Vedanta Resources — FY2026 Earnings Presentation
38 slides from Vedanta Resources's earnings presentation, Aug 7, 2026
Slide 1: Vedanta Resources Earnings Presentation 2H and Full Year FY26
Vedanta Resources EARNINGS PRESENTATION 2H and Full Year FY26
Slide 2: Highlights
v 9 ° i) . 2 o & £ & 2 ry € tra Highlights 3S vedanta FY26 JZ
Slide 3: FY26 Highlights
PAT FY26 Highlights EBITDA before special items Revenue Vedanta Limited Demerged $ 6,770 million $ 2,454 million $ 21,012 million Growth Capex of USD 1.7 Bn +24% YoY +182% YoY +15% YoY Highest-Ever First Metal from India’s largest Best ever Best-Ever 525 kA Smelter at BALCO Margin1: 40%, +403 bps Yo
Slide 4: Environment, Social & Governance
Environment, Social & Governance Sensitivity: Internal (C3)
Slide 5: 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 6: Empowering communities with strategic investment
CSR Empowering communities with strategic investment >250 Mn$ spent on CSR Highlights 8.1 million1 ₹ 515.4 crore# over the last 5 years FY26 Beneficiaries CSR Spent 12769 YTD FY26 CSR Spend $ Mn Human Capital 87 Initiatives ( Healthcare, children’s 58* Well-being & Education) 4.31 Mn 57 54 53 54 45
Slide 7: 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 8: Business Performance
Business Performance 2HFY26 Sensitivity: Internal (C3)
Slide 9: Aluminium Business
Aluminium Business Focused on profitable growth driven by end-to-end integration Aluminium Production (kt) Key Highlights: ▪ Highest ever Yearly Alumina Production at 2,916 KT (+48% YoY) respectively with exit run rate of 4 MTPA 2,422 2,456 ▪ Highest ever Annual Aluminium Production at 2,456 KT 1,21
Slide 10: Zinc India
Zinc India Highest-ever full year mined metal and second-best refined metal production ▪ Record ore R&R of 468.6 Mnt, surpassing 13.9 Mnt of ▪ Record full year mined metal production of 1,114 kt, and metal reserves and 10.9 Kt of silver reserves for the first second-best full year refined metal prod
Slide 11: Zinc International
Zinc International Strong quarterly performance led by improved mining Total MIC Production Key highlights: 117 ▪ Gamsberg phase 1 achieved 100% as planned. 108 96 ▪ FY26 production higher by 27% YoY due to strong 225 performance at Gamsberg which registered 39% increase 178 2H 1H 2H FY25 FY26 FY25
Slide 12: Oil & Gas
Oil & Gas Investing strategically to sustain long-term value Gross Production (kboepd) Key highlights: 103.2 ▪ FY26 production at 87.2 kboepd primarily driven by 87.2 natural decline. 97.8 ▪ FY26 Opex flat y-o-y at $15.5/boe, despite lower 91.3 83.2 volumes. ▪ ASP Injection facility construction com
Slide 13: Merchant Thermal Power
Merchant Thermal Power Powering growth through reliable and efficient energy solutions Key Highlights: Other Highlights: ▪ Achieved sales volume of 8785 MU in 2HFY26, an increase ▪ Secured 5.3 MTPA linkage coal in Meenakshi & Athena 15% sequentially and 68% YoY for current operating asset ▪ Highest
Slide 14: Iron and Steel, Ferrochrome
Iron and Steel, Ferrochrome Iron Ore Business VAB1 ESL FACOR Production (mn DMT) Production (kt) Saleable Production (kt) Ferro Chrome Production (kt) (IOG2 + IOK3) 6.5 895 6.2 817 685 679 1,337 1,301 623 101 54 3.6 3.7 47 83 451 444 2.9 422 29 2H 1H 2H FY25 FY26 FY25 FY26 FY26 2H 1H 2H FY25 FY26 2H
Slide 15: KCM: Surging Production driven by operational rigour
KCM: Surging Production driven by operational rigour FG Production (kt) FY26 Key Highlights: Integrated (kt) Custom (kt) 80 60 77 ▪ Delivered 82 kt of integrated MIC production, 48 40 52 representing a 2.5x increase YoY. 30 18 29 29 20 30 23 18 0 ▪ Total finished goods production (integrated and 2H
Slide 16: Finance Update
Finance Update FY26 Sensitivity: Internal (C3)
Slide 17: FY26 financial snapshot
FY26 financial snapshot REVENUE EBITDA EBITDA Margin1 PAT before special items $ 21,012 million $ 6,770 million 40% $ 2,454 million 15% y-o-y 24% y-o-y 403 bps y-o-y 182% y-o-y Cash & Cash ROCE2 FCF (Pre-capex) Net Debt/EBITDA Equivalent c.30% $ 2,348 million 1.6x $ 3,348 million 387 bps y
Slide 18: EBITDA Bridge (FY26 vs. FY25)
EBITDA BRIDGE (FY26 vs. FY25) (In $ mn) +24% vs FY25 EBITDA 168 34 6,770 194 6,468 100 669 153 5,452 Market & Regulatory - $1,016mn FY25 LME Input Forex Rebased Volume Cost and Marketing Others FY26 /Brent Commodity EBITDA /Premium Inflation 18 . Ex rate: FY26 ₹ 88.36 vs FY25 ₹ 84.55 Vedanta Resourc
Slide 19: Net Debt Walk FY26
Net Debt Walk FY26 (In $mn) 11,119 839 2,483 5 10,550 (725) 1,365 (4,536) FCF Post Capex: $ 688mn Net Debt Cash Flow Working capital Capex Dividend HZL OFS Others Net Debt 31 Mar'25 From 31 Mar'26 Operations 19 Vedanta Resources Limited Sensitivity: Internal (C3) 2HFY26 Investor Presentation
Slide 20: Balance sheet and debt breakdown
Balance sheet and debt breakdown Net debt / EBITDA Debt breakdown Reduced to 1.6x in FY26 vs 2.8x in FY21 Gross Debt In $bn 2.8 2.8 2.6 Term debt 13.42 1.9 2.0 1.6 Working capital 0.32 Short term borrowing 0.16 Total consolidated debt 13.90 FY21 FY22 FY23 FY24 FY25 FY26 Cash and Cash Equivalents 3.3
Slide 21: Continuous Improvement in Credit Profiles: Validated by Rating Agencies
Continuous Improvement in Credit Profiles: Validated by Rating Agencies - Highest rating of VRL since 2014 Vedanta Resources (Issuer Rating) VAML S&P Global Fitch Moody’s BB+ BB-/Stable AA+/ Stable (ICRA & Crisil) Ba1 BB/Stable BB+ B+/stable BB BB/Stable Ba2 B1/stable B+/+Ve B+/stable BB Ba3/+Ve B+/
Slide 22: Continuous Deleveraging
Continuous Deleveraging VedantaLimited Vedanta Limited VedantaVedanta Resources (Parent) Resources Current Near Term FY20 FY25 FY26 Current Near 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 Indi
Slide 23: Appendix
Appendix VEDANTA RESOURCES LIMITED EARNINGS PRESENTATION 2HFY26 Sensitivity: Internal (C3)
Slide 24: Continued disciplined investment in value adding growth
Continued disciplined investment in value adding growth (In $bn) Growth Capex profile KCM Iron and Steel 25.0 Power ^2.1 – 2.3 Aluminium 0.27 - 0.30 20.0 0.09 - 0.10 Zinc and Others 1.7 0.10 – 0.12 Oil & Gas 0.1 1.5 0.1 15.0 1.4 0.1 0.2 0.53 - 0.58 1.2 0.1 0.2 0.1 0.5 10.0 0.7 0.5 0.6 0.73 – 0.82 0.
Slide 25: Appendix
Appendix VEDANTA RESOURCES LIMITED EARNINGS PRESENTATION 2HFY26 Sensitivity: Internal (C3)
Slide 26: FY27 Production and Cost Guidance
FY27 Production and Cost Guidance Aluminum Oil and Gas Alumina 4.0 - 4.1 Mnt Average Gross 90 - 95 kboepd Volume Aluminum1 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 Finished Metal 1,090 - 1,110 k
Slide 27: Income statement
Income statement ▪ Depreciation & Amortization: Increased by 9% YoY mainly driven by Full Year project capitalizations, higher depletion charges, and a full-year In $ Mn FY26 FY251 contribution from KCM. Revenue from operations 21,012 18,220 EBITDA 6,770 5,452 ▪ Exploration Cost: Includes Capitalize
Slide 28: Project Capex
Project Capex Unspent3 as on 31st Capex in Progress (In $ mn) Approved Capex Spent up to FY25 Spent in FY26 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 29: Entity-wise Cash and Debt
Entity-wise Cash and Debt (In $ mn) Mar 31, 2026 Mar 31, 2025 Company Cash & Cash Cash & Cash Debt Net Debt Debt Net Debt Eq. Eq. Vedanta Limited Standalone 5,478 945 4,533 5,010 668 4,342 Cairn India Holdings Limited1 269 229 40 232 303 (71) Zinc India 879 1,475 (596) 1,246 1,109 137 Zinc Internati
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 of Mar 31, 2026) (as of Mar 31, 2026) Standalone Subsidiaries 6.3 16% 27% 2.6 Bonds INR Term Loan INR Term Loan Fx In $ Bn Bonds Fx 33% 2.8 2.3 25% 2.0 2.5 3
Slide 31: Segment summary
Segment summary Full Year Full Year Aluminium (in ’000 tonnes, or as stated) Zinc International (in ’000 tonnes, or as stated) FY26 FY25 FY26 FY25 Alumina – Lanjigarh 2,916 1,975 Mined metal content- BMM 40 44 Total Aluminum Production 2,456 2,422 Jharsuguda 1,857 1,830 Mined metal content- Gamsberg
Slide 32: Segment summary- continued
Segment summary- continued Full Year Iron ore (in million dry metric tonnes, or as Full Year Copper Zambia (In kt, or as stated) FY26 FY25 stated) FY26 FY25 Mined Metal 82 33 Production of Saleable Ore 6.5 6.2 Finished Metal – Total 129 48 Goa 1.6 0.9 Integrated 77 30 Karnataka 5.0 5.3 Custom 52 18
Slide 33: Sales summary
Sales summary Full Year Full Year Sales volume Full Year Sales volume Sales volume Power Sales (mu) FY26 FY25 FY26 FY251 FY26 FY25 Jharsuguda 2,604 2,244 Zinc-India Sales Iron ore sales 2 TSPL 9,863 10,230 Refined Zinc (kt) 851 827 Goa (mn dmt) 1.5 0.6 HZL wind power 372 348 Refined Lead (kt) 197 22
Slide 34: Group structure- Post Demerger
Group structure- Post Demerger As of 07-Aug-26 Listed Businesses Post Demerger Sterlite Group 42.90% 71.3% Listed Entities Pre Demerger STL Networks Sterlite Grid 5 Ltd Ltd Vedanta Inc 40.75% 61.8%1 Sterlite Copper Tech Inc Sterlite Electric Tech (STL) Ltd 40% Serentica Renewables Vedanta 79.4% Reso
Slide 35: Group structure – Pre Demerger
Group structure – Pre Demerger As of 31-Mar-26 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) ⚫ Cair
Slide 36: Currency and commodity sensitivities
Currency and commodity sensitivities Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in EBITDA INR/USD ~$ 45-50 mn / 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) 2,970
Slide 37: 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 38: 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