Vedanta Aluminium Metal Limited · NSE:VAML
Vedanta Aluminium Metal — Investor Presentation (May 2026)
29 slides from Vedanta Aluminium Metal's investor presentation, May 21, 2026
Slide 1: Vedanta Aluminium Metal Limited: Targeting Global Leadership
Vedanta Aluminium Metal Limited Targeting Global Leadership
Slide 2: Table of Contents
Table of Contents Group Structure 01 Group Structure 3 Value Proposition 02 Value Proposition 4 Vedanta’s Competitive Edge 03 Vedanta’s Competitive Edge 7 Financials (Capex EBITDA) 04 Financials (Capex & EBITDA) 16 Industry Overview 05 Industry Overview 19 ESG Profile 06 ESG Profile 25 2
Slide 3: Vedanta Group Structure - Post Demerger
I Vedanta Group Structure - Post Demerger Listed Businesses post Demerger Currently Listed entities Vedanta Inc Unlisted entities 42.90% 42.90% 61.8%1 71.3% 35% 79.4% STL Networks Sterlite Vedanta Sterlite Electric Sterlite Grid 5 Serentica Konkola Copper Mines Ltd Tech (STL) Resources Ltd Ltd Ltd R
Slide 4: Value Proposition
vedanta aluminium ep >>> Value Proposition
Slide 5: Value Proposition
I Value Proposition Vedanta Aluminium Scaling from Top 31 to No-1 Globally1 ▪ Currently, India’s largest aluminium producer and 3rd largest aluminium producer globally 1 ▪ Leading global player with unique vertically integrated model ▪ With additional 3 MTPA of greenfield expansion in planning, Veda
Slide 6: Value Proposition
I Value Proposition Vedanta Aluminium Strong Earnings Outlook (25%+ EBITDA CAGR1) ▪ EBITDA expected to double in three years- from $2.9 Bn in FY26 to $4.5–5.8 Bn in FY29 ▪ Earnings growth supported by 20%+ increase in volumes (from 2.456 MMT in FY26 to 3 MMT2 in FY29), cost reductions (9-12%) and im
Slide 7: Competitive Edge in a Growing Market
Competitive Edge in a Growing Market
Slide 8: Vedanta's Fully Integrated Business Model
Vedanta’s Fully Integrated Business Model Backward Integration Backward Integration Aluminium Power Forward Integration (Coal & Bauxite) (Alumina) Production Mines Alumina Refinery Captive Plants Aluminium Smelters Value Added Products 5 Coal & 1 Bauxite Blocks (100% Captive Alumina) Jharsuguda: 3,0
Slide 9: Irreplicable and Unparalleled Asset Base
Irreplicable and Unparalleled Asset Base 5 captive coal and 1 bauxite mines within 100kms of our plants Chattisgarh Korba Smelter Odisha India (BALCO) 50–100 Barra kms radius Ghogharpalli Jamkhani Kolkata Kuraloi Port Jharsuguda Smelter 50–100 Radhikapur kms radius Lanjigarh Alumina Paradip Refinery
Slide 10: Mines Ramp-Up: High Growth Potential
Mines Ramp-Up: High Growth Potential Bauxite Mines Coal Mines Sijimali Jamkhani Kuraloi Ghogarpalli Radhikapur Barra Total Coal Bauxite Reserves (in Domestic MnT) 1 300 108 145 554 125 116 ~ 1048 Raw material security Capacity (in MTPA) 92 2.6 8 20 6 43 ~ 40.6 Extensive resources to support low-cost
Slide 11: Among Global Aluminium Leaders: Top 3 ex-China
Among Global Aluminium Leaders: Top 3 ex-China Global Aluminium Players Production (MTPA) - 2025 Hongqiao 6.3 Chinalco 5.4 RUSAL 4.1 In FY27, Vedanta capacity Xinfa 3.7 will touch around 2.88 MTPA; Rio Tinto 3.4 thereby rising to 3rd position globally (ex. China) Vedanta 3.0 3 MnT capacity by FY28 e
Slide 12: Leadership Among Global Alumina Producers
Leadership Among Global Alumina Producers Indian Players Alumina Capacity1 (MTPA) - 2025 Global Players Alumina Capacity (MTPA) - 2025 8.0 - China 7.4 - Rest of the World 5.0 6.3 6.1 6.0 3.8 5.0 4.6 4.6 4.4 2.1 1.5 Vedanta Hindalco NALCO Pioneer Binzhou Hebei Alunorte Zhanhua Chiping Vedanta Worsley
Slide 13: Demonstrated track record of Operational Excellence
Demonstrated track record of Operational Excellence Production Volume (in KT) Cost of Production (in $/T) 3,000 2,324 ~700 kt ~820 $/t 1,835 2,456 1,752 2,422 1,796 2,370 2,291 1,500 FY23 FY24 FY25 FY26 Design/Target FY23 FY24 FY25 FY26 Design/Target 22% Projected Growth vs FY26 14% Projected Reduct
Slide 14: Improving from low-cost producer to Industry Leader
Improving from low-cost producer to Industry Leader Global Aluminium Cost Curve Current Positioning Likely Positioning Top Quartile position Top Decile position1 Lowest Hot Metal Cost in the last 5 years at $1,752/t (FY26) with Lower Alumina cost & sub-$500/t Power cost CY25 Cost of production $/t V
Slide 15: Integration Roadmap
Integration Roadmap Extensive resources to support low-cost large-scale mining FY23 exit FY24 exit FY25 exit FY26 exit FY27 exit FY28 exit SMELTER (MTPA) 2.3 2.4 2.4 2.441 2.88 32 REFINERY (MTPA) 2.0 2.0 3.5 5.0 5.0 5.0 VAP CAPACITY (%) 61% 61% 71% 71% 90+% 90+% CAPTIVE COAL (MTPA)3 3.6 3.6 2.6 2.6
Slide 16: Financials
295 2S vedanta
Slide 17: Doubling EBITDA by FY29
Doubling EBITDA by FY29 Volume* (MT) Cost of Production EBITDA ($ Bn) Hot Metal Cost ($/t) 2.6-2.7 3.0 5.6 5.8 2.9 1835 1752 2.5 1650-1700# 4.5 4.3 4.5 2.4 1550-1600 3.6-3.7 2.9 2.1 FY25 FY26 FY27e FY28e FY29e FY25 FY26 FY27e FY28e FY29e FY25 FY26 FY27e FY28e FY29e Assumption Spot (March Avg.) LME 2
Slide 18: Project Capex: Disciplined Execution, Superlative Returns
Project Capex: Disciplined Execution, Superlative Returns Capex in Progress (In INR Crore.) Approved Capex Spent up to FY26 end Unspent as on 31st Mar 2026 Aluminium Sector 27,712 19,460 8,252 Jharsuguda VAP capacity expansion and others 1,656 1,619 37 Coal & Bauxite Mines (Jamkhani, Radhikapur, Kur
Slide 19: Industry Overview
Industry Overview Metal of the Future
Slide 20: Industry Value Chain: From Stone to Sky
Industry Value Chain: From Stone to Sky Aerospace & Defense Bauxite Alumina Automotive Cable & Conductor Coal Power Plant RE Power Packaging Aluminium Carbon Anode Construction 1 T Al 6 T Bauxite: 2 T Alumina : 10.5 T Coal : 13.5 MWH Power : 0.4 T Carbon 20 20
Slide 21: Aluminium Demand: Ahead of Global GDP
Aluminium Demand: Ahead of Global GDP Global Demand by Region (MnT) Sectoral Demand (MnT) China RoW Europe US India 121 32 2020 2025E 2030E 8 102 105 12 27 5 6 10 24 87 10 15 3 13 21 21 21 9 13 20 20 20 26 17 18 13 22 22 19 13 11 11 11 9 10 60 8 52 54 44 2020 2024 2025E 2030E Transport Electrical Fo
Slide 22: Capacity Limit in China to Restrict Supply and Support Prices
Capacity Limit in China to Restrict Supply and Support Prices Smelter Capacity Smelter Capacity Smelter Capacity MnT - 2020 MnT – 2025E Smelter Capacity MnT - 2010 MnT - 2000 China 3 22 42 45 Capacity cap of 45 MnT has been reached Global Capacity (MnT) 26 52 75 79 Chinese Share in capacity (%) 11%
Slide 23: Significant Upside Potential for Domestic Demand
Significant Upside Potential for Domestic Demand India is in the first stage of Nation Building Per capita Al consumption to improve as India moves across stages 45 III South Korea, 43 40 Expertise Building Average Aluminum Consumption (Kg) 35 China, 28.0 30 Germany, 31.0 25 II Capability Building 2
Slide 24: Domestic Demand: A Significant Market Opportunity
Domestic Demand: A Significant Market Opportunity India Demand (MnT) Electrical Transport Durables Construction Others 8.0 Emerging Aluminium Demand 1.3 • Demand has increased by ~95% from 1.0 2020 to 2025E 5.6 5.0 4.4 0.9 1.4 • Consumption is projected to grow by >2 0.8 0.7 MnT by CY30 3.9 0.8 0.6
Slide 25: ESG Profile
RS aluminium ESG Profile
Slide 26: ESG Leadership: Future-ready product portfolio of low carbon brands
ESG Leadership: Future-ready product portfolio of low carbon brands Climate 8.96% GHG reduction (FY21 baseline) In-house projects & RE Aluminium Peers Category (>30 companies in the category) Waste Management Rank (2025) 2nd More than 100% Fly ash utilization Score (2025) 84/100 Energy 1st PDAs sign
Slide 27: CSR Footprint | Vedanta Aluminium
CSR Footprint | Vedanta Aluminium . We, at Vedanta are committed to Nurturing & Empowering the Community in transforming their lives through Sustainable & inclusive growth 2 States | 10 Districts | 374 villages | 7 lakh+ Population | 6 Focus Areas Empowering Youth Women Empowerment • 13000+ Youth Sk
Slide 28: VAML: Compelling Investment Story
VAML: Compelling Investment Story • Global Scale with Deep Integration • Structural Cost Leadership • Raw Material Security • Strong Earnings Growth • ESG Differentiation 0287
Slide 29: Forward Looking Statement
Forward Looking Statement 01 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-look
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