Stock VEDL VEDANTA LIMITED
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Financials Vedanta Limited

Equities

VEDL

INE205A01025

Diversified Mining

Market Closed - NSE India S.E.
Other stock markets
 07:43:54 2024-05-31 am EDT 		5-day change 1st Jan Change
450 INR +2.09% Intraday chart for Vedanta Limited -2.34% +74.05%
May. 23 Vedanta Seeks Shareholders' Nod to Raise Up To INR85 Billion; Shares Down 4% MT
May. 22 India's Vedanta Aluminium turning to renewables, not adding coal capacity, CEO says RE

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 683,934 239,532 847,245 1,494,414 1,017,894 1,670,937 - -
Enterprise Value (EV) 1 953,494 452,262 1,097,725 1,702,924 1,465,274 1,008,689 2,367,039 2,351,199
P/E ratio 9.67 x -3.59 x 7.3 x 8.01 x 9.69 x 24 x 12.6 x 11 x
Yield 10.2% 6.03% 4.15% 11.2% 37% 7.91% 7.55% 7.69%
Capitalization / Revenue 0.75 x 0.29 x 0.98 x 1.13 x 0.69 x 0.7 x 1.13 x 1.05 x
EV / Revenue 1.05 x 0.54 x 1.26 x 1.28 x 0.99 x 0.7 x 1.6 x 1.48 x
EV / EBITDA 3.97 x 2.19 x 4.02 x 3.8 x 4.26 x 2.87 x 5.62 x 5.08 x
EV / FCF 6.44 x 3.94 x 6.42 x 7 x 7.6 x 44.2 x 14.2 x 10.9 x
FCF Yield 15.5% 25.4% 15.6% 14.3% 13.2% 2.26% 7.03% 9.14%
Price to Book 1.1 x 0.44 x 1.37 x 2.29 x 2.59 x 4.81 x 4.97 x 4.57 x
Nbr of stocks (in thousands) 3,707,963 3,702,198 3,703,804 3,705,006 3,708,850 3,713,194 - -
Reference price 2 184.4 64.70 228.8 403.4 274.4 450.0 450.0 450.0
Announcement Date 5/7/19 6/6/20 5/13/21 4/28/22 5/12/23 4/25/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 909,010 835,450 868,630 1,327,320 1,473,080 1,437,270 1,481,296 1,586,601
EBITDA 1 240,120 206,870 273,180 448,240 344,220 351,980 421,349 463,029
EBIT 1 158,200 115,940 196,800 359,290 238,670 244,750 310,847 344,705
Operating Margin 17.4% 13.88% 22.66% 27.07% 16.2% 17.03% 20.98% 21.73%
Earnings before Tax (EBT) 1 135,600 -82,590 172,130 329,640 202,760 203,630 244,226 276,920
Net income 1 70,650 -66,640 116,020 188,020 105,740 42,390 141,797 164,621
Net margin 7.77% -7.98% 13.36% 14.17% 7.18% 2.95% 9.57% 10.38%
EPS 2 19.07 -18.00 31.32 50.38 28.32 11.33 35.70 40.89
Free Cash Flow 1 148,120 114,840 170,940 243,330 192,780 53,022 166,314 214,896
FCF margin 16.29% 13.75% 19.68% 18.33% 13.09% 3.82% 11.23% 13.54%
FCF Conversion (EBITDA) 61.69% 55.51% 62.57% 54.29% 56% 15.86% 39.47% 46.41%
FCF Conversion (Net income) 209.65% - 147.34% 129.42% 182.32% 76.64% 117.29% 130.54%
Dividend per Share 2 18.85 3.900 9.500 45.00 101.5 35.59 33.96 34.62
Announcement Date 5/7/19 6/6/20 5/13/21 4/28/22 5/12/23 4/25/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 281,050 300,480 336,970 398,220 386,220 366,540 348,180 379,300 337,330 389,450 355,410 344,504
EBITDA 1 98,710 103,630 109,380 136,330 101,970 76,990 70,670 94,590 64,200 118,340 85,310 84,547
EBIT 77,470 82,450 84,680 112,540 77,330 50,750 43,470 - 38,700 88,370 - 56,774
Operating Margin 27.56% 27.44% 25.13% 28.26% 20.02% 13.85% 12.48% - 11.47% 22.69% - 16.48%
Earnings before Tax (EBT) 1 71,700 78,060 77,920 101,960 72,600 43,640 43,940 42,580 40,860 81,770 41,050 39,189
Net income 1 42,240 46,150 41,640 57,990 44,210 18,080 24,640 18,810 26,400 -17,830 20,130 20,336
Net margin 15.03% 15.36% 12.36% 14.56% 11.45% 4.93% 7.08% 4.96% 7.83% -4.58% 5.66% 5.9%
EPS 2 11.31 12.38 11.17 15.56 11.84 4.850 6.600 - 7.060 -4.800 5.380 5.500
Dividend per Share - - - - - - - - - - - -
Announcement Date 7/26/21 10/29/21 1/28/22 4/28/22 7/28/22 10/28/22 1/27/23 5/12/23 7/21/23 11/4/23 1/25/24 -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 269,560 212,730 250,480 208,510 447,380 673,764 696,101 680,262
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.123 x 1.028 x 0.9169 x 0.4652 x 1.3 x 2.015 x 1.652 x 1.469 x
Free Cash Flow 1 148,120 114,840 170,940 243,330 192,780 53,022 166,314 214,896
ROE (net income / shareholders' equity) 10.9% 5.68% 19.8% 29.5% 20.2% 15.2% 44.2% 48.5%
ROA (Net income/ Total Assets) 3.65% 1.72% 6.28% 9.78% 5.36% 6.41% 10.5% 11.4%
Assets 1 1,933,138 -3,870,143 1,846,600 1,921,552 1,973,682 1,079,761 1,350,102 1,441,429
Book Value Per Share 2 167.0 147.0 167.0 176.0 106.0 93.50 90.50 98.40
Cash Flow per Share 2 63.80 52.10 64.70 93.70 88.90 45.70 86.80 102.0
Capex 1 89,420 78,140 68,860 106,300 137,870 141,717 172,363 157,213
Capex / Sales 9.84% 9.35% 7.93% 8.01% 9.36% 10.22% 11.64% 9.91%
Announcement Date 5/7/19 6/6/20 5/13/21 4/28/22 5/12/23 4/25/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Vedanta Limited

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
450 INR
Average target price
389.6 INR
Spread / Average Target
-13.41%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Mining

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Integrated Mining
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