October 8, 2025 – Recent developments show that Vedanta no longer enjoys the quiet backing of regulators or the State. Vedanta Resources failed to raise the full $1bn required to refinance its $550m private credit facility, contradicting prior claims that this obligation had been repaid.
October 2, 2025 – Vedanta’s operations across India and Africa show a pattern of regulatory evasion, local dissent suppression, labor protests, extractive land acquisition, and aggressive legal maneuvering. This report focuses on the Company’s ESG failures across India and overseas. These risks remain underappreciated by
September 29, 2025 – The Reserve Bank of India (RBI) has referred the Vedanta Group to the Directorate of Enforcement (ED) for investigation under the Foreign Exchange Management Act (FEMA). Viceroy Research received official confirmation on September 23, 2025, following detailed submissions relating to unlawful
September 26, 2025 – ESL Steel, acquired out of bankruptcy by VEDL in 2018, remains an unviable asset with ongoing losses, negative free cash flow, and no path to profitability. Its operating losses, regulatory liabilities, mining compliance penalties and failed divestment increase the risk of cash
September 23, 2025 – On September 19, 2025, Viceroy Research sent a letter to the Department of Investment and Public Asset Management (DIPAM), Government of India. The letter outlines the material risk to public equity in Hindustan Zinc Limited (HZL) and Bharat Aluminium Company (BALCO)
September 19, 2025 –MFR net spreads continue to nosedive, DCRS show a slight improvement due to a fall in spread (Arbor revenues). Arbor >30-day delinquencies have remained relatively flat, however we observe a significant number of 90+ day delinquencies are moving off-balance-sheet, presumably into foreclosures.
September 19, 2025 – The September 17 NCLT hearing on Vedanta Limited’s demerger focused on Vedanta’s significant governance failures and material financial risks. The Government of India (GoI), through the Ministry of Petroleum and Natural Gas (MoPNG), accused Vedanta Limited (VEDL) of misrepresentation, concealment of
September 17, 2025 – “Demerge” and “Deleverage” have been Vedanta Resources Limited’s (VRL) repeated promises to creditors. The JAL acquisition for ₹17,000 crore ($1,989m) represents the exact opposite: a trophy asset that disregards those commitments. We have reviewed JAL’s financials, VEDL’s obligations under the scheme
September 11, 2025 – For at least the past 5 years, Vedanta Limited (VEDL) has repeatedly emphasized its intent to reduce dependence on external coal sources. This has a direct impact on the Company’s parent, Vedanta Resources Limited (VRL), whose ability to deleverage and refinance
September 9, 2025 – Vedanta Limited’s (NSE:VEDL) alumina business, anchored by the Lanjigarh refinery in Odisha, has operated sub-optimally due to the Company’s failure to secure a captive local bauxite supply. VEDL’s aluminium operations have operated without a captive bauxite supply for over 15 years,
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