[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 Viceroy Viceroy posts on X about $vedl, $hzl, $hzls, $hexab the most. They currently have XXXXXX followers and XXX posts still getting attention that total XXXXX engagements in the last XX hours. ### Engagements: XXXXX [#](/creator/twitter::812145753338548224/interactions)  - X Week XXXXXX -XX% - X Month XXXXXXX +7,073% - X Months XXXXXXX -XX% - X Year XXXXXXXXX -XX% ### Mentions: XX [#](/creator/twitter::812145753338548224/posts_active)  - X Months XXX -XX% - X Year XXX +112% ### Followers: XXXXXX [#](/creator/twitter::812145753338548224/followers)  - X Week XXXXXX +0.14% - X Month XXXXXX +4.20% - X Months XXXXXX +4% - X Year XXXXXX +5% ### CreatorRank: XXXXXXX [#](/creator/twitter::812145753338548224/influencer_rank)  ### Social Influence [#](/creator/twitter::812145753338548224/influence) --- **Social category influence** [finance](/list/finance) XXXX% [countries](/list/countries) XXXX% **Social topic influence** [$vedl](/topic/$vedl) #1, [$hzl](/topic/$hzl) #1, [$hzls](/topic/$hzls) #1, [$hexab](/topic/$hexab) 2.25%, [debt](/topic/debt) 2.25%, [zinc](/topic/zinc) 1.8%, [india](/topic/india) 1.35%, [$barcl](/topic/$barcl) 0.9%, [$evdl](/topic/$evdl) 0.9%, [$abr](/topic/$abr) XXX% **Top accounts mentioned or mentioned by** [@aimhonesty](/creator/undefined) [@civisxxi](/creator/undefined) [@parrotcapital](/creator/undefined) [@aayusha43626](/creator/undefined) [@hexagonab](/creator/undefined) [@gabe_bernarde](/creator/undefined) [@cnbctv18live](/creator/undefined) [@greenbridgelu](/creator/undefined) [@ashishgupta0164](/creator/undefined) [@bluntrrrrr](/creator/undefined) [@mikealolsson](/creator/undefined) [@olarollen](/creator/undefined) [@arbsridhar](/creator/undefined) [@withritesh](/creator/undefined) [@yentovon](/creator/undefined) [@hilegimark92519](/creator/undefined) [@mragile_](/creator/undefined) [@massivele50137](/creator/undefined) [@quantresearchta](/creator/undefined) [@cnbctv18news](/creator/undefined) **Top assets mentioned** [Arbor Realty Trust, Inc. (ABR)](/topic/$abr) ### Top Social Posts [#](/creator/twitter::812145753338548224/posts) --- Top posts by engagements in the last XX hours "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, 10.8K 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 46.3K 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 46.3K followers, 6000 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 "Analysts are privately stating that they have found issues with $HEXAB disclosures margins & growth while still recommending the stock as a buy. We will name & shame. Others cherry pick confirming data. Viceroy don'thit&run"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1681668364735852544) 2023-07-19 14:12:36 UTC 46.3K followers, 13.5K 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, 6014 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 46.3K 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 46.3K followers, 7887 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 "Link to our latest $VEDL report on Serentica. 2/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945365706431774909) 2025-07-16 06:11:42 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, 5206 engagements "Bonus Round: The Semiconductor Sham As we wrote in our original report we believe VEDLs entire semiconductor venture was a faade from the start designed for hype-based fundraising instead of economic viability. $VEDL 13/end"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1946056825868370182) 2025-07-18 03:57:57 UTC 46.3K followers, 2623 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 46.3K followers, 5362 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. $VEDL 6/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945000204110901645) 2025-07-15 05:59:19 UTC 46.3K followers, XXX engagements "$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, 7095 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 46.3K followers, 9227 engagements "Our investigation into Vedanta Resources extractive practices at $HZL is still ongoing. We respectfully recommend the GoI to launch their own investigation before more value is extracted to VRLs offshore promoters and creditors. $VEDL"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1945819645757251762) 2025-07-17 12:15:29 UTC 46.3K followers, 4389 engagements "Hexagon management's time is up. It's only appropriate the board replace the chairman & CEO. Management is captured & is pretending to not understand why their conflicts of interest are a huge governancefailure. $HEXAB"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1684193690233741314) 2023-07-26 13:27:21 UTC 46.3K followers, 10.2K 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, 3248 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, 5597 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 46.3K 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, 9036 engagements "What is "hard to believe" is easily verified with a bit of effort. "Hard to believe" is why we took the time to review Hexagon's proposterous organic growth figures. Hexagon acquired 4.4b of its 4.8b revenue growth since 2023. $HEXAB"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1681645943886626818) 2023-07-19 12:43:31 UTC 46.3K followers, 5731 engagements "A wilfull disregard for disclosing related party transactions. @greenbridge_lu Finance Director finally admits Blackbird was formed ahead of Hexagon investment (front-running). @OlaRollen would have had full knowledge at the time as CEO & Chairman $HEXAB"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1683729603045588992) 2023-07-25 06:43:14 UTC 46.3K followers, 12.6K engagements "We believe that Vedanta Limited (VEDL) subsidiary Vedanta Semiconductors Private Limited (VSPL) is a sham commodities trading operation designed to improperly avoid classification as a Non-Banking Financial Company (NBFC). $VEDL 2/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1946056788421275810) 2025-07-18 03:57:49 UTC 46.3K followers, 3191 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 46.3K followers, 6278 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 46.3K followers, 3039 engagements "Legal Risks This structure is a risk officers worst nightmare: a regulatory decoy system reliant on fabricated activity for recovery. If it receives scrutiny or intervention the lenders are likely to face a wipeout. $VEDL 12/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1946056821464014886) 2025-07-18 03:57:56 UTC 46.3K followers, 2913 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. $VEDL 1/"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1942833615311654944) 2025-07-09 06:30:04 UTC 46.3K followers, 127.2K engagements "$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 - 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 "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 46.3K followers, 12K engagements "Another red flag🚩. Are @HexagonAB &/or Divergent attempting to change history After $HEXAB C suite were caught front running an investment via @greenbridge_lu in Divergent with undisclosed related party investments Fig X changed & redirected toFig2.$HEXAB"  [@viceroyresearch](/creator/x/viceroyresearch) on [X](/post/tweet/1704390706100339119) 2023-09-20 07:03:05 UTC 46.3K followers, 31.7K 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 46.3K 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 46.3K followers, 4946 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
[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 Viceroy
Viceroy posts on X about $vedl, $hzl, $hzls, $hexab the most. They currently have XXXXXX followers and XXX posts still getting attention that total XXXXX engagements in the last XX hours.
Engagements: XXXXX #
- X Week XXXXXX -XX%
- X Month XXXXXXX +7,073%
- X Months XXXXXXX -XX%
- X Year XXXXXXXXX -XX%
Mentions: XX #
- X Months XXX -XX%
- X Year XXX +112%
Followers: XXXXXX #
- X Week XXXXXX +0.14%
- X Month XXXXXX +4.20%
- X Months XXXXXX +4%
- X Year XXXXXX +5%
CreatorRank: XXXXXXX #
Social Influence #
Social category influence finance XXXX% countries XXXX%
Social topic influence $vedl #1, $hzl #1, $hzls #1, $hexab 2.25%, debt 2.25%, zinc 1.8%, india 1.35%, $barcl 0.9%, $evdl 0.9%, $abr XXX%
Top accounts mentioned or mentioned by @aimhonesty @civisxxi @parrotcapital @aayusha43626 @hexagonab @gabe_bernarde @cnbctv18live @greenbridgelu @ashishgupta0164 @bluntrrrrr @mikealolsson @olarollen @arbsridhar @withritesh @yentovon @hilegimark92519 @mragile_ @massivele50137 @quantresearchta @cnbctv18news
Top assets mentioned Arbor Realty Trust, Inc. (ABR)
Top Social Posts #
Top posts by engagements in the last XX hours
"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, 10.8K engagements
"Link to Zinc Twice Before You Act report $VEDL $HZL 2/:" @viceroyresearch on X 2025-07-17 04:00:04 UTC 46.3K 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 46.3K followers, 6000 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
"Analysts are privately stating that they have found issues with $HEXAB disclosures margins & growth while still recommending the stock as a buy. We will name & shame. Others cherry pick confirming data. Viceroy don'thit&run" @viceroyresearch on X 2023-07-19 14:12:36 UTC 46.3K followers, 13.5K 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, 6014 engagements
"This is not our first rodeo. Report is now live: $VEDL 2/" @viceroyresearch on X 2025-07-21 03:53:01 UTC 46.3K 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 46.3K followers, 7887 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
"Link to our latest $VEDL report on Serentica. 2/" @viceroyresearch on X 2025-07-16 06:11:42 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, 5206 engagements
"Bonus Round: The Semiconductor Sham As we wrote in our original report we believe VEDLs entire semiconductor venture was a faade from the start designed for hype-based fundraising instead of economic viability. $VEDL 13/end" @viceroyresearch on X 2025-07-18 03:57:57 UTC 46.3K followers, 2623 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 46.3K followers, 5362 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. $VEDL 6/" @viceroyresearch on X 2025-07-15 05:59:19 UTC 46.3K followers, XXX engagements
"$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, 7095 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 46.3K followers, 9227 engagements
"Our investigation into Vedanta Resources extractive practices at $HZL is still ongoing. We respectfully recommend the GoI to launch their own investigation before more value is extracted to VRLs offshore promoters and creditors. $VEDL" @viceroyresearch on X 2025-07-17 12:15:29 UTC 46.3K followers, 4389 engagements
"Hexagon management's time is up. It's only appropriate the board replace the chairman & CEO. Management is captured & is pretending to not understand why their conflicts of interest are a huge governancefailure. $HEXAB" @viceroyresearch on X 2023-07-26 13:27:21 UTC 46.3K followers, 10.2K 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, 3248 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, 5597 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 46.3K 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, 9036 engagements
"What is "hard to believe" is easily verified with a bit of effort. "Hard to believe" is why we took the time to review Hexagon's proposterous organic growth figures. Hexagon acquired 4.4b of its 4.8b revenue growth since 2023. $HEXAB" @viceroyresearch on X 2023-07-19 12:43:31 UTC 46.3K followers, 5731 engagements
"A wilfull disregard for disclosing related party transactions. @greenbridge_lu Finance Director finally admits Blackbird was formed ahead of Hexagon investment (front-running). @OlaRollen would have had full knowledge at the time as CEO & Chairman $HEXAB" @viceroyresearch on X 2023-07-25 06:43:14 UTC 46.3K followers, 12.6K engagements
"We believe that Vedanta Limited (VEDL) subsidiary Vedanta Semiconductors Private Limited (VSPL) is a sham commodities trading operation designed to improperly avoid classification as a Non-Banking Financial Company (NBFC). $VEDL 2/" @viceroyresearch on X 2025-07-18 03:57:49 UTC 46.3K followers, 3191 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 46.3K followers, 6278 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 46.3K followers, 3039 engagements
"Legal Risks This structure is a risk officers worst nightmare: a regulatory decoy system reliant on fabricated activity for recovery. If it receives scrutiny or intervention the lenders are likely to face a wipeout. $VEDL 12/" @viceroyresearch on X 2025-07-18 03:57:56 UTC 46.3K followers, 2913 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. $VEDL 1/" @viceroyresearch on X 2025-07-09 06:30:04 UTC 46.3K followers, 127.2K engagements
"$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 - 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
"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 46.3K followers, 12K engagements
"Another red flag🚩. Are @HexagonAB &/or Divergent attempting to change history After $HEXAB C suite were caught front running an investment via @greenbridge_lu in Divergent with undisclosed related party investments Fig X changed & redirected toFig2.$HEXAB" @viceroyresearch on X 2023-09-20 07:03:05 UTC 46.3K followers, 31.7K 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 46.3K 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 46.3K followers, 4946 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