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Vedanta – H1 FY26 Earnings Call Analysis

Author: Published on: Published in: Vedanta (NSE:VEDL)

December 11, 2025 – Vedanta Resources Limited (VRL) hosted its H1 FY26 Earnings call on December 4, 2026. Unlike prior periods, this call was quietly handled with little public notice, no Bloomberg pickup, and only 3 analysts in attendance. Even in this controlled environment, management faced pointed questions and skepticism about deleveraging that has collapsed.

  • Liquidity is thin, obligations are rising, and management is now seeking a $600m facility just to meet near-term cash demands.
  • FY26 deleveraging was guided down from $500m to $250m – $300m, with management suggesting that the KCM investment was unexpected despite being clearly stated in the SHA.
  • VRL reversed its story on KCM. It will now borrow at the parent level to fund a cash-draining asset it previously claimed would be self-funded.
  • Management cited an “S-1 silent period” to avoid releasing KCM financials. No S-1 of CIK exists. The explanation doesn’t hold.
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