share price.

For more conservative or income‑only investors, the key question is whether the combination of debt, demerger uncertainty and commodity exposure justifies locking into a high dividend yield at valuations that are no longer distressed.

Either way, Vedanta is likely to remain one of the most closely watched metals and mining stocks on the Indian market as 2026 approaches, with every update on earnings, demerger approvals and parent‑level debt likely to move the stock sharply.

References

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