Vedanta Limited · NSE:VEDL
Vedanta — Q1 FY27 Earnings Presentation
32 slides from Vedanta's earnings presentation, July 2026
Slide 1: Vedanta Limited Earnings Presentation 1QFY27
Vedanta Limited EARNINGS PRESENTATION 1QFY27
Slide 2: Disclaimer | VEDL Results for Q1 FY27
Disclaimer | VEDL Results for Q1 FY27 This presentation has been prepared solely for information and discussion purposes and should be read in conjunction with Vedanta Limited’s reported financial statements and regulatory disclosures. Vedanta Limited’s reported financial results include both contin
Slide 3: Table of Contents
1 Highlights 1 Quarterly Highlights 2 ESG 2 Highlights | Ratings | CSR Table of Business Performance 3 Zinc India | Zinc International | FACOR | Contents Copper Finance Update 4 P&L | Balance Sheet | Capex Profile | Deleveraging 5 Appendix Sensitivity: Internal (C3)
Slide 4: Q1 Highlights
Q1 Revenue EBITDA PAT Highlights ₹ 23,456 crore ₹8,469 crore ₹ 5,294 crore Demerger effective 1st May ‘26 4 new entities listed on NSE & BSE on +51% YoY +98% YoY +152% YoY 15th June 2nd Highest-Ever Best-Ever Highest-Ever Value unlock in Q1: Combined Mcap up by over ₹71k Cr EBITDA Margin Production
Slide 5: Empowering communities with strategic investment
CSR Empowering communities with strategic investment Highlights 1.76 million1 14688 ₹ 107.5 crore# Q1 FY27 Beneficiaries CSR Spent Human Capital United Way of Volunteering 74 Initiatives ( Healthcare, children’s Well-being & Education) 0.87 Mn Social inclusion 46 Initiatives (Women empowerment, Skil
Slide 6: Our commitment to excellence – our path to leadership
Q1 FY27 HSES Highlights Our commitment to excellence – our path to leadership Transforming Planet Transforming Workplace Transforming Communities 0.291 Billion Units 23% 0.46 million (vs 22% in Q1FY26) (vs 0.231 in Q1 FY26) Families Skilled RE consumed Women in workforce 9.05 million 3.68 tCO2e/t-me
Slide 7: Key Initiatives by VEDL Business Units in Q1FY27
HSES Key Initiatives by VEDL Business Units in Q1FY27 Transforming Planet Transforming Workplace Transforming Communities • Hindustan Zinc has signed an MoU with Advantek • Hindustan Zinc continues to redefine inclusion in • Sterlite Copper enhanced community well-being by mining with over 740 women
Slide 8: Zinc India: Highest-ever first-quarter mined metal production
Zinc India Highest-ever first-quarter mined metal production ▪ Highest-ever first-quarter mined metal production of 268 KT ▪ Lowest1 quarterly zinc cost of production2 of $ 851 per for the fifth consecutive year tonne, better 16% YoY ▪ Refined metal production stood at 260 KT, up 4% YoY ▪ Renewable
Slide 9: Zinc International: Ramping up Gamsberg Operations
Zinc International Ramping up Gamsberg Operations Gamsberg MIC1 Production Key Highlights: ▪ Gamsberg: Total Rock Mined is 21 million metric tons in Q1’FY27 and Highest ever ore mined 46 45 of 1025 kt in Q1’FY27. 42 ▪ Gamsberg’s R&R stands at 269 million metric tons (MT) of ore containing 20 MT of m
Slide 10: FACOR
FACOR Ferrochrome Production (kt) Key Highlights: ▪ Ferrochrome production: 29kt, 1% ↓ Q-o-Q, 4% ↑ Y-o-Y | Consistent furnace 28 30 29 operation ▪ RoM production: 153kt, 35% ↑ Q-o-Q, 41% ↑ Y-o-Y | Restarting of Kalarangiatta 1Q 4Q 1Q mine in Nov’25 which led to additional ore production FY26 FY26 FY
Slide 11: Copper Business
Copper Business Highest-ever First quarter production and sales Operational Highlights: Strategic Highlights: • Copper India: Highest first-quarter rod production and sales in last 8 years. • VCI Rod Mill: Project completion rate – 58%; completion by Sep’26 o Achieved 64% Renewable Energy share, equ
Slide 12: Commissioning Schedule
Commissioning Schedule FY27 FY28 • Hot Acid Leaching Technology – 2QFY27 • 10 Mtpa Zinc Tailings Reprocessing Plant – Zinc India • 510 KTPA Fertilizer Project – 2QFY27 4QFY28 Zinc ▪ Gb Ph-2: Ore charging by Aug’26. International ▪ 600 KTPA Chrome ore Beneficiation Plant – ▪ Ostapal Underground Opera
Slide 13: Finance Update
Finance Update 1QFY27 Sensitivity: Internal (C3)
Slide 14: 1QFY27 Financial Snapshot | VEDL
1QFY27 Financial Snapshot | VEDL REVENUE EBITDA EBITDA Margin1 PAT ₹ 23,456 crore ₹ 8,469 crore 57% ₹ 5,294 crore 51% y-o-y 98% y-o-y 985 bps y-o-y 152% y-o-y Cash & Cash ROCE2 FCF (Pre-capex) Net Debt/EBITDA Equivalent c.29% ₹ 4,412 crore 0.3x ₹ 19,992 crore 14 1. Excludes Copper Business 2
Slide 15: EBITDA Bridge (1QFY27 vs. 1QFY26)
EBITDA BRIDGE (1QFY27 vs. 1QFY26) (In ₹ crore) +98% YoY 293 1,012 8,424 71 8,469 (320) 3,145 4,267 Market & Regulatory 4,157 cr. 1QFY26 LME/ Prices Forex Rebased Volume Cost Marketing 1QFY27 EBITDA & Others 15 Vedanta Limited Ex rate: 1QFY27 94.58 vs 1QFY26 85.57 1QFY27 Investor Presentation Sensiti
Slide 16: Net Debt Walk 1QFY27
Net Debt Walk 1QFY27 (In ₹ crore) 53,254 FCF post Capex 3,264 Cr. 10,522 (42,732) 1,826 8,299 (786) 2,572 1,307 Project Capex (1,181) (7,142) Sustaining Capex (1,390) Net Debt Discontinued 31 Mar'26 Cash Flow Working Capex Dividend Others Net Debt 31 Mar'26 Operations Continuing From capital 30 Jun'
Slide 17: Balance sheet and debt breakdown
Balance sheet and debt breakdown Debt breakdown ▪ Net debt / EBITDA : 0.3x Gross Debt In $bn In ₹ 000’ crores Term Debt 2.79 26.37 ▪ Net Debt at ₹8,299 Cr. lower by ₹2,223 Cr from last quarter Working Capital 0.09 0.84 majorly driven by Cash flow from Operations. Short Term Borrowing 0.11 1.08 ▪ Fin
Slide 18: Continuous Improvement in Credit Profiles
Continuous Improvement in Credit Profiles: Validated by Rating Agencies -Highest rating of VRL since 2014 Vedanta Limited Vedanta Resources (Issuer Rating) S&P Global Fitch Moody’s Vedanta Limited Current BB+ BB-/Stable Ba1 BB/Stable BB+ B+/stable BB BB/Stable Ba2 B1/stable B+/+Ve B+/stable BB Ba3/+
Slide 19: Continuous Deleveraging
Continuous Deleveraging VedantaLimited Vedanta Limited VedantaVedanta Resources (Parent) Resources Current Near Term FY20 FY25 FY26 Current Med Term VEDL Group Net ND/EBITDA > 0.3x > <0.3x Debt/EBITDA2 > 3.3x > 2x > 1.6x > 1.2x > 1x Net Debt to EBITDA Ratio1 Net Debt at VRL $ Bn (excl. Vedanta India
Slide 20: Appendix
Appendix Sensitivity: Internal (C3)
Slide 21: Summary of Income statement
Summary of Income statement 1Q 4Q 1Q ▪ Depreciation & Amortization In ₹ Crore o Depreciation & Amortization at ₹ 1,192 crore for 1QFY27, 7% FY27 FY26 FY26 up YOY and 11% down QoQ. Revenue from operations 23,456 23,731 15,537 ▪ Finance Cost Other operating income 749 878 217 o 1QFY27 9% up YoY and do
Slide 22: Entity-wise Cash and Debt
Entity-wise Cash and Debt (In ₹ crore) 30-Jun-26 31-Mar-26 30-Jun-25 Company Debt Cash & Cash Eq Net Debt Debt Cash & Cash Eq Net Debt Debt Cash & Cash Eq Net Debt Vedanta Limited Standalone 12,178 5,823 6,355 10,648 4,355 6,293 7,128 5,053 2,075 Zinc India 7,320 12,892 (5,572) 8,252 13,846 (5,594)
Slide 23: Funding sources and term debt maturities
Funding sources and term debt maturities Diversified Funding Sources for Long Term Debt of $2.79 Bn Long Term Debt Maturities : ₹ 26.37K crore ($2.79 bn) (as of Jun 30, 2026) (as of Jun 30, 2026) 0.1% Standalone Subsidiaries 8.1 35% Bonds INR In ₹ 000’ crore 41% Term Loan INR 6.6 6.2 2.5 Term Loan F
Slide 24: Segment Summary – Zinc India
Segment Summary – Zinc India Quarter Full Year Production (In ’000 tonnes, or as stated) 1QFY27 1QFY26 % YoY 4QFY26 FY26 Mined metal content 268 265 1% 315 1,114 Saleable metal 260 250 4% 282 1,048 Refined Zinc1 213 202 6% 227 851 Refined Lead 47 48 (2%) 55 197 Refined Saleable Silver - (in tonnes)
Slide 25: Segment summary – Zinc International
Segment summary – Zinc International Quarter Full Year Production (In ’000 tonnes, or as stated) 1QFY27 1QFY26 % YoY 4QFY26 FY26 Mined metal content- BMM 3 11 (73%) 7 40 Mined metal content- Gamsberg 45 46 (0%) 42 185 Total 48 57 (14%) 49 225 Financials (In ₹ Crore, or as stated) Revenue 1,392 1,150
Slide 26: Segment Summary – FACOR and Copper
Segment Summary – FACOR and Copper FACOR Quarter Full Year Production (In ’000 tonnes, or as stated) 1QFY27 1QFY26 % YoY 4QFY26 FY26 Total Production Ore Production 153 108 41% 113 371 Ferrochrome Production 29 28 4% 30 101 Financials (In ₹ crore, or as stated) Revenue 389 313 24% 335 1,094 EBITDA 1
Slide 27: Sales Summary – Zinc India & Zinc International
Sales Summary – Zinc India & Zinc International Quarter Full Year Sales volume 1QFY27 1QFY26 4QFY26 FY26 Zinc-India Sales Refined Zinc (kt) 211 201 228 851 Refined Lead (kt) 47 48 55 197 Total Zinc-Lead (kt) 258 249 282 1,048 Silver (tonnes) 149 145 176 627 Zinc-International Sales Zinc Concentrate
Slide 28: Sales summary – FACOR, Copper and VGCB
Sales summary – FACOR, Copper and VGCB Quarter Full Year Sales volume 1QFY27 1QFY26 4QFY26 FY26 Facor sales Ferrochrome (kt) 30 27 30 99 Copper sales Copper Cathodes (kt) 1.4 1.1 4.5 7.5 Copper Rods (kt) 62 72 68 282 VGCB Discharge volume (MMT) 2.36 1.68 2.00 7.11 Dispatch volume (MMT) 1.65 1.49 1.5
Slide 29: Currency and commodity sensitivities
Currency and commodity sensitivities Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in yearly EBITDA (₹ Cr.) INR/USD ~₹ 350-375 Commodity prices – Impact of change in Commodity Prices Q1 FY27 Increase in yearly Commodity Change Average price EBITDA (₹ Cr.) Zinc ($/t) 3,46
Slide 30: Vedanta Limited (Demerged) Entity Structure
Vedanta Limited (Demerged) Entity Structure As on 30th June Vedanta Listed entities Resources Ltd Unlisted entities (through its subsidiaries) 54.72% Divisions of Vedanta Limited Vedanta Ltd Sterlite Copper (including Nicomet) Subsidiaries of Vedanta Ltd 60.71% 100% 99.99% 100% 100% 100% 98.2% 100%
Slide 31: 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 July 30, Canada 01180014243444 2026 from 5:00 PM to 6:30 PM Hong Kong 800964448 (IST) Japan 00531161110 Netherlands 08000229808 Interna
Slide 32: 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