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
December 8, 2025 – On December 5, 2025, Vedanta Resources Limited (VRL) released its H1 FY26 earnings. The headline consolidated numbers mask the reality: VRL PropCo posted its worst half-year performance on record. To isolate credit risk, Viceroy subtracted VEDL’s H1 FY26 consolidated results from
December 5, 2025 – Vedanta Limited (VEDL) has committed to a 100% cash acquisition of Incab Industries Limited (Incab) for ₹577 crore ($64m), payable within 90 days and the significant cost of making the facilities operational. The acquisition adds to Vedanta Resources Limited’s existing liquidity
December 2, 2025 – On November 28, 2025, it was reported that Vedanta Limited’s (VEDL) subsidiary ESL Steel (ESL) will raise ₹2,000 crore ($223m) through 10%-12% non-convertible debentures being marketed as routine corporate refinancing. This raise lands days before VEDL’s parent Vedanta Resources Ltd (VRL)
November 27, 2025 – On November 13, 2025, Viceroy sent a letter to the Prime Minister’s Office of India, copied to the Ministry of Finance, Ministry of Home Affairs, and Enforcement Directorate, detailing: The diversion of over $1.5b from Indian subsidiaries to offshore Vedanta entities
November 25, 2025 – Viceroy has obtained a copy of the 2023 Shareholder Agreement (SHA) between Vedanta Resources Limited (VRL) and ZCCM. The SHA shows that VRL is deliberately misleading bondholders, analysts and rating agencies about their contractual obligations to fund KCM. VRL management has
November 18, 2025 – Over seven years, Vedanta Group incinerated more than $650m on Avanstrate Inc, a business it knew was dying when it bought the glass substrate manufacturer. Marketed as a strategic entry into display manufacturing, the acquisition was in reality a distressed salvage
November 10, 2025 – Viceroy has obtained the Enforcement Directorate’s summons, dated June 28, 2023, compelling Vedanta Limited’s Chief Financial Officer to appear in person and produce detailed documentation of royalty payments, intercompany loans, and guarantee fees made to VRL between 2017 and 2023. The
November 7, 2025 – On November 6, 2025, the Financial Times reported that Vedanta Resources Limited (VRL) had transferred its interest in Konkola Copper Mines (KCM) to a US entity, CopperTech Metals. This confirms Viceroy’s previous concerns that VRL could not meet its funding commitments
November 3, 2025 – Vedanta’s Q2 FY26 results confirm its financial structure is fundamentally broken and validates our core thesis. The company’s headline claim of “record revenues” is a smokescreen, obscuring a collapse in free cash flow, eroding margins, and a balance sheet being propped
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