Vedanta Limited · NSE:VEDL
Vedanta — Q2 FY27 Earnings Presentation
39 slides from Vedanta's earnings presentation, Oct 28, 2026
Slide 1: Outcome of Board Meeting – Press Release and Investor Presentation
vedanta transforming for good VEDL/Sec./SE/26-27/117 October 28, 2026 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: Out
Slide 2: Vedanta Limited posts record Q2 & H1 results
Vedanta Limited Regd. Office: Vedanta Limited 1st Floor, ‘C’ Wing vedanta transforming for good Unit 103, Corporate Avenue, Atul Projects Chakala, Andheri (East) Mumbai 400093, Maharashtra www.vedantalimited.com CIN: L13209MH1965PLC291394 Vedanta Limited posts record Q2 & H1 results Record Quarterly
Slide 3: Results for the Second Quarter and Half Year ended 30th Sep 2026
Results for the Second Quarter and Half Year ended 30th Sep 2026 o Both ICRA and CRISIL reaffirmed credit rating at AA+/Stable at Vedanta Limited. o Declared 1st Interim Dividend of ₹5 per share. o Overall borrowing cost at VEDL remained at ~8.3% p.a. o In H1 FY27, VRL has successfully tied up follo
Slide 4: Management commentary and financial performance
Results for the Second Quarter and Half Year ended 30th Sep 2026 milestones, we invested ₹1,135 crore towards our growth projects, advancing capacity expansions, mine development and resource security initiatives across the portfolio. The consistent delivery of these milestones reflects the strength
Slide 5: Results for the Second Quarter and Half Year: financial review
Results for the Second Quarter and Half Year ended 30th Sep 2026 o Revenue growth was supported by higher commodity prices, favourable forex and higher volumes. ▪ EBITDA and EBITDA Margin: o EBITDA stood at a record ₹9,938 crore in Q2 FY27 and increased 17% QoQ primarily driven by favourable market
Slide 6: Vedanta Limited 2QFY27
Vedanta Limited EARNINGS PRESENTATION 2QFY27
Slide 7: Table of Contents
1 Highlights 1 Quarterly and Half-Yearly Highlights 2 ESG 2 ESG | CSR Table of Business Performance 3 Zinc India | Zinc International | FACOR | Contents Copper Finance Update 4 P&L | Balance Sheet | Capex Profile 5 Appendix Sensitivity: Internal (C3)
Slide 8: 2Q Highlights
2Q Q1 Revenue EBITDA PAT Highlights ₹ 25,812 crore ₹ 9,938 crore ₹ 6,202 crore VEDL Growth Capex ₹ 1,135Cr +57% YoY +106% YoY +151% YoY Zinc International: Gamsberg Phase II commissioned Highest-Ever Best-Ever Highest-Ever FACOR: First ton of Ore EBITDA Margin* Production Cost of Production extracte
Slide 9: 1H Highlights
Q1 1H Revenue EBITDA PAT Highlights ₹ 49,268 crore ₹18,407 crore ₹ 11,496 crore Demerger effective 1st May ‘26 4 new entities listed on NSE & +54% YoY +103% YoY +151% YoY BSE on 15th June Highest-Ever Best-Ever Highest-Ever Vedanta Resources Limited EBITDA Margin* Production Cost of Production Total
Slide 10: Our Commitment to Excellence – Our Path to Leadership
Q2 FY27 HSES Highlights Our Commitment to Excellence – Our Path to Leadership Transforming Planet Transforming Workplace Transforming Communities 22% 0.46 million 120 MW (0.46 million till Q1FY27) (127 in Q1FY27) (22% in Q1FY27) RE-RTC Women in workforce Families Skilled 9.04 million 3.36 tCO2e/t-me
Slide 11: Group Sustainability & Digital Transformation Initiatives
HSES Group Sustainability & Digital Transformation Initiatives 6 Vedanta Limited Sensitivity: Internal (C3) 2QFY27 Investor Presentation
Slide 12: Key Initiatives by VEDL Business Units in Q2FY27
HSES Key Initiatives by VEDL Business Units in Q2FY27 Transforming Planet Transforming Workplace Transforming Communities • HZL signed a six-year contract with MFL India to deploy • HZL strengthened vehicle–pedestrian safety by • Nicomet supported 778 students through educational 30 electric trucks
Slide 13: Empowering communities through CSR
Empowering communities through CSR Highlights 2.81 million1 3211 ₹ 217.2 crore# H1 FY27 Beneficiaries Developed CSR Spent H1 FY27 Geographical Footprint | FY27 Healthcare, children’s Well-being & Education 1.77 Mn Women empowerment, Skilling & Livelihoods 68.1 K Community Infrastructure, Drinking 0.
Slide 14: Zinc India: Record Volumes and Lower Cost Drive Highest-ever Financial Performance
Zinc India Record Volumes and Lower Cost Drive Highest-ever Financial Performance ▪ Lower 2Q zinc COP* of $703 per tonne, better 29% YoY, with ▪ Record 2Q mined metal production of 271 KT, up 5% YoY, lower 1H zinc COP* of $776 per tonne, better 23% YoY with record 1H mined metal production for the 6
Slide 15: Zinc International: Ramping up Gamsberg Operations
Zinc International Ramping up Gamsberg Operations Gamsberg MIC1 Production Key Highlights: ▪ Gamsberg: Total Ore Mined is 1.88 million metric tons - 49 45 46 Highest ever till date. 94 92 ▪ Gamsberg’s R&R stands at 269 million metric tons (MT) of ore containing 20 MT of metal with a LOM of 33 years.
Slide 16: Project Update: Commissioned 200 KTPA Phase 2 at Gamsberg
Project Update Commissioned 200 KTPA Phase 2 at Gamsberg taking VZI’s total capacity to 500 KTPA Glimpses of concentrator at Gamsberg ▪ Concentrator Phase 2 • ROM 4 MTPA, • 200 KTPA MIC Production ▪ 1st Metal in concentrate (MIC) at Gamsberg Phase II achieved in September’2026. ▪ Concentrator plant:
Slide 17: FACOR: Ramping up captive ore production
FACOR: Ramping up captive ore production Ferrochrome Production (kt) Key Highlights: 53 ▪ Ferrochrome production: 24kt, 26% ↑ Y-o-Y | Consistent furnace operation | Second 47 29 highest ever Q2 production 24 19 ▪ RoM production: 50kt, 67% ↓ Q-o-Q, 6% ↑ Y-o-Y | Restarting of Kalarangiatta mine in Nov
Slide 18: Copper Business
Copper Business Highest-ever quarterly cathode production Operational Highlights: Strategic Highlights: • Copper India: Highest ever quarterly cathode production in Q2’27. • VCI Rod Mill: Project completion rate – 74%; full o Achieved 65% Renewable Energy share, equivalent to 68 lakh units of green
Slide 19: Finance Update 2QFY27
Finance Update 2QFY27 Sensitivity: Internal (C3)
Slide 20: 2QFY27 Financial Snapshot | VEDL
2QFY27 Financial Snapshot | VEDL REVENUE EBITDA EBITDA Margin1 PAT ₹ 25,812 crore ₹ 9,938 crore 60% ₹ 6,202 crore 57% y-o-y 106% y-o-y 1,055 bps y-o-y 151% y-o-y Cash & Cash Net Debt FCF (Pre-capex) Net Debt/EBITDA Equivalent ₹ 3,675 crore ₹ 5,803 crore 0.1x ₹ 26,622 crore Reduced by > 9500
Slide 21: EBITDA Bridge (2QFY27 vs. 2QFY26)
EBITDA BRIDGE (2QFY27 vs. 2QFY26) (In ₹ crore) +106% YoY 553 132 64 9,938 1,048 9,189 3,324 4,817 Market & Regulatory 4,372 cr. 2QFY26 LME/ Brent Forex Rebased Volume Cost Marketing 2QFY27 /Premium EBITDA & Others 16 Vedanta Limited Ex rate: 2QFY27 95.57 vs 2QFY26 87.31 Sensitivity: Internal (C3) 2Q
Slide 22: EBITDA Bridge (2QFY27 vs. 1QFY27)
EBITDA BRIDGE (2QFY27 vs. 1QFY27) (In ₹ crore) +17% QoQ 661 9,938 591 (279) 365 131 8,965 8,469 Market & Regulatory 496 cr. 1QFY27 LME/ Brent Forex Rebased Volume Cost Marketing 2QFY27 /Premium EBITDA & Others 17 Vedanta Limited Ex rate: 2QFY27 95.57 vs 1QFY27 94.58 Sensitivity: Internal (C3) 2QFY27
Slide 23: Net Debt Walk 2QFY27
Net Debt Walk 2QFY27 (In ₹ crore) Net Debt reduced by Rs 4,624cr. 8,299 ND/EBITDA improves from 0.3x to 0.1x Project Capex (1,304) Sustaining Capex (1,458) 2,762 45 3,675 (7,309) (121) FCF post Capex 4,668 Cr. Net Debt Cash Flow Working Capex Others Net Debt 30 Jun'26 From capital 30 Sep'26 Operatio
Slide 24: Balance sheet and debt breakdown
Balance sheet and debt breakdown Debt breakdown Gross Debt In $bn In ₹ 000’ crores ▪ Net debt / EBITDA : 0.1x Term Debt 2.88 27.61 ▪ Net Debt at ₹3,675 Cr. lower by ₹4,624 Cr from last quarter Working Capital 0.17 1.60 majorly driven by Cash flow from Operations. Short Term Borrowing 0.11 1.08 Total
Slide 25: Appendix
Appendix Sensitivity: Internal (C3)
Slide 26: FY27 Production and Cost Guidance
FY27 Production and Cost Guidance Zinc India Copper Mined Metal 1,140 - 1,160 kt Cathode 195 – 205 kt Finished Metal 1,090 - 1,110 kt Rod – India 210 – 220 kt Silver 670 - 690 tonnes Rod – International 80 – 90 kt CoP1 $825/t - $850/t Capex $0.5-$0.6bn Port Business Discharge MMT 8.8 – 9.0 Dispatch
Slide 27: Project Capex
Project Capex Spent up to Spent in Unspent as on Capex in Progress (In $ mn) Approved Capex FY26 1H FY27 30th Sept 2026 Zinc International Gamsberg Phase II Project 595 483 61 51 Iron Ore Project 37 27 0.5 9.5 Vedanta Copper International Copper Rod Plant - KSA 31 7 12 12 Spent up to Spent in Unspen
Slide 28: Summary of Income statement
Summary of Income statement 2Q 1Q 2Q ▪ Depreciation & Amortization In ₹ Crore o Depreciation & Amortization at ₹ 1,339 crore for 2QFY27, 19% FY27 FY27 FY26 up YOY and 12% up QoQ in line with increased production at HZL Revenue from operations 25,812 23,456 16,445 ▪ Finance Cost Other operating incom
Slide 29: Entity wise Cash and Debt
Entity wise Cash and Debt INR Cr 30-Sep-26 30-Jun-26 30-Sep-25 Company Debt Cash & Cash Eq Net Debt Debt Cash & Cash Eq Net Debt Debt Cash & Cash Eq Net Debt Vedanta Limited Standalone 14,775 7,996 6,779 12,178 5,823 6,355 8,490 2,326 6,164 Zinc India 6,171 17,439 (11,268) 7,320 12,892 (5,572) 10,70
Slide 30: Funding sources and term debt maturities
Funding sources and term debt maturities Diversified Funding Sources for Long Term Debt of $2.88 Bn Long Term Debt Maturities : ₹ 27.61K crore ($2.88 bn) (as of Sep 30, 2026) (as of Sep 30, 2026) 0.1% Standalone Subsidiaries 7.8 Bonds INR 7.3 7.5 39% In ₹ 000’ crore 41% Term Loan INR Term Loan Fx 2.
Slide 31: Segment Summary – Zinc India
Segment Summary – Zinc India Quarter Half Year Production (in ’000 tonnes, or as stated) 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 %YOY Mined metal content 271 258 5% 268 539 523 3% Saleable metal 264 246 7% 260 524 496 6% 1 Refined Zinc 212 202 5% 213 426 403 6% Refined Lead 51 45 14% 47 99 93 6% Re
Slide 32: Segment summary – Zinc International
Segment summary – Zinc International Quarter Half Year Production (in’000 tonnes, or as stated) 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 % YoY Mined metal content- BMM 7 11 -37% 3 10 22 -55% Mined metal content- Gamsberg 46 49 -6% 45 92 94 -3% Total 53 60 -12% 48 102 117 -13% Financials (In ₹ Crore,
Slide 33: Segment Summary – FACOR and Copper
Segment Summary – FACOR and Copper FACOR Quarter Half Year Production (In ’000 tonnes, or as stated) 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 %YOY Total Production Ore Production 50 47 6% 153 202 155 31% Ferrochrome Production 24 19 26% 29 53 47 13% Financials (In ₹ crore, or as stated) Revenue 320
Slide 34: Sales Summary – Zinc India & Zinc International
Sales Summary – Zinc India & Zinc International Quarter Half Year Sales volume 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 %YOY Zinc-India Sales Refined Zinc (kt) 214 202 6% 211 425 403 5% Refined Lead (kt) 51 45 14% 47 99 93 6% Total Zinc-Lead (kt) 265 247 8% 258 523 496 6% Silver (tonnes) 173 147 17%
Slide 35: Sales summary – FACOR, Copper and VGCB
Sales summary – FACOR, Copper and VGCB Quarter Half Year Sales volume 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 %YOY Facor sales Ferrochrome (kt) 24 19 23% 30 53 46 15% Copper sales Copper Cathodes (kt) 7 0 - 1 8 2 - Copper Rods (kt) - India 46 45 3% 52 98 95 3% Copper Rods (kt) - International 6 22
Slide 36: Currency and commodity sensitivities
Currency and commodity sensitivities INR Cr Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in yearly EBITDA INR/USD ~₹ 350-375 Commodity prices – Impact of change in Commodity Prices 2Q FY27 Increase in yearly Commodity Change Average price EBITDA Zinc ($/t) 3,825 $100/MT
Slide 37: Vedanta Limited (Demerged) Entity Structure
Vedanta Limited (Demerged) Entity Structure As on 30th September Listed entities Vedanta Resources Ltd Unlisted entities 54.72% Divisions of Vedanta Limited Vedanta Ltd Sterlite Copper (including Nicomet) Subsidiaries of Vedanta Ltd 60.71% 100% 99.99% 100% 100% 100% 98.42% 100% 100% Zinc Internation
Slide 38: Earnings Call Details
I 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 28th, 2026 from 4:30 PM to 5:00 PM Hong Kong 800964448 (IST) Japan 00531161110 Netherlands 08000229808
Slide 39: Disclaimer
I 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 forward-looking information