Vedanta Q3 Preview: What to expect from metal major in this quarter?

Vedanta Q3 Preview: Analysts see robust performance from the aluminium, zinc and power segments, which is likely to offset weakness in the oil and gas business

Vedanta Q3 Preview: Metal company Vedanta is expected to post a strong set of consolidated results for the December quarter, led by higher volumes and firm base metal prices, according to brokerage estimates. The company is likely to announce its Q3 results on Thursday, January 29, 2026.

 

Analysts see robust performance from the aluminium, zinc and power segments, which is likely to offset weakness in the oil and gas business. Rising commodity prices, particularly aluminium, zinc and silver, are expected to support margins and profitability. 

 

Brokerages also flag key monitorables such as progress on the demerger, expansion plans and commissioning timelines. 

 

 

That said, Vedanta’s Q3FY26 earnings are projected to deliver double-digit revenue growth and sharp year-on-year (Y-o-Y) gains in Ebitda and net profit.

Here’s what brokerage expect from Vedanta in Q3:

Systematix

 

Systematix analysts expect Vedanta to deliver a strong December quarter, supported by higher volumes and favourable base metal prices from key contributing segments. The brokerage believes solid performance from aluminium, zinc and the power business will help offset a relatively weaker showing from the oil and gas segment.

 

Systematix estimates consolidated revenue at ₹41,770 crore, up 7 per cent year-on-year (Y-o-Y). Ebitda is projected to rise 26 per cent Y-o-Y to ₹14,010 crore, with margins expanding to 33.5 per cent. Profit after tax (PAT) is expected to surge 55 per cent Y-o-Y to ₹5,490 crore. Key monitorables, analysts said, include updates on the demerger, expansion initiatives and commissioning timelines.  ALSO READ | L&T Q3 preview: Analysts eye up to 35% jump in profit; check key factors

Emkay

 

Analysts at Emkay expect Vedanta to report stronger consolidated Q3FY26 results, driven by a sharp sequential improvement in the aluminium segment and continued robust performance from Zinc India. The brokerage estimates consolidated Ebitda at ₹14,940.5 crore, up 28.7 per cent quarter-on-quarter (Q-o-Q) and 32.4 per cent Y-o-Y.

 

The aluminium and Zinc India segments are expected to generate Ebitda of ₹4,920 crore and ₹4,410 crore, respectively, supported by higher average aluminium, zinc and silver prices, which rose 8.1 per cent, 11.7 per cent and 40.3 per cent Q-o-Q during the quarter. 

 

Emkay pegs revenue at ₹43,980.1 crore, up 12.4 per cent Y-o-Y, with Ebitda margins of around 34 per cent. Net profit is seen rising 65.4 per cent Y-o-Y to ₹5,865.1 crore.  ALSO READ | ITC Q3 preview: Profit may rise 2% YoY; FMCG biz to post healthy growth

Antique Stock Broking 

 

Antique Stock Broking forecasts a broad-based improvement across Vedanta’s core businesses, including aluminium, zinc, iron ore and power, partially offset by lower revenue from oil and gas. The brokerage estimates consolidated revenue to rise 10.6 per cent Y-o-Y to ₹43,251.3 crore.

 

Ebitda is expected to increase 31.8 per cent Y-o-Y to ₹14,640.2 crore, while adjusted PAT is seen growing 41.9 per cent Y-o-Y to ₹5,033.4 crore, aided by better operating leverage and stronger commodity realisations.   

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