Ladies and gentlemen, good day and welcome to the first quarter financial year 2026-27 earnings conference call of Vedanta Limited, Vedanta Aluminium Metal Limited, Vedanta Iron And Steel Limited, Vedanta Power Limited, and Vedanta Oil and Gas Limited. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. Participants connected on the webcast link may change the quality settings to 1080p to watch the proceedings in best quality. Without further delay, I would now like to hand the call over to Mr. Charanjit Singh, Group Head, Investor Relations, for his opening remarks. Over to you, sir. Thank you, Sagar. Good evening, everyone, and welcome to the Q1 FY 2027 earnings call jointly hosted by Vedanta Limited, Vedanta Aluminium, Vedanta Iron And Steel, Vedanta Power, and Vedanta Oil and Gas. On behalf of Team Vedanta, I sincerely thank you all for joining us today to provide a comprehensive and efficient update while making the best use of your time. We are hosting a combined call covering all five entities. I trust you have had an opportunity to review the respective earnings presentation, press releases, and the detailed financial statements, which have been filed with the stock exchanges and are also available on the websites of each of the companies. Joining us on today's call are the CEOs and CFOs of each entity who will discuss their operational and financial performance for the quarter. In the sequence, we will begin with Vedanta Oil and Gas, led by Mr. Jayant and Arpit Mundra, followed by Vedanta Power, represented by Rajinder Ahuja and Pankaj Jha. Vedanta Iron And Steel, led by Pankaj Sharma and Navin Jaju. Vedanta Aluminium, represented by Rajesh Kumar and Anup Agrawal. And finally, Vedanta Limited, addressed by Biswabhusan Mishra and Ajay Goel. Following the updates, we will open the floor for questions. With that, let me hand over the call to Jay. Jay, over to you. Thank you, Charanjit. Namaste. We welcome you to the first quarterly Vedanta Oil and Gas results call as a newly listed company. Safety remains our number one priority, and while we continue to strengthen safety leadership, critical risk management, and frontline engagement, our safety performance shows that there is more work to do. At the same time, we have made good progress across ESG. Higher commodity prices supported our Q1 performance, but our focus remains on safe operations, production delivery, cost discipline, and execution of our growth portfolio. Our assets continue to demonstrate resilience whilst maintaining natural reservoir decline. Gross operated production averaged 77.7 thousand barrels of oil equivalent per day during the quarter, comprising 63.1 thousand barrels of oil equivalent per day from Rajasthan, 11.6 from offshore assets, and 3.1 from OALP blocks. Working interest production averaged 51.1 thousand barrels of oil per day. In Rajasthan, production was supported by well productivity improvement programs, targeted well recovery, and continued operational optimization. Offshore performance benefited from production optimization initiatives, including low-pressure operations and focused well interventions, while OALP production remained stable. Our priority remains to strengthen decline management, accelerate well interventions, improve execution, and maintain high asset reliability. Over the last few years, we have delivered a positive change in our operating cost profile, particularly for mature tertiary recovery portfolios. The direct operating cost trend demonstrates that cost discipline has been sustained, with full year 2027 currently expected to be in line with the full year 2026 levels. This improvement has been driven by optimizing commodity consumption, especially through monitoring well patterns and by maximizing well gains through targeted rigorous interventions. These interventions are generally faster, lower cost, and more flexible than conventional workover activities. The focus is to remain strong cost discipline while supporting safe operations, production reliability, and future volume delivery. Cost efficiency must therefore go hand in hand with execution and with growth. I will now hand over to Arpit, our CFO, for the financial update. Thank you, Jay. Good evening, everyone. On the financial results, let me elaborate the key numbers for our performance in the Q1 FY 2027. Our revenue stood at INR 2,507 crores, which is 3% lower quarter-on-quarter basis and EBITDA at INR 1,232 crores being 16% higher on quarter-on-quarter basis, resulting in an EBITDA margin of 49% for the current quarter. Our unit operating cost for the period was $17.4 per barrel, down 3% quarter-on-quarter basis despite the production decline and a lower base. The lower cost was driven by efficiencies and optimization in our work over and well intervention programs. This initiative reflects our intrinsic focus on cost leadership with persistent rigor while holistically supporting the reliability matrices. Our profit after tax before exceptional items from continuing operations stands at INR 194 crores. The exceptional cost net of tax is INR 345 crores towards provision for impairment and one-off exceptional items during the quarter. The PAT from continued operations hence stands at a negative INR 151 crores. Following the transfer of the non-oil and business undertaking that was earlier held in the erstwhile Malco Energy Limited, there has been a one-time profit from discontinued operations which stood at INR 1,097 crores. Consequently, the reported PAT for the company from continuing as well as discontinued operations stands at INR 945 crores. Also, we are pleased to inform and share that we have been assigned a long-term credit rating of AA+ stable by both CRISIL and ICRA during the recent months, which reaffirms the company's strong credit profile and robust ability to meet its financial obligations. The ratings further validate the company's continued resilient operational performance and positive growth outlook. Let me cover some of the specifics on the EBITDA bridge. Quarter-on-quarter basis, our EBITDA is higher by 15%, which is supported mainly by the Brent prices, which was 15% higher quarter-on-quarter basis. This was offset by lower volumes due to the natural decline as one of the key reasons. While year-on-year, our EBITDA remains flat. For the closing remarks, I now pass on to our interim CFO, Jim. Thank you. Overall, the quarter has had a steady performance. The company continues to focus on volume delivery on CapEx projects and infills, keeping our costs low and building our exploration and development pipeline, all built on a strong foundation of safety and environment. Thank you. I will now pass it to Mr. Rajinder Ahuja, CEO of Vedanta Power, for insights on the Q1 performance of our entity. Thank you, Jim, and good evening, everyone. The quarter marks an important milestone in our journey with the Vedanta Power becoming demerged entity effective May 4, 2026. As a standalone power business, we now have a greater strategic focus, sharper accountability, and a stronger platform for long-term value creation in power sector. To give brief overview of power landscape, India has recorded all-time high power demand of 277 gigawatts in May 2026. To support this, Vedanta Power is India's fifth-largest private thermal company with 4.2 gigawatts current operating asset. Aims to reach at 4.8 gigawatts by the end of this financial year. Further, we are working on plan to add around another 7.2 gigawatts. Starting from FY 2030 onwards, it will start getting kick in. Fuel and volume security remains a key focus area for us. Today, approximately 74% of our total volume is secured through medium and long-term PPAs. While 85% of our coal requirement is backed by long-term coal linkage that provides us with strong stability and visibility of revenues and costs. Coming to quarterly performance, Vedanta Power delivered a resilient operational performance during quarter one FY 2027. We achieved sales of 5,234 million units, up 38% year-on-year basis, and revenue increasing 31% to INR 2,607 crores. Meenakshi Energy delivered highest ever quarterly EBITDA of INR 112 crores, backed by the highest sales volume of around 1,350 million units. Despite import coal prices increasing by over 60%, our team on ground has an exceptional work by containing the coal cost by 12% on year-on-year basis, which was achieved by replacing the imported coal with Indian coal. This time, as we are talking, team was able to consume around 65%-70% of Indian coal in their operations. Our plan to achieve 100% domestic coal at Meenakshi remains on track, which will improve our cost competitiveness and margins way forward, further insulating us from the geopolitical risk. Balwantiharthal improved its plant availability to 88% from 77% on QOQ basis and achieved highest biomass co-firing of 7.9%, which is highest among the NCA region power plants. The ash utilization remains 94%, which increased ash sales revenue to INR 9 crores. JITPL maintains stable operational performance. However, we received favorable regulatory outcome in short supply matter with potential refund of INR 300 crores in Jesu Kam. We have got positive order from the State Regulatory Commission for recovery of ash cost by up to INR 40 crores annually. These positive outcomes are expected to support the future cash flows. Shakti, despite the operation disruption, the team has demonstrated tremendous resilience, and we remain focused on restoring Unit One and completion of Unit Two, which will be key for our growth catalyst for the company. We plan to start Unit One by the end of quarter two, FY 2027, and Unit One remains on track for completion by quarter four of FY 2027. Further, we have also notified our insurance provider, who are addressing the impact and the claims for Unit One, which is duly covered for the losses through insurance. Looking ahead, India's power demand outlook remains very strong and Vedanta Power is well-positioned to capitalize for future opportunities. With that, I now hand it over to our CFO, Mr. Pankaj Jha, who will take you through the financial performance. Thank you and good evening, everyone. I will briefly cover the financial performance and capital structure highlights for Q1 FY 2027. During the quarter, Vedanta Power reported revenue of INR 2,607 crores, 31% YOY growth on sales of 5,224 million units, which increased 38% YOY. While EBITDA for the quarter stood at INR 291 crores, the overall performance was impacted by the Shakti boiler incident. Nevertheless, the business demonstrated resilience through strong operational delivery and reported highest ever EBITDA at Meenakshi. PAT for the quarter was impacted due to one-time exceptional item of INR 487 crores. By neutralizing it, PAT before exceptional one-time impact is negative INR 59 crores. Our balances and credit profile continue to strengthen. During the quarter, Indian rating agencies ICRA and CRISIL have upgraded our discoveries. Our long-term rating remains strong at AA Negative, with stable outlook. We have very healthy cash and cash equivalents of around INR 1,130 crores. Net debt remained flattish compared with the previous quarter, reflecting our continued focus on cash flow management and debt reduction. We also successfully raised commercial paper at 8.25%, demonstrating continued lender and investor confidence in the business. Going forward, our capital allocation priorities remain clear: maintaining liquidity, reducing leverage, enhancing fuel security, and completing our key growth projects, particularly Shakti Unit One restoration and Unit Two project. These assets are expected to materially strengthen earnings, cash generation, and return metrics over the next two to four quarters. With a stronger credit profile, improving operational performance, and clear growth visibility, we believe Vedanta Power is well-positioned to deliver sustainable value creation for all stakeholders. I now hand over to Mr. Pankaj Sharma for Vedanta Iron and Steel. Thank you, Pankaj. Good evening, everyone. Let me take you through the performance for the first quarter of FY 2027 for Vedanta Iron and Steel. Vedanta Iron and Steel operates fully integrated business model, supported by strategically located mining assets in Odisha, Goa, Karnataka, Liberia, and downstream steel operations in Goa and Bokaro. This enables value creation across the entire value chain. During the first quarter, we have delivered a strong operational and financial performance, with revenue increase of 18% year-on-year and EBITDA growth of 54%. Margin expanded from 11% to 14% and PAT stood at INR 121 crores. During the period, steel and iron ore production increased by 4% year-on-year, supported by stable and safe operations and enhanced efficiencies. In steel business, the revenue production stood at 582 kt, with robust EBITDA margin of 20%. This was driven by better realization of favorable export markets and continued cost and operational initiatives. In iron ore business, production increased by 4% year-on-year to 2.6 million tons and EBITDA margin improved by 24% year-on-year. On the back of better realization in cost efficiencies. Sequentially, the volume were moderated by seasonal impact during later parts of the quarter. On quarter-on-quarter basis, margin lowered due to higher discounts on low-grade ore and elevated ocean freight costs. On the growth side, our expansion projects continue to progress as planned. During the quarter, we received Stage 1 forest clearance for Bokaro expansion project. We remain on track to deliver the project by end of financial year. The DRI project in Goa is progressing well and is expected to be completed during the later part of the year. I'll now hand over to my CFO, Naveen, to take you through the financial performance. Thank you, Pankaj. Good day, everyone. During the quarter, revenue stood at INR 3,662 crores, an 18% increase year-on-year, and EBITDA of INR 515 crores, a 54% increase year-on-year. This was on the back of strong operational performance and better realization. The company continues to maintain a strong balance sheet, with net debt to EBITDA ratio of 1.3x and return on capital employed of 16%. This is also reflected in the credit rating of AA Stable by CRISIL. Net debt post demerger adjustments stood at INR 2,733 crores as on June 26th. Strong operating cash flows helped fund pre-monsoon working capital requirements and ongoing growth projects. Back to you, Pankaj. In conclusion, we have delivered a strong start to FY 2027 with resilient operational performance, improved profitability and disciplined balance sheet management. Our ongoing growth projects, expanding mining capacities and integrated business model position us well to capitalize on India's long-term steel and iron ore growth opportunities. We remain focused on creating sustainable value for all stakeholders through operational excellence, responsible growth, and disciplined capital allocation. Thank you. Thank you very much. With this, I hand over to Rajesh, CEO, Aluminium. Thank you, Pankaj, and a very good evening, everyone, and thank you for joining the Vedanta Aluminium Metal Limited earnings update. VAML delivered a strong quarter driven by industry-leading safety, sustainability, and operational performance. During the quarter, we had only one lost time injury. Environment performance remained robust, with 20% ash utilization contributing to increased dike space, while our newly commissioned RO facility improved the wastewater recycling and reduced freshwater consumption by 8%. Renewable energy supply from Serentica increased to 198 megawatts, a 60% sequential growth, and we remain on track to achieve more than 371 megawatts of green power by the end of this financial year. VAML delivered a record quarterly performance, achieving all-time high aluminum production of 632 Kt, up 5% year-on-year and 3% quarter-on-quarter. Alumina production was 826 Kt, up 41% year-on-year. Alumina production was however 6% lower than the previous quarter due to stabilization issues in the power plant, red mud filtration and bauxite mining. Value added product output rose to a record 89,000 tons in the quarter, up 14% year-on-year, reflecting the continued shift in our product mix towards our goal of 90% share of value added products. The billet production increased by 18% and the alloy production increased by 38% with respect to the previous quarter. From a market perspective, global aluminum prices have remained buoyant, supported by supply side constraints. Looking ahead, our focus remains on accelerating growth through ramp-up of Lanjigarh and increased volume from Balco Hot Line 3, and sustained cost optimization through additional domestic bauxite. Our captive coal, we have received the mining lease and mine opening permission for Kuraloi, and we plan to start the mine in this quarter. Supported by a strong execution discipline, we remain well-positioned to deliver a long-term value for all our stakeholders. Thank you. With this, I hand over to our CFO, VAML, Mr. Anup Agarwal, to take you through the financial performance. Thank you, Rajesh Kumar, and good evening, everyone. We closed Q1 FY 2027 on a strong note, marking an important milestone for Vedanta Aluminium as our first quarter post demerger. At a headline level, we delivered an all-time high revenue and EBITDA on the back of strong realization, disciplined cost management and continued operational efficiency. Revenue for the quarter stood at a record INR 21,105 crores, reflecting a 45% increase year-over-year and a 13% increase quarter-on-quarter. On the cost side, our hot metal cost in Q1 FY 2027 stood at $1,698 per ton, lower by 4% year-over-year and lower by 3% quarter-on-quarter, despite inflationary pressures due to the Middle East disruptions. This is within our guidance range as communicated in April. Coming to EBITDA. EBITDA was at INR 10,499 crores, up 134% year-over-year and up 24% quarter-on-quarter. Sequentially, EBITDA per ton expanded from $1,511 per ton to $1,804 per ton. This was driven by a combination of volume growth, cost optimization, marketing initiatives, and favorable market conditions. The profit after tax was at INR 6,597 crores, up over 200% year-over-year. Our return on capital employed stood at 42% at the end of quarter one, reflecting our focus on driving profitable growth while maintaining disciplined capital allocation. During the quarter, our balance sheet became even more stronger. Our net debt to EBITDA ratio improved from 1.38 to 0.9x. Our cost of borrowing is now at sub 9%, and this will improve further in the coming months. We closed the quarter with a cash and cash equivalent of over INR 6,000 crores. This provides us with a strong liquidity cushion and enhances our financial flexibility. The board has approved an interim dividend of INR 8 per share this quarter, the very first for Vedanta Aluminium. Both CRISIL and ICRA have upgraded Vedanta Aluminium to AA+ with a stable outlook. This is an important validation of the market's confidence in our balanced strength, earnings resilience and financial discipline. Our guidance on the cost for full year remains unchanged at $1,650-$1,700 per ton. Though in Quarter 2, the cost may be marginally higher due to the planned power plant shutdowns timed with the monsoon period. On the hedging front, for the balance year, we are hedged 28% of our volumes at an average of $3,062 per ton. We are confident that our EBITDA margins will remain resilient across commodity cycles, driven by higher volumes from BALCO expansion, increased value-added products and domestic market penetration, and continued cost reduction through backward integration. Thank you. With this, I hand over to Mr. Arun Misra for an update on DeMerged Vedanta. Thank you, Anup. Good evening, everyone. As you will all know that this quarter makes the first reporting period of DeMerged Vedanta, India's most diversified base metals and specialty alloy company, providing investors with exposure to zinc, copper, silver, lead, manganese, nickel and ferrochrome. I am pleased to note that in the maiden quarter itself since demerger, we have delivered EBITDA of INR 8,469 crore and PAT of INR 5,294 crore for the continuing business. Let me now walk you through the operational performance of the key business segments. At Zinc India, refined metal production grew 4% year-on-year to 260,000 tons. We achieved lowest ever cost of production at $851 per ton. Silver continues to contribute strongly to our bottom line with 46% share of EBIT. At Vedanta Zinc International, overall mined metal production was 48,000 tons, including contribution of 3,000 tons from Black Mountain Mining. Hansa Phase 1 production rose 10% sequentially to 45,000 tons, and cost of production also declined to $1,549 per ton, down 7% quarter-on-quarter, delivering an EBITDA per ton of $900. At BMM, Swartberg Mine end-to-end contract in lieu of fee substitution has been completed and ramping up on renewable cost model. In ferrochrome business, FACOR delivered its highest ever quarterly ore production, up 41% year-on-year to 153,000 tons, surpassing previous best of 113,000 tons in Quarter 4 2016. Improvement in finished goods grade supported by higher market price resulted in 2% higher net sales realization, alongside lower cost driven by 100% captive ore availability. This resulted in EBITDA margin improving from $350 per ton, up 13% sequentially, also delivering the best ever quarterly EBITDA of INR 101 crore. Copper India recorded sales of 53,000 tons, up 3% year-on-year. Our highest first quarter sales in eight years. At Copper International business, raw sales were down 51% year-on-year as the supply chain in the entire Middle East region was impacted due to geopolitical tensions. Moving to growth projects across the four segments. At Zinc India, for the fertilizer plant, full commissioning has been initiated. The hot acid leaching plant at Dariba is also targeted for commissioning in the current quarter. The 10 million ton per annum tail processing plant is under construction and is expected to be completed by Quarter 4 of FY 2028, while the 250,000 tons per annum expansion project of smelter is expected to commission by Quarter 2 of FY 2029. At Vedanta Zinc International, Hansa Phase 2 plant is likely to commence operations in August. It will add another 200,000 tons of MIC capacity, taking the total capacity to 450,000 tons per annum. At FACOR, production from Postipal underground mine is likely to commence in the current quarter, yielding better Fe grade and metallic volume. We received a forest clearance Phase 1 for Tatasahi manganese mine and is expected to start operations in H2 of this current fiscal year. At Copper India, Phase 1 debottlenecking has augmented installed capacity to 222,000 tons per annum. Further debottlenecking will take this capacity to 229,000 tons per annum. Copper International, at our Jabal Sayid exploration block in Saudi Arabia, exploration partner has been finalized, targeting 24 months for the initial phase. To summarize, performance of continuing businesses is DeMerged Vedanta is on a steady growth trajectory as reflected by a strong Quarter 1 delivery and project commissioning lined up during the year. We remain focused in our pursuit of growth of the DeMerged Vedanta to a $5 billion EBITDA enterprise by FY 2030. With that, let me hand it over to Ajay to take you through the financial performance in detail, after which we will be happy to take your questions. Ajay. Yes. Thank you, Arun. Good evening, everyone. We are meeting today for the first quarterly results after Vedanta's historical demerger, and that is unlocking significant value with a combined market cap of the resulting companies growing over INR 71,000 crores in Q1 itself. I want to also clarify that as the demerger is effective during the quarter on 1st of May, the stat numbers which are reported includes one month of 100% operations as per the Indian GAAP. For the sake of like-for-like comparison, we will focus on performance of Vedanta's continuing operations, which is for the entire quarter happened through June. So numbers are comparable and they are for the entire quarter happened through June. I will start briefly with Vedanta highlights. On Vedanta Limited's core performance, revenue increased by 51% YoY to INR 23,456 crores. EBITDA nearly doubled, rising by 19% YoY to highest level, INR 8,469 crores, with a margin of 57%, up 98 basis points YoY. Profit after tax, PAT, grew to INR 5,294 crores, up INR 152 crores YoY. Again, best ever on a like-to-like basis. In Q1, Vedanta invested INR 1,148 crores in growth CapEx, while de-leveraging the balance sheet by more than INR 2,223 crores. At the same time, delivering a strong RoCE of 28%. In Q1, Vedanta's balance sheet remains exceptionally strong, with leverage ratio and net debt to EBITDA down to 0.3x, amongst the best in the industry. Vedanta Limited have been rated AA+ with a stable outlook, both by ICRA and CRISIL. Highest rating over a decade for us. The discount cash and cash equivalent of INR 19,922 crores remains resilient, at the same time, growth. I will move on very briefly to Vedanta Resources, or VRL highlights. VRL's credit strength is unrecognized, with a rating upgrade from all three agencies, S&P, Fitch, and Moody's, rating VRL to BB or BB equivalent. Again, representing a decade-high rating for VRL. The demerger, as we earlier mentioned, has significantly enhanced strategic optionalities available to Vedanta Resources. You may have made a note that during the quarter, we have sold 1.7% stake in Vedanta Limited, that is almost $200 million. And that illustrates the range of strategic levers to accelerate the fast-track debt reduction at Vedanta Resources. VRL de-leveraged by $1.1 billion across the group in Q1 itself. In this quarter, through a broader $5 billion refinancing program at Vedanta Resources, we are targeting reduction of around 280 basis points in average funding cost at Vedanta Resources. This will lead to more than 1,000 crores of interest cost saving on a yearly basis. We have recently raised $1.7 billion from international bond markets at average 7.4% coupon rates and average maturity of 8.5 years. Additionally, tied up a syndicated term loan of up to $2.25 billion at 6.4% interest rate with average maturity of 3 years. Overall, this would significantly flatten VRL's repayment liability, and that can be serviced through regular borrowing and normal dividends proceeds. In conclusion, the demerger has laid the foundation for next phase of growth, backed by strong VRL balance sheet, focused businesses, and distinct location of assets. With this, I now hand over to operator for queries. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking your question. Ladies and gentlemen, we will wait for a moment while the questions queue assembles. Your first question comes from the line of Akhilesh Kumar with Emkay Global. Please go ahead. Yeah. Hi, can you hear me? Hello. Yes, we can. Yes. Okay. Yeah, please go ahead. My first question is on EBITDA, for the VAML. When I try to add the EBITDA given in the slide for Jharsuguda and BALCO, the total EBITDA comes at close to INR 10,527 crores, while total reported EBITDA is, as you mentioned, is INR 10,499 crores. Can you explain the difference? That's a small console adjustment, actually. The difference that you are talking about might get eliminated from later for the transactions between BALCO and VAML. Okay. So this is something intercompany, kind of stuff. Is it? Yes, absolutely. Yes. A small- Okay. My second question is on the aluminum sales made this quarter. I appreciate that you have given the aluminum production for this quarter, but earlier you used to give the sales number as well, which is not mentioned in the slide. If you can provide that number as well, that would be great. The sales number for the quarter is at 615 K. 615 KG. Okay. Thanks for that. That is from my end. Thank you. The next question comes from the line of Indrajit Agrawal with CLSA. Please go ahead. Hi, thank you for the chance. A few questions. First I will start with the Vedanta Aluminium business. Our ask rate for alumina production for the last three quarters is almost 1.1 million tons. How do you achieve 4.1 million tons for the full year? How should we look at that trajectory? Will it be more second half heavy and given the exit run rate of Q1 and what you are doing in July so far, are you confident of achieving that number? Yeah. So typically the monsoon months, both for the power assets as well as the alumina production are slightly difficult months. We expect a much higher volume in the H2. If you would have noticed even the last year the trends were similar and this year also we will follow the same trajectory and we will meet the estimate which we have given of 4 to 4.1 million tons of alumina production from Lanjigarh. Sure. Secondly, on purchased alumina cost, despite aluminum on a sequential basis, alumina CoP going up and alumina integration going down, your alumina cost and aluminum has gone down. So what has been the delta in purchased alumina cost in this quarter? What you have booked in P&L. If it is on a broad level now, as you rightly said, alumina cost has come down 3% quarter-on-quarter. If you recall now, even in the last earnings call, we very clearly articulated that but for the higher LME and the higher API, as we go into the second quarter of this financial year now, we will start seeing alumina cost closer to $750. Okay, now $780 is what we have reported in quarter 1. With increased mix and you would have seen that we have done around 70%, 72% in quarter 1. With the same captive mix in quarter 2 and the lower API, we are en route to that $750 number what we talked with earlier. Is there further room for API prices to go down in the subsequent quarters or we have already bottomed out over there? I can tell you, the further reduction will again come as we ramp up Lanjigarh production because going forward now our captive mix will keep going up and the bought out alumina will keep coming down. So any reduction from here towards INR 700, we will have to look at Lanjigarh ramping up and of course some of our captive bauxite coming to the play. Sure. In Q1, what was the hedging volume and price at which we had hedged in? Just quarter 1, we had hedged around 293 kt and the strike price was INR 2,816. Sure. One last question to Ajay Goel. Given the high CapEx or the growth projects at Vedanta demerged entity, can we assume that most of the dividend would now be from Vedanta Aluminium of the five entities in terms of quantum, let's say INR crore or USD kind of terms? The way to look at, Indrajit, I mean if you look at historically, Vedanta's dividend yield has been quite high. In fact, double digits, 12%, 13%. And over the last couple of years down to 6%, 7% percentage point. Our last commitment was to go down to normalized yields of almost 5%. That on the combined market capitalization may be INR 1.5 odd billion payout on a console basis of all the five business units. Now you will appreciate, Indrajit, dividends will be a board matter. But one way to model this, look at the combined market capitalization of each business and look at 3% to 5% dividend yield. So you are right, Vedanta Aluminium being almost at about INR 18 billion, INR 20 billion out of INR 25 billion. Practically one may also assume half the dividend will come from Vedanta Aluminium going forward. Sure. Thank you. I have more questions. I will join back. Thank you. Thank you. The next question comes from the line of Sumangal Nevatia with Kotak Securities. Please go ahead. Yeah, good evening and thanks for the chance. First question is to Ajay on the overall capital allocation. One is at the VRL level, can we assume that the large part of de-leveraging is behind now given that we've refinanced and going forward, the focus will be more on growth? Or we're expecting further de-leveraging from $4.5 billion debt. One is that. At VAML, just want to understand what sort of debt or leverage we are comfortable beyond which we will consider paying dividends. The chairman has spoken about expansion plans. At what stage do we start spending towards the next phase of expansion, by which we should expect some lower dividends and de-leveraging? Sure, Sumangal. I'll start with the first part first. You're right that at VRL the de-leveraging has been accomplished to a large extent. Over the last three, four years, debt of $10 billion down to $5 billion as on June 30. Going forward, what is the path forward? What we have last time committed that the VRL debt come down from $5 billion down to $3 billion. We also committed that Vedanta India on a combined basis pre merger, our leverage of 0.9x as on March will be coming down to 0.7x as on coming March on a console basis. Now, when we look at the capital allocation policy, the central theme is allocation and not capital necessarily. We don't provide guidance in terms of CapEx, but if one has to model looking at the current run rates with the current volume, costs, and positionality and our macro changes in terms of currency and the pricing, the outlook for the CapEx for Vedanta India on a controlled basis is at about INR 9.5 billion to INR 10 billion. Our CapEx to cash conversion is 63%. That means we'll be having total free cash flow of roughly INR 5 billion, INR 45,000 crores at Vedanta India on a controlled basis. We don't have to make choices between growth and deleveraging. Going forward, what we are looking at, we will be investing for the growth in the current year at about INR 20,000 crores into the CapEx across the five entities. We are looking at demerging at VRL level, roughly $2 billion-$2.5 billion, again, INR 20,000 crores. At the same time, we'll also be rewarding shareholders through dividends. Eventually, growth, deleveraging, and rewarding shareholders is the lead to versa. In summary, Sumangal, we don't have to make choices between investing for the growth or deleveraging. Both in the current year can co-exist, given robust free cash flows. Also, Ajay, I think Sumangal can add, last three years of deleveraging has not caused, unlike other companies, any postponement of a declared CapEx or any intentional slowdown of a CapEx project that has been announced in the market. Rather, in last three years of deleveraging, we have initiated much bigger projects without things like expansion of a million ton expansion in zinc, aluminum, completing the BALCO project, ESL Bokaro, completing their 2 million ton expansion project or keep on working on 2 million ton expansion projects. All these happened in last three years. This tour, as Ajay correctly says, it is not one or the other, it is one and the other. Yes, that's very clear. If you can just share some more thoughts on VAML balance sheet and debt levels which we are comfortable and some expansion plans going forward. Ajay, do you wish to talk about that? See, if you look at our financial as at end of June, the net debt in our books is around INR 33,000. Now, for the growth that we're undertaking or we are invested in, we have a CapEx left of around INR 7,000-8,000 crores, which we'll be spending in say 18 to 24 months. That includes BALCO, some leftover Nandigaud augmentations, and the mines project. Coming to the new expansion, 3 MTPA. Recently, we explained last time also, as of now, we are on a drawing board. We are in the process of land acquisition, finalizing the technology partners and the packages. As and when we will have details, we will come to the board. But today, if you ask me, the net debt stands at INR 29,500 crores. The leftover CapEx to be spent on the growth already announced is around INR 7,000-8,000 crores, including BALCO. That is it. What would be the total CapEx for 2027 and 2028? So INR 7,000-8,000 and plus some maintenance, right? Yes, broadly, yes. For this year it will be around INR 5,000 crores plus another, say, INR 2,000 crores of maintenance. Understood. Is it safe to assume that the next phase of growth, at least since the plans are not yet formed up, will start towards the end of 2028 CapEx and/or maybe in 2029 only? As I said, maybe in a quarter or so, we will come back to the market with product case. Understood. I have a couple of more questions. One on VISL. I just want to understand what are the next key hurdles and milestones we are looking at for starting or completing the expansion of Bokaro Phase 2. Naveen Pandey, over to you. For ESL, I will say that in this quarter, we have received the central forest clearance, and we are in the process of getting stage 2, and we are expecting by end of quarter 2, we will be completing that clearance. And by end of this financial year, we will be able to complete the expansion project. Understood. Just one last question on aluminum again, sorry. What is the difference of delivered price of bought out alumina versus CapEx? With Sijimali coming in, what sort of cost saving do we expect purely from the CapEx bauxite mine? See, broadly as today's API low, assuming that these Middle East prices will normally bottom out or will even out. The difference will be to the tune of $50-$60 when you look at the captive alumina versus the bought out alumina. This captive alumina also has 50% of the imported bauxite. To address your question that once Sijimali starts ramping up, we can expect, say, another $40 to $50 per ton reduction. It will all depend on what percentage of Sijimali we will be able to ramp up and how soon we will be able to ramp up. The idea is to start it after monsoon. This year, we are expecting 1 million to 2 million tons, and the next year it can be between 6 million to 7 million tons. Okay. Got it. So $40 to $50 at the alumina level, right? Yes. All numbers I spoke was on the alumina level. Understood. Sir, we just got phase II forest clearance EC. I think mining leaves and then consent to operate, all these approvals can come within the next couple of months and we can start production by fourth quarter. Is that a realistic expectation? Given the current scenario, yes. We have made good progress in the last quarter in terms of getting up to FC 2. Now the efforts are on. We are working very closely with the government, and this is how we look very positive. The government is also very positive in terms of investments in the state. We are quite hopeful that this is what will happen. Understood. Just one last clarification. All these mines is under VAML. What is the transfer pricing to BALCO? Is it fair to assume then all the cost saving et cetera, will be reflecting more under VAML than BALCO? The transfer is at arm's length, and we are governed by that as regards transfer from the Lanjigarh to BALCO is concerned. Just to clarify, now when we are talking about the mines, BALCO also has one mine by the name of Barra. The coal will come from there, rest all mines are with VAML which will be used for VAML's own use. Coming to bauxite then the idea is to take it to Lanjigarh and what Rajeev said that any alumina from Lanjigarh to BALCO is today also at arm's length basis. Madan, thank you. We have a very long queue of people waiting for questions. Yes, thanks and all the best. Operator, we can move to the next person in the queue. Thank you. The next question comes from Sabari with Emkay Global. Please go ahead. Just one question. If I look into your oil and gas numbers, my oil prices have gone up by around 30%, my production is down by around 4%-5%, but still my revenue has remained flat quarter-over-quarter. My EBITDA is also up to $100 only because of this increase in stock. Whereas my OpEx, CapEx, everything has remained same. Can you just give an explanation for this, why it has remained largely flat quarter-over-quarter? Hi, this is Akash here. I am the CFO for the oil and gas business. If you see quarter-on-quarter, even the cyclic nature of our sales pattern, about 85% is the volume that we have sold. Post monsoon, this will get liquidated, as a typical sales pattern that we have. Okay. Does it clarify your question or anything? Got it. Is the production and sales somewhere got a deviation due to which the numbers are like this? Yeah. Okay, got it. Yes. Thank you so much. Thanks. Thank you. The next question comes from the line of Amit Murarka with Axis Capital. Please go ahead. Hi. Good evening, everyone. Just on the hot metal cost, this quarter, I think it has gone down a bit. Just wanted to understand, one, given the inflation that we are seeing, generally speaking, on fuel cost and power cost in the quarter, what are the factors which have reduced the hot metal cost for you? And secondly, what is the outlook for the cost going ahead? Amit? This is Rajesh. See, I already covered. Let me first cover for the quarter 2, we expect the cost to be marginally higher, and we said that because of the plant shutdown, and you would recall that during the monsoon period, there are normally some power plant shutdowns. So the cost will be marginal. Now coming to the quarter-on-quarter, see, the cost has come down due to increased captive consumption of alumina, the lower coal price per se, and of course, because we are talking USD, we can also say that little bit of a rupee cost divided by USD is also there. Why I am saying this is because as you would recall, last quarter also, we said that during post this Middle East disruption, we have been hit by the carbon cost and the fertilizer cost. On a net-to-net basis, if you look at our guidance, what did we say? INR 1,550 to INR 1,700 and additional $50 to $100 for the Middle East disruption. So we are very much there in the target, and as I stated in my commentary also that we will be within our guidance of INR 1,650 to INR 1,700 as we complete the year. Sure. Understood. And just a comment, if you could give on the lower sales volume while the production, as you mentioned, is the highest ever. The sales volume has not inched up in the quarter, so why was this inventory built up in Q1? See, what happens normally at the fourth quarter or the end quarter, there is a tendency to clean up the stock. To that extent, you will see some 780 KT has been added. Otherwise, there has been no addition to the inventory. Because normally in the year end, there is a tendency that we wipe off the inventory lying at the stock and everywhere. Okay. Understood. Thank you. That is it from me. Thank you. The next question comes from the line of Pinakin with HDFC Securities. Please go ahead. Yeah. Thank you, Ved. Pinakin? Yes. Can you hear me? Am I audible? Now you are audible. Please go ahead. Sorry. Can you walk us through the Sijimali bauxite mine process? There was a stage 2 forest clearance. What are the approvals from here? What are the timelines you are expecting to get us an idea of when can we actually start mining, and where are the approvals required at national, state, and other agency levels? We finally have to get the consent to operate. We are in the process of getting that, and we expect that to happen in this quarter. As mentioned, after this quarter, monsoon and rain, we plan to start the mine. Okay. So just to be clear, the consent to operate is the only approval required, and after that you can start mining? Yes. Understood. Taking forward the process from a regulatory to actual mining, what are the activities on the ground you would— Because I assume this is a virgin mine, you would have to overburden removals, preparation of roads and everything. So how long a process do you see of work on the ground before you can scale up to, let's say, 4 to 5 million tons of bauxite mining? Compared to coal, bauxite is slightly easier to mine and very little overburden and these things are required. In addition to that, we operate through MDO partners who do the mining for us and deliver the ore. So we have already appointed the MDO partner for Sijimali. So we are ready. In fact, the preparation was done at the beginning of the year itself as far as the mining activity is concerned. So as soon as we get the approval, the mining can start. Got it. My last question is on coal. Given that the mining operation permission has been obtained at the Kuraloi coal mine, what is the mine volumes that you expect in FY 2028 and 2029? Secondly, if you were to draw a similar parallel for the Ghogarpalli mine, what kind of coal production can we expect over the next two years, 2028 and 2029? We expect from Kuraloi this financial year to mine up to 2 million tons. Ghogarpalli, we are just evaluating, but this year, I think we will wait when we start the work to estimate. Kuraloi can increase to how much from 2 to next year? 8 million tons. You are confident that it can go to 8 million tons next year if you start this year? Yeah. This year 2 and next year 8 is our current plan. Okay, got it. Thank you very much, sir. Thanks. Thank you. The next question comes from the line of Ritesh Shah with Investec. Please go ahead. Hi, sir. Thanks for the opportunity. Sir, first question on aluminium. Can you help us with the hedges for the balance 3 quarters by volume and price by quarter, if possible? See, Ritesh Shah, as I said, for the balance three quarters, we are hedged about 28% at an average price of INR 3,062. If you are specifically asking about Q2, then we are hedged about 270 KT, and the strike price is INR 2,830. 270 KT at INR 2,830, right? Yes. Hello. Yeah, that helps. Second, I just wanted to check on Saudi assets. Have you firmed up the CapEx? Because I think you did indicate that exploration partner has been finalized. How should we look at the incremental progress over there and the timelines? Arvind, please. As of now, we are on the exploration partner finalization, and after that only we will come back and inform you regarding the CapEx approval for that. Sure. My third question was on bauxite mix. Going back to aluminum, it has reduced from 66% to 46%. I just wanted to understand on an absolute tonnage standpoint, how much are we procuring from OMC right now? What is the corresponding price? Outside of OMC, what is the average price that we are looking at? Just trying to do the math so that once the Sijimali comes through, how the economics can change. Ritesh, I will give you some broad numbers. Now, domestic, as you rightly said, we are doing about 46%-50% of the alumina that we produce. Now, if you look at the alumina cost from the domestic bauxite, because the OMC or broadly the other bauxite also that we pick up are more or less at the same price. So we make the alumina at a cost of around $300. Sijimali also when we begin, we expect that the cost will be at a similar level. Right. So would it be possible for you to quantify how much is the procurement rate from OMC right now, and has this number changed over the last three, four years? Ritesh Shah, you are aware that this matter is sensitive. That is where I did not want to indicate the number because you are aware that we are getting this under the court order as a thing. Okay, fair enough. And last question I think probably Ajay can look at. Any particular reason why we are not indicating payout policy for all the companies, or you have indicated pretty good commentary for all the five entities together. Any timelines over there? Secondly, there is an ICD of INR 9.6 crore at VISL. How should we look into that? Ritesh Shah, in terms of the payout, I presume you mean the dividend payout, isn't it? That's right. In the last board meeting, post the demerger, all the new four companies also have adopted their own policy on payment of dividends. The key change remains, in the past, our policy was slightly more directive. It was prescriptive. For example, a payout of 30% of the tax or passing on dividends within some time frame. Post demerger, the key change remains that the policy has changed from being prescriptive to more descriptive. In that case, basically all the four companies' boards will have a far bigger flexibility. So depending upon need for the CapExes in terms of profits plowback and the payouts, they can decide. Having said that, all the four companies are also cut from the same cloth. The Vedanta overall group philosophy continues. What we earlier committed, that for the parent company, debt will go down from current $5 billion down to $3 billion over two years, and overall Vedanta India leverage from 0.9x will go down to 0.7. In summary, overall, one can safely model that 4%-5% dividend yield on each company's market capitalization is a number what we are targeting for the group. Sure. Sir, on ICD? Ritesh Shah, can you repeat the question? Sir, VISL has an ICD of INR 960 crores. Just wanted to understand, where is it heading to, and what is the interest cost over there. This number was INR 9,434 crores, 126. I think it would be because of the demerger, and that number has reduced to INR 960. Yeah, that is right. Naveen, can you take this? Sure. Thanks. Ritesh, as a part of the merger restructuring, there was a waiver of intercompany loans and related interest to the tune of closer to INR 13,000 crores. This is the amount which is there in the VISL books after the entire restructuring which was completed. Sorry, I could not comprehend that. Can you please come again? The number was INR 13,000 crores. This was waiver of intercompany loans and? Out of INR 13,000 crores, total INR 14,000 crores, INR 13,000 crores has been waived off the intercompany loans and INR 960 crore is changed in the books, which is payable as a part of the restructuring. And this is through VRL? This is through Vedanta Limited. It is through Vedanta Limited. Okay, fair. Lastly, would you like to comment on the real estate value unlocking? The PPT mentions about INR 30,000 crores plus. How should one understand, appreciate that? See, at a schematic level, Ritesh Shah, it is just the beginning, right? Not the conclusion. In fact, demerger lead to many more restructuring possible. What we are trying to do, and right now we are looking at multiple assets on Vedanta's balance sheet, and they are industrial lands, at the same time, properties at a post location. In Vedanta alone, as in Vedanta Zinc alone, we got more than 2,000 acres of land. The intention is to demerge those real estates into a pure-play company, and that can again lead to significant value unlock. The number of INR 30,000 crores or INR 3 billion right now is more aspirational. The whole demerger issue also look at in Vedanta's experience. Vedanta's demerger was far more complex. It took us two years' time. But typically in the Indian NCLT forums, anything between nine to 12 months is a time frame. The entire demerger of real estate also will undergo the same kind of rhythm. It is almost clear from now. But our intention remains across the group, entire real estate which is additional, not required for the business, will be demerged into a company and we intend to focus in that business. If you look around really large in this house, you can find them are on the same path. Sure. This was helpful. Thank you so much. All the very best. Thank you, Dheesh. Thank you. The next question comes from the line of Abhishek Poddar with Tatia International Equities. Please go ahead. Thank you for taking my question. This is regarding Vedanta Power. If you can give us some understanding regarding the regulatory approvals required for the restart of Shakti Energy plant, in terms of what are the bottlenecks there. Also, if the contractors are already working on the site, or if the work is dependent upon the regulatory approvals being released. If I could understand your question right, the plant is already under revival. The contractor is already working for almost a month on the revival, and 26% of the revival has already been completed. We are expecting to start the unit by end of September or first week of October. That's the plan. As such, there is no hurdle we are seeing at this moment. Okay. Will it be very structurally a difficult problem, approval of the district magistrate or any such approvals? We have already implemented all the restrictions before start of work, and the major approvals generally is required from the boiler inspector and the factory inspector. All have been implemented before start of work, and they are also coming and doing the inspection. Finally, once the boiler is ready for starting, there will be a natural giving by the boiler inspector for certification of fitness, and then the plant can be started. As such, there is no hurdle. Understood. For the Unit 2, also if you can give us some more color in terms of what percentage of completion works is done and how the work is progressing there. It is going as per plan. We want to complete all the activities related to Unit 2 by end of this year, and that is where we are as of now. We are not seeing any issue further. Understand. For the PPAs for what has been left out in terms of capacity, some understanding there, what PPAs are available and how are you approaching that? We commissioned 700 MW at Meenakshi and 600 MW last year at Athena. Out of this 1,600 MW, we already have tied up 500 MW with Tamil Nadu. Recently, we have also got one-year contract with Kerala, which is taking the total capacity tied up to 600 out of these 2 plants. We are not very much behind locking PPAs at any rate. If you look at what we tied up with Tamil Nadu for 5 years, was one of the best rates available among all the PPAs which were tied up last year. Now when we are tying up for Kerala one year, that also is at a respectable rate of INR 5.96, 97 paisa. We are very picky and choosy because Indian power demand is growing and so the market rates are. If you look the difference between last year's DAM rate versus this year's DAM rate, we are already seeing a difference of around INR 1 average. I think it is a good opportunity for us, but we are only looking at all the opportunity very carefully because we want to tie it up at a respectable rate only. I am very hopeful that eventually this year also we should tie up some capacity, if we generate at a right rate. Understood. All the best. Thank you. Thank you. Thank you. Next question comes from the line of Jaswinder Singh with Nomura. Please go ahead. Hi. Thank you for the opportunity. My first question is for Vedanta Aluminium. Sir, once you view on listening on the long term, firstly, you have given guidance on how second quarter and these couple of quarters will be. But going ahead, for the next couple of years, what are the key cost-saving and operational efficiency measures that you are taking? And if you can just quantify how much value accretive they will be, that would be great, sir. Yeah. Let me take this question. We spoke about the hot metal cost of $1,700 per ton this quarter. From here- Am I- Sorry. Am I audible? Yes. On the cost, if you look at, say, three, four quarters down the line, we expect the cost to go down, say- The voice is echoing from somewhere, I think. Jaswinder, sir, we request you to mute your line when the management is talking. My line is on mute only. Okay, no problem. I was saying that in, say, three, four quarters more, when you look at the cost, say, from INR 1,700 today, we expect a reduction of INR 175 to INR 200. The area from where the savings will come, one, as and when the Lanjigarh ramps up. Today, we are doing about 70%-72% and with Lanjigarh ramping up to 5 million tons, we will be closer to 90%. That is one. Second, we spoke about Sijimali and the captive bauxite, how once it ramps up and the cost benefit. The third is once you have, say, Ghogarpalli coming into the play, we will start getting the advantages out of it. If I were to specify a number, say, on INR 175 savings, 70% of it will be alumina plus bauxite and the balance will be the coal. We expect in, say, three to four quarters we should start realizing those savings. Thank you, Prabhjit sir. My second question again, a little long-term in nature. BALCO has already become net cash and given your run rate of EBITDA, there is massive de-leveraging potential at Vedanta Aluminium as well. In line with that, sir, I know you have answered it on a group level, but what is the capital allocation policy that you will be following at Vedanta Aluminium? If you can just quantify what will be this year and next year's CapEx at both Vedanta Aluminium and BALCO specifically. Yes, Ajay actually elaborated it in details. I will not get into that because he mentioned it. Coming to the CapEx now, as I said, for the year as a whole, FY 2027, we expect the CapEx to be around INR 5,000 crores for this year. INR 2,000-INR 2,500 will be BALCO and the rest will be VAML. Next year also, maybe the CapEx can be around INR 3,500-INR 4,000 because BALCO will be done and we will be left with only the mines CapEx. Sir, is it safe to say that for the next couple of years, the- Here we have not included what is in the quarterly report. That is the goal. As and when that 3 MTPA comes. On 3 MTPA also, Arun said, Ajay said. With a leverage below one, I do not think the money will come in the way of growth, I would say. That will be announced. We will also come with the details on the funding plans. But robust earnings and the leverage below one, I think we are very comfortable even with that 3 MTPA expansion as and when we announce it. Just to give you an idea, per ton, setting up an aluminium facility, I can give the numbers for BALCO, has been around $2,500 per ton. If you set up a 3 million unit, you can easily calculate what will be the CapEx required. Having said that, the CapEx will also phase. Initially the first two years you are just ordering, so only 10% or whatever is the order cost, that is the money which flows out. The maximum CapEx would happen in the third year after you start the project. That is how the CapEx outflow will be there for the growth. We are very confident given the earnings which we are having currently and Arun will also allude to that. BALCO has invested INR 10,800 crores on the growth and even while it has not reached the full capacity, it is debt-free. You can see very easily how much internal accruals can generate. I hope I have tried to answer your question or another way. Sir, thank you so much, Prabhjit sir. Just one last question, a little operational one. Sorry to interrupt. Mr. Singh, sorry to interrupt. We request you to return to the. I will join back. No worries. Please, as there are several other participants waiting for their turn. Thank you. We have our next question coming from the line of Shubham Jain with Nippon India Mutual Fund. Please go ahead. Yeah. Thank you for the opportunity and congratulations for the very good results. I just had one question. Given that CRISIL and ICRA have already upgraded Vedanta Limited while India Ratings continue to maintain a double A minus with a rating watch. Has management received any specific feedback from India Ratings on additional conditions or any milestone required for rating upgrade? Any thoughts on the rating agency? Shubham, it is only a question of time. You may have seen the entire rating upgrade beginning with ICRA a couple of months ago, and now CRISIL has followed the path. There is no reason why India Ratings will be different. Typically, from a rating company's viewpoint, it is a function of the numericals, which is a hard fact, and second is the perception. I think on both accounts, we do foresee that the India Rating soon will approach rating committee and even that will become level 3 plus. It is only a process and a question of time. That too, within weeks, not even months. Okay. Thank you so much. Thank you. Our next question comes from the line of Ashish Kejriwal with Nuvama Securities. Please go ahead. Hi. Thank you, everyone. Thanks for the opportunity. Just two quick questions on Balco only. One, where we are at the port ramp up at Balco. And how we are seeing the trend going ahead, and then we can reach the full capacity at Balco. Second thing is, as Balco has become net cash, and for this 3 million ton capacity also, which we are talking about, that I am assuming that we are talking about at Vedanta Aluminium stand-alone level, and Balco may not be participating in that. So what we are going to do with the cash which is being generated by Balco? Can it be given as a dividend to Vedanta Aluminium and then it can be passed on to Vedanta shareholders, or what's the thought process on that front? Yeah. So as regards Balco ramp-up is concerned, against a plan of 22 KT in Q1, Balco produced 24 KT from the new quart line. As we speak, the rest of the 25% capacity, and this is with the 25% capacity being commissioned. As we speak, the rest 25% is being commissioned. This year we will get a volume close to around 260 or 270 KT from Balco. Having said that, the entire facility will be commissioned or in full production as we exit this quarter. So next year also, we will get another 190 KT from Balco, so that we realize our total volume of 435 KT from Balco expansion. The next question was about what Balco will do with the one is that Balco has some plans to start the Barra mine. There also, government has given some very early stage initiatives for coal gasification. We are exploring all that. All that is on the drawing board. Nothing particular as such as regards the commitment, but these are the options for Balco to grow. In addition, it can grow in the power assets also. We are looking at it. Also the capital restructure or how the cash will be managed. We will take the decision as and when we have that scenario quarter on quarter. Anup, if you can add. Ashish, I will only add, see, both, because you mentioned free MTPA, you mentioned dividend. I am saying, yes, they are prerogative of the board, but I can only tell you all the options are on the table. Why not? Balco has a structure, and since we are on the drawing board, Balco can even participate in free MTPA. I am saying all options are there on the table. Okay. That is great. Thank you and all the best. Thank you, Ashish. The next question comes from Rashi with Citi. Please go ahead. Thank you. My first question is on VRL. With the whole deleveraging, refinancing that you have done, what is the outlook expected for this year and next year? Okay. As on June end, Rashi, we are at debt at about $5 billion. For the remainder of the year, we need to pay only interest of $0.3 billion, and we also have to fund KCM obligation $0.1 billion. In summary, in the remainder of the 9 months, we need roughly $400 million out of the Vedanta Resources. How that can be funded? You may have seen in the current quarter, none of the Vedanta company has paid dividend. Vedanta Aluminium just declared the dividend. Out of the current quantum is INR 8 per share. That leads to almost $175 million at Vedanta Resources. In summary, in the remainder of the year, the need for cash at VRL is about $0.4 billion, which will be met mostly through dividends. If I look at next year, FY 2028, right now we got a $1 billion of bridge financing. It is a temporary arrangement. If I leave that aside, that will be refinanced very soon. We need again almost $1 billion at Vedanta Resources. Please remember, in FY 2029, next year, at about $730 million. So $1 billion next year, $730 million in FY 2029. Again, it is a combination of the brand fee, almost $400 million-$450 million, and the balance $550 million-$600 million again will be dividend. In summary, through a contractual brand fee and a routine 3%-4% dividend, VRL will be self-managed. Sorry, you mentioned in FY 2020, for this year it was INR 300 million of interest, and what was the other INR 100? It is a KCM funding, is at about INR 100 million. Okay. KCM funding. Okay. The INR 1 billion in FY 2028, how does that break up? Roughly it is equally to the loan repayment at about INR 330 million. Interest again is INR 350, and the KCM again are INR 350. All these three combined, or one-third each is almost INR 1 billion. And this brand fee percentage is fixed until when? It is a long-term contract. The brand fee agreement is valid till 2038. All the five companies' board has again now done a revised benchmarking in an unbundled format. So practically across three businesses, this rate is at 3%, and only in case of power and copper it is 0.75. So net net for next three years, rate remains unchanged. When you say three years, FY 2030? 2027, 2028, and 2029. So till March 2029 it is fixed. Then just about Zinc International business, what kind of cost and volume expectations should one have for the remaining year and going forward? Volume expectation is immediate goal is to get 300 KT mark and then go to 500 KT mark. That's the expansion and finally finish at 750 KT mark. If you look at current 250 KT of concentrators that's being commissioned, if you add that to 200 KT, we see in a year's time surely touching 450 KT mark in Vidaya. When it touches 450 KT mark, the cost would come down to $1,200. That's the target that we are focusing. But this year, FY 2027, what should we think about volumes and cost? There is some shortfall in the beginning, but we will try to be close to the guidance. On the cost side, the cost appears to be quite high compared to what you guided. No, but we are purely working towards reducing costs. We will see. If we have to revise, we will do it in H2, not now. Understood. I think we have said, already in his commentary has explained the restructured contract at BMM, which is aimed at bringing down the cost. You can see the transcript where we had explained that BMM was having a fixed cost model. Now it has been brought down to a variable cost model. Quarter on quarter, we will see a cost reduction, and that is how we are trying to achieve the guidance which has been given for the current financial year. Got it. And just one last question for me. For Vedanta Limited, you have given the capital expenditure both on growth as well as sustainability for the quarter. What is the target for FY 2027? Can you repeat the question? Yes. Capital expenditure for Vedanta Limited, what is the growth and sustainability CapEx targeted for the full year? I have the number. In terms of Vedanta Limited, which consists of Hindustan Zinc, Vedanta Zinc International, copper, and copper business. For the group CapEx, the number is almost INR 7,000 crores. So INR 5,000 crores for Hindustan Zinc and INR 2,000 crores for the remainder business. INR 7,000 crores total CapEx of Vedanta Limited. The maintenance CapEx is almost INR 4,000 crores, and out of which a significant portion, almost 70%, again, is Hindustan Zinc and the balance at Vedanta Zinc International. So INR 7,000 crores and INR 4,000 crores, respectively. Got it. Okay. Thank you. Thank you. The next question comes from the line of Indrajit Agrawal with CLSA. Go ahead. Hi. Thanks for the chance again. Ajay, you mentioned a few times to look at it as a group entity, but still, these are five different entities and the cash flows will clearly be different. Is it fair to assume that at no point in time will we see any kind of intercompany transactions among these five entities? See, routine RPTs, Indrajit, I think, is a norm for any large public limited. I can't think of any example in the country where one large company which has multiple businesses don't have RPTs. Of course, within the RPT compliance and following all the governance requirements. If you're leaning towards any intercorporate loans and deposits, then the answer is no. Across all the five companies, six companies actually in Vedanta India and from Indian entities to Vedanta Resources, we are not foresee any kind of intercorporate loans. That is comforting. Thank you so much. Thank you. Thank you. Ladies and gentlemen, we will take that as the last question for today. I now hand the conference over to the management for closing comments. Thank you, Sagar, and thank you everyone for joining us today and for your continued interest in Vedanta Group companies. We appreciate your time, your engagement, and the thoughtful questions. In case there are any further questions, any queries not answered on the call, feel free to reach out to the IR team. With that, we are concluding today's call, and we look forward to speaking with you again at the end of October. It is our Q2 numbers. Thank you, and have a good day. Thank you, members of the management. On behalf of Vedanta Limited, that concludes this conference. Thank you everyone for joining us. You may now disconnect your lines. Thank you.