In today’s briefing:
- Vedanta’s Volume-Led Growth and Deleveraging Journey
- ADX Energy (ASX: ADX): Readying-up the portfolio to return to drilling in 4Q, 2025
- Commissioning Milestones Critical as JSPL Enters Peak Expansion Phase
- Taiyo Holdings (4626 JP): Full-year FY03/25 flash update
Vedanta’s Volume-Led Growth and Deleveraging Journey
- Vedanta reported 10% revenue growth and 37% EBITDA growth in FY25, supported by volume expansion across aluminium and zinc businesses.
- Major capex projects, including Gamsberg Phase 2 and captive bauxite and coal mines, are expected to drive volume growth through FY27, with steady operational guidance.
- Vedanta Resources standalone net debt reduced from $8.9 billion to $4.9 billion over three years, easing refinancing risks and improving financial flexibility.
ADX Energy (ASX: ADX): Readying-up the portfolio to return to drilling in 4Q, 2025
- • 1Q25 net production was 246 boe/d.
- This is in line with our expectations.
- ADX held A$6.7 mm in cash at the end of March.
Commissioning Milestones Critical as JSPL Enters Peak Expansion Phase
- FY25 steel production grew 2% YoY to 8.12 MT; adjusted EBITDA stood at Rs9,570 crore with EBITDA/t of Rs12,008; net debt/EBITDA improved to 1.26x.
- Major projects including BF2, BOS2, CRM complex, slurry pipeline, and SBPP are targeted for commissioning by FY26-end, expanding steel capacity to 14.45 MTPA.
- Near-Term priorities are volume ramp-up, improving cost efficiency through captive resources and logistics, and maintaining strict capital discipline with net debt/EBITDA below 1.5x.
Taiyo Holdings (4626 JP): Full-year FY03/25 flash update
- Sales increased 13.6% YoY to JPY119.0bn, with Electronics segment sales rising 14.4% YoY to JPY81.7bn.
- Operating profit grew 21.2% YoY to JPY22.1bn, driven by high-value-added products and yen depreciation benefits.
- Medical and Pharmaceuticals segment profit declined 36.9% YoY due to increased costs and impairment loss.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
