SYNOPSIS: Vedanta unveiled its FY29 roadmap, outlining capex-led expansion across aluminium, zinc, oil & gas, iron & steel, and power, targeting strong revenue and EBITDA growth with significant capacity additions and project pipeline.
Shares of the world’s leading producer of metals, oil & gas, critical minerals, power and technology, are in focus on the stock exchanges after reporting its latest investor presentation with FY29 earnings roadmap, capex-led expansion across segments.
With a market cap of Rs. 2.8 lakh crores, shares of Vedanta Limited slipped around 3 percent to close in the red at Rs. 718.45 on Friday, as against its previous closing of Rs. 737.35 on BSE. The stock has delivered positive returns of around 78 percent in one year, as well as nearly 2 percent in the last one month.
Portfolio Expansion & Capex
Vedanta’s portfolio expansion is being driven by a strong capex roadmap across key business segments. In Aluminium, the company plans to increase smelting capacity from 2.4 MTPA to 2.88 MTPA and further to 3 MTPA by FY28. Alumina capacity is set to expand from 2 MTPA to 5 MTPA, and then to 6 MTPA, with 5 MTPA expected to be commissioned in FY26.
Under Zinc & Silver, Zinc India’s smelting capacity will rise from 1.1 MTPA to 1.13 MTPA and further to 1.38 MTPA by Q2 FY29. Silver capacity is projected to increase from 800 TPA to 830 TPA by FY29. Meanwhile, Zinc International aims to expand its MIC capacity from 325 KTPA to 500 KTPA by Q1 FY27.
In the Oil and Gas segment, production is targeted to grow from 103 kboepd to 120 kboepd by FY28 and further to 150 kboepd. Within Iron & Steel, merchant iron ore capacity is set to rise from 12 MTPA to 16 MTPA by FY29. Steel capacity is planned to increase from 1.7 MTPA to 3.5 MTPA by FY28. Ferrochrome capacity will expand significantly from 145 KTPA to 500 KTPA by FY28.
In Merchant Power, capacity is projected to increase from 2.6 GW to 4.2 GW and further to 4.78 GW by Q3 FY27. On the other hand, as per the latest update on project capex, Vedanta has a total capital expenditure in progress that amounts to Rs. 74,754 crore. Out of the approved capex, Rs. 35,190 crore has been spent up to the first half of FY26, while Rs. 39,564 crore remains unspent as of 30th September 2025.
Power Business Roadmap
As of FY25, total operational capacity stands at 2,880 MW, including 300 MW of merchant power. This capacity is distributed across Talwandi Sabo Power Limited (1,980 MW) in Punjab, which operates advanced super-critical technology and is backed by a long-term 100 percent PPA with PSPCL till 2041, and Jharsuguda IPP (600 MW) in Odisha, which uses sub-critical technology and has a long-term PPA with GRIDCO till 2037.
By H1 FY26, total capacity increased to 4,180 MW, including an additional 1,000 MW from Meenakshi Energy Limited acquired through the NCLT process at Rs. 1,440 crore, which has 300 MW tied up under a PPA with TNPDCL until 2031 and involves an investment of Rs. 812 crore and 600 MW from Unit 1 of Athena.
Further, by H2 FY27, total capacity is projected to reach 4,780 MW with the addition of another 600 MW from Unit 2 of Athena in Chhattisgarh. Athena, acquired through the NCLT process at Rs. 565 crore, represents significant earnings potential, with 600 MW already operational and 200 MW tied up under a PPA with TNPDCL until 2031. The total planned investment in Athena stands at Rs. 4,435 crore, of which Rs. 1,550 crore remains to be spent.
Further, Vedanta projects strong growth in both revenue and EBITDA between FY25 and FY29 in the power segment. Revenue is expected to increase from Rs. 6,021 crore in FY25 to ~Rs. 14,000 crore in FY29, representing a 2.3x growth. EBITDA is projected to rise nearly fivefold, from Rs. 651 crore in FY25 to around Rs. 3,200 crore by FY29, reflecting improved operating leverage and higher capacity utilization (assuming a normative PLF of 80 percent).
In FY25, the majority of revenue is contributed by TSPL at Rs. 5,223 crore (87 percent), followed by JSG at Rs. 678 crore (11 percent) and MEL at Rs. 120 crore (2 percent). By FY29, the revenue mix is expected to become more diversified, with TSPL contributing Rs. 5,643 crore (40 percent), MEL Rs. 2,974 crore (21 percent), JSG Rs. 984 crore (7 percent), and Athena Rs. 4,369 crore (31 percent).
Similarly, EBITDA contribution in FY29 is projected to be led by Athena at around Rs. 2,000 crore, followed by TSPL at Rs. 770 crore, MEL at Rs. 360 crore, and JSG at Rs. 40 crore, highlighting the increasing role of newly integrated assets in driving profitability growth.
Financial Performance & More
For Q3 FY26, the company posted a consolidated revenue from operations of Rs. 23,369 crores, reflecting a sequential growth of around 25 percent QoQ compared to Rs. 18,747 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue increased by nearly 37 percent from Rs. 17,063 crores recorded in Q3 FY25.
Net profit for Q3 FY26 stood at Rs. 7,807 crore, indicating an impressive increase of over 124 percent QoQ from Rs. 3,479 crores in Q2 FY26, as well as a year-on-year rise by around 60 percent from Rs. 4,876 crores reported in Q3 FY25.
Vedanta Limited is a diversified natural resource Group engaged in the business of exploring, extracting and processing minerals, oil and gas. The company engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore, oil & gas and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and the UAE.
It is also in the business of commercial power generation, steel manufacturing and port operations in India and the manufacturing of glass substrate in South Korea and Taiwan.
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