Vedanta Limited · NSE:VEDL
Vedanta — Q2 FY26 Earnings Presentation
55 slides from Vedanta's earnings presentation, Oct 31, 2025
Slide 1: Exchange Intimation Letter: Outcome of Board Meeting
VEDL/Sec./SE/25-26/134 October 31, 2025 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 revenue and EBITDA for Q2 and H1FY26
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 Limited reports record revenue and EBITDA for Q2 and H1FY26 Profit before exception
Slide 3: Results for the Second Quarter: Business Highlights and Management Commentary
Results for the Second Quarter ended 30 September 2025 o 1st Alumina output from Train II under the 3 MTPA expansion project at Lanjigarh ▪ Zinc India o Highest-ever second quarter mined metal production at 258 kt, up 1% YoY o Lowest Q2 HZL COP in last 5 years at $ 994/t, lower 7% YoY & 2% QoQ ▪ Zin
Slide 4: 2QFY26 ESG Highlights
Results for the Second Quarter ended 30 September 2025 2QFY26 ESG Highlights ▪ ESG Leadership: Hindustan Zinc became the first Indian company to join the International Council on Mining and Metals—a prestigious global alliance of companies recognized for excellence in responsible mining practices. ▪
Slide 5: Consolidated Financial Performance Commentary
Results for the Second Quarter ended 30 September 2025 o EBITDA is higher by 8% QoQ mainly driven by higher premiums, forex benefit and higher volume partially offset by higher cost o EBITDA margin‡ at 34%, up 69 bps YoY ▪ Depreciation & Amortization: o Depreciation & Amortization at ₹2,868 crore in
Slide 6: 2QFY26 Awards and Recognitions
Results for the Second Quarter ended 30 September 2025 2QFY26 Awards and Recognitions: ▪ CSR: o VGCB and Vedanta Lanjigarh win at the 11th Greentech CSR Awards 2025 o VGCB clinches the Brand Honchos Global CSR & ESG Award for Project Arogya o Vedanta Lanjigarh recognized by Collectorate Office, Kala
Slide 7: Results Conference Call
Results for the Second Quarter ended 30 September 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 announcemen
Slide 8: Forward-looking statements and contacts
Results for the Second Quarter ended 30 September 2025 actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. For any Investor enquiries, please contact: Charanjit Singh, Group Head – Inve
Slide 9: Vedanta Limited 2QFY26
Vedanta Limited EARNINGS PRESENTATION 2QFY26
Slide 10: 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 11: Highlights
Highlights 2Q & 1H FY26
Slide 12: 2Q Highlights
EBITDA PAT before exceptional Revenue 2Q Highlights ₹11,612 crore ₹ 5,026 crore ₹ 39,218 crore BALCO: produces First Metal +12% YoY +13% YoY +6% YoY from India’s largest 525 kA Smelter Highest1 ever 2Q EBITDA Reported PAT ₹ 3,479 Cr. Highest ever 2Q Revenue Lanjigarh: produces first alumina from 1.5
Slide 13: 1H Highlights
EBITDA PAT before exceptional Revenue 1H Highlights ₹22,358 crore ₹ 9,483 crore ₹ 76,652 crore Growth Capex of USD 0.9 bn in 1H +8% YoY Flat YoY +6% YoY Highest ever 1H EBITDA Reported PAT ₹ 7,936 Cr. Highest ever 1H Revenue ESL: Railway Siding and Raw Material Handling System Production COP EBITDA
Slide 14: Environment, Social & Governance
Environment, Social & Governance Sensitivity: Internal (C3)
Slide 15: Our commitment to excellence – our path to leadership
HSES Our commitment to excellence – our path to leadership Transforming Communities Transforming Planet Transforming Workplace 22% 1.56 million 1.03 GW RE RTC Women in workforce, Families Skilled PDA in place 36% in enabling functions 27.5 million 3.7 million 1.23 Women & Children Trees Planted TRIF
Slide 16: CSR-Empowering communities with focused actions
CSR-Empowering communities with focused actions 1H Highlights ₹ 425.4 Cr ₹ 170.60 Cr 3.5 Mn 1367 NGs Annual Budget CSR 1H Spend Beneficiaries (9441 cumulative) * Drinking water Healthcare CSR Spend (Cr) and sanitation 1.63 Mn 0.33 Mn 534.9 437.9 Children’s 453.6 Community 429.6 well-being 399.6 Infr
Slide 17: 1st Indian Company to join the International Council on Mining & Metals
Hindustan Zinc is now a Member ICCM 1st Indian Company to join the International Council on Mining & Metals Global gold standard for Accelerates the environmental stewardship, sustainability journey in safety, and responsible alignment with international mining best practices Hindustan Zinc is now p
Slide 18: BU Initiatives
Health, Safety, Environment, and Sustainability BU Initiatives Transforming Planet Transforming Workplace Transforming Communities ▪ 2 lakh+ saplings planted across ▪ Vedanta Lanjigarh launched a Digital Fire ▪ Hindustan Zinc signed an ₹85 operations Safety Management Portal, enabling real-time cror
Slide 19: Business Performance
Business Performance 2QFY26 Sensitivity: Internal (C3)
Slide 20: Aluminium Business: Focused on growth and end-to-end integration
Aluminium Business Focused on growth and end-to-end integration Aluminium Production (kt) Key Highlights: +1% y-o-y ▪ Highest ever Quarterly & Half-Yearly Metal Production at 617 kt (+1% YoY) & 1,222 kt (+1% YoY) respectively 1,205 1,222 ▪ Best-ever Quarterly & Half-Yearly Alumina Production at 653
Slide 21: Zinc India: Highest-ever 2Q and 1H mined metal production
Zinc India Highest-ever 2Q and 1H mined metal production ▪ Highest-ever 2Q and 1H mined metal production at 258 kt ▪ 5-year lowest 2Q and 1H zinc cost of production* of and 523 kt, respectively $994/MT (better 7% YoY) and $1,002/MT (better 8% YoY), respectively ▪ 2Q refined metal production was 246
Slide 22: Zinc International: Strong performance led by improved mining
Zinc International Strong performance led by improved mining Total MIC Production Key Highlights: 38% increase y-o-y ▪ Highest ever quarterly rock mined at Gamsberg of 24MT 117 6% increase q-o-q 81 ▪ 2QFY26 production jumps 38% YoY supported by 54% increase at Gamsberg 57 60 44 ▪ 1HFY26 production h
Slide 23: Oil & Gas: Investing strategically to sustain long-term value
Oil & Gas Investing strategically to sustain long-term value Gross Production (kboepd) Key highlights: ▪ 2QFY26 production at 89 kboepd due to natural decline; partially offset by Infill drilling & well intervention measures. 104.9 108.6 93.2 89.3 91.3 ▪ 2QFY26 opex lower by 4% QoQ, due to optimised
Slide 24: Merchant Thermal Power
Merchant Thermal Power Powering growth through reliable and efficient energy solutions Key Highlights: Growth Projects: ▪ Meenakshi Power Plant: Unit 3&4 (350MW each) operationalized with PLF of 48% in 2QFY26 ▪ Meenakshi Power Plant: MEL achieves commissioned capacity of 1GW ▪ Highest ever Power Gen
Slide 25: Iron and Steel
Iron and Steel Iron Ore Business VAB ESL FACOR Production (mn DMT) Production (kt) Saleable Ferro Chrome (IOG + IOK) production (kt) 652 production (kt) 53 451 623 2.6 2.9 47 395 1.8 238 28 213 349 26 1.3 1.1 189 296 274 19 2Q 1Q 2Q 1H 1H 2Q 1Q 2Q 1H 1H 2Q 1Q 2Q 1H 1H 2Q 1Q 2Q 1H 1H FY25 FY26 FY26 F
Slide 26: Projects Commissioning Schedule
Projects Commissioning Schedule Business Segment FY26 FY27 / FY28 • BALCO Smelter Expansion (First Metal from India’s largest 525 kA smelter) • Ghogarpalli Coal Mine Aluminium • Lanjigarh Expansion 3.5 to 5 MTPA (First Alumina from Train-2) • Debottlenecking to 6 MTPA at Lanjigarh • Kuraloi Coal Min
Slide 27: Finance Update
Finance Update 2QFY26 Sensitivity: Internal (C3)
Slide 28: 2QFY26 Financial Snapshot
2QFY26 Financial Snapshot REVENUE EBITDA EBITDA Margin1 PAT before exceptional ₹ 39,218 crore ₹ 11,612 crore 34% ₹ 5,026 crore 6% y-o-y 12% y-o-y 69 bps y-o-y Reported PAT ₹ 3,479 Cr. Cash & Cash ROCE2 FCF (Pre-capex) Net Debt/EBITDA Equivalent c.26% ₹ 4,895 crore 1.37x ₹ 21,481 crore 347 bp
Slide 29: EBITDA Bridge (2QFY26 vs. 2QFY25)
EBITDA BRIDGE (2QFY26 vs. 2QFY25) (In ₹ crore) +12% YoY 916 12,527 1,184 63 (281) 11,612 (403) (231) 10,364 Alum 1,089 Silver 421 Market & Regulatory 2,163 2QFY25 LME Input Forex Rebased Volume Cost & Others 2QFY26 / Brent Commodity EBITDA marketing /Premium Inflation 21 Ex rate: 2QFY26 87.3 vs 2QFY
Slide 30: EBITDA Bridge (2QFY26 vs. 1QFY26)
EBITDA BRIDGE (2QFY26 vs. 1QFY26) (In ₹ crore) +8% QoQ 422 12,327 348 (669) 1,076 83 (394) 11,612 10,746 Alum 704 Silver 219 Zinc 280 Market & Regulatory 1,581 1QFY26 LME Input Forex Rebased Volume Cost & Others 2QFY26 / Brent Commodity EBITDA marketing /Premium Inflation 22 Ex rate: 2QFY26 87.3 vs
Slide 31: Net Debt Walk 2QFY26
Net Debt Walk 2QFY26 (In ₹ crore) 6,256 62,063 (730) 58,220 6,772 485 (8,940) FCF post Capex 1,683 Cr. Net Debt Cash Flow Working Capex Dividend Others Net Debt 30 June'25 From capital 30 Sep'25 Operations 23 Vedanta Limited Sensitivity: Internal (C3) 2QFY26 Investor Presentation
Slide 32: Balance Sheet and Debt Breakdown
Balance Sheet and Debt Breakdown Net debt / EBITDA Debt breakdown Gross Debt In $bn In ₹ 000’ crores 1.55 1.54 1.49 Term debt 8.84 78.50 1.40 1.32 1.37 1.22 Working capital 0.15 1.34 Short term borrowing 0.42 3.70 4QFY24 1QFY25 2QFY25 3QFY25 4QFY25 1QFY26 2QFY26 Total consolidated debt 9.41 83.54 Ca
Slide 33: Continuous Deleveraging
Continuous Deleveraging VedantaLimited Vedanta Limited VedantaVedanta Resources (Parent) Resources Near 1QFY25 Current FY20 FY24 FY25 Med Term Term VEDL Group1 Net ND/EBITDA > 1.5x > 1.4x > <1x Debt/EBITDA > 3.3x > 2.7x > 2x > ~1x Net Debt to EBITDA Ratio1 Net Debt at VRL Standalone2 Debt maturity a
Slide 34: Continued Disciplined Investment in Value Adding Growth
Continued Disciplined Investment in Value Adding Growth ($ Bn) Growth Capex profile Oil & Gas 1.7-1.9^ Zinc 0.3-0.35 Al & Power 1.4 1.5 Others 1.2 0.1 0.3 0.6-0.65 0.2 0.9 0.7 0.6 0.7 0.5 0.2 0.2 0.3 0.55-0.6 0.1 0.3 0.3 0.3 0.2 0.0 0.4 0.3 0.3 0.3-0.35 0.2 0.2 FY2022 FY2023 FY2024 FY2025 1H FY2026
Slide 35: Appendix
Appendix Sensitivity: Internal (C3)
Slide 36: FY26 Production and Cost Guidance
FY26 Production and Cost Guidance Aluminum Oil and Gas Alumina 3.0-3.1 Mnt Average Gross 90-95 kboepd Aluminium1 2.5 -2.6 Mnt Volume CoP2 $1,700/t - $1,750/t Opex $15-16/boe Zinc India Zinc International Gamsberg 180 - 200 kt Mined Metal 1,115 - 1,135 kt BMM 55 – 65 kt Finished Metal 1,065 – 1,085 k
Slide 37: Summary of Income statement
Summary of Income statement 2Q 1Q 2Q In ₹ Crore FY26 FY26 FY25 ▪ Depreciation & Amortization Revenue from operations 39,218 37,434 37,171 o 2QFY26 increased by 6% YoY and 2% QoQ mainly at Zinc International due to increased production Other operating income 650 390 463 ▪ Finance Cost EBITDA 11,612 1
Slide 38: Project Capex
Project Capex Spent up to Unspent3 as on 30th Capex in Progress (In INR Crore.) Approved Capex2 Spent in 1HFY26 FY25 Sep 2025 Cairn India1 – Mangala, Bhagyam & Aishwariya infill, 8,471 3,339 1,435 3,697 OALP, ABH infill, RDG infill, Offshore infill etc Aluminium Sector Jharsuguda VAP capacity expans
Slide 39: Entity-wise Cash and Debt
Entity-wise Cash and Debt (In ₹ crore) Sep 30, 2025 June 30, 2025 Sep 30, 2024 Company Cash & Cash & Cash & Debt Net Debt Debt Net Debt Debt Net Debt Cash Eq Cash Eq Cash Eq Vedanta Limited Standalone 51,724 8,202 43,521 46,859 8,422 38,437 40,661 9,324 31,337 Cairn India Holdings Limited1 2,781 2,2
Slide 40: Funding Sources and Term Debt Maturities
Funding Sources and Term Debt Maturities Diversified Funding Sources for Long Term Debt of $8.8 Bn Long Term Debt Maturities : ₹ 78.51K crore ($8.8 bn) (as of Sep 30, 2025) (as of Sep 30, 2025) 0.1% Standalone Subsidiaries 20% 23% 29.1 Bonds INR 25.3 In ₹ 000’ crore Term Loan INR Term Loan Fx 7.7 Bo
Slide 41: Segment Summary – Aluminium
Segment Summary – Aluminium Production (In ’000 tonnes, or as Quarter Half year stated) 2QFY26 2QFY25 % YoY 1QFY26 1HFY26 1HFY25 % YoY Alumina – Lanjigarh 653 499 31% 587 1,240 1,039 19% Total Aluminum Production 617 609 1% 605 1,222 1,205 1% Jharsuguda 467 460 2% 460 927 910 2% Balco 150 149 1% 144
Slide 42: Aluminium Profitability
Aluminium Profitability $/t Hot metal cost 248 3 2,868 2,618 2,618 824 2QFY26 565 437 100 943 * 1,826 LME Strategic Premium Realisation Alumina Power Other hot Conversion & EBITDA hedging metal other Margin improved 14% YoY 1,734 2QFY25 2,382 13 244 2,639 (813) (564) (357) (78) 827 34 *Excluding a o
Slide 43: Segment Summary – Zinc India
Segment Summary – Zinc India Quarter Half year Production (In ’000 tonnes, or as stated) 2QFY26 2QFY25 % YoY 1QFY26 1HFY26 1HFY25 % YoY Mined metal content 258 256 1% 265 523 519 1% Saleable metal 246 262 (6%) 250 496 524 (5%) Refined Zinc1 202 198 2% 202 403 409 (1%) Refined Lead2 45 63 (29%) 48 93
Slide 44: Segment Summary – Zinc International
Segment Summary – Zinc International Quarter Half year Production (In ’000 tonnes, or as stated) 2QFY26 2QFY25 % YoY 1QFY26 1HFY26 1HFY25 % YoY Mined metal content- BMM 11 12 (5%) 11 22 23 (4%) Mined metal content- Gamsberg 49 32 54% 46 94 58 63% Total 60 44 38% 57 117 81 44% Financials (In ₹ Crore,
Slide 45: Segment Summary – Oil & Gas
Segment Summary – Oil & Gas Quarter Half year Production (In kboepd, or as stated) 2QFY26 2QFY25 % YoY 1QFY26 1HFY26 1HFY25 % YoY Average Daily Gross Operated Production 89.3 104.9 (15%) 93.2 91.3 108.6 (16%) Rajasthan 70.9 85.1 (17%) 74.6 72.7 88.9 (18%) Ravva 8.2 11.0 (25%) 8.4 8.3 11.1 (25%) Camb
Slide 46: Segment Summary – Oil & Gas
Segment Summary – Oil & Gas Quarter Half year Production (In kboepd, or as stated) 2QFY26 2QFY25 % YoY 1QFY26 1HFY26 1HFY25 % YoY Average Daily Production Gross operated 89.3 104.9 (15%) 93.2 91.3 108.6 (16%) Oil 71.7 82.5 (13%) 74.4 73.0 86.1 (15%) Gas (Mmscfd) 106 134 (21%) 113 109 135 (19%) Non-o
Slide 47: Segment Summary – Iron Ore and Steel
Segment Summary – Iron Ore and Steel Iron Ore Production (In million dry metric tonnes, Quarter Half year or as stated) 2QFY26 2QFY25 % YoY 1QFY26 1HFY26 1HFY25 % YoY Production of Saleable Ore 1.1 1.3 (19%) 1.8 2.9 2.6 11% Goa 0.1 0.1 48% 0.2 0.3 0.2 81% Karnataka 1.0 1.3 (22%) 1.6 2.6 2.4 6% Produ
Slide 48: Segment Summary – Facor and Copper
Segment Summary – Facor and Copper Copper Quarter Half year Production (In ’000 tonnes, or as stated) 2QFY26 2QFY25 % YoY 1QFY26 1HFY26 1HFY25 % YoY Copper - Cathodes 40 41 (3%) 44 84 61 37% Financials (In ₹ crore, or as stated) Revenue 6,604 6,376 4% 6,374 12,978 11,110 17% EBITDA (13) (10) - (26)
Slide 49: Sales Summary – Zinc and Aluminium
Sales Summary – Zinc and Aluminium Quarter Half year Sales volume 2QFY26 2QFY25 1QFY26 1HFY26 1HFY25 Zinc-India Sales Refined Zinc (kt) 202 198 201 403 408 Refined Lead (kt) 45 63 48 93 115 Total Zinc-Lead (kt) 247 261 249 496 523 Silver (tonnes) 147 184 145 293 350 Zinc-International Sales Zinc Con
Slide 50: Sales Summary – Iron & Steel, FACOR and Power
Sales Summary – Iron & Steel, FACOR and Power Quarter Half year Sales volume Quarter Half year Sales volume Power Sales (mu) 2QFY26 2QFY25 1QFY26 1HFY26 1HFY25 2QFY26 2QFY25 1QFY26 1HFY26 1HFY25 Jharsuguda 305 709 678 983 1534 Iron ore sales TSPL 2,789 2,861 2,715 5,504 5,851 Goa (mn dmt) 0.1 0.0 0.
Slide 51: Group Structure
Group Structure As of 30-Sep-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 52: Currency and Commodity Sensitivities
Currency and Commodity Sensitivities Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in EBITDA INR/USD ~₹ 850-900 crore / year Commodity prices – Impact of a 10% increase in Commodity Prices 1HFY26 Impact on Commodity Average price EBITDA ($mn) Oil ($/bbl) 69 18 Zinc ($/t)
Slide 53: Awards and Accolades
Awards and Accolades Recognitions towards our commitment to excellence FACOR has been Cairn was recognized honored with the CII ESL Steel Limited BALCO Wins Gold at Vedanta Sesa Goa for the 3rd consecutive SHE Excellence Award Wins the “Best Titan Business (IOK) has been year at the Brandon Hall 202
Slide 54: 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 October Canada 01180014243444 31, 2025, from 5:00 PM to 6:00 PM Hong Kong 800964448 (IST) Japan 00531161110 Netherlands 08000229808 Int
Slide 55: 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