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
October 28, 2025 – One day after the publication of our October Regulatory Update, the Securities and Exchange Board of India (SEBI) all but confirmed that the Vedanta Resources Group, and Anil Agarwal’s empire more broadly, is under investigation. In its October 24, 2025, publication
October 23, 2025 – Public disclosures by Hindustan Zinc, VRL and other entities, including the Supreme Court, show gaps between Vedanta’s “all is well” narrative and the underlying reality. Active investigations, ministry objections and legal challenges continue to unfold. VRL’s and HZL’s disclosures confirm active
October 17, 2025 – This serves as a quick update from Viceroy ahead of HZL’s earnings call. HZL’s H1 FY26 results reveal a business that is buckling under its promoter group’s demand for unsustainable dividends. A quick look at the headline numbers shows where the
Viceroy Research LLC are an investigative financial research group registered in Delaware, USA.
Our research reports have been prepared for educational purposes only and expresses our opinions. Our reports and any statements made in connection with them are the authors’ opinions, which have been based upon publicly available facts, field research, information, and analysis through our due diligence process, and are not statements of fact. All expressions of opinion are subject to change without notice, and we do not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them. We believe that the publication of our opinions about public companies that we research is in the public interest. We are entitled to our opinions and to the right to express such opinions in a public forum. You can access any information or evidence cited in this report or that we relied on to write this report from information in the public domain.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stocks covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. We have a good-faith belief in everything we write; however, all such information is presented “as is,” without warranty of any kind – whether express or implied.
In no event will we be liable for any direct or indirect trading losses caused by any information available on this report. Think critically about our opinions and do your own research and analysis before making any investment decisions. We are not registered as an investment advisor in any jurisdiction. By downloading, reading or otherwise using our research reports, you agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein, and by doing so, you represent to us that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. You should seek the advice of a security professional regarding your stock transactions.
This website, all documents contained herein or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy.
Any examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy.
You should assume that the authors have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines.
The authors may continue transacting directly and/or indirectly in the securities of issuers covered herein for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation.