Vedanta Limited · NSE:VEDL
Vedanta — Q3 FY2026 Earnings Presentation
51 slides from Vedanta's earnings presentation, Jan 29, 2026
Slide 1: Exchange cover letter: Outcome of Board Meeting
VEDL/Sec./SE/25-26/192 January 29, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers “Exchange Plaza” Dalal Street, Fort Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 500295 Scrip Code: VEDL Sub: Outcome of Board Meeting held on
Slide 2: Vedanta reports record-breaking Q3: Profit surges 60%
Vedanta Limited Regd. Office: Vedanta Limited 1st Floor, ‘C’ Wing Unit 103, Corporate Avenue, Atul Projects Chakala, Andheri (East) Mumbai 400093, Maharashtra www.vedantalimited.com CIN: L13209MH1965PLC291394 Vedanta Ltd. reports record-breaking Q3: Profit surges 60% to ₹7,807 crore, Revenue up 19%
Slide 3: Results for the Third Quarter ended December 2025
Results for the Third Quarter ended 31 December 2025 ▪ Zinc India o Highest-ever quarter 3 mined metal production at 276 kt, up 4% YoY and 7% QoQ o Highest-ever quarter 3 metal production at 270kt, up 4% YoY and 9% QoQ o Lowest Q3 COP in last 5 years at $ 940/t, lower 10% YoY & 5% QoQ ▪ Zinc Interna
Slide 4: 3QFY26 ESG Highlights
Results for the Third Quarter ended 31 December 2025 3QFY26 ESG Highlights ▪ ESG Leadership: Vedanta Aluminium secured second rank in the S&P Corporate Sustainability Assessment for the third consecutive year. Cairn Oil & Gas, in its very first participation, placed among the top five companies glob
Slide 5: EBITDA and EBITDA Margin
Results for the Third Quarter ended 31 December 2025 ▪ EBITDA and EBITDA Margin: o EBITDA increased by 34% YoY & 31% QoQ to ₹15,171 crore mainly driven by higher LME, premiums, lower costs, forex gains and higher volumes o EBITDA margin† at 41%, up 629 bps YoY and 512 bps QoQ ▪ Depreciation & Amorti
Slide 6: Results Conference Call
Results for the Third Quarter ended 31 December 2025 Results Conference Call – Please note that the results presentation is available in the Investor Relations section of the company website https://www.vedantalimited.com/eng/investor-relations-overview.php#resultsReports Following the announcement,
Slide 7: Disclaimer and contacts
Results for the Third Quarter ended 31 December 2025 prices; from future integration of acquired businesses; and from numerous other matters of national, regional, and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause ou
Slide 8: Vedanta Limited 3QFY26
Vedanta Limited EARNINGS PRESENTATION 3QFY26
Slide 9: Table of Contents
1 Highlights 1 Quarterly Highlights | 9 Month Highlights 2 ESG 2 Highlights | Ratings | CSR Table of 3 Business Performance 3 Aluminium | Zinc India | Zinc International | O&G | Contents Power | Iron & Steel 4 Finance Update 4 P&L | Balance Sheet | Capex Profile | Guidance | Deleveraging 5 5 Appendi
Slide 10: Highlights
Highlights 3Q & 9M FY26
Slide 11: 3Q Highlights
EBITDA PAT Revenue 3Q Highlights ₹15,171 crore ₹ 7,807 crore ₹ 45,899 crore Vedanta Demerger approved by NCLT +34% YoY +60% YoY +19% YoY Highest-ever EBITDA Best-ever PAT Record-best Revenue Acquired Incab Industries for downstream copper EBITDA Margin Production ROCE and aluminium Volume growth (Yo
Slide 12: 9M Highlights
EBITDA PAT Revenue 9M Highlights ₹37,529 crore ₹ 15,744 crore ₹ 1,22,551 crore +18% YoY +1% YoY +10% YoY Growth Capex USD 1.3bn Highest-ever EBITDA 2nd Best-ever PAT Record-best Revenue EBITDA Margin Production Strong Liquidity Vedanta Group secured 3 Volume growth (YoY) additional mining blocks of
Slide 13: Environment, Social & Governance
Environment, Social & Governance Sensitivity: Internal (C3)
Slide 14: Our commitment to excellence – our path to leadership
HSES Our commitment to excellence – our path to leadership Transforming Planet Transforming Workplace Transforming Communities 20% 1.59 million 2.87 Billion units Women in workforce, (+1.9% QoQ ) (44.2% QoQ) Families Skilled 36% in enabling functions RE consumed (+14% QoQ) 28.12 million 3.8 million
Slide 15: Vedanta Aluminium ranks second; Cairn debuts strong in S&P Global CSA
Vedanta Aluminium ranks second for third consecutive year; Cairn Debuts Strong in S&P Global CSA FY25 Integrating ESG through quality initiatives S&P Global 8% 24% Vedanta Aluminium Cairn Oil & Gas CSA 4% 2% 12% Total 300+ ESG initiatives Aluminium Peers Oil & Gas Upstream Integrated Sector ongoing
Slide 16: CSR - Empowering communities with focused actions
CSR - Empowering communities with focused actions Quarter +2.01 million1 ₹ 101.26 crore* Highlights 5.53 million1 ₹ 267.9 crore* Beneficiaries CSR Spent Updates Beneficiaries CSR Spent (as on date) YTD FY26 10313 Drinking water Healthcare CSR Spend (Cr) and sanitation 2.64 Mn 0.42 Mn 508.5 453.6 Com
Slide 17: BU Initiatives
Health, Safety, Environment, and Sustainability BU Initiatives Transforming Planet Transforming Workplace Transforming Communities •Vedanta Aluminium: Doubled India’s largest •V-SAFE Conclave: Hosted 2.5 days of •Gram Nirman: TSPL implemented community electric forklift fleet with 142 units, cutting
Slide 18: Business Performance
Business Performance 3QFY26 Sensitivity: Internal (C3)
Slide 19: Aluminium Business
Aluminium Business Focused on growth and end-to-end integration Aluminium Production (kt) Key Highlights: +1% y-o-y ▪ Highest ever Quarterly & 9M Alumina Production at 794 KT & 2,034 KT respectively with the commissioning 1,819 1,842 of Train II 613 617 620 ▪ Highest ever Quarterly & 9M Aluminium Pr
Slide 20: Zinc India
Zinc India Highest-ever 3Q mined and refined metal production ▪ Highest-ever 3Q1 and 9M mined metal production at 276 kt ▪ 5-year lowest 3Q and 9M zinc cost of production2 of and 799 kt, respectively $940/MT (better 10% YoY) and $980/MT (better 9% YoY) ▪ Best-ever 3Q refined metal production at 270
Slide 21: Zinc International
Zinc International Continued Strong performance led by Gamsberg Total MIC1 Production Key Highlights: 28% increase y-o-y ▪ Highest Ever Recovery at Gamsberg of 84.9% 2% Decrease q-o-q in Dec 2025 176 60 59 127 ▪ 3QFY26 production jumps 28% YoY supported 46 by 40% increase at Gamsberg 3Q 2Q 3Q 9M 9M
Slide 22: Oil & Gas
Oil & Gas Investing strategically to sustain long-term value Gross Operated Production (kboepd) Key highlights: ▪ 3QFY26 production at 85 kboepd primarily driven by natural decline & lower well intervention activities in 99.4 105.5 Cambay block. 89.1 84.9 89.1 ▪ 3QFY26 opex higher by 8% QoQ, primari
Slide 23: Merchant Thermal Power
Merchant Thermal Power Powering growth through reliable and efficient energy solutions Key Highlights: Other Highlights: ▪ Highest operational EBITDA - ₹363 Crs in 3QFY26, an ▪ Secured 2.8 Million Tones annual linkage coal in increase of 87% QoQ and 188% YoY Meenakshi & VLCTPP for PPA power supply ▪
Slide 24: Iron and Steel
Iron and Steel Iron Ore Business VAB1 ESL FACOR Production (mn DMT) Production (kt) Saleable Ferro Chrome 680 production (kt) production (kt) (IOG2 + IOK3) 4.5 238 611 981 24 4.1 229 948 217 71 71 329 325 18 19 1.6 1.5 274 1.1 3Q 2Q 3Q 9M 9M 3Q 2Q 3Q 9M 9M 3Q 2Q 3Q 9M 9M Q3'25 Q2'26 Q3'26 FY25 FY26
Slide 25: Commissioning Schedule
Commissioning Schedule Business Segment FY26 FY27 / FY28 • Sijimali Bauxite Mine – 1HFY27 • BALCO Smelter Expansion (commissioning initiated for 435 KTPA) • Ghogarpalli Coal Mine – 2HFY27 Aluminium • Lanjigarh Expansion 3.5 to 5 MTPA (Train-2 expansion) • Ramp up to 5 MTPA at Lanjigarh • Kuraloi Coa
Slide 26: Finance Update
Finance Update 3QFY26 VZI Sensitivity: Internal (C3)
Slide 27: 3QFY26 financial snapshot
3QFY26 financial snapshot REVENUE EBITDA EBITDA Margin1 PAT ₹ 45,899 crore ₹ 15,171 crore 41% ₹ 7,807 crore 19% y-o-y 34% y-o-y 629 bps y-o-y 60 % y-o-y Cash & Cash ROCE2 FCF (Pre-capex) Net Debt/EBITDA Equivalent c.27% ₹ 4,916 crore 1.23x ₹ 20,085 crore 296 bps y-o-y 27% y-o-y vs 1.40x
Slide 28: EBITDA Bridge (3QFY26 vs. 3QFY25)
EBITDA BRIDGE (3QFY26 vs. 3QFY25) (In ₹ crore) +34% YoY 386 403 15,171 1,327 14,832 (450) 677 1,544 11,284 Alum 1,068 Silver 975 Market & Regulatory 3,548 3QFY25 LME Input Forex Rebased Volume Cost & Others 3QFY26 / Brent Commodity EBITDA marketing /Premium Inflation 21 Ex rate: 3QFY26 89.09 vs 3QFY
Slide 29: EBITDA Bridge (3QFY26 vs. 2QFY26)
EBITDA BRIDGE (3QFY26 vs. 2QFY26) (In ₹ crore) +31% QoQ 731 160 15,171 517 14,642 (362) 390 2,123 11,612 Alum 1,069 Zinc 725 Silver 644 Market & Regulatory 3,030 2QFY26 LME Input Forex Rebased Volume Cost & Others 3QFY26 / Brent Commodity EBITDA marketing /Premium Inflation 22 Ex rate: 3QFY26 89.09
Slide 30: Net Debt Walk 3QFY26
Net Debt Walk 3QFY26 (In ₹ crore) 62,063 4,779 434 60,624 3,512 (10,164) FCF post Capex 1,873 Cr. Net Debt Cash Flow Working Capex Others Net Debt 30 Sep'25 From capital 31 Dec'25 Operations 23 Vedanta Limited 3QFY26 Investor Presentation VZI Sensitivity: Internal (C3)
Slide 31: Balance sheet and debt breakdown
Balance sheet and debt breakdown Net debt / EBITDA Debt breakdown Gross Debt In $bn In ₹ 000’ crores Term debt 8.45 75.94 1.40 1.32 1.37 1.22 1.23 Working capital 0.20 1.82 Short term borrowing 0.33 2.95 Total consolidated debt 8.98 80.71 3QFY25 4QFY25 1QFY26 2QFY26 3QFY26 Cash and Cash Equivalents
Slide 32: Continuous Deleveraging
Continuous Deleveraging VedantaLimited Vedanta Limited VedantaVedanta Resources (Parent) Resources Near 1QFY25 Current FY20 FY25 Current Med Term Term VEDL Group Net ND/EBITDA > 1.5x > 1.23x > <1x Debt/EBITDA2 > 3.3x > 2x > 1.9x > ~1x Net Debt to EBITDA Ratio1 Net Debt at VRL (excl. VEDL) Debt matur
Slide 33: Appendix
Appendix VZI Sensitivity: Internal (C3)
Slide 34: Summary of Income statement
Summary of Income statement 3Q 2Q 3Q In ₹ Crore ▪ Depreciation & Amortization FY26 FY26 FY25 o Depreciation & Amortization at ₹2,725 crore, lower due Revenue from operations 45,899 39,218 38,526 to accounting treatment as required by Ind AS 105, post NCLT demerger order on 16 December 2025. Other op
Slide 35: Entity-wise Cash and Debt
Entity-wise Cash and Debt (In ₹ crore) 31-Dec-25 30-Sep-25 31-Dec-24 Company Cash & Cash & Cash & Debt Net Debt Debt Net Debt Debt Net Debt Cash Eq Cash Eq Cash Eq Vedanta Limited Standalone 51,228 5,461 45,767 51,724 8,202 43,521 42,153 8,349 33,805 1 Cairn India Holdings Limited 2,728 2,318 410 2,
Slide 36: Funding sources and term debt maturities
Funding sources and term debt maturities Diversified Funding Sources for Long Term Debt of $8.45 Bn Long Term Debt Maturities : ₹ 75.94K crore ($8.45 bn) (as of Dec 31, 2025) (as of Dec 31, 2025) 0.1% Standalone Subsidiaries 21% 22% 30.2 Bonds INR 25.8 In ₹ 000’ crore Term Loan INR 7.4 Term Loan Fx
Slide 37: Segment Summary – Aluminium
Segment Summary – Aluminium Production (In ’000 tonnes, or as Quarter 9 months stated) 3QFY26 3QFY25 % YoY 2QFY26 9MFY26 9MFY25 % YoY Alumina – Lanjigarh 794 505 57% 653 2,034 1,543 32% Total Aluminum Production 620 613 1% 617 1,842 1,819 1% Jharsuguda 470 464 1% 467 1,397 1,374 2% Balco 150 150 - 1
Slide 38: Aluminium profitability ($/t)
Aluminium profitability ($/t) Hot metal cost 239 2,827 39 2,618 3,027 805 3QFY26 455 414 85 1,268 1,674 LME Strategic Premium Realisation Alumina Power Other hot Conversion & EBITDA hedging metal other Margin improved 46`% YoY 1,878 3QFY25 2,575 15 262 2,852 (982) (541) (355) (107) 867 31 All figure
Slide 39: Segment Summary – Zinc India
Segment Summary – Zinc India Quarter 9 months Production (In ’000 tonnes, or as stated) 3QFY26 3QFY25 % YoY 2QFY26 9MFY26 9MFY25 % YoY Mined metal content 276 265 4% 258 799 784 2% Saleable metal 270 259 4% 246 766 783 (2%) Refined Zinc1 221 204 8% 202 624 613 2% Refined Lead2 49 55 (11%) 45 142 170
Slide 40: Segment summary – Zinc International
Segment summary – Zinc International Quarter 9 months Production (In ’000 tonnes, or as stated) 3QFY26 3QFY25 % YoY 2QFY26 9MFY26 9MFY25 % YoY Mined metal content- BMM 10 11 (10%) 11 32 34 (6%) Mined metal content- Gamsberg 49 35 40% 49 144 93 54% Total 59 46 28% 60 176 127 38% Financials (In ₹ Cror
Slide 41: Segment Summary – Oil & Gas
Segment Summary – Oil & Gas Quarter 9 months Production (In kboepd, or as stated) 1 3QFY26 3QFY25 % YoY 2QFY26 9MFY26 9MFY25 % YoY Average Daily Gross Operated Production 84.9 99.4 (15%) 89.1 89.1 105.5 (16%) Rajasthan 69.0 81.3 (15%) 70.9 71.5 86.3 (17%) Ravva 8.2 9.6 (15%) 8.2 8.3 10.6 (22%) Camba
Slide 42: Segment Summary – Oil & Gas
Segment Summary – Oil & Gas Quarter 9 months Production (In kboepd, or as stated) 3QFY26 3QFY25 % YoY 2QFY26 9MFY26 9MFY25 % YoY Average Daily Production Gross operated 84.9 99.4 (15%) 89.1 89.1 105.5 (16%) Oil 68.7 78.5 (12%) 71.6 71.5 83.5 (14%) Gas (Mmscfd) 97 126 (23%) 105 105 132 (20%) Non-oper
Slide 43: Segment Summary – Iron Ore and Steel
Segment Summary – Iron Ore and Steel Iron Ore Production (In million dry metric tonnes, Quarter 9 months or as stated) 3QFY26 3QFY25 % YoY 2QFY26 9MFY26 9MFY25 % YoY Production of Saleable Ore 1.6 1.5 4% 1.1 4.5 4.1 8% Goa 0.4 0.3 7% 0.1 0.7 0.5 33% Karnataka 1.2 1.2 3% 1.0 3.8 3.6 5% Production (’0
Slide 44: Segment Summary – Facor and Copper
Segment Summary – Facor and Copper FACOR Quarter 9 months Production (In ’000 tonnes, or as stated) 3QFY26 3QFY25 % YoY 2QFY26 9MFY26 9MFY25 % YoY Total Production Ore Production 103 67 54% 47 258 184 40% Ferrochrome Production 24 18 32% 19 71 71 - Financials (In ₹ crore, or as stated) Revenue 254 1
Slide 45: Sales Summary – Zinc and Aluminium
Sales Summary – Zinc and Aluminium Quarter 9 months Sales volume 3QFY26 3QFY25 2QFY26 9MFY26 9MFY25 Zinc-India Sales Refined Zinc (kt) 221 201 202 623 609 Refined Lead (kt) 49 55 45 142 170 Total Zinc-Lead (kt) 270 256 247 766 779 Silver (tonnes) 158 160 147 451 511 Zinc-International Sales Zinc Con
Slide 46: Sales summary – Iron & Steel, FACOR and Power
Sales summary – Iron & Steel, FACOR and Power Quarter 9 months Sales volume Quarter 9 months Sales volume Power Sales (mu) 3QFY26 3QFY25 2QFY26 9MFY26 9MFY25 3QFY26 3QFY25 2QFY26 9MFY26 9MFY25 Jharsuguda 726 311 305 1,708 1,847 Iron ore sales TSPL 1,973 2,021 2,789 7,477 7,872 Goa (mn dmt) 0.4 0.2 0
Slide 47: Group structure
Group structure As of 31-Dec-25 Listed entities Vedanta Resources Ltd Unlisted entities Divisions of Vedanta Limited ⚫ Sesa Iron Ore 56.38% ⚫ Sterlite Copper ⚫ Power (600 MW Jharsuguda) Vedanta Ltd ⚫ Aluminium (Odisha aluminium and power assets) ⚫ Cairn Oil & Gas* Subsidiaries of Vedanta Ltd ⚫ Athen
Slide 48: Currency and commodity sensitivities
Currency and commodity sensitivities Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in EBITDA INR/USD ~₹ 900-950 crore / year Commodity prices – Impact of a 10% increase in Commodity Prices 9M FY26 Impact on Commodity Average price EBITDA ($mn) Oil ($/bbl) 67 26 Zinc ($/t
Slide 49: Awards and Accolades
Awards and Accolades Recognitions towards our commitment to excellence Vedanta and HZL HZL was awarded Vedanta Power’s Cairn bags 9 awards Vedanta Lanjigarh ‘Excellence in Waste secured the No. 2 and Project TARA wins the for Operational wins IQEMS’s Kalinga Management Award No. 1 positions at the E
Slide 50: Earnings Call Details
Earnings Call Details Event Telephone Number +91 22 6280 1114 Universal Dial-In +91 22 7115 8015 India National Toll Free 1 800 120 1221 Earnings conference call on January Canada 01180014243444 29, 2026, from 5:00 PM to 6:00 PM Hong Kong 800964448 (IST) Japan 00531161110 Netherlands 08000229808 Int
Slide 51: Cautionary Statement and Disclaimer
Cautionary Statement and Disclaimer The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forwa