Investors love a good turnaround. Vedanta Limited appears to serving up much of that: net debt, as of March 31, 2025, down to ₹532.5 billion from ₹740 billion in three years; improved credit metrics; and refinanced bonds with lower rates. The company reported record revenue of ₹1.5 trillion in 2024-25, with consolidated net profit jumping 172% year-on-year to ₹205.4 billion.But when a company has spent more than a quarter-century perfecting the art of financial engineering and regulatory arbitrage, recent announcements of improvement deserve wary scepticism.
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