Vedanta vs Vedanta Aluminium: Q2 Results 2026 Compared on Profit, Revenue and EBITDA After the Demerger

After the demerger, Vedanta Ltd and Vedanta Aluminium Metal are separate listed companies with different mixes of metals and different balance sheets. This article compares Vedanta vs Vedanta Aluminium on the Q2 numbers, explains why the year-on-year growth figures need care, and covers debt, record volumes, share prices and risks.

Two flags. The data provider's revenue figures differ from the company figures (Rs 26,866 crore for Vedanta and Rs 22,671 crore for Vedanta Aluminium, probably because of other income), and one report shows growth percentages that contradict its own table. I use the company figures and +78% for Vedanta's profit. It is educational and not advice.

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Vedanta vs Vedanta Aluminium: Q2 Scorecard

Vedanta vs Vedanta Aluminium: Q2 item	Vedanta Ltd	Vedanta Aluminium Metal
Revenue (Rs crore)	26,356	22,066 (up 41%)
EBITDA (Rs crore)	Not stated in my source	10,192 (up 83%)
EBITDA margin (my calculation)	Not available	About 46%
Profit before tax (Rs crore)	8,390	Not stated in my source
Net profit (Rs crore)	6,202 (up 78%, not like-for-like)	6,187 (up 105%)
Net profit margin (my calculation)	About 23.5%	About 28.0%
Share price, 9:56 AM IST	Rs 236.90, up 1.65%	Rs 353.45, down 1.60%

The profit gap of Rs 15 crore is smaller than any rounding error in the comparison of Vedanta vs Vedanta Aluminium, but revenue differs by about Rs 4,290 crore (my calculation). Vedanta Aluminium's higher margin comes from a pure aluminium and alumina business at current prices, while Vedanta's revenue base includes zinc, silver, copper and other lower-margin items.

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Vedanta vs Vedanta Aluminium: Zinc, Silver and Copper Drive Vedanta Ltd

Vedanta vs Vedanta Aluminium: Vedanta segment (Q2)	Revenue (Rs crore)	Share of total (my calculation)
Zinc, lead and silver (India)	14,525	About 55%
Copper	9,280	About 35%
Zinc International	1,730	About 7%
Others	710	About 3%
Reported revenue	26,356	Segments add to 26,245; the difference of about 111 is not explained in my source

Zinc, lead and silver is the largest earner, and silver prices have been strong, which helps the segment. For H1, Vedanta reported revenue of Rs 59,872 crore and net profit of Rs 14,120 crore. The year-on-year comparisons are not like-for-like, because the demerger took effect on 1 May 2026 and moved businesses into separate companies, so the 78% rise in Q2 profit from Rs 3,479 crore is not a clean growth rate.

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Vedanta vs Vedanta Aluminium: Record Output and a Stronger Balance Sheet at Vedanta Aluminium

Vedanta vs Vedanta Aluminium: VAML measure (Q2)	Figure
Revenue	Rs 22,066 crore, up 41%
EBITDA	Rs 10,192 crore, up 83%, margin about 46% (my calculation)
Net profit	Rs 6,187 crore, up 105%
Aluminium output	649 KT, a record
Value-added products	432 KT, a record
Alumina output	895 KT
Net debt	Down Rs 3,090 crore from the previous quarter; net debt to EBITDA 0.7 times
Credit rating	Upgraded to AA+ by India Ratings

The key point for Vedanta vs Vedanta Aluminium is the balance sheet: net debt to EBITDA of 0.7 times is low for a capital-heavy business, and the rating upgrade to AA+ lowers its borrowing cost over time. Record volumes with higher prices explain the profit rise, so the quarter benefited from both volume and price. If aluminium prices fall, the profit would fall faster than volume.

Market Value: How the Market Prices Vedanta vs Vedanta Aluminium

Vedanta vs Vedanta Aluminium: valuation item	Vedanta Ltd	Vedanta Aluminium Metal
Market capitalisation (previous close)	About Rs 91,112 crore	About Rs 1.40 lakh crore (my estimate)
Share price move on results	Reports differ: up 1.99% and up 3.10%	Down 1.60% on 29 Oct at 9:56 AM IST
Data provider P/E and dividend yield	P/E 2.91; yield 14.59%	Distorted by the demerger

Vedanta Aluminium Metal is valued about 54% higher than Vedanta Ltd (my calculation from the two figures), even though its Q2 profit is almost identical. That reflects the market paying more for a cleaner, lower-debt aluminium business, while Vedanta's discount reflects debt, complexity and group risk. The data provider's P/E of 2.91 and dividend yield of 14.59% for Vedanta are distorted by the demerger and one-off items, so I do not rely on them.

Why the Two Companies Behave Differently in Vedanta vs Vedanta Aluminium

Vedanta Aluminium Metal sells mainly aluminium, alumina and value-added aluminium products, so its profit follows one metal and its input costs of power, coal and alumina. Vedanta Ltd sells zinc, lead, silver and copper, so its profit follows four or five metals and gains when any of them rises. That diversification smooths earnings in good and bad years, but it also makes the company harder to track. In Vedanta vs Vedanta Aluminium, the choice is between a focused earner and a broader but more complex one.

A second difference is the balance sheet. Vedanta Aluminium Metal's net debt to EBITDA of 0.7 times means interest takes a small share of operating profit. The Vedanta Ltd debt figure was not in my source, so I cannot compare it directly, and the comparison of the two should be updated when the filing details are read.

Vedanta vs Vedanta Aluminium: what to track next quarter	Vedanta Ltd	Vedanta Aluminium Metal
Price drivers	Zinc, silver and copper prices	Aluminium price and input costs
Operating signals	Segment revenue and volumes	Output, value-added share and EBITDA margin
Balance sheet	Debt and cash after the demerger	Net debt to EBITDA near 0.7 times

Which Delivered More? Vedanta vs Vedanta Aluminium

Vedanta vs Vedanta Aluminium: question	Better of the two	Why
Higher revenue	Vedanta Ltd	Rs 26,356 crore against Rs 22,066 crore
Higher net profit	About equal	Rs 6,202 crore against Rs 6,187 crore
Higher profit margin	Vedanta Aluminium	About 28% against about 23.5%
Stronger balance sheet	Vedanta Aluminium	Net debt to EBITDA of 0.7 times and AA+ rating
Diversification	Vedanta Ltd	Zinc, silver and copper as well as other segments

The answer to Vedanta vs Vedanta Aluminium depends on what you want from a metals stock. Vedanta Ltd offers wider commodity exposure, including silver and zinc, with a lower valuation and more complexity. Vedanta Aluminium Metal offers a focused aluminium story with record output and strong cash generation. Commodity prices will decide the next quarter for both.

Risks in Vedanta vs Vedanta Aluminium

1. Commodity prices. Profit in both companies moves with aluminium, zinc, silver and copper prices, which can fall quickly.
2. Demerger effects. Year-on-year comparisons are not like-for-like, so growth rates can mislead in Vedanta vs Vedanta Aluminium.
3. Debt and group risk. In Vedanta vs Vedanta Aluminium, Vedanta Ltd carries more complexity than Vedanta Aluminium Metal, and group-level issues can affect both.
4. Data conflicts. Revenue and growth figures differ across sources, so check the filings.
5. Input costs. Power, coal and alumina costs affect aluminium margins.
6. Market conditions. Oil near $114 and weak markets can pressure cyclical stocks.

Conclusion: Vedanta vs Vedanta Aluminium Is a Tie on Profit, Not on Quality

In Vedanta vs Vedanta Aluminium, the profit is nearly equal, but Vedanta Aluminium shows the higher margin, the stronger balance sheet and record volumes, while Vedanta Ltd offers diversification and a lower valuation. Check the filings, remember that growth rates are affected by the demerger, and decide according to your own risk profile.

Frequently Asked Questions

What were the Q2 profits in Vedanta vs Vedanta Aluminium?

Ans. Vedanta Ltd reported net profit of Rs 6,202 crore and Vedanta Aluminium Metal Rs 6,187 crore, a difference of Rs 15 crore (my calculation). Vedanta Aluminium's profit rose 105%, while Vedanta's 78% rise is not like-for-like.

Which company had higher revenue?

Ans. Vedanta Ltd had revenue of Rs 26,356 crore against Rs 22,066 crore for Vedanta Aluminium Metal. The data provider shows slightly different figures that include other income.

What was Vedanta Aluminium's EBITDA in Vedanta vs Vedanta Aluminium?

Ans. EBITDA was Rs 10,192 crore, up 83%, a margin of about 46% (my calculation). Net debt fell by Rs 3,090 crore from the previous quarter and net debt to EBITDA is 0.7 times.

Why is the Vedanta growth rate not like-for-like?

Ans. The demerger took effect on 1 May 2026, so the year-ago figures include businesses that are now separate. The rise from Rs 3,479 crore to Rs 6,202 crore should be read with that in mind.

What are the share prices in Vedanta vs Vedanta Aluminium today?

Ans. At 9:56 AM IST on 29 Oct 2026, Vedanta Ltd was Rs 236.90, up 1.65%, and Vedanta Aluminium Metal was Rs 353.45, down 1.60%, both on the NSE.

Which has the larger market value in Vedanta vs Vedanta Aluminium?

Ans. At the previous close Vedanta Ltd had a market capitalisation of about Rs 91,112 crore and Vedanta Aluminium Metal about Rs 1.40 lakh crore (my estimate), roughly 54% higher.

What records did Vedanta Aluminium set?

Ans. It reported record aluminium output of 649 KT and record value-added products of 432 KT, along with alumina output of 895 KT. India Ratings upgraded it to AA+.

Is this article investment advice?

Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.