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
October 16, 2025 – On September 17, 2025, Vedanta Resources Limited (VRL) subsidiary Hindustan Zinc Limited’s (HZL) proposed fertilizer plant in Chanderiya, Rajasthan was rejected by the Expert Appraisal Committee (EAC). The EAC refused to approve HZL’s request to amend its Environmental Clearance due to
October 15, 2025 – Viceroy have obtained the Ministry of Petroleum and Natural Gas’ objection to Vedanta Limited’s demerger application. The objection, a copy of which will be published alongside this report, cites material misstatements by Vedanta Group, “material breaches” of Production Sharing Contracts (PSCs),
October 14, 2025 – This report details the accounting and audit irregularities across the Vedanta Group and its affiliates under the umbrella of the Anil Agarwal-owned promoter entities. We have identified material breaches of Indian Accounting Standards (Ind AS), the Companies Act, 2013 and the
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.
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