Earnings Surge: Metal & Mining Companies Report Strong Q3 FY’26 Numbers

The third quarter of FY 2025–26 delivered robust performance across key Indian metal and mining companies, with Indian Metals & Ferro Alloys Ltd, Vedanta Ltd., and its key subsidiary Hindustan Zinc Ltd. posting upbeat earnings, healthy margin expansion, and strategic growth commentary. This narrative underscores the continued resilience of India’s metals ecosystem amid favourable commodities demand and operational execution.

Indian Metals & Ferro Alloys Ltd: Strategic Growth & Margin Expansion

Indian Metals & Ferro Alloys Ltd reported strong Q3 FY’26 results, reflecting improved profitability and strategic thrust on future capacity growth. The company’s financials for the quarter ended December 31, 2025 showed:

• Revenue: ₹724.57 crore (up ~9.7% YoY)

• Net Profit: ₹131.29 crore (up ~40.7% YoY)

• Net Profit Margin: 18.12% (vs 14.13% YoY)

In the recent earnings call, management highlighted that improved ferrochrome realizations were the key driver of elevated EBITDA and profit growth, even as power costs saw modest upward pressure due to coal price movements. The company also confirmed that strategic initiatives including the Tata Steel ferrochrome plant acquisition and the Kalinganagar greenfield expansion are progressing, with commissioning timelines set in 2026. Management expressed confidence that these projects will substantially boost volumes and profitability in FY ’27 and beyond.

Overall, IMFA remains strategically positioned with healthy cash reserves, disciplined capital allocation, and a roadmap targeting volume expansion to ~400,000 tonnes in FY27 and further to 475,000–500,000 tonnes by FY28.

Vedanta Ltd.: Record Revenues & Profit Growth

Vedanta Ltd., one of India’s largest diversified resource companies, delivered one of its strongest quarterly performances in Q3 FY’26, showcasing:

• Net Profit: ₹7,807 crore, up ~60% YoY

• Revenue: ₹45,899 crore, up ~19% YoY

• EBITDA: ₹15,171 crore (record), up ~34% YoY

• EBITDA Margin: ~41%

The company achieved all-time high quarterly revenue and EBITDA, driven by improved operating leverage, cost efficiencies, and robust commodity prices. Businesses like aluminium and zinc delivered standout performance, with aluminium seeing strong production growth and zinc benefiting from record mined output and favourable silver contributions.

Vedanta’s management emphasized strategic developments, including the ongoing corporate demerger aimed at unlocking long-term shareholder value through focused verticals. Additionally, the company reported an improvement in leverage metrics and reaffirmed its credit ratings, signaling a strengthening balance sheet.

Hindustan Zinc Ltd.: Record Q3 for Revenue & Profit

Hindustan Zinc Ltd. a key Vedanta subsidiary and one of the largest integrated zinc producers globally posted a remarkable Q3 FY’26 performance:

• Revenue from operations: ₹10,627 crore

• Net Profit: ₹3,916 crore

• Operating Margin: ~47%

Record Mined & Refined Metal Production

HZL’s third quarter was notable both for strong earnings and operational excellence. It achieved record production volumes and benefited from a sustained upswing in commodity prices, particularly in silver which contributed significantly to profitability. The company also reduced zinc production costs to five-year lows, fuelling industry-leading EBITDA margins.

The Board approved a generous interim dividend of ₹10 per equity share, reflecting confidence in long-term cash flows and shareholder returns.