Vedanta Resources — H1 FY2026 Earnings Presentation
37 slides from Vedanta Resources's earnings presentation, Dec 4, 2025
Slide 1: Vedanta Resources Earnings Presentation 1HFY26
Vedanta Resources EARNINGS PRESENTATION 1HFY26
Slide 2: Table of Contents
Highlights 1 Half-Yearly Highlights ESG 2 Highlights | CSR | HSE Table of Business Performance 3 Aluminium | Zinc India | Zinc International | O&G | Contents Power | Iron & Steel Finance Update 4 Deleveraging | P&L | Balance Sheet | Capex Profile | Guidance | 5 Appendix Sensitivity: Internal (C3)
Slide 3: Highlights 1HFY26
3 ° ° a . 2 D & £ 5 2 trans! vedanta Highlights 1HFY26 RS SF
Slide 4: 1H Highlights
PAT before special 1H Highlights EBITDA items Revenue KCM ramps up production post $2,752 million $738 million $9,367 million restart, achieving 41kt MIC and 51kt FG volumes +6% YoY +7% YoY +8% YoY BALCO: produces First Metal Second Highest-Ever 1H Reported PAT $559 million Second Highest-Ever 1H fr
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 Communities Transforming Planet Transforming Workplace 22% 1.58 million 1.03 GW RE RTC Women in workforce, Families Skilled PDA in place 36% in enabling functions 27.6 million 3.7 million 1.23 Women & Children Trees Planted TRIF
Slide 7: CSR-Empowering communities with focused actions
CSR-Empowering communities with focused actions 1H Highlights ₹ 425.4 Cr ₹ 242.54Cr* 3.62 Mn 1367 NGs Annual Budget CSR 1H Spend* Beneficiaries (9441 cumulative) Drinking water Healthcare and sanitation CSR Spend (Cr) 1.65 Mn 0.35 Mn 534.9 453.6 437.9 Community Children’s 429.6 399.6 Infrastructure
Slide 8: 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 9: 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 10: Business Performance
Business Performance 1HFY26 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) +1.4% y-o-y Key Highlights: ▪ Highest ever Half-Yearly Metal Production 1,222 kt (+1% YoY) 1,205 1,222 609 605 617 ▪ Best-ever Half-Yearly Alumina Production at 1,240 kt (+19% YoY) 2Q 1Q 2Q 1H 1H ▪ Lowest Half-
Slide 12: Zinc India: Highest-ever 2Q and 1H mined metal production
Zinc India Highest-ever 2Q and 1H mined metal production ▪ Highest-ever 1H mined metal production at 523 kt ▪ 5-year lowest 1H zinc cost of production* of $1,002/MT (better 8% YoY) ▪ 1H refined metal production was 496 kt ▪ 160 Ktpa Roaster at Debari commissioned and ▪ 1H saleable silver production
Slide 13: Zinc International: Strong performance led by improved mining
Zinc International Strong performance led by improved mining Total MIC Production Key Highlights: +44% y-o-y ▪ 1HFY26 production higher by 44% YoY due to robust 117 performance at Gamsberg which register 63% increase 81 ▪ Gamsberg COP 1HFY26 down 8% YoY because of higher 57 60 44 production, offset
Slide 14: Oil & Gas: Investing strategically to sustain long-term value
Oil & Gas Investing strategically to sustain long-term value Gross Production (kboepd) Key highlights: 108.6 91.3 ▪ 1HFY26 production at 91 kboepd due to natural decline; partially offset by Infill drilling & well intervention measures. 104.9 93.2 89.3 ▪ ASP Injection is being targeted in mid of 3QF
Slide 15: 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 1HFY26 ▪ Meenakshi Power Plant: MEL achieves commissioned capacity of 1GW ▪ Highest ever Power Gen
Slide 16: 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 17: 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 18: Finance Update
Finance Update 1HFY26 Sensitivity: Internal (C3)
Slide 19: Continuous Deleveraging
Continuous Deleveraging VedantaLimited Vedanta Limited VedantaVedanta Resources (Parent) Resources Near 1QFY25 Current FY20 FY24 1HFY26 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
Slide 20: 1HFY26 financial snapshot
1HFY26 financial snapshot REVENUE EBITDA EBITDA Margin1 PAT before special items $ 9,367 million $ 2,752 million 36% $ 738 million 8% y-o-y 6% y-o-y 7 bps y-o-y 7% y-o-y Cash & Cash ROCE2 FCF (Pre-capex) Net Debt/EBITDA Equivalent c.23% $ 957 million 2.0x $ 2,628 million Strong double-digit
Slide 21: EBITDA Bridge (1HFY26 vs. 1HFY25)
EBITDA BRIDGE (1HFY26 vs. 1HFY25) (In $ mn) +6% vs 1HFY25 EBITDA 76 2,743 66 2,752 72 25 2,600 (5) (82) Alum 97 Zinc (40) Silver 70 Lead (12) ESL (46) Market & Regulatory - $143mn 1HFY25 LME Input Forex Rebased Volume Cost and Marketing Others 1HFY26 /Brent Commodity EBITDA /Premium Inflation 21 Ved
Slide 22: Net Debt Walk 1HFY26
Net Debt Walk 1HFY26 (In $mn) 637 11,111 1,263 11,370 (348) (5) 435 (1,724) FCF Post Capex- (-)$ 26mn Net Debt Cash Flow Working capital Capex Dividend OFS Others Net Debt 31 Mar'25 From 30 Sep'25 Operations 22 Vedanta Resources Limited Sensitivity: Internal (C3) 1HFY26 Investor Presentation
Slide 23: Balance sheet and debt breakdown
Balance sheet and debt breakdown Net debt / EBITDA Debt breakdown Reduced to 2.0x in 1HFY26 vs 2.8x in FY23 Gross Debt In $bn 2.8 Term debt 13.43 2.6 2.0 2.0 Working capital 0.15 Short term borrowing 0.42 Total consolidated debt 14.00 FY23 FY24 FY25 1H FY26 Cash and Cash Equivalents 2.63 ▪ Liquidity
Slide 24: Continued disciplined investment in value adding growth
Continued disciplined investment in value adding growth ($ 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 25: Appendix
Appendix VEDANTA RESOURCES LIMITED EARNINGS PRESENTATION 1HFY26 Sensitivity: Internal (C3)
Slide 26: 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 Aluminum1 2.5 -2.6 Mnt Volume CoP2 $1,700/t - $1,750/t Opex $15-16/boe Zinc India Zinc International Mined Metal 1,115 - 1,135 kt Gamsberg 180 - 200 kt Finished Metal 1,065 – 1,085 kt BMM 55 – 65 kt
Slide 27: Income statement
Income statement ▪ Depreciation & Amortization: Increased by 29% YoY In $ Mn 1HFY26 1HFY25 mainly due to KCM Consolidation. Revenue from operations 9,367 8,668 EBITDA 2,752 2,600 ▪ Exploration Cost: Includes Capitalized OALP exploration Depreciation & amortization (842) (653) costs which were expens
Slide 28: Project Capex
Project Capex Spent up to Unspent3 as on 30th Capex in Progress (In $mn) Approved Capex2 Spent in 1HFY26 FY252 Sep 2025 Cairn India1 – Mangala, Bhagyam & Aishwariya infill, 954 376 162 416 OALP, ABH infill, RDG infill, Offshore infill etc Aluminium Sector Jharsuguda VAP capacity expansion and others
Slide 29: Entity-wise Cash and Debt
Entity-wise Cash and Debt (In $ mn) Sep 30, 2025 Mar 31, 2025 Company Cash & Cash Cash & Cash Debt Net Debt Debt Net Debt Eq. Eq. Vedanta Limited Standalone 5,825 925 4,900 5,010 668 4,342 Cairn India Holdings Limited1 313 256 57 232 303 (71) Zinc India 1,205 918 287 1,246 1,109 137 Zinc Internation
Slide 30: Funding sources and term debt maturities
Funding sources and term debt maturities Diversified Funding Sources for Long Term Debt of $13.4* Bn Long Term Debt Maturities : $13.4 bn* (as on Sep 30, 2025) (as of Sep 30, 2025) Standalone Subsidiaries 6.7 15% 23% In $ Bn Bonds INR 3.6 3.3 Term Loan INR Term Loan Fx Bonds Fx 2.4 24% 38% 0.7 2.8 3
Slide 31: Segment summary
Segment summary Half Year Half Year Aluminium (in ’000 tonnes, or as stated) Zinc International (in ’000 tonnes, or as stated) 1HFY26 1HFY25 1HFY26 1HFY25 Alumina – Lanjigarh 1,240 1,039 Mined metal content- BMM 22 23 Total Aluminum Production 1,222 1,205 Jharsuguda Mined metal content- Gamsberg 94
Slide 32: Segment summary- continue
Segment summary- continue Half Year Iron ore (in million dry metric tonnes, or as Half Year Copper Zambia (In kt, or as stated) 1 1HFY26 1HFY25 stated) 1HFY26 1HFY25 Mined Metal 41 4 Production of Saleable Ore 2.9 2.6 Finished Metal – Total 51 1 Goa 0.3 0.2 Integrated 28.7 1 Karnataka 2.6 2.4 Custom
Slide 33: Sales summary
Sales summary Half Year Half Year Sales volume Half Year Sales volume Sales volume Power Sales (mu) 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 Jharsuguda 983 1,534 Zinc-India Sales Iron ore sales TSPL 5,504 5,851 Refined Zinc (kt) 403 408 Goa (mn dmt) 0.4 0.0 Meenakshi 790 32 Refined Lead (kt) 93 115
Slide 34: Group structure
Group structure As of 30-Sep-25 Listed entities Vedanta Resources Ltd Unlisted entities Konkola Copper 79.4% Divisions of Vedanta Limited Mines (KCM) ⚫ Sesa Iron Ore 56.38% ⚫ Sterlite Copper ⚫ Power (600 MW Jharsuguda) Vedanta Ltd ⚫ Aluminium (Odisha aluminium and power assets) ⚫ Cairn Oil & Gas* Su
Slide 35: 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 36: 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 December Hong Kong 800964448 4, 2025, from 10 AM to 11 AM (UTC) Japan 00531161110 Netherlands 08000229808 Interna
Slide 37: 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