Vedanta Limited · NSE:VEDL

Vedanta — Investor Presentation (August 2025)

47 slides from Vedanta's investor presentation, Aug 28, 2025

  1. Slide 1: Exchange filing cover letter: Investor Presentation

    VEDL/Sec./SE/25-26/103 August 28, 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: Investor Presentation Dear Sir/Ma’

  2. Slide 2: Capex Monetisation Initiated

    Capex Monetisation Initiated Large Share of New Capacity Commissioning in FY26 & FY27

  3. Slide 3: Table of Contents

    I Table of Contents Slide Number Vedanta Group VDL Business Segments 01 Vedanta Group & VDL Business Segments 3 Strong Performance Record Reserves Base 02 Strong Performance Record & Reserves Base 7 Growth Capex Encompassing 5 Business Segments ​ 03 Growth Capex Encompassing 5 Business Segments 12 E

  4. Slide 4: Vedanta Group & VDL Business Segments

    Vedanta Group & VDL Business Segments

  5. Slide 5: Vedanta Group Structure

    I Vedanta Group Structure As of 30-June-25 Vedanta Inc Listed entities Unlisted entities 42.90% 42.90% 59.4%1 71.3% 35% 79.4% Konkola Copper STL Networks Sterlite Vedanta Sterlite Electric Sterlite Grid 5 Serentica Ltd 3 Tech (STL) Resources Ltd Ltd Ltd Renewables Mines (KCM) Divisions of Vedanta Li

  6. Slide 6: VDL: Diversified Mineral and Natural Resources Player

    I VDL: Diversified Mineral and Natural Resources Player 15+ 60+ Market Leader in Commodities Markets India for Key Exposure Exposure Commodities INDIA EAST ASIA LIBERIA Glass (Iron Ore) INDIA COPPER UAE MULTIPLE ALUMINIUM (45% Market Share) Fujairah Gold NAMIBIA POWER SCORPION MINE IRON ORE (Zinc) Z

  7. Slide 7: VDL: Five Business Segments

    I VDL: Five Business Segments Vedanta Limited (VDL) Zinc, Silver & Other Base Metals Aluminum Power Oil & Gas Steel & Ferrous 3rd Largest Aluminium Producer 5th largest private sector India’s largest private sector One of the largest Indian Globally (Ex – China)* thermal power generators crude oil p

  8. Slide 8: Strong Performance Record & Reserves Base

    Strong Performance Record & Reserves Base

  9. Slide 9: VDL: Long Life Reserves

    I VDL: Long Life Reserves Positioning R&R Life FY2025 Production Aluminium 25+ 2,422 kt Strategically located large-scale assets with integrated power Zinc India 1,052 kt 25+ Largest integrated zinc-lead producer Silver 25+ 687 tons 3rd largest silver producer globally Zinc International 177 kt One

  10. Slide 10: VDL: Strong Performance Track Record

    I VDL: Strong Performance Track Record Zinc-Lead Silver Copper Aluminium Steel Power Iron Ore Oil & Gas Strong EBITDA Performance 1,800 In $ bn 1,600 5.2 Total Production Copper Equivalent (kt) 1,400 1,200 3.6 1,000 800 600 400 0.4 200 FY05 FY15 FY25 0 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY201

  11. Slide 11: VDL: Focus on Cost Leadership

    I VDL: Focus on Cost Leadership Business Aluminium Aluminium Zinc ZincIndia India ZincInternational Zinc International 1st quartile position 1st decile position 2nd quartile position Current in global aluminium cost curve in global zinc mine cost curve in global zinc mine cost curve Positioning COP

  12. Slide 12: VDL: ESG Leadership

    I VDL: ESG Leadership Top Rank in the S&P’s Global CSA 2024 Integrating ESG through quality initiatives S&P Global Hindustan Zinc* Vedanta Aluminium CSA 3% Diversified Metals & Mining peers Aluminium Peers 3% Category (248 in numbers) (30 in No.) 6% 30% 7% Total 350+ Rank (2024) 1st 2nd high impact

  13. Slide 13: Growth Capex Encompassing all Business Segments

    Growth Capex Encompassing all 5 Business Segments

  14. Slide 14: Compelling Story on Domestic Demand of Minerals

    I Compelling Story on Domestic Demand of Minerals Commodity Demand CAGR (2024-2030) Global Mineral Demand for Energy Transition (2022 – 2050) Global Demand India Demand 4.5x 4.2x 3.3x 3.4x 7.3% 3.2x 3.1x 6.5% 6.5% 6.0% 6.0% 4.0% 1.8x 1.2x 2.1% 1.7% 1.2% (0.1%) 0.7% Aluminium Zinc Oil & Gas Iron Ore

  15. Slide 15: Portfolio Expansion Guided by Capex

    I Portfolio Expansion Guided by Capex Aluminium Zinc & Silver Zinc India Zinc International 2.4 → 2.88 → 3.1 1.1 → 1.13 →1.38* 325 → 525 Smelting Capacity (MTPA) MIC Capacity (KTPA) (3.1 MTPA by FY28) Smelting Capacity (MTPA) (1.38 MTPA by FY29) (525 by FY26) 2→5→6 800 → 830 Alumina Capacity (MTPA)

  16. Slide 16: Projects Commissioning Schedule

    ICost Leadership Projects Commissioning Schedule Business Segment FY26 FY27 / FY28 • BALCO Smelter Expansion • Lanjigarh Expansion 3.5 to 5 MTPA (Train-2 expansion) • Ghogarpalli Coal Mine Aluminium • Kuraloi Coal Mine • Debottlenecking to 6 MTPA at Lanjigarh • VAP capacity increase to 2.5 MTPA • Sm

  17. Slide 17: Capex of ~$10 bn Under Implementation

    ICapex of ~ $10 bn Under Implementation Approved / Spent up to Unspent as on Business Capex in Progress (In ₹ Crore) Estimated Capex 1QFY26 30th Jun 25 Total 81,743 30,997 50,747 Jharsuguda: VAP Capacity Expansion and Others 1,514 1,214 300 Mines: Coal & Bauxite Mines (Jamkhani, Radhikapur, Kurloi,G

  18. Slide 18: Earnings Roadmap of Business Segments

    Earnings Roadmap of Business Segments Aluminium Zinc Oil & Gas Iron & Steel Power

  19. Slide 19: Aluminium

    Aluminium Top 3 Position Globally (ex-China)

  20. Slide 20: World's 3rd Largest Aluminium Producer (ex-China)

    I World’s 3rd Largest Aluminium Producer* (ex-China) Aluminium Business 5 coal and 2 bauxite mines within 100kms of our plants Indian Aluminium Producers (MTPA) Global Producers (MTPA) - China 5.9 - Rest of the World 2.88* 5.1 4.1 3.7 3.3 3 2.88* 2.7 1.35 2.4 0.46 Vedanta Hindalco NALCO Hongqiao Chi

  21. Slide 21: Integrated Operations

    I Integrated Operations Aluminium Business 5 coal and 2 bauxite mines within 100kms of our plants India Chhattisgarh Korba Smelter (BALCO) Ghogharpalli Barra Jamkhani Kolkata port 50 – 100 kms Kuraloi Jharsuguda Smelter 50 – 100 kms radius Paradip port Radhikapur Bauxite Lanjigarh Alumina Refinery G

  22. Slide 22: Long-life R&R Portfolio to Service Domestic Demand

    I Long-life R&R Portfolio to Service Domestic Demand Aluminium Business R&R India Demand Coal Mines Capacity Res.1 (MTPA) (Mnt) India Aluminium Requirement 2025-29 (KTPA) Kuraloi 8 145 Ghogharpalli 20 550 7.1 Radhikapur 6 150 6.7 6.3 Jamkhani 2.6 110 5.9 5.5 3.4 Barra TBD TBD 3.0 3.2 Barra TBD TBD 2

  23. Slide 23: Integration Roadmap

    I Integration Roadmap Aluminium Business Extensive resources to support low-cost large-scale mining FY23 exit FY24 exit FY25 exit FY26 exit FY27 exit FY28 exit SMELTER 2.3 2.4 2.4 2.75 2.88 3.1* (MTPA) REFINERY 2 2 3.5 5 5 6* (MTPA) VAP CAPACITY 61% 61% 71% 90+% 90+% 90+% (%) CAPTIVE COAL (MTPA) 3.6

  24. Slide 24: Targeting Cost Leadership

    I Targeting Cost Leadership Aluminium Business Volume* (MTPA) Cost of Production EBITDA ($ Bn) Hot Metal Cost ($/t) 2.8 2.88 1835 4.0 1700-1750 2.5 1600-1650 1550-1600 2.4 3.2 2.1 Barra TBD TBD FY25 FY27e FY28e FY25 FY26e FY27e FY28e FY25 FY26e FY27e FY28e • LME: 2500 $/t (FY27); 2575 $/t (FY28) FY2

  25. Slide 25: Zinc & Silver

    Zinc & Silver Global Leader in Zinc & Silver

  26. Slide 26: World's Largest Integrated Zinc Producer & 4th Leading Silver Producer

    I World’s Largest Integrated Zinc Producer & 4th Leading Silver Zinc India Business Producer FY25 Ore Smelter Reserves Resources Reserve Mines Location Production Mines (Mnt) (Mnt) Grade (%) (MTPA) Wind Power Rampura Agucha Mine Zn: 10.7% Silver Refinery (World’s largest Underground 46.8 20.8 4.79 Z

  27. Slide 27: Targeting 2 MTPA capacity

    I Targeting 2 MTPA capacity Zinc India Business Refined Metal Capacity Value Added Products Capacity at YE Zinc-Lead Capacity (MTPA) Silver Capacity (TPA) VAP Capacity (kt) 1.38* 830* 458 800 800 1.12 1.13 219 190 190 FY25 FY26e FY29e ▪ The 250 KTPA expansion project is scheduled for FY25 FY26e FY27

  28. Slide 28: Steady Earnings Growth

    I Steady Earnings Growth Zinc India Business Refined Metal Volume (kt) Cost of Production ($/t) EBITDA ($Bn) 1,052 1025-1050 1,000-1,025 1000 1130 1130 2.3 2.3 1095 1052 2.1 FY25 FY27e FY28e • Zn LME+ Premium: 2800 $ + 250$ • Lead LME + Premium: 2000$ + 175$ FY25 FY26e FY27e FY28e FY25 FY26e FY27e F

  29. Slide 29: One of the world's largest Zinc deposits

    I One of the world's largest Zinc deposits Zinc International Business Mine Current Capacity (KTPA) Operations 26 Gamsberg Phase-1 Operations 250 BMM Operations 75 Current MIC Capacity 325 INDIA Gamsberg Phase-2 200 (Expansion Underway) Total MIC Capacity 525 (Post Expansion in FY26) SOUTH AFRICA To

  30. Slide 30: Scaling Operations to Monetise the Largest Zinc Deposits

    I Scaling Operations to Monetise the Largest Zinc Deposits Zinc International Business MIC Capacity at YE (KTPA) Cost of Production ($/t) EBITDA ($ Mn) BMM Gamsberg Ph-1 Gamsberg Ph-2 1,300 1,300 1,300 400 1,250 330 200 200 156 250 250 250 FY25 FY27e FY28e Vol FY25 FY27 FY28 75 75 75 (kt) 178 400 45

  31. Slide 31: Oil & Gas

    transforming for good BV ”n © Oo 4) Oo

  32. Slide 32: Rich portfolio: Augmenting R&R to Increase Volumes

    I Rich portfolio: Augmenting R&R to Increase Volumes Oil & Gas Prospective Resource Potential > 5 Bnboe Assets, Acreage & R&R Sr No. Areas No. of Blocks PR (mmboe) ▪ Cairn has 63 blocks (5 PSC, 53 OALP, 4 DSF, 1 CBM) 9 blocks - PSC + A Rajasthan 1500 Unconventional, OALP ▪ >73,000 sq. km Acreage Nor

  33. Slide 33: Robust Pipeline to Support Medium-Term Volume Growth

    I Robust Pipeline to Support Medium-Term Volume Growth Oil & Gas Robust R&R 1430 96 mmboe ❑ Injection in Mangala Cluster C by Sep 2025 base mmboe *Added in FY25 ASP ❑ Potential for incremental volumes of >15 kboepd by Q2 FY 27 Near Term, Production (kboepd) 150 Offshore ❑ Appraisal drilling for Ambe

  34. Slide 34: Resources & Reserves (R&R) Growth

    I Resources & Reserves (R&R) Growth Oil & Gas R&R (mmboe) Gas / Oil Split in R&R (mmboe) Overall EBITDA (Mn$) 2P Reserves 2C Resources Gas % mix increase from 15% to 19% 700 Oil Gas 1430 557 252 500 256 1376 170 174 1,178 1151 1156 1,120 982 981 FY25 FY27e FY28e Vol. 103 105 125 (kboepd) 569 505 445

  35. Slide 35: Iron, Steel and Ferrochrome

    Iron, Steel and Ferrochrome Realising the Asset Potential

  36. Slide 36: Long Life and Competitive Cost Base

    I Long Life and Competitive Cost Base Iron Ore Business Iron Ore Capacity R&R2 Fe Grade Remarks Businesses (MTPA) (MTPA) (%) Iron Ore ✓ Zero Premium to Gov. Karnataka 5.89 63.5 42.1% ✓ Captive Railway Siding (IOK) ✓ 50-year Mining license Iron Ore Goa 3.0 53.2 58.0% ✓ < 30km proximity to Vedanta (IO

  37. Slide 37: Earnings Growth Backed by Scale and VAP Expansion

    I Earnings Growth Backed by Scale and VAP Expansion Iron Ore Business Iron Ore Business Value Added Business Overall EBITDA Iron Ore Production (MTPA) Pig Iron Production (KTPA) EBITDA ($mn) 271 IOK IOG IOO IOB VAB VAP DI Pipe 17 420 15.2 400 213 100 6.0 13.4 5.2 90 76 5.2 902 121 10.1 817 3 3.9 700

  38. Slide 38: Integrated Steel Plant With Huge Expansion Potential

    I Integrated Steel Plant With Huge Expansion Potential ESL Steel Limited UP TO 3.2 MTPA 5.5 MTPA 65% ~2,300 15MTPA 20 - 30%(1) Operational Installed 100% Captive Captive Power Acres Lower Capex Highlights Expansion Capacity Iron Ore in Odisha (Thermal, Waste of Land for gas based Potential (by FY27)

  39. Slide 39: Strategic Location Advantage

    I Strategic Location Advantage Ferrochrome Business Chhattisgarh Jharkhand West Bengal Boula & Katasahi Mines ODISHA 45 & 33 MVA Furnaces Kalarangiatta India Mine (~100 100 MW Power Plant km) Thermal Coal FACOR Dhamra Port (~170 kms) Ostapal Plant (~70 kms) Mine (~100 km) LEASE LEASE Paradip Port RE

  40. Slide 40: Earnings Growth Backed by Integration and Scale

    I Earnings Growth Backed by Integration and Scale Ferrochrome Business HCFC Capacity at YE (KTPA) Cost of Sales ($/t) EBITDA ($ Mn) 1,058 960 910 885 500 94 40 5 FY25 FY27e FY28e 145 145 145 FY25 FY26e FY27e FY28e FY25 FY27 FY28 ▪ Cost reduction in FY26 and FY27 Vol. (kt) 83 145 390 with increase in

  41. Slide 41: Merchant Power

    Merchant Power Doubling Capacity

  42. Slide 42: Capacity Roadmap

    I Capacity Roadmap Power Business Existing Assets: 2880 MW H1FY26: 4180 MW H2FY26: 4780 MW (incl. 300 MW MEL) (incl. 1000 MW MEL & 600 MW Athena) (incl. 1000 MW MEL & 1200 MW Athena) FY25 H1 FY26 H2 FY26 Capacity As on 31st March 2025: 2880MW As on 31st July 2025: 950 MW As on 31st March 26: 950 MW

  43. Slide 43: Strong Electricity Demand To Deliver Robust EBITDA Growth

    I Strong Electricity Demand To Deliver Robust EBITDA Growth Power Business Business TSPL Jharsuguda Athena Meenakshi Power Business (1980 MW) (600 MW) (1200 MW) (1000 MW) EBITDA ($ Bn) Total Coal 7.4 MTPA 3 MTPA 5.7 MTPA 3.6 MTPA Requirement 0.4 Coal 40% Import 100% Domestic 100% Domestic 100% Domes

  44. Slide 44: Record EBITDA On The Cards

    3 vedanta Record EBITDA On The Cards

  45. Slide 45: Estimated EBITDA Between USD 8-10 Bn

    IEstimated EBITDA Between USD 8-10 Bn Zinc, Lead & Silver Aluminium Oil and Gas Iron & Steel Power Zn Vol 1.13 MTPA Volume 17 MTPA Silver Vol 800 tons Operating Iron Ore Volume 3.1 MTPA Price 4.78 GW Capacity Zn India Zn LME 2800 ($/t) Volume 125 kboepd 100 ($/t) (Fe 62) Silver LME 34 $/oz Volume 1.

  46. Slide 46: EBITDA CAGR Of 18% Over Medium Term

    I EBITDA CAGR Of 18% Over Medium Term Segmental EBIDTA numbers ($bn) Consolidated EBIDTA 2% 5% 9.00 100% 4% 8.00 0.40 90% 11% 7% 0.65 8% 7.00 0.70 80% 70% 6.00 41% 0.08 60% 5.00 7% 0.56 4.00 0.19 50% 4.00 40% 2.10 3.00 30% 2.00 44% 20% 2.70 32% 1.00 2.26 10% 0.00 0% FY25 Medium Term FY25 Medium Term

  47. Slide 47: Cautionary statement and disclaimer

    I 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 for

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