Vedanta Limited · NSE:VEDL
Vedanta — Q4 FY26 Earnings Presentation
47 slides from Vedanta's earnings presentation, Apr 29, 2026
Slide 1: Vedanta Limited Earnings Presentation 4Q and Full Year FY26
Vedanta Limited EARNINGS PRESENTATION 4Q and Full Year FY26
Slide 2: Table of Contents
1 Highlights 1 Quarterly Highlights | Full Year 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 Appen
Slide 3: Highlights 4Q & FY26
3 ° ° a . 2 D & £ 5 2 vedanta trans! Highlights 4Q & FY26 RS SF
Slide 4: Q4 FY26 Highlights
Q4 EBITDA PAT Revenue ₹18,447 crore ₹ 9,352 crore ₹ 51,524 crore FY26 +59% YoY +89% YoY +29% YoY Highlights ₹55,976 crore ₹ 25,096 crore ₹ 1,74,075 crore Vedanta Demerger +29% YoY +22% YoY +15% YoY effective from 01st May 2026 Highest-ever EBITDA Best-ever PAT Record Revenue Invested ₹14,918 cr. In
Slide 5: Environment, Social & Governance
Environment, Social & Governance Sensitivity: Internal (C3)
Slide 6: Our commitment to excellence – our path to leadership
HSES Our commitment to excellence – our path to leadership Transforming Planet Transforming Workplace Transforming Communities 22% 1.75 million 3.97 Billion units Women in workforce, (1.46 million in FY25, +20% YoY ) (+52% YoY) RE consumed 37% in enabling functions Families Skilled 31.08 million 3.8
Slide 7: Empowering communities with strategic investment
CSR Empowering communities with strategic investment Q4 +2.27 million1 ₹ 159.4 crore# Highlights 7.8 million1 ₹ 418.7 crore# Beneficiaries CSR Spent Updates Beneficiaries CSR Spent FY26 12769 YTD FY26 CSR Spend (Cr) Human Capital 454 87 Initiatives ( Healthcare, children’s 438 430 Well-being & Educa
Slide 8: Key Initiatives by Business Units in Q4FY26
HSES Key Initiatives by Business Units in Q4FY26 Transforming Planet Transforming Workplace Transforming Communities • Kodingamali Bauxite operations have introduced • Dump Safety Awareness: Conducted a • VLL Aarogya: Delivered proactive & preventive, EV loaders, transitioning nearly 50% of the flee
Slide 9: Decarbonization Initiatives Deployed in FY26
HSES Decarbonization Initiatives Deployed in FY26 Global Recognition & Green Products Fuel Transition & RE Power • Cairn Oil & Gas attained the Gold Standard Pathway status for • PNG Agreement with IOCL replacing LPG at ESL reporting year 2025 under the UNEP’s Oil and Gas Methane • ESL sourced 3 MW
Slide 10: Business Performance
Business Performance 4QFY26 Sensitivity: Internal (C3)
Slide 11: 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: +2% y-o-y ▪ Highest ever Quarterly & Yearly Alumina Production at 882 KT (+104% YoY) & 2,916 KT (+48% YoY) 2,422 2,456 respectively with exit run rate of 4 MTPA 604 621 613 ▪ Highest ever Annual
Slide 12: Zinc India: Highest-ever quarterly mined and refined metal production
Zinc India Highest-ever quarterly mined and refined metal production ▪ Highest-ever quarterly mined and refined metal production ▪ Lowest-ever1 quarterly zinc cost of production2 of of 315 kt and 282 kt, respectively $903/MT (better 9% YoY), clocking its 5-year lowest of $959/MT (better 9% YoY) for
Slide 13: Zinc International: Continued Strong performance led by Gamsberg
Zinc International Continued Strong performance led by Gamsberg Total MIC1 Production Key Highlights: 59 ▪ Gamsberg phase 1 achieved 100% as 50 49 planned. 225 178 ▪ FY26 production higher by 27% YoY due to strong performance at Gamsberg which registered 39% increase 4Q 3Q 4Q FY25 FY26 FY25 FY26 FY2
Slide 14: Oil & Gas: Investing strategically to sustain long-term value
Oil & Gas Investing strategically to sustain long-term value Gross Operated Production (kboepd) Key highlights: 96.2 103.2 ▪ 4QFY26 production at 81.5 kboepd primarily driven by 84.9 81.5 natural decline. 87.2 ▪ 4QFY26 opex higher by 8% QoQ, primarily driven by lower production volumes. ▪ ASP Inject
Slide 15: Merchant Thermal Power
Merchant Thermal Power Powering growth through reliable and efficient energy solutions Key Highlights: Other Highlights: ▪ Achieved sales volume of 4934MU in 4QFY26, an increase ▪ Secured 5.3 MTPA linkage coal in Meenakshi & Athena 28% QoQ and 73% YoY for current operating asset ▪ Highest quarterly
Slide 16: Iron and Steel
Iron and Steel Iron Ore Business VAB1 ESL FACOR Production (mn DMT) Production (kt) Saleable Production (kt) Ferro Chrome Production (kt) (IOG2 + IOK3) 895 6.5 817 1,337 30 1,301 101 2.1 2.1 6.2 229 215 205 24 355 354 83 325 1.6 11 4Q 3Q 4Q FY25 FY26 4Q 3Q 4Q FY25 FY26 4Q 3Q 4Q FY25 FY26 4Q 3Q 4Q FY
Slide 17: Commissioning Schedule
Commissioning Schedule FY26 FY27 FY28 ▪ BALCO Smelter Expansion (commissioning ▪ Completion of VAP Projects initiated for 435 KTPA) ▪ Kuraloi Coal Mine – 1HFY27 Aluminium ▪ Lanjigarh Expansion 3.5 to 5 MTPA (Train-2 ▪ Sijimali Bauxite Mine – 1HFY27 expansion) ▪ Ghogarpalli Coal Mine – 2HFY27 ▪ 160 K
Slide 18: Finance Update
Finance Update 4QFY26 Sensitivity: Internal (C3)
Slide 19: 4QFY26 financial snapshot
4QFY26 financial snapshot REVENUE EBITDA EBITDA Margin1 PAT Before Exceptional ₹ 51,524 crore ₹ 18,447 crore 44% ₹ 11,083 crore 29% y-o-y 59% y-o-y 915 bps y-o-y 123% y-o-y Cash & Cash ROCE2 FCF (Pre-capex) Net Debt/EBITDA Equivalent c.32% ₹ 11,930 crore 0.95x ₹ 28,485 crore 539 bps y-o-y
Slide 20: EBITDA Bridge (4QFY26 vs. 4QFY25)
EBITDA BRIDGE (4QFY26 vs. 4QFY25) (In ₹ crore) +59% YoY 509 737 18,447 1,704 17,672 (471) 656 3,694 11,618 Alum 1,920 Silver 1,434 Zinc 475 Market & Regulatory 6,054 4QFY25 LME Input Forex Rebased Volume Cost & Others 4QFY26 / Brent Commodity EBITDA marketing /Premium Inflation 20 Ex rate: 4QFY26 91
Slide 21: EBITDA Bridge (4QFY26 vs. 3QFY26)
EBITDA BRIDGE (4QFY26 vs. 3QFY26) (In ₹ crore) +22% QoQ 546 772 18,842 18,447 3,071 (283) (172) (658) 15,171 Alum 1,562 Silver 743 Zinc 91 Market & Regulatory 3,671 3QFY26 LME Input Forex Rebased Volume Cost & Others 4QFY26 / Brent Commodity EBITDA marketing /Premium Inflation 21 Ex rate: 4QFY26 91.
Slide 22: Net Debt Walk 4QFY26
Net Debt Walk 4QFY26 (In ₹ crore) 60,624 933 53,254 5,762 (14,035) (30) FCF post Capex 8,303 Cr. Net Debt Cash Flow Working Capex Others Net Debt 31 Dec'25 From capital 31 Mar'26 Operations 22 Vedanta Limited Sensitivity: Internal (C3) 4QFY26 Investor Presentation
Slide 23: Balance sheet and debt breakdown
Balance sheet and debt breakdown Net debt / EBITDA Debt breakdown Gross Debt In $bn In ₹ 000’ crores Term Debt 8.23 77.24 1.32 1.37 1.22 1.23 0.95 Working Capital 0.32 2.96 Short Term Borrowing 0.16 1.54 4QFY25 1QFY26 2QFY26 3QFY26 4QFY26 Total Consolidated Debt 8.71 81.74 Cash and Cash Equivalents
Slide 24: Continued disciplined investment in value adding growth
Continued disciplined investment in value adding growth (₹’000 Cr) Growth Capex profile Iron and Steel ^17.0 – 19.0 Power 0.8 - 0.9 Aluminium 14.9 0.9 - 1.1 Zinc and Others 0.6 Oil & Gas 12.6 1.4 11.6 0.7 5.1 - 5.5 0.5 0.2 1.7 4.9 10.0 0.9 5.7 5.2 3.8 7.0 - 7.8 4.9 1.7 2.8 2.9 3.6 3.1 3.2 - 3.7 2.4
Slide 25: Proforma Net Debt across Demerged Entities
Proforma Net Debt across Demerged Entities in $bn Pre Demerger Post Demerger Vedanta Limited Vedanta Vedanta Vedanta Vedanta Vedanta Total Consolidated Aluminium Limited Power Iron & Steel Oil & Gas EBITDA 6.3 2.9 2.6 0.2 0.14 0.5 Gross Debt 8.7 4.0 2.7 0.9 0.5 0.6 Cash & Cash Equivalent 3.2* 0.5 1.
Slide 26: Continuous Deleveraging
Continuous Deleveraging VedantaLimited Vedanta Limited VedantaVedanta Resources (Parent) Resources 4QFY25 Target Current FY20 FY25 Current Med Term VEDL Group Net ND/EBITDA > 1.22x > <1x > 0.95x Debt/EBITDA2 > 3.3x > 2x > 1.6x > ~1x Net Debt to EBITDA Ratio1 Net Debt at VRL (excl. VEDL) Debt maturit
Slide 27: Appendix
Appendix Sensitivity: Internal (C3)
Slide 28: FY27 Production and Cost Guidance
FY27 Production and Cost Guidance Aluminium Oil and Gas Alumina 4.0 - 4.1 Mnt Average Gross Volume 90 - 95 kboepd Aluminium1 2.6 - 2.7 Mnt Opex $15.5 – 16.5/boe CoP2 & 3 $1,650/t - $1,700/t Zinc International Zinc India Gamsberg 280 - 300 kt Mined Metal 1,140 - 1,160 kt BMM 35 - 40 kt Finished Metal
Slide 29: Summary of Income statement
Summary of Income statement 4Q 3Q 4Q In ₹ Crore ▪ Depreciation & Amortization FY26 FY26 FY25 o Depreciation & Amortization at ₹1,356 crore for 4QFY26, lower Revenue from operations 51,524 45,899 39,789 due to accounting treatment as required by Ind AS 105, post NCLT demerger order on 16 December 202
Slide 30: Project Capex
Project Capex Unspent2 as on Capex in Progress (In $ mn) Approved Capex Spent up to FY25 Spent in FY26 31st Mar 2026 Cairn India1 Mangala, Bhagyam & Aishwariya Infill, ASP Facility, ABH Infill, RDG Infill, Exploration (OALP & PSC). 990 376 337 276 Zinc International Gamsberg Phase II Project 595 325
Slide 31: Entity-wise Cash and Debt
Entity-wise Cash and Debt (In ₹ crore) 31-Mar-26 31-Dec-25 31-Mar-25 Company Cash & Cash & Cash & Debt Net Debt Debt Net Debt Debt Net Debt Cash Eq Cash Eq Cash Eq Vedanta Limited Standalone 53,290 8,860 44,430 51,228 5,461 45,767 42,821 5,708 37,113 Cairn India Holdings Limited1 2,524 2,152 372 2,7
Slide 32: Funding sources and term debt maturities
Funding sources and term debt maturities Diversified Funding Sources for Long Term Debt of $8.23 Bn Long Term Debt Maturities : ₹ 77.24K crore ($8.23 bn) (as of Mar 31, 2026) (as of Mar 31, 2026) 0.1% Standalone Subsidiaries 19% 27% Bonds INR 23.7 23.9 In ₹ 000’ crore Term Loan INR Term Loan Fx 6.2
Slide 33: Segment Summary – Aluminium
Segment Summary – Aluminium Production (In ’000 tonnes, or as Quarter Full Year stated) 4QFY26 4QFY25 % YoY 3QFY26 FY26 FY25 % YoY Alumina – Lanjigarh 882 431 104% 794 2,916 1,975 48% Total Aluminum Production 613 604 2% 621 2,456 2,422 1% Jharsuguda 460 457 1% 470 1,857 1,830 1% Balco1 153 147 4% 1
Slide 34: Aluminium profitability ($/t)
Aluminium profitability ($/t) Hot metal cost 337 3,199 176 2,618 3,360 801 4QFY26 473 468 106 1,512 1,742 LME Strategic Premium Realisation Alumina Power Other hot Conversion & EBITDA hedging metal other Margin improved 72% YoY 2,011 4QFY25 2,627 11 301 2,939 (1,094) (543) (374) (49) 879 34 All figu
Slide 35: Segment Summary – Zinc India
Segment Summary – Zinc India Quarter Full Year Production (In ’000 tonnes, or as stated) 4QFY26 4QFY25 % YoY 3QFY26 FY26 FY25 % YoY Mined metal content 315 310 2% 276 1,114 1,095 2% Saleable metal 282 270 5% 270 1,048 1,052 - Refined Zinc1 227 214 6% 221 851 827 3% Refined Lead2 55 56 (2%) 49 197 22
Slide 36: Segment summary – Zinc International
Segment summary – Zinc International Quarter Full Year Production (In ’000 tonnes, or as stated) 4QFY26 4QFY25 % YoY 3QFY26 FY26 FY25 % YoY Mined metal content- BMM 7 10 (25%) 10 40 44 (10%) Mined metal content- Gamsberg 42 40 3% 49 185 133 39% Total 49 50 (3%) 59 225 178 27% Financials (In ₹ Crore,
Slide 37: Segment Summary – Oil & Gas
Segment Summary – Oil & Gas Quarter Full Year Production (In kboepd, or as stated) 4QFY26 4QFY25 % YoY 3QFY26 FY26 FY25 % YOY Average Daily Gross Operated Production 81.5 96.2 (15%) 84.9 87.2 103.2 (16%) Rajasthan 67.1 78.0 (14%) 69.0 70.4 84.3 (16%) Ravva 7.4 8.5 (13%) 8.2 8.1 10.1 (20%) Cambay1 3.
Slide 38: Segment Summary – Oil & Gas
Segment Summary – Oil & Gas Quarter Full Year Production (In kboepd, or as stated) 4QFY26 4QFY25 % YoY 3QFY26 FY26 FY25 % YOY Average Daily Production Gross operated 81.5 96.2 (15%) 84.9 87.2 103.2 (16%) Oil 66.1 76.4 (13%) 68.7 70.2 81.8 (14%) Gas (Mmscfd) 92 119 (22%) 97 102 129 (21%) Non-operated
Slide 39: Segment Summary – Iron Ore and Steel
Segment Summary – Iron Ore and Steel Iron Ore Production (In million dry metric tonnes, Quarter Full Year or as stated) 4QFY26 4QFY25 % YoY 3QFY26 FY26 FY25 % YoY Production of Saleable Ore 2.1 2.1 (1%) 1.6 6.5 6.2 5% Goa 0.9 0.4 106% 0.4 1.6 0.9 67% Karnataka 1.2 1.7 (28%) 1.2 5.0 5.3 (5%) Producti
Slide 40: Segment Summary – Facor and Copper
Segment Summary – Facor and Copper FACOR Quarter Full Year Production (In ’000 tonnes, or as stated) 4QFY26 4QFY25 % YoY 3QFY26 FY26 FY25 % YoY Total Production Ore Production 113 65 74% 103 371 250 49% Ferrochrome Production 30 11 163% 24 101 83 21% Financials (In ₹ crore, or as stated) Revenue 335
Slide 41: Sales Summary – Zinc and Aluminium
Sales Summary – Zinc and Aluminium Quarter Full Year Sales volume 2 4QFY26 4QFY25 3QFY261 FY26 FY25 Zinc-India Sales Refined Zinc (kt) 228 218 221 851 827 Refined Lead (kt) 55 56 49 197 225 Total Zinc-Lead (kt) 282 274 270 1,048 1,053 Silver (tonnes) 176 177 158 627 687 Zinc-International Sales Zinc
Slide 42: Sales summary – Iron & Steel, FACOR and Power
Sales summary – Iron & Steel, FACOR and Power Quarter Full Year Sales volume Quarter Full Year Sales volume 4QFY26 4QFY25 3QFY26 FY26 FY25 Power Sales (mu) 4QFY26 4QFY25 3QFY26 FY26 FY25 Jharsuguda 896 399 726 2,604 2,244 Iron ore sales TSPL1 2,386 2,358 1,973 9,863 10,230 Goa (mn dmt) 0.7 0.3 0.4 1
Slide 43: Group structure
Group structure As of 31-Mar-26 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 44: Currency and commodity sensitivities
Currency and commodity sensitivities Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in EBITDA INR/USD ~₹ 1050-1100 crore / year Commodity prices – Impact of a 10% increase in Commodity Prices FY26 Impact on Commodity Average price EBITDA ($mn) Oil ($/bbl) 70 38 Zinc ($/t)
Slide 45: Awards and Accolades
Awards and Accolades Recognitions towards our commitment to excellence HZL placed 2nd in Vedanta Lanjigarh Vedanta and HZL Vedanta Jharsuguda TSPL won the Water Water Stewardship at Project Sangam recognized as India’s Honored with the Efficient Award at Corporate Honored with National most sustaina
Slide 46: 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 April 29, Hong Kong 800964448 2026, from 5:00 PM to 6:00 PM (IST) Japan 00531161110 Netherlands 08000229808 Inter
Slide 47: 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