NSE:VEDL Research Reports - SOIC x StockScans

Vedanta Limited is a natural resources company that digs metals and minerals out of the ground, turns them into finished materials, and sells them to industries building everything from cars and buildings to power grids and electronics - it is India’s largest diversified player in this space. It was incorporated on September 8, 1975 and grew by acquiring and scaling a string of large, often state-originated assets - aluminium smelters, zinc mines, oil fields, steel plants - into an integrated chain that now spans mining, smelting, refining, and power generation across India, Africa, and the Middle East. The recurring approach is to own the full value chain from captive raw materials through to value-added products, supply its own power, and then use the cash from mature operations to build the next one - a pattern now being applied to critical minerals and technology materials under a strategic overhaul the company calls “Vedanta 2.0”.

Business segments

Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before.

1. Aluminium: India’s largest integrated producer, from bauxite to finished metal

It runs the biggest single-location aluminium smelter outside China, feeds it from its own mines and refinery, and powers it with its own coal plants - keeping costs in the cheapest quartile globally.

Captive raw materials, most of the way - it operates its own bauxite mines and the Lanjigarh alumina refinery in Odisha, which is expanding to 5 MTPA capacity and hit an exit run rate of 4 MTPA in FY26, moving toward 100% backward integration. The Sijimali bauxite block alone holds an estimated 310 million tonnes of reserves.
Self-supplied energy keeps costs down - 4.6 GW of captive power and captive coal mines, including Jamkhani at 2.6 MTPA, feed the smelters, with more mines under development so that eventually all coal comes from within 100 km of the plants. That helped push the Aluminium COP to US$1,752 per tonne in FY26, the lowest in five years and firmly in the first quartile of the global cost curve.
Two smelters, one giant - the Jharsuguda complex in Odisha has 1.85 MTPA of capacity, the largest single-location aluminium smelter outside China, while the BALCO smelter in Chhattisgarh (51% owned, with the Indian government holding the rest) adds another 0.6 MTPA, giving the group 2.4 MTPA total - the most in India and fourth-largest globally excluding China.
Shifting from commodity to specialty - value-added products like billets, wire rods, and rolled products made up 60% of aluminium sales in FY26, with a target of roughly 90% by FY27, and the business launched India’s first low-carbon aluminium brands, Restora and Restora Ultra, selling a record 91 kt of low-carbon metal in FY26.

2. Zinc-Lead-Silver: the world’s largest integrated zinc miner, with silver as the bonus

It runs the biggest underground zinc-lead mine on the planet, produces three-quarters of India’s zinc, and is the country’s only primary silver producer - silver alone contributed nearly half the segment’s profit.

The Rampura Agucha anchor - Hindustan Zinc (60.71% owned) operates the world’s largest underground zinc-lead mine in Rajasthan, with total smelter capacity of 1.14 MTPA and captive mines capable of 17 MTPA, giving it a 74% domestic zinc market share.
Cost leadership in zinc mining - the cost of production excluding royalty fell to US$959 per tonne in FY26, the lowest in five years, placing HZL in the first decile of the global zinc mining cost curve. Ore reserves and resources hit a record 468.6 million tonnes, supporting a mine life of more than 25 years.
Silver is the profit engine - as India’s only primary silver producer, HZL churned out 627 tonnes of silver in FY26, and silver contributed 45% of the zinc business’s overall profitability, all of it sold domestically to industrial users, jewellers, and silverware makers.
International mines are scaling up - the Zinc International arm, held through a wholly-owned subsidiary, runs the Gamsberg mine in South Africa and Black Mountain in Namibia; Gamsberg alone produced 185 kt of metal in concentrate in FY26, a 39% jump, and a Phase 2 expansion is 93.6% complete to nearly double ore throughput to 8.4 MTPA.
Low-carbon zinc and a downstream hub - HZL launched Asia’s first low-carbon zinc brand, EcoZen, with a carbon footprint below 1 tonne of CO₂ per tonne of zinc - about 75% lower than the global average - and is building India’s first integrated zinc downstream park in Rajasthan to anchor local manufacturers.

3. Oil & Gas: India’s largest private crude producer, feeding domestic refineries

It pumps roughly a quarter of India’s domestically produced crude oil from Rajasthan’s desert fields and sells every barrel inside the country under government-regulated terms.

The Rajasthan block is the workhorse - the RJ Block, held through a 50% group share in Cairn India Holdings, contains the Mangala, Bhagyam, and Aishwariya fields and sits on gross reserves and resources of 1,321 million barrels of oil equivalent. Average gross operated production was 87.2 thousand barrels of oil equivalent per day in FY26.
A 670-km heated pipeline to the coast - crude travels from Barmer in Rajasthan to the Gujarat coast through the world’s longest continuously heated pipeline, roughly 670 km, connecting desert oil to refineries.
Wringing more from old fields - an ASP (Alkaline-Surfactant-Polymer) injection facility has been built at Mangala, one of the largest polymer-based enhanced oil recovery projects on a single field anywhere, with injection set to begin in Q1 FY27 to push out oil that conventional methods leave behind.
New offshore production in the works - Cairn installed India’s first subsea template at the Ambe block on the West Coast in December 2025, the first Discovered Small Field block to be monetised, adding roughly 13 million barrels of oil equivalent in reserves and resources with production targeted by FY27.

4. Iron & Steel: merchant miner, pig iron exporter, and a growing integrated steel mill

It digs iron ore from three Indian states, sells it to steelmakers, and also runs its own blast furnaces to make pig iron and long steel products - with a Liberian ore reserve that could last over 50 years.

Three-state mining footprint - the Sesa Iron Ore division operates mines in Karnataka (60 million tonnes of reserves), Goa (57 million tonnes), and Odisha (82.8 million tonnes), producing 6.5 million dry metric tonnes of saleable ore in FY26, up 67% year-on-year.
Pig iron from captive furnaces - three blast furnaces with 1.2 MTPA of capacity turn ore into pig iron, with record production of 895 kt in FY26, including a custom high-purity grade developed for niche customers.
Integrated steel at Bokaro - ESL Steel (95.5% owned) runs a 1.6 MTPA hot metal plant in Jharkhand making billets, TMT bars, wire rods, and ductile iron pipes, with saleable production of 1,301 kt in FY26 and an expansion to 3.5 MTPA underway.
A 50-year option in West Africa - the business holds one of the world’s largest iron ore resource bases in Liberia, with a reserve life estimated at over 50 years, and a first-phase plan targeting 3 MTPA of production including a concentrator plant, power plant, and dedicated port infrastructure.

5. Copper: a custom smelter and refiner with a shuttered giant and a Saudi growth bet

It runs a refinery in Silvassa that turns imported copper anodes into cathodes and rods for the Indian market, while its much larger Tuticorin smelter remains offline and a new rod mill is being built in Saudi Arabia.

Refining other people’s copper - the Silvassa refinery has 216 KTPA of capacity and produced a record 170 kt of cathodes in FY26, sourcing most of its anode feed under long-term contracts with smelters and traders, earning its margin from refining charges, by-product sales, and domestic premiums rather than from owning mines.
A 20% domestic market share from one plant - even with the 400 KTPA Tuticorin smelter shut since April 2018, the copper business holds a strong fifth of the Indian market, supplying wire and cable makers, transformer manufacturers, and electrical profile producers.
Saudi rod mill for regional demand - a 125 KTPA continuous cast copper rod plant is being built at Ras-Al-Khair in Saudi Arabia through a wholly-owned subsidiary, positioning the business to serve Middle Eastern cable manufacturers.
Downstream bolt-on - Vedanta acquired Incab Industries, a power cable and industrial wire manufacturer, under India’s insolvency code in December 2025, giving the copper business a direct route to sell its metal into finished cable products.

Group structure and partners

A just-completed demerger has split the conglomerate into five separately listed companies, each housing a distinct natural-resource engine, while the retained Vedanta Limited entity holds the crown-jewel Hindustan Zinc stake and acts as an incubator for new ventures.

The May 2026 demerger - effective 1 May 2026, Vedanta Limited was split into five listed entities: Vedanta Aluminium, Vedanta Power, Vedanta Iron & Steel, Vedanta Oil & Gas, and the retained Vedanta Limited, which keeps the 60.71% stake in Hindustan Zinc and houses the copper, ferro alloys, and new technology businesses.
Key listed and unlisted holdings - beyond Hindustan Zinc, the group holds 51% in BALCO (aluminium, with the Indian government at 49%), 95.5% in ESL Steel, 100% in Ferro Alloys Corporation (FACOR), 100% in the Zinc International mines, and 100% in Cairn India Holdings, which carries the 50% group share in the Rajasthan oil block and a 98.2% stake in AvanStrate, a Japanese-Taiwanese-Korean display glass manufacturer with over 700 patents.
Incubation of new materials - the retained Vedanta Limited entity now serves as the platform for critical minerals (10 blocks won across nickel, cobalt, graphite, and other minerals), the Nicomet nickel sulphate business (India’s sole nickel producer, with roughly half the domestic market), and the semiconductor and display glass ventures.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	38,945	35,541	35,509	35,764	37,634	17,063	16,686	15,754	18,747	21,337	24,609	24,205
Growth YoY Revenue Growth YoY%	6.3	4.2	-6.4	6.0	-3.4	-52.0	-53.0	-56.0	-50.2	25.1	47.5	53.6
Expenses ExpensesCr	27,466	27,010	26,741	25,819	27,806	12,050	11,440	11,478	13,831	14,816	17,050	15,704
Operating Profit Operating ProfitCr	11,479	8,531	8,768	9,945	9,828	5,013	5,246	4,276	4,916	6,521	7,559	8,501
OPM OPM%	29.5	24.0	24.7	27.8	26.1	29.4	31.4	27.1	26.2	30.6	30.7	35.1
Other Income Other IncomeCr	1,863	779	385	934	3,168	339	347	382	-1,830	506	418	542
Interest Expense Interest ExpenseCr	2,523	2,417	2,415	2,222	2,667	1,073	1,071	609	1,033	547	694	662
Depreciation DepreciationCr	2,642	2,788	2,743	2,731	2,696	1,238	1,191	1,116	1,303	1,239	1,332	1,192
PBT PBTCr	8,177	4,105	3,995	5,926	7,633	3,041	3,331	2,933	750	5,241	5,951	7,189
Tax TaxCr	9,092	1,237	1,720	831	2,030	1,028	794	831	348	1,354	1,684	1,895
PAT PATCr	-915	2,868	2,275	5,095	5,603	4,876	4,961	4,457	3,479	7,807	9,352	7,918
Growth YoY PAT Growth YoY%	-134.0	-7.2	-27.4	54.0	712.4	70.0	118.1	-12.5	-37.9	60.1	88.5	77.7
NPM NPM%	-2.4	8.1	6.4	14.3	14.9	28.6	29.7	28.3	18.6	36.6	38.0	32.7
EPS EPS₹	-1.8	2.0	1.4	3.6	4.2	3.4	3.7	3.0	1.7	5.5	6.4	14.0

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

38,945

35,541

35,509

35,764

37,634

17,063

16,686

15,754

18,747

21,337

24,609

24,205

Growth YoY

Revenue Growth YoY%

6.3

4.2

-6.4

6.0

-3.4

-52.0

-53.0

-56.0

-50.2

25.1

47.5

53.6

Expenses

ExpensesCr

27,466

27,010

26,741

25,819

27,806

12,050

11,440

11,478

13,831

14,816

17,050

15,704

Operating Profit

Operating ProfitCr

11,479

8,531

8,768

9,945

9,828

5,013

5,246

4,276

4,916

6,521

7,559

8,501

OPM

OPM%

29.5

24.0

24.7

27.8

26.1

29.4

31.4

27.1

26.2

30.6

30.7

35.1

Other Income

Other IncomeCr

1,863

779

385

934

3,168

339

347

382

-1,830

506

418

542

Interest Expense

Interest ExpenseCr

2,523

2,417

2,415

2,222

2,667

1,073

1,071

609

1,033

547

694

662

Depreciation

DepreciationCr

2,642

2,788

2,743

2,731

2,696

1,238

1,191

1,116

1,303

1,239

1,332

1,192

PBT

PBTCr

8,177

4,105

3,995

5,926

7,633

3,041

3,331

2,933

750

5,241

5,951

7,189

Tax

TaxCr

9,092

1,237

1,720

831

2,030

1,028

794

831

348

1,354

1,684

1,895

PAT

PATCr

-915

2,868

2,275

5,095

5,603

4,876

4,961

4,457

3,479

7,807

9,352

7,918

Growth YoY

PAT Growth YoY%

-134.0

-7.2

-27.4

54.0

712.4

70.0

118.1

-12.5

-37.9

60.1

88.5

77.7

NPM

NPM%

-2.4

8.1

6.4

14.3

14.9

28.6

29.7

28.3

18.6

36.6

38.0

32.7

EPS

EPS₹

-1.8

2.0

1.4

3.6

4.2

3.4

3.7

3.0

1.7

5.5

6.4

14.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	38,945	35,541	35,509	35,764	37,634	17,063	16,686	15,754	18,747	21,337	24,609	24,205
Growth YoY Revenue Growth YoY%	6.3	4.2	-6.4	6.0	-3.4	-52.0	-53.0	-56.0	-50.2	25.1	47.5	53.6
Expenses ExpensesCr	27,466	27,010	26,741	25,819	27,806	12,050	11,440	11,478	13,831	14,816	17,050	15,704
Operating Profit Operating ProfitCr	11,479	8,531	8,768	9,945	9,828	5,013	5,246	4,276	4,916	6,521	7,559	8,501
OPM OPM%	29.5	24.0	24.7	27.8	26.1	29.4	31.4	27.1	26.2	30.6	30.7	35.1
Other Income Other IncomeCr	1,863	779	385	934	3,168	339	347	382	-1,830	506	418	542
Interest Expense Interest ExpenseCr	2,523	2,417	2,415	2,222	2,667	1,073	1,071	609	1,033	547	694	662
Depreciation DepreciationCr	2,642	2,788	2,743	2,731	2,696	1,238	1,191	1,116	1,303	1,239	1,332	1,192
PBT PBTCr	8,177	4,105	3,995	5,926	7,633	3,041	3,331	2,933	750	5,241	5,951	7,189
Tax TaxCr	9,092	1,237	1,720	831	2,030	1,028	794	831	348	1,354	1,684	1,895
PAT PATCr	-915	2,868	2,275	5,095	5,603	4,876	4,961	4,457	3,479	7,807	9,352	7,918
Growth YoY PAT Growth YoY%	-134.0	-7.2	-27.4	54.0	712.4	70.0	118.1	-12.5	-37.9	60.1	88.5	77.7
NPM NPM%	-2.4	8.1	6.4	14.3	14.9	28.6	29.7	28.3	18.6	36.6	38.0	32.7
EPS EPS₹	-1.8	2.0	1.4	3.6	4.2	3.4	3.7	3.0	1.7	5.5	6.4	14.0

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

38,945

35,541

35,509

35,764

37,634

17,063

16,686

15,754

18,747

21,337

24,609

24,205

Growth YoY

Revenue Growth YoY%

6.3

4.2

-6.4

6.0

-3.4

-52.0

-53.0

-56.0

-50.2

25.1

47.5

53.6

Expenses

ExpensesCr

27,466

27,010

26,741

25,819

27,806

12,050

11,440

11,478

13,831

14,816

17,050

15,704

Operating Profit

Operating ProfitCr

11,479

8,531

8,768

9,945

9,828

5,013

5,246

4,276

4,916

6,521

7,559

8,501

OPM

OPM%

29.5

24.0

24.7

27.8

26.1

29.4

31.4

27.1

26.2

30.6

30.7

35.1

Other Income

Other IncomeCr

1,863

779

385

934

3,168

339

347

382

-1,830

506

418

542

Interest Expense

Interest ExpenseCr

2,523

2,417

2,415

2,222

2,667

1,073

1,071

609

1,033

547

694

662

Depreciation

DepreciationCr

2,642

2,788

2,743

2,731

2,696

1,238

1,191

1,116

1,303

1,239

1,332

1,192

PBT

PBTCr

8,177

4,105

3,995

5,926

7,633

3,041

3,331

2,933

750

5,241

5,951

7,189

Tax

TaxCr

9,092

1,237

1,720

831

2,030

1,028

794

831

348

1,354

1,684

1,895

PAT

PATCr

-915

2,868

2,275

5,095

5,603

4,876

4,961

4,457

3,479

7,807

9,352

7,918

Growth YoY

PAT Growth YoY%

-134.0

-7.2

-27.4

54.0

712.4

70.0

118.1

-12.5

-37.9

60.1

88.5

77.7

NPM

NPM%

-2.4

8.1

6.4

14.3

14.9

28.6

29.7

28.3

18.6

36.6

38.0

32.7

EPS

EPS₹

-1.8

2.0

1.4

3.6

4.2

3.4

3.7

3.0

1.7

5.5

6.4

14.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	64,262	72,225	91,866	92,048	84,447	88,021	1,32,732	1,47,308	1,43,727	62,717	78,437	88,898
Growth Revenue Growth%	-12.8	12.4	27.2	0.2	-8.3	4.2	50.8	11.0	-2.4	-56.4	25.1	2.0
Expenses ExpensesCr	49,110	50,893	67,004	68,945	63,760	60,703	87,908	1,12,886	1,08,529	44,139	55,253	61,401
Operating Profit Operating ProfitCr	15,152	21,332	24,862	23,103	20,687	27,318	44,824	34,422	35,198	18,578	23,184	27,497
OPM OPM%	23.6	29.5	27.1	25.1	24.5	31.0	33.8	23.4	24.5	29.6	29.6	30.9
Other Income Other IncomeCr	-29,341	4,467	6,102	4,338	-14,876	2,743	1,832	2,634	5,355	1,480	1,569	-364
Interest Expense Interest ExpenseCr	5,778	5,855	5,112	5,689	4,977	5,210	4,797	6,225	9,465	4,197	2,817	2,936
Depreciation DepreciationCr	8,572	6,292	6,283	8,192	9,093	7,638	8,895	10,555	10,723	4,233	4,810	5,066
PBT PBTCr	-28,540	13,652	19,569	13,560	-8,259	17,213	32,964	20,276	20,365	11,628	17,126	19,131
Tax TaxCr	-10,678	2,333	5,877	3,862	-3,516	2,180	9,255	5,770	12,826	2,352	4,646	5,281
PAT PATCr	-17,863	11,319	13,692	9,698	-4,743	15,033	23,709	14,506	7,539	9,276	12,480	28,556
Growth PAT Growth%	-57.1	163.4	21.0	-29.2	-148.9	416.9	57.7	-38.8	-48.0	23.0	34.5	43.5
NPM NPM%	-27.8	15.7	14.9	10.5	-5.6	17.1	17.9	9.8	5.3	14.8	15.9	32.1
EPS EPS₹	-41.4	8.8	10.6	7.1	-6.7	11.7	19.0	10.7	4.3	14.6	16.7	27.6

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

64,262

72,225

91,866

92,048

84,447

88,021

1,32,732

1,47,308

1,43,727

62,717

78,437

88,898

Growth

Revenue Growth%

-12.8

12.4

27.2

0.2

-8.3

4.2

50.8

11.0

-2.4

-56.4

25.1

2.0

Expenses

ExpensesCr

49,110

50,893

67,004

68,945

63,760

60,703

87,908

1,12,886

1,08,529

44,139

55,253

61,401

Operating Profit

Operating ProfitCr

15,152

21,332

24,862

23,103

20,687

27,318

44,824

34,422

35,198

18,578

23,184

27,497

OPM

OPM%

23.6

29.5

27.1

25.1

24.5

31.0

33.8

23.4

24.5

29.6

30.9

Other Income

Other IncomeCr

-29,341

4,467

6,102

4,338

-14,876

2,743

1,832

2,634

5,355

1,480

1,569

-364

Interest Expense

Interest ExpenseCr

5,778

5,855

5,112

5,689

4,977

5,210

4,797

6,225

9,465

4,197

2,817

2,936

Depreciation

DepreciationCr

8,572

6,292

6,283

8,192

9,093

7,638

8,895

10,555

10,723

4,233

4,810

5,066

PBT

PBTCr

-28,540

13,652

19,569

13,560

-8,259

17,213

32,964

20,276

20,365

11,628

17,126

19,131

Tax

TaxCr

-10,678

2,333

5,877

3,862

-3,516

2,180

9,255

5,770

12,826

2,352

4,646

5,281

PAT

PATCr

-17,863

11,319

13,692

9,698

-4,743

15,033

23,709

14,506

7,539

9,276

12,480

28,556

Growth

PAT Growth%

-57.1

163.4

21.0

-29.2

-148.9

416.9

57.7

-38.8

-48.0

23.0

34.5

43.5

NPM

NPM%

-27.8

15.7

14.9

10.5

-5.6

17.1

17.9

9.8

5.3

14.8

15.9

32.1

EPS

EPS₹

-41.4

8.8

10.6

7.1

-6.7

11.7

19.0

10.7

4.3

14.6

16.7

27.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	64,262	72,225	91,866	92,048	84,447	88,021	1,32,732	1,47,308	1,43,727	62,717	78,437	88,898
Growth Revenue Growth%	-12.8	12.4	27.2	0.2	-8.3	4.2	50.8	11.0	-2.4	-56.4	25.1	2.0
Expenses ExpensesCr	49,110	50,893	67,004	68,945	63,760	60,703	87,908	1,12,886	1,08,529	44,139	55,253	61,401
Operating Profit Operating ProfitCr	15,152	21,332	24,862	23,103	20,687	27,318	44,824	34,422	35,198	18,578	23,184	27,497
OPM OPM%	23.6	29.5	27.1	25.1	24.5	31.0	33.8	23.4	24.5	29.6	29.6	30.9
Other Income Other IncomeCr	-29,341	4,467	6,102	4,338	-14,876	2,743	1,832	2,634	5,355	1,480	1,569	-364
Interest Expense Interest ExpenseCr	5,778	5,855	5,112	5,689	4,977	5,210	4,797	6,225	9,465	4,197	2,817	2,936
Depreciation DepreciationCr	8,572	6,292	6,283	8,192	9,093	7,638	8,895	10,555	10,723	4,233	4,810	5,066
PBT PBTCr	-28,540	13,652	19,569	13,560	-8,259	17,213	32,964	20,276	20,365	11,628	17,126	19,131
Tax TaxCr	-10,678	2,333	5,877	3,862	-3,516	2,180	9,255	5,770	12,826	2,352	4,646	5,281
PAT PATCr	-17,863	11,319	13,692	9,698	-4,743	15,033	23,709	14,506	7,539	9,276	12,480	28,556
Growth PAT Growth%	-57.1	163.4	21.0	-29.2	-148.9	416.9	57.7	-38.8	-48.0	23.0	34.5	43.5
NPM NPM%	-27.8	15.7	14.9	10.5	-5.6	17.1	17.9	9.8	5.3	14.8	15.9	32.1
EPS EPS₹	-41.4	8.8	10.6	7.1	-6.7	11.7	19.0	10.7	4.3	14.6	16.7	27.6

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

64,262

72,225

91,866

92,048

84,447

88,021

1,32,732

1,47,308

1,43,727

62,717

78,437

88,898

Growth

Revenue Growth%

-12.8

12.4

27.2

0.2

-8.3

4.2

50.8

11.0

-2.4

-56.4

25.1

2.0

Expenses

ExpensesCr

49,110

50,893

67,004

68,945

63,760

60,703

87,908

1,12,886

1,08,529

44,139

55,253

61,401

Operating Profit

Operating ProfitCr

15,152

21,332

24,862

23,103

20,687

27,318

44,824

34,422

35,198

18,578

23,184

27,497

OPM

OPM%

23.6

29.5

27.1

25.1

24.5

31.0

33.8

23.4

24.5

29.6

30.9

Other Income

Other IncomeCr

-29,341

4,467

6,102

4,338

-14,876

2,743

1,832

2,634

5,355

1,480

1,569

-364

Interest Expense

Interest ExpenseCr

5,778

5,855

5,112

5,689

4,977

5,210

4,797

6,225

9,465

4,197

2,817

2,936

Depreciation

DepreciationCr

8,572

6,292

6,283

8,192

9,093

7,638

8,895

10,555

10,723

4,233

4,810

5,066

PBT

PBTCr

-28,540

13,652

19,569

13,560

-8,259

17,213

32,964

20,276

20,365

11,628

17,126

19,131

Tax

TaxCr

-10,678

2,333

5,877

3,862

-3,516

2,180

9,255

5,770

12,826

2,352

4,646

5,281

PAT

PATCr

-17,863

11,319

13,692

9,698

-4,743

15,033

23,709

14,506

7,539

9,276

12,480

28,556

Growth

PAT Growth%

-57.1

163.4

21.0

-29.2

-148.9

416.9

57.7

-38.8

-48.0

23.0

34.5

43.5

NPM

NPM%

-27.8

15.7

14.9

10.5

-5.6

17.1

17.9

9.8

5.3

14.8

15.9

32.1

EPS

EPS₹

-41.4

8.8

10.6

7.1

-6.7

11.7

19.0

10.7

4.3

14.6

16.7

27.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	297	297	372	372	372	372	372	372	372	391	391
Reserves ReservesCr	43,743	60,128	62,940	62,322	54,644	61,906	65,011	39,051	30,350	40,821	49,261
Current Liabilities Current LiabilitiesCr	54,340	82,675	67,247	76,641	63,322	59,138	65,495	87,047	78,661	73,575	35,023
Non Current Liabilities Non Current LiabilitiesCr	60,291	41,927	38,065	47,878	48,553	49,157	50,183	58,903	70,077	75,965	1,29,637
Total Liabilities Total LiabilitiesCr	1,95,231	1,99,030	1,84,585	2,02,043	1,83,622	1,85,711	1,98,382	1,95,377	1,90,807	2,03,293	2,33,237
Current Assets Current AssetsCr	72,843	76,796	55,114	59,828	57,520	56,206	68,338	60,507	51,924	51,765	26,810
Non Current Assets Non Current AssetsCr	1,22,388	1,22,234	1,29,471	1,42,215	1,26,102	1,29,505	1,30,044	1,34,870	1,38,883	1,51,528	2,06,427
Total Assets Total AssetsCr	1,95,231	1,99,030	1,84,585	2,02,043	1,83,622	1,85,711	1,98,382	1,95,377	1,90,807	2,03,293	2,33,237

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

297

372

391

Reserves

ReservesCr

43,743

60,128

62,940

62,322

54,644

61,906

65,011

39,051

30,350

40,821

49,261

Current Liabilities

Current LiabilitiesCr

54,340

82,675

67,247

76,641

63,322

59,138

65,495

87,047

78,661

73,575

35,023

Non Current Liabilities

Non Current LiabilitiesCr

60,291

41,927

38,065

47,878

48,553

49,157

50,183

58,903

70,077

75,965

1,29,637

Total Liabilities

Total LiabilitiesCr

1,95,231

1,99,030

1,84,585

2,02,043

1,83,622

1,85,711

1,98,382

1,95,377

1,90,807

2,03,293

2,33,237

Current Assets

Current AssetsCr

72,843

76,796

55,114

59,828

57,520

56,206

68,338

60,507

51,924

51,765

26,810

Non Current Assets

Non Current AssetsCr

1,22,388

1,22,234

1,29,471

1,42,215

1,26,102

1,29,505

1,30,044

1,34,870

1,38,883

1,51,528

2,06,427

Total Assets

Total AssetsCr

1,95,231

1,99,030

1,84,585

2,02,043

1,83,622

1,85,711

1,98,382

1,95,377

1,90,807

2,03,293

2,33,237

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	297	297	372	372	372	372	372	372	372	391	391
Reserves ReservesCr	43,743	60,128	62,940	62,322	54,644	61,906	65,011	39,051	30,350	40,821	49,261
Current Liabilities Current LiabilitiesCr	54,340	82,675	67,247	76,641	63,322	59,138	65,495	87,047	78,661	73,575	35,023
Non Current Liabilities Non Current LiabilitiesCr	60,291	41,927	38,065	47,878	48,553	49,157	50,183	58,903	70,077	75,965	1,29,637
Total Liabilities Total LiabilitiesCr	1,95,231	1,99,030	1,84,585	2,02,043	1,83,622	1,85,711	1,98,382	1,95,377	1,90,807	2,03,293	2,33,237
Current Assets Current AssetsCr	72,843	76,796	55,114	59,828	57,520	56,206	68,338	60,507	51,924	51,765	26,810
Non Current Assets Non Current AssetsCr	1,22,388	1,22,234	1,29,471	1,42,215	1,26,102	1,29,505	1,30,044	1,34,870	1,38,883	1,51,528	2,06,427
Total Assets Total AssetsCr	1,95,231	1,99,030	1,84,585	2,02,043	1,83,622	1,85,711	1,98,382	1,95,377	1,90,807	2,03,293	2,33,237

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

297

372

391

Reserves

ReservesCr

43,743

60,128

62,940

62,322

54,644

61,906

65,011

39,051

30,350

40,821

49,261

Current Liabilities

Current LiabilitiesCr

54,340

82,675

67,247

76,641

63,322

59,138

65,495

87,047

78,661

73,575

35,023

Non Current Liabilities

Non Current LiabilitiesCr

60,291

41,927

38,065

47,878

48,553

49,157

50,183

58,903

70,077

75,965

1,29,637

Total Liabilities

Total LiabilitiesCr

1,95,231

1,99,030

1,84,585

2,02,043

1,83,622

1,85,711

1,98,382

1,95,377

1,90,807

2,03,293

2,33,237

Current Assets

Current AssetsCr

72,843

76,796

55,114

59,828

57,520

56,206

68,338

60,507

51,924

51,765

26,810

Non Current Assets

Non Current AssetsCr

1,22,388

1,22,234

1,29,471

1,42,215

1,26,102

1,29,505

1,30,044

1,34,870

1,38,883

1,51,528

2,06,427

Total Assets

Total AssetsCr

1,95,231

1,99,030

1,84,585

2,02,043

1,83,622

1,85,711

1,98,382

1,95,377

1,90,807

2,03,293

2,33,237

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	20,377	18,083	17,366	23,754	19,300	23,980	34,963	33,065	35,654	39,562	39,499
Investing Cash Flow Investing Cash FlowCr	-7,863	2,711	15,396	-10,530	-5,894	-6,750	-2,253	-693	-13,686	-19,190	-24,338
Financing Cash Flow Financing Cash FlowCr	-11,303	-12,425	-39,255	-10,242	-15,547	-17,565	-28,903	-34,142	-26,092	-19,223	-13,549
Net Cash Flow Net Cash FlowCr	1,206	8,339	-6,409	2,918	-2,172	-263	3,817	-1,745	-4,114	1,181	1,816
Free Cash Flow Free Cash FlowCr	14,965	12,648	10,070	14,937	11,631	17,262	24,658	19,411	19,097	22,848	18,747
CFO To PAT CFO To PAT%	-114.1	159.8	126.8	244.9	-406.9	159.5	147.5	227.9	472.9	426.5	316.5
CFO To EBITDA CFO To EBITDA%	134.5	84.8	69.8	102.8	93.3	87.8	78.0	96.1	101.3	212.9	170.4

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

20,377

18,083

17,366

23,754

19,300

23,980

34,963

33,065

35,654

39,562

39,499

Investing Cash Flow

Investing Cash FlowCr

-7,863

2,711

15,396

-10,530

-5,894

-6,750

-2,253

-693

-13,686

-19,190

-24,338

Financing Cash Flow

Financing Cash FlowCr

-11,303

-12,425

-39,255

-10,242

-15,547

-17,565

-28,903

-34,142

-26,092

-19,223

-13,549

Net Cash Flow

Net Cash FlowCr

1,206

8,339

-6,409

2,918

-2,172

-263

3,817

-1,745

-4,114

1,181

1,816

Free Cash Flow

Free Cash FlowCr

14,965

12,648

10,070

14,937

11,631

17,262

24,658

19,411

19,097

22,848

18,747

CFO To PAT

CFO To PAT%

-114.1

159.8

126.8

244.9

-406.9

159.5

147.5

227.9

472.9

426.5

316.5

CFO To EBITDA

CFO To EBITDA%

134.5

84.8

69.8

102.8

93.3

87.8

78.0

96.1

101.3

212.9

170.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	20,377	18,083	17,366	23,754	19,300	23,980	34,963	33,065	35,654	39,562	39,499
Investing Cash Flow Investing Cash FlowCr	-7,863	2,711	15,396	-10,530	-5,894	-6,750	-2,253	-693	-13,686	-19,190	-24,338
Financing Cash Flow Financing Cash FlowCr	-11,303	-12,425	-39,255	-10,242	-15,547	-17,565	-28,903	-34,142	-26,092	-19,223	-13,549
Net Cash Flow Net Cash FlowCr	1,206	8,339	-6,409	2,918	-2,172	-263	3,817	-1,745	-4,114	1,181	1,816
Free Cash Flow Free Cash FlowCr	14,965	12,648	10,070	14,937	11,631	17,262	24,658	19,411	19,097	22,848	18,747
CFO To PAT CFO To PAT%	-114.1	159.8	126.8	244.9	-406.9	159.5	147.5	227.9	472.9	426.5	316.5
CFO To EBITDA CFO To EBITDA%	134.5	84.8	69.8	102.8	93.3	87.8	78.0	96.1	101.3	212.9	170.4

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

20,377

18,083

17,366

23,754

19,300

23,980

34,963

33,065

35,654

39,562

39,499

Investing Cash Flow

Investing Cash FlowCr

-7,863

2,711

15,396

-10,530

-5,894

-6,750

-2,253

-693

-13,686

-19,190

-24,338

Financing Cash Flow

Financing Cash FlowCr

-11,303

-12,425

-39,255

-10,242

-15,547

-17,565

-28,903

-34,142

-26,092

-19,223

-13,549

Net Cash Flow

Net Cash FlowCr

1,206

8,339

-6,409

2,918

-2,172

-263

3,817

-1,745

-4,114

1,181

1,816

Free Cash Flow

Free Cash FlowCr

14,965

12,648

10,070

14,937

11,631

17,262

24,658

19,411

19,097

22,848

18,747

CFO To PAT

CFO To PAT%

-114.1

159.8

126.8

244.9

-406.9

159.5

147.5

227.9

472.9

426.5

316.5

CFO To EBITDA

CFO To EBITDA%

134.5

84.8

69.8

102.8

93.3

87.8

78.0

96.1

101.3

212.9

170.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	26,653	81,440	1,03,450	68,303	24,069	84,994	1,49,970	1,02,111	1,00,978	1,81,481	2,56,072	95,101
Price To Earnings Price To Earnings		14.8	10.0	9.7		7.3	8.0	9.7	23.8	12.1	14.7	8.8
Price To Sales Price To Sales	0.4	1.1	1.1	0.7	0.3	1.0	1.1	0.7	0.7	2.9	3.3	1.1
Price To Book Price To Book	0.6	1.4	1.6	1.1	0.4	1.4	2.3	2.6	3.3	4.4	5.2	1.9
EV To EBITDA EV To EBITDA	5.6	6.1	5.9	5.1	3.0	4.6	4.2	5.0	5.2	14.3	12.3	4.6
Profitability Ratios Profitability Ratios
GPM GPM%	43.4	47.1	43.0	42.7	42.7	47.6	48.3	37.4	40.9	42.5	41.2	41.2
OPM OPM%	23.6	29.5	27.1	25.1	24.5	31.0	33.8	23.4	24.5	29.6	29.6	30.9
NPM NPM%	-27.8	15.7	14.9	10.5	-5.6	17.1	17.9	9.8	5.3	14.8	15.9	32.1
ROCE ROCE%	-21.5	15.9	22.0	16.0	-3.1	18.7	31.7	22.1	25.2	11.9	24.1	24.1
ROE ROE%	-40.6	18.7	21.6	15.5	-8.6	24.1	36.3	36.8	24.5	22.5	25.1	25.1
ROA ROA%	-9.2	5.7	7.4	4.8	-2.6	8.1	11.9	7.4	4.0	4.6	5.3	5.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

26,653

81,440

1,03,450

68,303

24,069

84,994

1,49,970

1,02,111

1,00,978

1,81,481

2,56,072

95,101

Price To Earnings

14.8

10.0

9.7

7.3

8.0

9.7

23.8

12.1

14.7

8.8

Price To Sales

0.4

1.1

0.7

0.3

1.0

1.1

0.7

2.9

3.3

1.1

Price To Book

0.6

1.4

1.6

1.1

0.4

1.4

2.3

2.6

3.3

4.4

5.2

1.9

EV To EBITDA

5.6

6.1

5.9

5.1

3.0

4.6

4.2

5.0

5.2

14.3

12.3

4.6

Profitability Ratios

GPM

GPM%

43.4

47.1

43.0

42.7

47.6

48.3

37.4

40.9

42.5

41.2

OPM

OPM%

23.6

29.5

27.1

25.1

24.5

31.0

33.8

23.4

24.5

29.6

30.9

NPM

NPM%

-27.8

15.7

14.9

10.5

-5.6

17.1

17.9

9.8

5.3

14.8

15.9

32.1

ROCE

ROCE%

-21.5

15.9

22.0

16.0

-3.1

18.7

31.7

22.1

25.2

11.9

24.1

ROE

ROE%

-40.6

18.7

21.6

15.5

-8.6

24.1

36.3

36.8

24.5

22.5

25.1

ROA

ROA%

-9.2

5.7

7.4

4.8

-2.6

8.1

11.9

7.4

4.0

4.6

5.3

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	26,653	81,440	1,03,450	68,303	24,069	84,994	1,49,970	1,02,111	1,00,978	1,81,481	2,56,072	95,101
Price To Earnings Price To Earnings		14.8	10.0	9.7		7.3	8.0	9.7	23.8	12.1	14.7	8.8
Price To Sales Price To Sales	0.4	1.1	1.1	0.7	0.3	1.0	1.1	0.7	0.7	2.9	3.3	1.1
Price To Book Price To Book	0.6	1.4	1.6	1.1	0.4	1.4	2.3	2.6	3.3	4.4	5.2	1.9
EV To EBITDA EV To EBITDA	5.6	6.1	5.9	5.1	3.0	4.6	4.2	5.0	5.2	14.3	12.3	4.6
Profitability Ratios Profitability Ratios
GPM GPM%	43.4	47.1	43.0	42.7	42.7	47.6	48.3	37.4	40.9	42.5	41.2	41.2
OPM OPM%	23.6	29.5	27.1	25.1	24.5	31.0	33.8	23.4	24.5	29.6	29.6	30.9
NPM NPM%	-27.8	15.7	14.9	10.5	-5.6	17.1	17.9	9.8	5.3	14.8	15.9	32.1
ROCE ROCE%	-21.5	15.9	22.0	16.0	-3.1	18.7	31.7	22.1	25.2	11.9	24.1	24.1
ROE ROE%	-40.6	18.7	21.6	15.5	-8.6	24.1	36.3	36.8	24.5	22.5	25.1	25.1
ROA ROA%	-9.2	5.7	7.4	4.8	-2.6	8.1	11.9	7.4	4.0	4.6	5.3	5.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

26,653

81,440

1,03,450

68,303

24,069

84,994

1,49,970

1,02,111

1,00,978

1,81,481

2,56,072

95,101

Price To Earnings

14.8

10.0

9.7

7.3

8.0

9.7

23.8

12.1

14.7

8.8

Price To Sales

0.4

1.1

0.7

0.3

1.0

1.1

0.7

2.9

3.3

1.1

Price To Book

0.6

1.4

1.6

1.1

0.4

1.4

2.3

2.6

3.3

4.4

5.2

1.9

EV To EBITDA

5.6

6.1

5.9

5.1

3.0

4.6

4.2

5.0

5.2

14.3

12.3

4.6

Profitability Ratios

GPM

GPM%

43.4

47.1

43.0

42.7

47.6

48.3

37.4

40.9

42.5

41.2

OPM

OPM%

23.6

29.5

27.1

25.1

24.5

31.0

33.8

23.4

24.5

29.6

30.9

NPM

NPM%

-27.8

15.7

14.9

10.5

-5.6

17.1

17.9

9.8

5.3

14.8

15.9

32.1

ROCE

ROCE%

-21.5

15.9

22.0

16.0

-3.1

18.7

31.7

22.1

25.2

11.9

24.1

ROE

ROE%

-40.6

18.7

21.6

15.5

-8.6

24.1

36.3

36.8

24.5

22.5

25.1

ROA

ROA%

-9.2

5.7

7.4

4.8

-2.6

8.1

11.9

7.4

4.0

4.6

5.3

Operational Ratios

Solvency Ratios

Liquidity Ratios

	COALINDIA	VEDL	KIOCL	BHARATCOAL	GMDCLTD	IMFA	MOIL
Market CapitalizationMkt CapCr	2,53,720	95,101	21,332	14,614	14,588	6,107	4,704
Close PriceClose₹	411.70	243.20	351.00	31.38	458.75	1,131.80	231.16
IndustryIndustry	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals
Price To EarningsPE	8.13	8.80	540.00		15.26	11.65	15.49
Price To SalesPS	1.61	1.07	31.35	1.13	5.16	1.94	3.11
RevenueRevenueCr	1,57,856	88,898	681	12,911	2,827	3,145	1,511
Revenue Growth TTMRev Gr TTM%	6.1%	2.0%	27.4%		2.3%	23.6%	4.9%
PAT Growth TTMPAT Gr TTM%	-5.9%	43.5%	120.3%		43.7%	46.4%	8.1%

Market CapitalizationMkt CapCr

2,53,720

95,101

21,332

14,614

14,588

6,107

4,704

Close PriceClose₹

411.70

243.20

351.00

31.38

458.75

1,131.80

231.16

IndustryIndustry

Mining and Minerals

Price To EarningsPE

8.13

8.80

540.00

15.26

11.65

15.49

Price To SalesPS

1.61

1.07

31.35

1.13

5.16

1.94

3.11

RevenueRevenueCr

1,57,856

88,898

681

12,911

2,827

3,145

1,511

Revenue Growth TTMRev Gr TTM%

6.1%

2.0%

27.4%

2.3%

23.6%

4.9%

PAT Growth TTMPAT Gr TTM%

-5.9%

43.5%

120.3%

43.7%

46.4%

8.1%

	COALINDIA	VEDL	KIOCL	BHARATCOAL	GMDCLTD	IMFA	MOIL
Market CapitalizationMkt CapCr	2,53,720	95,101	21,332	14,614	14,588	6,107	4,704
Close PriceClose₹	411.70	243.20	351.00	31.38	458.75	1,131.80	231.16
IndustryIndustry	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals
Price To EarningsPE	8.13	8.80	540.00		15.26	11.65	15.49
Price To SalesPS	1.61	1.07	31.35	1.13	5.16	1.94	3.11
RevenueRevenueCr	1,57,856	88,898	681	12,911	2,827	3,145	1,511
Revenue Growth TTMRev Gr TTM%	6.1%	2.0%	27.4%		2.3%	23.6%	4.9%
PAT Growth TTMPAT Gr TTM%	-5.9%	43.5%	120.3%		43.7%	46.4%	8.1%

Market CapitalizationMkt CapCr

2,53,720

95,101

21,332

14,614

14,588

6,107

4,704

Close PriceClose₹

411.70

243.20

351.00

31.38

458.75

1,131.80

231.16

IndustryIndustry

Mining and Minerals

Price To EarningsPE

8.13

8.80

540.00

15.26

11.65

15.49

Price To SalesPS

1.61

1.07

31.35

1.13

5.16

1.94

3.11

RevenueRevenueCr

1,57,856

88,898

681

12,911

2,827

3,145

1,511

Revenue Growth TTMRev Gr TTM%

6.1%

2.0%

27.4%

2.3%

23.6%

4.9%

PAT Growth TTMPAT Gr TTM%

-5.9%

43.5%

120.3%

43.7%

46.4%

8.1%

Vedanta Ltd

Vedanta Ltd

Quick Ratios

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Profit & Loss

Balance Sheet

Cash Flow

Ratios

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