Slide 1: Vedanta Limited Earnings Presentation 1QFY26
Vedanta Limited EARNINGS PRESENTATION 1QFY26
Slide 2: Table of Contents
Highlights 1 Quarterly Highlights ESG 2 Highlights | Ratings | CSR Table of Business Performance 3 Aluminium | Zinc India | Zinc International | O&G | Contents Power | Iron & Steel Finance Update 4 P&L | Balance Sheet | Capex Profile | Guidance | Deleveraging 5 Appendix Sensitivity: Internal (C3)
Slide 3: Highlights 1QFY26
3 ° ° a . 2 D & £ 5 2 trans! vedanta Highlights 1QFY26 RS SF
Slide 4: 1Q Highlights
EBITDA Adjusted PAT Revenue 1Q Highlights ₹10,746 crore ₹ 5,000 crore ₹ 37,434 crore +5% YoY +13% YoY +6% YoY HZL board approved Highest ever 1Q EBITDA Reported PAT ₹4,457 crore 250Ktpa Integrated Expansion EBITDA Margin Production Strong Liquidity Volume growth (YoY) Declared dividend ₹ 7/share +81
Slide 5: Environment, Social & Governance
Environment, Social & Governance Sensitivity: Internal (C3)
Slide 6: Our commitment to excellence – our path to leadership
ESG Our commitment to excellence – our path to leadership Transforming Communities Transforming Planet Transforming Workplace 1.03 GW RE RTC 22% 1.51 million Women in workforce, 34% Families skilled PDA in place in enabling functions 26.57 million 3.5 million 1.13 (13%↓ from FY25) Women & children b
Slide 7: Vedanta Group Shines in S&P Global Sustainability Yearbook 2025
Vedanta Group Shines in S&P Global Sustainability Yearbook 2025 Integrating ESG through quality initiatives S&P Global Hindustan Zinc Vedanta Aluminium CSA 4% 6% 2% 5% 2% Diversified Metals & Mining peers Aluminium Peers 36% Category Total 400+ (149 companies in the category) (21 companies in the ca
Slide 8: CSR - Empowering communities with focused actions
CSR - Empowering communities with focused actions Quarter +2.04 million1 ₹ 94.08 crore1 Highlights 86032 ₹ 2500 crore2 Updates Beneficiaries CSR Spent (as on date) Nand Ghars CSR Spent since 2020 Drinking water In ₹ crore Healthcare and sanitation 0.92M1 0.23Mn1 454 438 beneficiaries beneficiaries 4
Slide 9: Business Performance 1QFY26
Business Performance 1QFY26 Sensitivity: Internal (C3)
Slide 10: Aluminium Business
Aluminium Business Focused on profitable growth driven by end-to-end integration Aluminium Production (kt) Key Highlights: ▪ Quarterly Metal Production 596 604 605 at 605 KT, up 1% YoY ▪ Record quarterly Alumina production at 587 kt (+9% YoY) 1Q 4Q 1Q ▪ Lowest HM Cost (Ex- FY25 FY25 FY26 Alumina) at
Slide 11: Zinc India
Zinc India Highest-ever 1Q mined metal at Lowest-ever 1Q Zinc COP* ▪ Highest-ever first quarter mined metal production of 265 kt, ▪ Lowest-ever 1Q zinc cost of production* of $1,010/MT, up 1% YoY. In line with mine preparation activities being carried better 9% YoY out every year in first quarter, i
Slide 12: Zinc International
Zinc International Strong quarterly performance led by improved mining Total MIC Production Key highlights: 50% increase y-o-y ▪ Highest ever monthly zinc recovery at 12% increase q-o-q Gamsberg of 86.4% in Jun’25. 57 50 ▪ Gamsberg’s 1Q production jumps 74% YoY and 38 13% QoQ driven by mining ramp u
Slide 13: Oil & Gas
Oil & Gas Investing strategically to sustain long-term value Gross Production (kboepd) Key highlights: ▪ 1QFY26 production at 93.2 kboepd, natural decline in the 112.4 MBA fields, partially offset by infill wells brought online in 96.2 93.2 Aishwarya, ABH and Satellite fields. ▪ 1QFY26 opex lower by
Slide 14: Power
Power Powering growth through reliable and efficient energy solutions Key Highlights: Growth Projects: ▪ Meenakshi Power Plant: Phase-1 (300 MW) is now ▪ Meenakshi Power Plant: Phase 2 - Unit 4 (350 MW) is set to begin operation in 2QFY26 operational, with a PLF of 58% in 1QFY26. Phase-2 (Unit- 3, 3
Slide 15: Iron and Steel
Iron and Steel Iron Ore Business VAB ESL FACOR Saleable Production (mnt) Production (kt) Saleable production (kt) Ferro Chrome production (kt) IOG (mnt) IOK (mnt) 356 355 349 205 205 213 28 28 0.4 0.2 0.1 1.7 1.6 11 1.2 1Q 4Q 1Q FY25 FY25 FY26 1Q 4Q 1Q 1Q 4Q 1Q 1Q 4Q 1Q FY25 FY25 FY26 FY25 FY25 FY26
Slide 16: Finance Update 1QFY26
Finance Update 1QFY26 Sensitivity: Internal (C3)
Slide 17: 1QFY26 financial snapshot
1QFY26 financial snapshot REVENUE EBITDA EBITDA Margin1 Profit after tax ₹ 37,434 crore ₹ 10,746 crore 35% ₹ 4,457 crore 6% y-o-y 5% y-o-y 81 bps y-o-y Cash & Cash ROCE2 FCF (Pre-capex) Net Debt/EBITDA Equivalent c.25% ₹ 4,272 crore 1.3x ₹ 22,137 crore 87 bps y-o-y 2% y-o-y vs 1.5x in 1QFY
Slide 18: EBITDA Bridge (1QFY26 vs. 1QFY25)
EBITDA BRIDGE (1QFY26 vs. 1QFY25) (In ₹ crore) +5% All time High 1Q Alum (271) Zinc (184) 590 10,746 10,275 505 10,090 489 (584) (106) (423) Market & Regulatory (185) 1QFY25 LME Input Forex Rebased Volume Cost & Others 1QFY26 / Brent Commodity EBITDA marketing /Premium Inflation 18 LME/Brent/Premium
Slide 19: EBITDA Bridge (1QFY26 vs. 4QFY25)
EBITDA BRIDGE (1QFY26 vs. 4QFY25) (In ₹ crore) Rebased EBITDA maintained Vs 4Q FY25 11,618 921 10,887 390 10,746 (188) 530 (1,464) (1,061) Alum (1,027) Zinc (303) Market & Regulatory (731) 4QFY25 LME Input Forex Rebased Volume Cost & Others 1QFY26 / Brent Commodity EBITDA marketing /Premium Inflatio
Slide 20: Net Debt Walk 1QFY26
Net Debt Walk 1QFY26 (In ₹ crore) 2,953 58,220 4,280 53,251 5,155 3,916 (3,028) (8,307) FCF post Capex (764) Net Debt Cash Flow Working Capex HZL Stake Sale Dividend Others Net Debt 31 Mar'25 From capital 30 June'25 Operations 20 Vedanta Limited Sensitivity: Internal (C3) 1QFY26 Investor Presentatio
Slide 21: Balance sheet and debt breakdown
Balance sheet and debt breakdown Net debt / EBITDA Debt breakdown Gross Debt In $bn In ₹ 000’ crores 1.5 1.5 1.5 Term debt 8.69 74.41 1.4 1.3 1.2 Working capital 0.07 0.63 Short term borrowing 0.62 5.31 4QFY24 1QFY25 2QFY25 3QFY25 4QFY25 1QFY26 Total consolidated debt 9.38 80.36 Cash and Cash Equiva
Slide 22: FY26 Guidance
FY26 Guidance Aluminium Oil and Gas Alumina 3.0-3.1 Mnt Average Gross 95-100 kboepd Aluminium1 2.5-2.6 Mnt Volume CoP2 $1,700/t - $1,750/t Opex $15-16/boe Zinc International Zinc India Gamsberg 180 - 200 kt Mined Metal 1,115 - 1,135 kt BMM 55 – 65 kt Finished Metal 1,090 – 1,100 kt CoP $1,250/t – $1
Slide 23: Continuous Deleveraging
Continuous Deleveraging VedantaLimited Vedanta Limited VedantaVedanta Resources (Parent) Resources Near 1QFY25 Current FY20 FY24 FY25 Med Term Term VEDL Group1 Net ND/EBITDA > 1.5x > 1.3x > <1x Debt/EBITDA > 3.3x > 2.7x > 2x > ~1x Net Debt to EBITDA Ratio1 Net Debt at VRL Standalone2 Debt maturity a
Slide 24: Appendix
Appendix Sensitivity: Internal (C3)
Slide 25: Summary of Income statement
Summary of Income statement 1Q 4Q 1Q In ₹ Crore ▪ Depreciation & Amortization FY26 FY25 FY25 o 1QFY26 increased by 3% YoY mainly at Zinc India Revenue from operations 37,434 39,789 35,239 o 1QFY26 decreased by 5% QoQ mainly due to lower production at HZL and Cairn. Other operating income 390 666 525
Slide 26: Entity-wise Cash and Debt
Entity-wise Cash and Debt (In ₹ crore) June 30, 2025 Mar 31, 2025 June 30, 2024 Company Cash & Cash & Cash & Debt Net Debt Debt Net Debt Debt Net Debt Cash Eq Cash Eq Cash Eq Vedanta Limited Standalone 46,859 8,422 38,437 42,821 5,708 37,113 45,293 2,779 42,514 Cairn India Holdings Limited1 1,908 2,
Slide 27: Funding sources and term debt maturities
Funding sources and term debt maturities Diversified Funding Sources for Long Term Debt of $8.7 Bn Long Term Debt Maturities : ₹ 74.41K crore ($8.7 bn) (as of June 30, 2025) (as of June 30, 2025) 0.1% Standalone Subsidiaries 19% 25.4 24% Bonds INR 23.7 In ₹ 000’ crore Term Loan INR Term Loan Fx Bond
Slide 28: Segment Summary – Aluminium
Segment Summary – Aluminium Quarter Full Year Production (In ’000 tonnes, or as stated) 1QFY26 1QFY25 % YoY 4QFY25 FY25 Alumina – Lanjigarh 587 539 9% 431 1,975 Total Aluminum Production 605 596 1% 604 2,422 Jharsuguda 460 450 2% 457 1,830 Balco 144 146 (1%) 147 592 Financials (In ₹ crore, or as sta
Slide 29: Aluminium profitability
Aluminium profitability $/t Hot metal cost 268 26 2,742 1QFY26 2,448 2,448 877 491 396 95 883 1,765 LME Strategic Premium Realisation Alumina Power Other hot Conversion & EBITDA hedging metal other Margin improved LME down 7% QoQ QoQ 2,011 4QFY25 2,627 11 301 2,939 (1,094) (543) (374) (49) 879 29 No
Slide 30: Segment Summary – Zinc India
Segment Summary – Zinc India Quarter Full Year Production (In ’000 tonnes, or as stated) 1QFY26 1QFY25 % YoY 4QFY25 FY25 Mined metal content 265 263 1% 310 1,095 Saleable metal 250 262 (5%) 270 1,052 Refined Zinc1 202 211 (4%) 214 827 Refined Lead2 48 51 (6%) 56 225 Refined Saleable Silver - (in ton
Slide 31: Segment summary – Zinc International
Segment summary – Zinc International Quarter Full Year Production (In ’000 tonnes, or as stated) 1QFY26 1QFY25 % YoY 4QFY25 FY25 Mined metal content- BMM 11 11 (4%) 10 44 Mined metal content- Gamsberg 46 26 74% 40 133 Total 57 38 50% 50 178 Financials (In ₹ Crore, or as stated) Revenue 1,150 753 53%
Slide 32: Segment Summary – Oil & Gas
Segment Summary – Oil & Gas Quarter Full Year Production (In kboepd, or as stated) 1QFY26 1QFY25 % YoY 4QFY25 FY25 Average Daily Gross Operated Production 93.2 112.4 (17%) 96.2 103.2 Rajasthan 74.6 92.7 (20%) 78.0 84.3 Ravva 8.4 11.3 (25%) 8.5 10.1 Cambay 6.8 4.8 42% 6.2 5.1 OALP 3.5 3.7 (7%) 3.5 3.
Slide 33: Segment Summary – Oil & Gas
Segment Summary – Oil & Gas Quarter Full Year Production (In kboepd, or as stated) 1QFY26 1QFY25 % YoY 4QFY25 FY25 Average Daily Production Gross operated 93.2 112.4 (17%) 96.2 103.2 Oil 74.4 89.7 (17%) 76.4 81.8 Gas (Mmscfd) 113 137 (17%) 119 129 Non-operated- Working interest 0.5 0.6 (15%) 0.6 0.7
Slide 34: Segment Summary – Iron Ore and Steel
Segment Summary – Iron Ore and Steel Iron Ore Production (In million dry metric tonnes, or as Quarter Full Year stated) 1QFY26 1QFY25 % YoY 4QFY25 FY25 Production of Saleable Ore 1.8 1.3 42% 2.1 6.2 Goa 0.2 0.1 96% 0.4 0.9 Karnataka 1.6 1.2 36% 1.7 5.3 Production (’000 tonnes) Pig Iron 213 205 4% 20
Slide 35: Segment Summary – Facor and Copper
Segment Summary – Facor and Copper Copper Quarter Full Year Production (In ’000 tonnes, or as stated) 1QFY26 1QFY25 % YoY 4QFY25 FY25 Copper - Cathodes 44 20 - 44 149 Financials (In ₹ crore, or as stated) Revenue 6,374 4,734 35% 6,138 23,051 EBITDA (26) (57) - (49) (112) Copper LME Price ($/MT) 9,52
Slide 36: Sales Summary – Zinc and Aluminium
Sales Summary – Zinc and Aluminium Quarter Full Year Sales volume 1QFY26 1QFY25 4QFY25 FY25 Zinc-India Sales Refined Zinc (kt) 201 211 218 827 Refined Lead (kt) 48 51 56 225 Total Zinc-Lead (kt) 249 262 274 1,053 Silver (tonnes) 145 167 177 687 Zinc-International Sales Zinc Concentrate (MIC) 49 29 4
Slide 37: Sales summary – Iron & Steel, FACOR and Power
Sales summary – Iron & Steel, FACOR and Power Quarter Full Year Sales volume Quarter Full Year Sales volume Power Sales (mu) 1QFY26 1QFY25 4QFY25 FY25 1QFY26 1QFY25 4QFY25 FY25 Jharsuguda 678 825 399 2,244 Iron ore sales TSPL 2,715 2,990 2,358 10,230 Goa (mn dmt) 0.3 0.0 0.3 0.6 HZL Wind power 134 1
Slide 38: Group structure
Group structure As of 30-Jun-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 39: Currency and commodity sensitivities
Currency and commodity sensitivities Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in EBITDA INR/USD ~₹ 800-850 crore / year Commodity prices – Impact of a 10% increase in Commodity Prices 1QFY26 Impact on Commodity Average price EBITDA ($mn) Oil ($/bbl) 68 8 Zinc ($/t)
Slide 40: Awards and Accolades
Awards and Accolades Recognitions towards our commitment to excellence VGCB & Vedanta HZL ranks in the Lanjigarh were FACOR secures HZL wins ‘Master of Top 1% globally for FACOR & Vedanta presented an award 1st place in Mines Risk – ESG’ at the ESG performance Lanjigarh win the in the ‘Promotion of
Slide 41: 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 Canada 01180014243444 Earnings conference call on July 31, Hong Kong 800964448 2025, from 5:00 PM to 6:00 PM (IST) Japan 00531161110 Netherlands 08000229808 Intern
Slide 42: 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