[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.] [@viceroyresearch](/creator/twitter/viceroyresearch) "Excellent thread simplifying @Grenke_ag auditor statements with a brilliant finale #Kudos to @dsquareddigest. $GLJ"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1395711401281392644) 2021-05-21 12:01:43 UTC 46.4K followers, XX engagements "Viceroy are investigating BaFins damning statements about @grenke_ag's '19 annual report. We believe this will lead to significant restatements & await further findings from their investigation. This is a total failure of compliance by #Grenke. $GLJ 1/2"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1420065415586140162) 2021-07-27 16:55:53 UTC 46.3K followers, XX engagements "Vedanta Zinc Twice Before You Act $HZL's unapproved brand fees carry an undisclosed termination clause and appear to trigger an event of default and a sovereign call/put per its SHA with the Government of India. $VEDL #thread 1/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945694965004403110) 2025-07-17 04:00:03 UTC 46.3K followers, 10.9K engagements "Link to Zinc Twice Before You Act report $VEDL $HZL 2/:"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945694969622139302) 2025-07-17 04:00:04 UTC 46.4K followers, XXX engagements "Multiple whistleblowers confirm $HZLs Nov/Dec 2023 brand fee was never placed before the board. The preceding BSS already breached the SHA. Misra carefully avoids saying it was approved only discussed before being finalized. No board minutes. No approval. No paperwork"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1946228133796958597) 2025-07-18 15:18:40 UTC 46.4K followers, 6062 engagements "EARNINGS CALL HZLs CEO Arun Misra credited offshore brand fees (paid in advance) as justifiable by past risks undertaken by Vedanta as a shareholder of HZL. This is preposterous. $HZL $VEDL 7/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1947142761590726817) 2025-07-21 03:53:05 UTC 46.3K followers, XXX engagements "If $HZL's dividend remains the same as last year we estimate HZL will incur an annual FCF shortfall of at least 5000 crore ($580m) and must be funded by moredebt. Disclosures suggest $HZL incurred 2000 crore ($232m) of new debt in Q1 FY26. 5/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1947142755555143766) 2025-07-21 03:53:03 UTC 46.3K followers, XXX engagements "Barclays are out the gate: - Claim our VRL PropCo interest rate calculations are wrong and that cost of debt is down 300bps in FY25. This is obviously false. The cost of debt has increased immesely in FY2025 irrespective of EOP debt movements. - Reinforces our thesis that VEDL selling assets to fund dividends it cannot afford however still frames our analysis as wrong. VEDL net debt accounting for WC changes has tripled since 2022. - Claims all of our other analysis is "unsubstantiated". Does not attempt to discredit. Instead analyst goes into long-winded talk about an unsubstantiated"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1943231980943860020) 2025-07-10 08:53:02 UTC 46.3K followers, 6019 engagements "This is not our first rodeo. Report is now live: $VEDL 2/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1947142746466058251) 2025-07-21 03:53:01 UTC 46.4K followers, XXX engagements "This scheme was devised to facilitate VEDLs remittance of brand fees to Vedanta Resources (VRL) in April 2025 when it faced a severe liquidity crisis and needed to remit brand fees to VRL. $VEDL 3/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1946056790187163830) 2025-07-18 03:57:49 UTC 46.3K followers, XXX engagements "CFO Sandeep Modis 10000 crore ($1.17b) free cash flow claim collapses under scrutiny. Cash flows are subsidized by debt. $VEDL 4/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1947142753319600313) 2025-07-21 03:53:03 UTC 46.3K followers, XXX engagements "Vedanta Vedanta Semiconductor: 2500 Crore Dhokhe Ka Samrajya Under pressure to pay brand fees $VEDL routed a 2500 crore loan through a company doing XXX crore in sham operations hoping regulators didnt look. 1/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1946056781840400385) 2025-07-18 03:57:47 UTC 46.4K followers, 7953 engagements "OTHER RELATED PARTY DEALS Viceroy have previously detailed other significant related party transactions between HZL and promoter companies. These transactions are subject to the same Special Matter Provisions under Clause XXX of the Hindustan Zinc SHA. $HZL $VEDL 13/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945695010130919826) 2025-07-17 04:00:14 UTC 46.3K followers, XXX engagements "In FY24 sales to HZL exceeded Minova Runayas total revenue amounting to XXX% of total revenue. This is a mathematical impossibility. $VEDL $HZL 6/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1947891919939387394) 2025-07-23 05:29:58 UTC 46.3K followers, XXX engagements "Vedanta - Annual General Mockery of Stakeholders. $VEDL's AGM of approximately X hours consisted almost entirely of extremely long speeches praising Anil Agarwal by likely $VEDL plants. One caller praised Mr Agarwal in song. #thread 1/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1944626612583932139) 2025-07-14 05:14:48 UTC 46.3K followers, 5218 engagements "Vedanta HZL Earnings & Legal Opinions As $HZL management lie to investors amid earnings misses: the Promoter Group purchases a legal-opinion (paid by $VEDL) on Viceroys credibility as a means of self-validation. 1/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1947142742858944710) 2025-07-21 03:53:00 UTC 46.4K followers, 5474 engagements "PTC Cables Pvt Ltd $PTCC is a low-profile entity now fully owned by BJST. Former employees stated that the Agarwal familys control of PTCC is an open secret at the company but its holdings could not be pledged as security for debt. $VEDL 6/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945000204110901645) 2025-07-15 05:59:19 UTC 46.3K followers, XXX engagements "Vedanta Our Letter to SEBI On July XX 2025 Viceroy Research submitted the attached letter to various offices within SEBI. Despite the gravity of the issues raised we have received no response or acknowledgment. $HZL $VEDL 1/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1948595526624063624) 2025-07-25 04:05:51 UTC 46.4K followers, 4780 engagements "$HZL's auditor SR Batliboi failed to investigate material concerns relying entirely on management assertions while the companys capital base deteriorated and governance collapsed. $EVDL 6/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1947142757752979742) 2025-07-21 03:53:04 UTC 46.3K followers, XXX engagements "Good morning @FinancialXpress. To clarify: - Viceroy has never been fined by the FCA in the UK for any reason. - The Australian securities regulator has never "sued" Viceroy or its members - Viceroy has never been short "Ramsay Health Care" It is because of journalism like this that we are still in business. Thank you"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1943129476352663711) 2025-07-10 02:05:43 UTC 46.3K followers, 7101 engagements "Vedantas shares in HZL bear the same risk as every other equity holder including the GoI. If anything it is HZL and its non-promoter shareholders that have borne the outsized risk of HZL taking outsized loans to pay unaffordable dividends to Promoters. $VEDL $HZL 8/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1947142765403410451) 2025-07-21 03:53:06 UTC 46.3K followers, XXX engagements "Vedanta - Meet the Agarwals Serentica Renewables The Agarwal family has quietly built a parallel related party operating units to poach high-margin contracts from and enjoy non-arms-length financing from $VEDL $HZL and BALCO. This is fraud. #thread 1/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945365702992384291) 2025-07-16 06:11:41 UTC 46.4K followers, 9334 engagements "These PDAs are signed on a cost-plus basis effectively guaranteeing Serentica an operating profit regardless of its efficiency. Accordingly these PDAs effectively become assets. $VEDL 4/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945365710974120371) 2025-07-16 06:11:43 UTC 46.3K followers, XXX engagements "Generally unsurprising that Barclays defend their own capital raising work at both VEDL and VRL along with every other "buy" analyst. $VEDL"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1943235544961413185) 2025-07-10 09:07:12 UTC 46.3K followers, 3250 engagements "$VEDL RHZL & BALCO invested in 2000 crore ($234m) of OCRPS hybrids in Serenticas SPVs. These hybrids entitle the VEDL entities to a comical dividend of XXXXXX% of face value per annum. 5/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945365713427759535) 2025-07-16 06:11:43 UTC 46.3K followers, XXX engagements "September XX 2024 Roughly for every rupee of dividend that the government as the shareholder gets the Vedanta Group nonchalantly pockets more than two rupees most of which gets bankrolled to the UK-located parent company of the Vedanta Group to help lessen its massive debt of billions of dollars which the latter is unable to repay otherwise. The rest of the dividend amount cornered by the group goes to repay the debt of the domestic company. In other words your Ministry ably supported by the Ministry of Mines is complicit in helping the Vedanta Group drain HZLs scarce resources to fund the"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1948595536614883574) 2025-07-25 04:05:53 UTC 46.4K followers, XXX engagements "The loan proceeds were remitted to VEDL when VSPL sanctioned a 2500 crore ($293m) XX% loan. 2408 crore ($282m) of this loan was disbursed in FY25. $VEDL 11/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1946056817210974382) 2025-07-18 03:57:55 UTC 46.4K followers, XXX engagements "You can find more of our work on Arbor here: $ABR"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1915400664286429604) 2025-04-24 13:41:19 UTC 46.3K followers, 2485 engagements ""Govt nominees on Hindustan Zinc board may quiz management on Vedanta tomorrow." - @EconomicTimes $VEDL $HZL"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945357583042175244) 2025-07-16 05:39:25 UTC 46.3K followers, 5631 engagements "HZL EARNINGS CALL HZL paid out far more in dividends than it earned borrowing to cover the shortfall. We estimate HZLs FCF shortfall in Q1 to be 3600 crore ($371m). $VEDL 3/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1947142748970074409) 2025-07-21 03:53:02 UTC 46.4K followers, XXX engagements "On XX July 2025 Viceroy sent an email to Vedanta management with questions pertaining to our research findings. We have not received a response"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1944626626714632343) 2025-07-14 05:14:51 UTC 46.3K followers, 9062 engagements "JP Morgan whose analysts have also repeatedly defended VRL and VEDL appear to be the main investor in these loans to a commodities sham trading entity. Bank of America dumped their exposure within less than a year of the allotment $VEDL 10/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1946056814719594812) 2025-07-18 03:57:55 UTC 46.3K followers, XXX engagements "Audits are really putting the pressure on @Grenke_ag who may publish results w/out audit opinions. Wonder how #BaFin & bondholders feel about that Uncommon for company under investigation w/ disagreements & control flaws: Steinhoff anyone $GLJ #Grenke"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1379739029642616832) 2021-04-07 10:13:13 UTC 46.3K followers, XX engagements "During its years as a $VEDL shareholder BJSTs only known activities centered on political donations and lobbying not employee welfare. The @OCCRP found that BJST made direct donations to BJP then lobbied relentlessly for the relaxation of environmental restrictions. 5/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945000199664931233) 2025-07-15 05:59:18 UTC 46.3K followers, XXX engagements "Vedanta Meet the Agarwals Minova Runaya Agarwal-owned JV siphons margins from $HZL by marking-up commoditized goods and selling them to HZL on an exclusive uncommercial contract. Minova Runaya has been stealing profits from HZL for over X yearsandcounting. $VEDL 1/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1947891905179627599) 2025-07-23 05:29:54 UTC 46.4K followers, 7040 engagements "Vedanta Viceroys Letter to the Government of India on the Looting of Hindustan Zinc In the absence of a response we are publishing our letter to the Government of India about the rampant looting at Hindustan Zinc Limited. $HZL $VEDL"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1948259156672008517) 2025-07-24 05:49:14 UTC 46.4K followers, 6071 engagements "We understand that Grenke IR confirmed that BaFin has restricted Grenke Bank's SME lending activities over compliance and KYC concerns: "there was a problem in terms of quality of the credit checks". $GLJ 1/2"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1462783054435471368) 2021-11-22 14:00:32 UTC 46.4K followers, XX engagements "BJST and PTCC are not just undisclosed related parties they represent serious legal exposure for Vedanta and VRL. Their structure and activities appear to breach multiple disclosure and governance laws. $VEDL 7/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945000208552620047) 2025-07-15 05:59:20 UTC 46.4K followers, 3053 engagements "The sale of @grenke_ag stake in @viafintech affirms our belief that #grenke is fundamentally an over-risked & obsolete lessor behind the veneer of fintech hype. Viceroy awaits the results of several investigations which have found AML accounting & risk management failures. $GLJ"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1429737296052502528) 2021-08-23 09:28:29 UTC 46.3K followers, XX engagements "Yes the best response to allegations taxpayers being robbed and shareholders being defrauded is to shoot the messenger. $VEDL This has worked very well in the past in various of our other calls. (sarcasm)"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1942848719080005849) 2025-07-09 07:30:05 UTC 46.3K followers, 8452 engagements "Vedanta Limited Resources Viceroy is short of Vedanta Resources (PropCo) the heavily indebted parent & majority owner of Vedanta Limited (NSE : VEDL). The group structure is financially unsustainable operationally compromised & resembles a Ponzi scheme. $VEDL 1/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1942833615311654944) 2025-07-09 06:30:04 UTC 46.4K followers, 128.1K engagements "$HZL FINANCIALS $HZL's capital structure is subject to immense stress due to the PropCos looting. HZL's balance sheet has shifted from a 16000 crore net-cash position to a 8700 crore net debt position in a matter of 5-6 years a delta of 24700 crore. $EVDL 14/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945695015474466875) 2025-07-17 04:00:15 UTC 46.3K followers, XXX engagements "Vedanta just slapped a homepage pop-up touting a week-old legal opinion one already skewered by us and others prominent figures for being lazy bought and irrelevant. The kicker It defends promoters extracting billions from India. $VEDL $HZL"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1948607681285038320) 2025-07-25 04:54:09 UTC 46.4K followers, 7868 engagements "Vedanta - Hidden Holdings BJST and PTCC $VEDL and $HZL shareholders Bhadram Janhit Shalika Trust and PTC Cables appear to be undisclosed Agarwal-controlled entities funneling intended employee benefits into politics. 1/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945000187262378430) 2025-07-15 05:59:15 UTC 46.3K followers, 11.9K engagements "Viceroy isnt the only one stating the obvious. #Vedanta rolled out a former Chief Justice to defend the indefensible. Now even he wont stand by his own opinion. No answers on debt. No clarity on dividend raids. No transparency on related-party looting. Just silence. $VEDL #HZL"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1948001035064377444) 2025-07-23 12:43:33 UTC 46.4K followers, 7191 engagements "Dr E.A.S. Sarma is a distinguished civil servant and intellectual known for his integrity environmental advocacy and policy expertise. He was Secretary of Ministry of Power Secretary of Ministry of Finance and Principal Energy Adviser to the GoI. $VEDL $HZL 4/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1948595534488363414) 2025-07-25 04:05:53 UTC 46.4K followers, XXX engagements "Since FY21 Minova Runaya has disclosed XXX crore ($63.5m) in tangible asset sales to HZL while only carrying XX ($7.7m) crore of tangible assets on its balance sheet. $VEDL $HZL 7/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1947891922871128123) 2025-07-23 05:29:59 UTC 46.3K followers, XXX engagements "At VEDLs AGM last week Anil Agarwal stated: We are absolutely confident that before September 2025 it is the time that it should happen. This is unrealistic. $VEDL 5/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1944626624051151313) 2025-07-14 05:14:51 UTC 46.3K followers, XXX engagements "Viceroy is short US denominated bonds of a UK company Vedanta Resources. We are held accountable and have communicated with the FCA and the SEC/DOJ with whom we have engaged constructively in various investigations. $VEDL 1/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945097611632943241) 2025-07-15 12:26:23 UTC 46.4K followers, 12K engagements "$SCA back to same old tricks. Won't revalue forest down. Ramps harvesting 11%. Borrows 700m SEK to pay dividend"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1948630546982072528) 2025-07-25 06:25:00 UTC 46.4K followers, 3050 engagements "July XX 2025 In my view your Ministry and the Finance Ministry have been jointly complicit in allowing the Vedanta Group to syphon off HZLs funds for its own undue benefit without caring to ensure that Zinc mining in India remained sustainable and that that the countrys scarce Zinc resources are not wantonly exhausted to serve the narrow short-term interests of the Vedanta Group. I am sure that an independent judicial enquiry will bring out the complicity in all its dimensions. Instead a more prudent approach on your Ministry would be to (i) review HZLs dividend policy from the public"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1948595542763696261) 2025-07-25 04:05:55 UTC 46.4K followers, 2299 engagements "BRAND FEES On October X 2022 Vedanta Limited imposed a brand fee on Hindustan Zinc. We believe this brand fee is an uncommercial contract with VEDL who does not appear to provide any brand management or other auxiliary services to $HZL. $VEDL 3/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945694972541649387) 2025-07-17 04:00:05 UTC 46.4K followers, XXX engagements "Our concerns are not new. Dr E.A.S. Sarma has been rightfully calling out the looting of $HZL and its consequencesto the GoI foryears. $VEDL 3/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1948595532689277282) 2025-07-25 04:05:52 UTC 46.4K followers, XXX engagements "THE HIDDEN LIQUIDITY CRISIS In 2024 Vedanta Limited (VEDL) faced a severe liquidity crisis. In response $VEDL reactivated VSPL not as a semiconductor venture but as a zero-margin trading entity whose operations appear to consist entirely of paper-based commodity trading 4/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1946056792921837850) 2025-07-18 03:57:50 UTC 46.3K followers, XXX engagements "Vedanta is Crippling HZL writes Former Finance Secretary to the Government of India EAS Sarma. @countercurrents. So far the @Vedanta_Group have neglected to answer our questions sent a week ago. The silence is deafening"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1946099782495203548) 2025-07-18 06:48:39 UTC 46.4K followers, 4997 engagements "Spread Analysis Across the CLOs net interest spreads since December 2023 are down: -XX% in 2022-FL1 -XX% in 2021-FL3 -XX% in 2021-FL4 This puts unsustainable bottom-line impact on Arbor's earnings in an otherwise high-rate environment. $ABR cannot afford dividends. 8/end"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1915400660201206154) 2025-04-24 13:41:18 UTC 46.3K followers, 4234 engagements "June XX 2025 Under Section XXX of the Companies Act it is illegal for a company to pay dividends from any source other than profits. During the time frame 2017-18 till date HZL has paid more than Rs 80000 crores often in excess of yearly profits implying diversion of its internal resources for that purpose. The Vedanta Group which has an equity share of XXXXX% has thus paid itself more than Rs 50000 Crores during that period whereas the government with an equity share of XXXXX% would have received around Rs 20000 Crores. Your Ministry has evidently welcomed the inflow of such a large dividend"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1948595540721074218) 2025-07-25 04:05:54 UTC 46.4K followers, 2313 engagements
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
@viceroyresearch
"Excellent thread simplifying @Grenke_ag auditor statements with a brilliant finale #Kudos to @dsquareddigest. $GLJ"
@viceroyresearch on X 2021-05-21 12:01:43 UTC 46.4K followers, XX engagements
"Viceroy are investigating BaFins damning statements about @grenke_ag's '19 annual report. We believe this will lead to significant restatements & await further findings from their investigation. This is a total failure of compliance by #Grenke. $GLJ 1/2" @viceroyresearch on X 2021-07-27 16:55:53 UTC 46.3K followers, XX engagements
"Vedanta Zinc Twice Before You Act $HZL's unapproved brand fees carry an undisclosed termination clause and appear to trigger an event of default and a sovereign call/put per its SHA with the Government of India. $VEDL #thread 1/" @viceroyresearch on X 2025-07-17 04:00:03 UTC 46.3K followers, 10.9K engagements
"Link to Zinc Twice Before You Act report $VEDL $HZL 2/:" @viceroyresearch on X 2025-07-17 04:00:04 UTC 46.4K followers, XXX engagements
"Multiple whistleblowers confirm $HZLs Nov/Dec 2023 brand fee was never placed before the board. The preceding BSS already breached the SHA. Misra carefully avoids saying it was approved only discussed before being finalized. No board minutes. No approval. No paperwork" @viceroyresearch on X 2025-07-18 15:18:40 UTC 46.4K followers, 6062 engagements
"EARNINGS CALL HZLs CEO Arun Misra credited offshore brand fees (paid in advance) as justifiable by past risks undertaken by Vedanta as a shareholder of HZL. This is preposterous. $HZL $VEDL 7/" @viceroyresearch on X 2025-07-21 03:53:05 UTC 46.3K followers, XXX engagements
"If $HZL's dividend remains the same as last year we estimate HZL will incur an annual FCF shortfall of at least 5000 crore ($580m) and must be funded by moredebt. Disclosures suggest $HZL incurred 2000 crore ($232m) of new debt in Q1 FY26. 5/" @viceroyresearch on X 2025-07-21 03:53:03 UTC 46.3K followers, XXX engagements
"Barclays are out the gate: - Claim our VRL PropCo interest rate calculations are wrong and that cost of debt is down 300bps in FY25. This is obviously false. The cost of debt has increased immesely in FY2025 irrespective of EOP debt movements. - Reinforces our thesis that VEDL selling assets to fund dividends it cannot afford however still frames our analysis as wrong. VEDL net debt accounting for WC changes has tripled since 2022. - Claims all of our other analysis is "unsubstantiated". Does not attempt to discredit. Instead analyst goes into long-winded talk about an unsubstantiated" @viceroyresearch on X 2025-07-10 08:53:02 UTC 46.3K followers, 6019 engagements
"This is not our first rodeo. Report is now live: $VEDL 2/" @viceroyresearch on X 2025-07-21 03:53:01 UTC 46.4K followers, XXX engagements
"This scheme was devised to facilitate VEDLs remittance of brand fees to Vedanta Resources (VRL) in April 2025 when it faced a severe liquidity crisis and needed to remit brand fees to VRL. $VEDL 3/" @viceroyresearch on X 2025-07-18 03:57:49 UTC 46.3K followers, XXX engagements
"CFO Sandeep Modis 10000 crore ($1.17b) free cash flow claim collapses under scrutiny. Cash flows are subsidized by debt. $VEDL 4/" @viceroyresearch on X 2025-07-21 03:53:03 UTC 46.3K followers, XXX engagements
"Vedanta Vedanta Semiconductor: 2500 Crore Dhokhe Ka Samrajya Under pressure to pay brand fees $VEDL routed a 2500 crore loan through a company doing XXX crore in sham operations hoping regulators didnt look. 1/" @viceroyresearch on X 2025-07-18 03:57:47 UTC 46.4K followers, 7953 engagements
"OTHER RELATED PARTY DEALS Viceroy have previously detailed other significant related party transactions between HZL and promoter companies. These transactions are subject to the same Special Matter Provisions under Clause XXX of the Hindustan Zinc SHA. $HZL $VEDL 13/" @viceroyresearch on X 2025-07-17 04:00:14 UTC 46.3K followers, XXX engagements
"In FY24 sales to HZL exceeded Minova Runayas total revenue amounting to XXX% of total revenue. This is a mathematical impossibility. $VEDL $HZL 6/" @viceroyresearch on X 2025-07-23 05:29:58 UTC 46.3K followers, XXX engagements
"Vedanta - Annual General Mockery of Stakeholders. $VEDL's AGM of approximately X hours consisted almost entirely of extremely long speeches praising Anil Agarwal by likely $VEDL plants. One caller praised Mr Agarwal in song. #thread 1/" @viceroyresearch on X 2025-07-14 05:14:48 UTC 46.3K followers, 5218 engagements
"Vedanta HZL Earnings & Legal Opinions As $HZL management lie to investors amid earnings misses: the Promoter Group purchases a legal-opinion (paid by $VEDL) on Viceroys credibility as a means of self-validation. 1/" @viceroyresearch on X 2025-07-21 03:53:00 UTC 46.4K followers, 5474 engagements
"PTC Cables Pvt Ltd $PTCC is a low-profile entity now fully owned by BJST. Former employees stated that the Agarwal familys control of PTCC is an open secret at the company but its holdings could not be pledged as security for debt. $VEDL 6/" @viceroyresearch on X 2025-07-15 05:59:19 UTC 46.3K followers, XXX engagements
"Vedanta Our Letter to SEBI On July XX 2025 Viceroy Research submitted the attached letter to various offices within SEBI. Despite the gravity of the issues raised we have received no response or acknowledgment. $HZL $VEDL 1/" @viceroyresearch on X 2025-07-25 04:05:51 UTC 46.4K followers, 4780 engagements
"$HZL's auditor SR Batliboi failed to investigate material concerns relying entirely on management assertions while the companys capital base deteriorated and governance collapsed. $EVDL 6/" @viceroyresearch on X 2025-07-21 03:53:04 UTC 46.3K followers, XXX engagements
"Good morning @FinancialXpress. To clarify: - Viceroy has never been fined by the FCA in the UK for any reason. - The Australian securities regulator has never "sued" Viceroy or its members - Viceroy has never been short "Ramsay Health Care" It is because of journalism like this that we are still in business. Thank you" @viceroyresearch on X 2025-07-10 02:05:43 UTC 46.3K followers, 7101 engagements
"Vedantas shares in HZL bear the same risk as every other equity holder including the GoI. If anything it is HZL and its non-promoter shareholders that have borne the outsized risk of HZL taking outsized loans to pay unaffordable dividends to Promoters. $VEDL $HZL 8/" @viceroyresearch on X 2025-07-21 03:53:06 UTC 46.3K followers, XXX engagements
"Vedanta - Meet the Agarwals Serentica Renewables The Agarwal family has quietly built a parallel related party operating units to poach high-margin contracts from and enjoy non-arms-length financing from $VEDL $HZL and BALCO. This is fraud. #thread 1/" @viceroyresearch on X 2025-07-16 06:11:41 UTC 46.4K followers, 9334 engagements
"These PDAs are signed on a cost-plus basis effectively guaranteeing Serentica an operating profit regardless of its efficiency. Accordingly these PDAs effectively become assets. $VEDL 4/" @viceroyresearch on X 2025-07-16 06:11:43 UTC 46.3K followers, XXX engagements
"Generally unsurprising that Barclays defend their own capital raising work at both VEDL and VRL along with every other "buy" analyst. $VEDL" @viceroyresearch on X 2025-07-10 09:07:12 UTC 46.3K followers, 3250 engagements
"$VEDL RHZL & BALCO invested in 2000 crore ($234m) of OCRPS hybrids in Serenticas SPVs. These hybrids entitle the VEDL entities to a comical dividend of XXXXXX% of face value per annum. 5/" @viceroyresearch on X 2025-07-16 06:11:43 UTC 46.3K followers, XXX engagements
"September XX 2024 Roughly for every rupee of dividend that the government as the shareholder gets the Vedanta Group nonchalantly pockets more than two rupees most of which gets bankrolled to the UK-located parent company of the Vedanta Group to help lessen its massive debt of billions of dollars which the latter is unable to repay otherwise. The rest of the dividend amount cornered by the group goes to repay the debt of the domestic company. In other words your Ministry ably supported by the Ministry of Mines is complicit in helping the Vedanta Group drain HZLs scarce resources to fund the" @viceroyresearch on X 2025-07-25 04:05:53 UTC 46.4K followers, XXX engagements
"The loan proceeds were remitted to VEDL when VSPL sanctioned a 2500 crore ($293m) XX% loan. 2408 crore ($282m) of this loan was disbursed in FY25. $VEDL 11/" @viceroyresearch on X 2025-07-18 03:57:55 UTC 46.4K followers, XXX engagements
"You can find more of our work on Arbor here: $ABR" @viceroyresearch on X 2025-04-24 13:41:19 UTC 46.3K followers, 2485 engagements
""Govt nominees on Hindustan Zinc board may quiz management on Vedanta tomorrow." - @EconomicTimes $VEDL $HZL" @viceroyresearch on X 2025-07-16 05:39:25 UTC 46.3K followers, 5631 engagements
"HZL EARNINGS CALL HZL paid out far more in dividends than it earned borrowing to cover the shortfall. We estimate HZLs FCF shortfall in Q1 to be 3600 crore ($371m). $VEDL 3/" @viceroyresearch on X 2025-07-21 03:53:02 UTC 46.4K followers, XXX engagements
"On XX July 2025 Viceroy sent an email to Vedanta management with questions pertaining to our research findings. We have not received a response" @viceroyresearch on X 2025-07-14 05:14:51 UTC 46.3K followers, 9062 engagements
"JP Morgan whose analysts have also repeatedly defended VRL and VEDL appear to be the main investor in these loans to a commodities sham trading entity. Bank of America dumped their exposure within less than a year of the allotment $VEDL 10/" @viceroyresearch on X 2025-07-18 03:57:55 UTC 46.3K followers, XXX engagements
"Audits are really putting the pressure on @Grenke_ag who may publish results w/out audit opinions. Wonder how #BaFin & bondholders feel about that Uncommon for company under investigation w/ disagreements & control flaws: Steinhoff anyone $GLJ #Grenke" @viceroyresearch on X 2021-04-07 10:13:13 UTC 46.3K followers, XX engagements
"During its years as a $VEDL shareholder BJSTs only known activities centered on political donations and lobbying not employee welfare. The @OCCRP found that BJST made direct donations to BJP then lobbied relentlessly for the relaxation of environmental restrictions. 5/" @viceroyresearch on X 2025-07-15 05:59:18 UTC 46.3K followers, XXX engagements
"Vedanta Meet the Agarwals Minova Runaya Agarwal-owned JV siphons margins from $HZL by marking-up commoditized goods and selling them to HZL on an exclusive uncommercial contract. Minova Runaya has been stealing profits from HZL for over X yearsandcounting. $VEDL 1/" @viceroyresearch on X 2025-07-23 05:29:54 UTC 46.4K followers, 7040 engagements
"Vedanta Viceroys Letter to the Government of India on the Looting of Hindustan Zinc In the absence of a response we are publishing our letter to the Government of India about the rampant looting at Hindustan Zinc Limited. $HZL $VEDL" @viceroyresearch on X 2025-07-24 05:49:14 UTC 46.4K followers, 6071 engagements
"We understand that Grenke IR confirmed that BaFin has restricted Grenke Bank's SME lending activities over compliance and KYC concerns: "there was a problem in terms of quality of the credit checks". $GLJ 1/2" @viceroyresearch on X 2021-11-22 14:00:32 UTC 46.4K followers, XX engagements
"BJST and PTCC are not just undisclosed related parties they represent serious legal exposure for Vedanta and VRL. Their structure and activities appear to breach multiple disclosure and governance laws. $VEDL 7/" @viceroyresearch on X 2025-07-15 05:59:20 UTC 46.4K followers, 3053 engagements
"The sale of @grenke_ag stake in @viafintech affirms our belief that #grenke is fundamentally an over-risked & obsolete lessor behind the veneer of fintech hype. Viceroy awaits the results of several investigations which have found AML accounting & risk management failures. $GLJ" @viceroyresearch on X 2021-08-23 09:28:29 UTC 46.3K followers, XX engagements
"Yes the best response to allegations taxpayers being robbed and shareholders being defrauded is to shoot the messenger. $VEDL This has worked very well in the past in various of our other calls. (sarcasm)" @viceroyresearch on X 2025-07-09 07:30:05 UTC 46.3K followers, 8452 engagements
"Vedanta Limited Resources Viceroy is short of Vedanta Resources (PropCo) the heavily indebted parent & majority owner of Vedanta Limited (NSE : VEDL). The group structure is financially unsustainable operationally compromised & resembles a Ponzi scheme. $VEDL 1/" @viceroyresearch on X 2025-07-09 06:30:04 UTC 46.4K followers, 128.1K engagements
"$HZL FINANCIALS $HZL's capital structure is subject to immense stress due to the PropCos looting. HZL's balance sheet has shifted from a 16000 crore net-cash position to a 8700 crore net debt position in a matter of 5-6 years a delta of 24700 crore. $EVDL 14/" @viceroyresearch on X 2025-07-17 04:00:15 UTC 46.3K followers, XXX engagements
"Vedanta just slapped a homepage pop-up touting a week-old legal opinion one already skewered by us and others prominent figures for being lazy bought and irrelevant. The kicker It defends promoters extracting billions from India. $VEDL $HZL" @viceroyresearch on X 2025-07-25 04:54:09 UTC 46.4K followers, 7868 engagements
"Vedanta - Hidden Holdings BJST and PTCC $VEDL and $HZL shareholders Bhadram Janhit Shalika Trust and PTC Cables appear to be undisclosed Agarwal-controlled entities funneling intended employee benefits into politics. 1/" @viceroyresearch on X 2025-07-15 05:59:15 UTC 46.3K followers, 11.9K engagements
"Viceroy isnt the only one stating the obvious. #Vedanta rolled out a former Chief Justice to defend the indefensible. Now even he wont stand by his own opinion. No answers on debt. No clarity on dividend raids. No transparency on related-party looting. Just silence. $VEDL #HZL" @viceroyresearch on X 2025-07-23 12:43:33 UTC 46.4K followers, 7191 engagements
"Dr E.A.S. Sarma is a distinguished civil servant and intellectual known for his integrity environmental advocacy and policy expertise. He was Secretary of Ministry of Power Secretary of Ministry of Finance and Principal Energy Adviser to the GoI. $VEDL $HZL 4/" @viceroyresearch on X 2025-07-25 04:05:53 UTC 46.4K followers, XXX engagements
"Since FY21 Minova Runaya has disclosed XXX crore ($63.5m) in tangible asset sales to HZL while only carrying XX ($7.7m) crore of tangible assets on its balance sheet. $VEDL $HZL 7/" @viceroyresearch on X 2025-07-23 05:29:59 UTC 46.3K followers, XXX engagements
"At VEDLs AGM last week Anil Agarwal stated: We are absolutely confident that before September 2025 it is the time that it should happen. This is unrealistic. $VEDL 5/" @viceroyresearch on X 2025-07-14 05:14:51 UTC 46.3K followers, XXX engagements
"Viceroy is short US denominated bonds of a UK company Vedanta Resources. We are held accountable and have communicated with the FCA and the SEC/DOJ with whom we have engaged constructively in various investigations. $VEDL 1/" @viceroyresearch on X 2025-07-15 12:26:23 UTC 46.4K followers, 12K engagements
"$SCA back to same old tricks. Won't revalue forest down. Ramps harvesting 11%. Borrows 700m SEK to pay dividend" @viceroyresearch on X 2025-07-25 06:25:00 UTC 46.4K followers, 3050 engagements
"July XX 2025 In my view your Ministry and the Finance Ministry have been jointly complicit in allowing the Vedanta Group to syphon off HZLs funds for its own undue benefit without caring to ensure that Zinc mining in India remained sustainable and that that the countrys scarce Zinc resources are not wantonly exhausted to serve the narrow short-term interests of the Vedanta Group. I am sure that an independent judicial enquiry will bring out the complicity in all its dimensions. Instead a more prudent approach on your Ministry would be to (i) review HZLs dividend policy from the public" @viceroyresearch on X 2025-07-25 04:05:55 UTC 46.4K followers, 2299 engagements
"BRAND FEES On October X 2022 Vedanta Limited imposed a brand fee on Hindustan Zinc. We believe this brand fee is an uncommercial contract with VEDL who does not appear to provide any brand management or other auxiliary services to $HZL. $VEDL 3/" @viceroyresearch on X 2025-07-17 04:00:05 UTC 46.4K followers, XXX engagements
"Our concerns are not new. Dr E.A.S. Sarma has been rightfully calling out the looting of $HZL and its consequencesto the GoI foryears. $VEDL 3/" @viceroyresearch on X 2025-07-25 04:05:52 UTC 46.4K followers, XXX engagements
"THE HIDDEN LIQUIDITY CRISIS In 2024 Vedanta Limited (VEDL) faced a severe liquidity crisis. In response $VEDL reactivated VSPL not as a semiconductor venture but as a zero-margin trading entity whose operations appear to consist entirely of paper-based commodity trading 4/" @viceroyresearch on X 2025-07-18 03:57:50 UTC 46.3K followers, XXX engagements
"Vedanta is Crippling HZL writes Former Finance Secretary to the Government of India EAS Sarma. @countercurrents. So far the @Vedanta_Group have neglected to answer our questions sent a week ago. The silence is deafening" @viceroyresearch on X 2025-07-18 06:48:39 UTC 46.4K followers, 4997 engagements
"Spread Analysis Across the CLOs net interest spreads since December 2023 are down: -XX% in 2022-FL1 -XX% in 2021-FL3 -XX% in 2021-FL4 This puts unsustainable bottom-line impact on Arbor's earnings in an otherwise high-rate environment. $ABR cannot afford dividends. 8/end" @viceroyresearch on X 2025-04-24 13:41:18 UTC 46.3K followers, 4234 engagements
"June XX 2025 Under Section XXX of the Companies Act it is illegal for a company to pay dividends from any source other than profits. During the time frame 2017-18 till date HZL has paid more than Rs 80000 crores often in excess of yearly profits implying diversion of its internal resources for that purpose. The Vedanta Group which has an equity share of XXXXX% has thus paid itself more than Rs 50000 Crores during that period whereas the government with an equity share of XXXXX% would have received around Rs 20000 Crores. Your Ministry has evidently welcomed the inflow of such a large dividend" @viceroyresearch on X 2025-07-25 04:05:54 UTC 46.4K followers, 2313 engagements