Vedanta Resources — Investor Presentation (April 2026)
41 slides from Vedanta Resources's investor presentation, Apr 29, 2026
Slide 1: Vedanta Limited (Post Demerger of 4 Businesses)
Vedanta Limited (Post Demerger of 4 Businesses) Targeting 5 Bn$ EBITDA by 2030
Slide 2: Table of Contents
I Table of Contents 01 Group Structure 3 02 Hindustan Zinc To be the World’s Largest & Most Admired Zinc, Lead & Silver Company 4 03 Vedanta Zinc International To be 1 MTPA Producer and Cost in the Top Quartile 13 04 Copper Business To become 1 MTPA Custom Copper Producer 17 05 FACOR To build 500 KT
Slide 3: Vedanta Group Structure - Post Demerger
I Vedanta Group Structure - Post Demerger Listed Businesses Post Demerger Currently Listed Entities Vedanta Inc Unlisted Entities 42.90% 42.90% 61.8%1 71.3% 35% 79.4% STL Networks Sterlite Vedanta Sterlite Electric Sterlite Grid 5 Serentica Konkola Copper Mines Ltd Tech (STL) Resources Ltd Ltd Ltd R
Slide 4: Hindustan Zinc
Hindustan Zinc Aiming to be the World’s Largest & Most Admired Zinc, Lead & Silver Company
Slide 5: Market Overview - Zinc
I Market Overview - Zinc Hindustan Zinc Indian Steel Production and Zinc Demand HZL is World’s Largest Integrated Zinc Producer & India’s only Zinc Producer with 182 195 Market Share of ~74% as of FY26 152 168 144 120 127 953 1025 814 851 893 774 655 Zinc Demand Outlook CY22 CY23 CY24 CY25 CY26e CY2
Slide 6: Competitive Landscape - Zinc
I Competitive Landscape - Zinc Hindustan Zinc World’s Largest Integrated Zinc Producer1 World’s 2nd Largest Zinc & Lead Metal Reserves & Resources with 25+ years of mine life Hindustan Zinc 850 Ranked 1st in Metals & Mining sector in S&P Peer 2 364 Global CSA 2025 for the 3rd consecutive year Peer 3
Slide 7: Market Overview & Competitive Landscape - Silver
I Market Overview & Competitive Landscape - Silver Hindustan Zinc Growth Precious Metal Silver Wave Contribution Silver production grew over Significant value unlock 20x in the last 2 decades Silver contributing potential exists, as the significantly to current rally’s impact is yet HZL is uniquely
Slide 8: Integrated Facilities With 25+ Years Of Mine Life
I Integrated Facilities With 25+ Years Of Mine Life Hindustan Zinc FY26 Ore Reserves Resources Reserve Mines Location Production Smelter (Mnt) (Mnt) Grade (%) (MTPA) Mines Rampura Agucha Mine Zn: 9.6% (World’s largest Underground 45.1 17.7 5.08 Wind Power Zinc Mine) Pb: 1.5% Silver Refinery Zn: 3.1%
Slide 9: Projects Supporting 2 MTPA Target & Operational Efficiencies
I Projects Supporting 2 MTPA Target & Operational Efficiencies Hindustan Zinc 1 S.No. Project/ Initiative name Update Timeline • Site mobilization and detailed engineering in progress 1 250 kt Debari Smelter Expansion Q2FY29 • Mining partner deployment at site is underway • Detailed engineering comp
Slide 10: Steady Earnings Growth
I Steady Earnings Growth Hindustan Zinc Refined Metal Volume (kt) Cost of Production ($/t) EBITDA ($Bn) 1,052 Assumption Spot Price 4.1 4.2 959 3.6 950 3.3 3.3 3.4 1380 2.9 2.7 1052 1048 FY27e FY28e FY29e FY30e Assumption Spot Price Zn LME 2900-2950 $/T 3200 $/T FY25 FY26 FY30e FY25 FY26 FY30e Silve
Slide 11: Hindustan Zinc ranks 1st among 235 Companies in ESG
I Hindustan Zinc Hindustan Zinc ranks 1 st among 235 Companies in ESG Ranked 1st in S&P Global Corporate Sustainability Assessment (CSA) 2025 for the 3rd consecutive year on November 5, 2025, in the Metals & Mining sector, reflecting exceptional ESG performance, transparent governance, and responsib
Slide 12: Hindustan Zinc is now an ICMM member
Hindustan Zinc IHindustan Zinc is now an ICMM member First Indian Company to join International Council on Mining and Metals (ICMM), a global industry body that brings together leading mining & metals companies and associations to improve sustainable development performance in the sector 1 2 3 4 Hel
Slide 13: Vedanta Zinc International
Vedanta Zinc International Targeting 1 MTPA MIC Production and Cost in the Top Quartile
Slide 14: One of the World's Largest Zinc Deposits: 25+ Years of Mine Life
I One of the World’s Largest Zinc Deposits: 25+ Years of Mine Life Vedanta Zinc International Gamsberg Kloof UG Big Syncline Gamsberg North UG Gergarub 26 NAMIBIA Broken Hill SCORPION MINE Gamsberg East UG Gamsberg North OP Gamsberg South UG Scorpion Zinc SOUTH AFRICA Swartberg Deeps BLACK MOUNTAIN
Slide 15: Progressing towards 1 MTPA Zinc MIC
I Progressing towards 1 MTPA Zinc MIC Vedanta Zinc International Mine Concentrator Plant Smelter Awarding of EPC/major contracts for concentrator Awarding of mine development contracts plants comprising: covering: 1) Gamsberg Phase 3 – 500 KTPA Awarding contracts for 500 FY27 1) Swartberg Open Pit m
Slide 16: Scaling Operations to Monetize the Largest Zinc Deposits
I Scaling Operations to Monetize the Largest Zinc Deposits Vedanta Zinc International Volume (KTPA) Cost of Production ($/t) EBITDA ($ Mn) 800 Assumption 1120 1500 Spot Price 1446 1015 1389 1219 550 500 564 511 477 340 433 320 288 FY27e FY28e FY29e FY30e FY27e FY28e FY29e FY30e FY27e FY28e FY29e FY3
Slide 17: Copper Business
Copper Business Targeting 1 MTPA Custom Copper Production Capacity
Slide 18: Market Overview
I Market Overview Copper Business Copper Demand vs Supply India (Kt) GCC1 (Kt) Global (MnT) 1961 912 832 35 34 32 31 1409 27 27 581 1000 1000 908 510 2024 2030 2035 2024 2030 2035 2024 2030 2035 Refined Copper Consumption Copper Production Refined Copper Consumption Global refined demand Global refi
Slide 19: Diversified Asset Base in Demand Key Markets
I Diversified Asset Base in Demand Key Markets Copper Business Copper Business Sterlite Copper Middle East Saudi Arabia UAE 500 kt 500 kt Copper Int’l Fujairah Gold INDIA Silvassa Tuticorin Silvassa Tuticorin1 Fujairah VCI, KSA 2 250 kt 250 kt 100 kt 400 kt COPPER GOLD - Denotes expansion Projects 1
Slide 20: Projects Supporting 1 MTPA Target
I Projects Supporting 1 MTPA Target Copper Business S.No. Project/ Initiative name/ BU Update Timeline KSA Rod Mill The project is on track, with production targeted in 1 Establish Copper Rod Mill at Ras Al Khair, Saudi Arabia with a Q3FY27 September’26. Payback period of ~1 Year. capacity of 155KTP
Slide 21: Steady Growth
I Steady Growth Copper Business Volume (KTPA) EBITDA ($ Mn) 297 VCI VCI Fujairah Fujairah 713 Silvassa Silvassa 628 194 193 379 462 297 364 140 132 92 50 90 39 92 92 92 91 23 12 23 21 16 222 231 239 242 72 79 81 62 FY27e FY28e FY29e FY30e FY27e FY28e FY29e FY30e Note: Tuticorin Capacity restart cont
Slide 22: FACOR
FACOR Aiming to be India’s largest Ferrochrome Player
Slide 23: Market Outlook
I Market Outlook FACOR Growth of Ferrochrome Annual Stainless-Steel Production Outlook (MnT) 71.7 73.8 ▪ With 85-90% of FeCr consumption in 67.8 69.7 Stainless Steel, its demand is estimated to 64.2 65.9 62.6 grow at a CAGR of 5-6.5%1 between 2026- 58.5 22.2 21.5 30. 19.5 20.1 20.7 19.2 ▪ Global sta
Slide 24: Competitive Landscape
I Competitive Landscape FACOR Indian Ferrochrome Production Landscape (2030) Domestic Production Share (2030) (KTPA) 520 11% 500 160 100 32% 355 260 20 160 380 360 240 31% IMFA* 145 160 JSL IMFA* FACOR JSL Balasore TATA Balasore -280 FACOR 16% Others 9% Current Growth Reduction due to Tata's exit fr
Slide 25: Strategic Location Advantage
I Strategic Location Advantage Ferrochrome Business Asset Base Capacity 145 KTPA Furnaces 45 & 33 MVA Power Plant 100 MW 5 Backward Integrated Mines (2 are currently operational) Reserves & Resources RESERVE & LEASE AREA LEASE PERIOD MINES RESOURCE (Ha) (year) (Mn ton) Osthapal 73 2035 36.7 Kalarang
Slide 26: Existing and Post Expansion Value Chain
I Existing and Post Expansion Value Chain FACOR Value Chain - Existing (145 KTPA) Value Chain - Post Expansion (500 KTPA) Mines Processing Finished Product Mines Processing Finished Product plant plant ROM Production capacity ROM Production capacity 0.68 MnTPA Processing Capacity – 2 MnTPA Processin
Slide 27: Market Diversification, VAP and GTM Strategy
I Market Diversification, VAP and GTM Strategy Ferrochrome Business Marketing strategy roadmap Domestic Market Market Share • Tapping growing domestic Stainless-Steel Production (CAGR ~ 10%) with targeted 37% market share • Focusing 50% wallet share with major end users - SAIL, JSL, JSW, JSPL, etc.
Slide 28: Earnings Growth Backed by Integration and Scale
I Earnings Growth Backed by Integration and Scale FACOR Volume (kt) Cost of Sales ($/t) EBITDA ($ Mn) 500 500 922 943 182 886 850 133 300 84 115 43 FY27e FY28e FY29e FY30e FY27e FY28e FY29e FY30e ▪ Cost efficiencies in FY’26 and FY’27 are FY27e FY28e FY29e FY30e driven by improvement in operational
Slide 29: Nicomet
Nicomet Targeting 60 KTPA Production
Slide 30: Market Overview & Asset Base
I Market Overview & Asset Base Nicomet Nickel Demand vs Supply (Kt) – India Nickel Business - 60 kt 210 Goa - 10 kt Gujarat* - 50 kt 146 Expansion Project – 50 KTPA Nickel Smelter 87 Available- 10 Acre Nickel Facility- 75 Acre Existing Plant Available- 22.2 Acre 60 60 Existing Plant Available- 17.4
Slide 31: Building Capacity
I Building Capacity Nicomet Volume (KTPA) EBITDA ($ Mn) Goa Gujarat Goa Gujarat 191 136 50 176 35 123 8 10 8 6 15 3 13 1 FY27e FY28e FY29e FY30e FY27e FY28e FY29e FY30e Note: Exchange rate assumed is 1 USD = 90 INR; Nickel LME assumption: 19000 $/t 31
Slide 32: Consolidated Financials
Consolidated Financials Targeting $ 5 Bn EBITDA by FY30
Slide 33: Strategic Investment Across Growth Projects
I Strategic Investment Across Growth Projects Vedanta Limited Capex in Progress Capex ($ Mn) Spent up to FY26 ($ Mn) Unspent ($ Mn) Vedanta Zinc International Gamsberg Phase II Project 595 483 112 Iron Ore Project 37 27 10 Other Proposed Projects* Mine 1,180 - 1,180 Concentrator Plant 1,020 - 1,020
Slide 34: EBITDA Growth at a CAGR of ~18% Over FY26-30e
I EBITDA Growth at a CAGR of ~18% Over FY26-30e Vedanta Limited 6014 Segmental EBITDA ($Mn) 5,085 5146 191 4,274 182 4313 136 297 3765 133 3,557 1015 3,122 8 194 511 84 Spot 43 433 288 132 Prices 90 Spot Spot Spot Prices Prices Prices 3400 3300 2700 2900 FY27e FY27e FY28e FY28e FY29e FY29e FY30e FY3
Slide 35: Critical Mineral Blocks
Critical Mineral Blocks
Slide 36: Unlocking Potential Through Critical Minerals
I Unlocking Potential Through Critical Minerals Vedanta Limited & Hindustan Zinc Commodity Block Name State Block Size (Ha) Resources Potential Production Estimate Exploration Timeline Vedanta Limited Copper-Gold Ghanpur Mudholi Maharashtra 917.4 ~5-10 Mt @ 0.6% Cu 0.5-1.0 Mt Ore (5-6 Kt Cu) Jun’26
Slide 37: Value Proposition
Value Proposition Targeting $ 5Bn EBITDA by 2030
Slide 38: Value Proposition
I Value Proposition Vedanta Limited Scaling up The Complete Portfolio ▪ Vedanta is the only Indian company that enables investors to play a diversified base metal theme, while also providing exposure to precious metal (Silver) and specialty alloy (Ferrochrome) ▪ We are primarily worlds largest integ
Slide 39: Value Proposition
I Value Proposition Vedanta Limited Cost Leadership & ESG Excellence Are Also Among Key Positives ▪ HZL is already among the lowest cost zinc producers globally, even though we are targeting further cost improvements ▪ ZI is expecting top quartile position in the global cost curve with scaling of op
Slide 40: Value Proposition
Vedanta Limited I Value Proposition Our Key Markets are Fast Growing and Have a Strong Potential ▪ Estimated CAGR of demand in India for Zinc is ~8%, Stainless-steel (driving FeCr) is ~10%, Copper is ~8%; and Nickel at 7% 40 ▪ GCC’s copper demand is growing at a CAGR of ~6%; the region is largely de
Slide 41: Forward Looking Statement
I Forward Looking Statement 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 forward-looki