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,
September 5, 2025 – Vedanta Resources Limited (VRL) has long relied on Vedanta Limited (VEDL) as a cash extraction vehicle, a collateral provider, and a legal shield for its increasingly complex financing arrangements. In FY 2024, VEDL was only able to pay a dividend by: Borrowing $900m at Vedanta
September 4, 2025 – On July 23, 2025, we submitted a complaint to the Reserve Bank of India (RBI) regarding the conduct of Vedanta Resources Limited (VRL), the UK-domiciled parent of Vedanta Limited (VEDL), and its subsidiaries, with respect to repeated violations of the Foreign
September 3, 2025 – Vedanta’s Oil & Gas division is in terminal decline not just because its fields are exhausted, but because the business has been systematically starved of investment. Despite growing license commitments and rising decline rates, VEDL has diverted available cash to fund
August 29, 2025 – Konkola Copper Mines (KCM), an 80% subsidiary of Vedanta Resources Limited (VRL), controls copper mining, smelting, and refining assets in Zambia. Viceroy’s investigation drew on interviews with KCM personnel, site inspections, drone footage, satellite imagery and financial analysis. We visited the
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