Slides
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Earnings Presentation 2QFY27 VEDANTA ALUMINIUM INDIA’S LARGEST PRODUCER OF THE ‘METAL OF THE FUTURE’
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Sensitivity: Internal (C3) Table of Contents 1 1 4 Highlights Quarterly & Half-Yearly Highlights 3 Business Performance VAML Consol. | Refinery | Mines 2 ESG Safety | Circularity | Energy | CSR Finance Update P&L | Balance Sheet | Deleveraging 5 Appendix
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Sensitivity: Internal (C3) Highlights 2QFY27
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+105% YoY PAT ₹6,187 Cr -6% QoQ +41% YoY Revenue ₹22,066 Cr +5% QoQ • Highest-ever Quarterly Aluminium production at 649 KT • Second Zone of 435 KTPA Project operationalized • Record Quarterly Alumina production at 895 KT • BALCO has been declared as ‘preferred bidder’ for the Karlapat Bauxite block • CTO obtained for the Sijimali Bauxite Block. 2Q Highlights +83% YoY EBITDA ₹10,192 Cr -3% QoQ VAML Credit Rating Upgraded to AA+ (Stable) by India Ratings & Research vs 0.9x in 1QFY27 Net Debt / EBITDA 0.7x1 Net Debt reduction of ₹3,090 Cr from 1QFY27 1. TTM CoP: Cost of Production 4 Metal Production 649 KT +5% YoY +3% QoQ Hot Metal CoP 1,722 $/T EBITDA Margin ~46% -356 bps QoQ +1056 bps YoY-6% YoY +1% QoQ Cash & Cash Eq. ₹ 6,318 Cr Robust Liquidity Position Maintained
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Metal Production 1281 KT Rewarding Shareholders ₹8/- per share 1H Highlights VAML Credit Rating Reaffirmed at AA+ (Stable) by ICRA & CRISIL EBITDA Margin ~48% ROCE 60%1 In line with strong profitability YTD Dividend Yield of ~2% Hot Metal CoP 1711 $/T -5% YoY 1. TTM CoP: Cost of Production 5 PAT ₹12,784 Cr Revenue ₹43,171 Cr EBITDA ₹20,691 Cr +5% YoY +1464 bps YoY +43% YoY +106% YoY +147% YoY • Highest-ever Half-Yearly Aluminium production at 1281 KT • Record Half-Yearly Alumina production at 1721 KT • Mining Lease & Mine Opening Permission for Kuraloi (A) North Coal Block
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Environment, Social, & Governance
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Safety Zero Harm Journey 7 Fatality status (QoQ) Period Employee Business Partner Q2 FY26 0 1 Q3 FY26 0 0 Q4 FY26 0 0 Q1 FY27 0 0 Q2 FY27 0 1 Zero Harm Priorities Vehicle-Pedestrian Safety Chemical Exposure Control Molten Material Safety Isolation & LOTO# Excellence Fire Prevention Structural Stability Power Plant & Structural Integrity ✓ ✓ Fatality prevention priorities 1 Process Safety Management (PSM)2 Critical Risk Management (CRM) 3 Business Partner Engagement 4 Leadership Safety Walks #LOTO: Lock Out Tag Out LTIs Q1 FY27 Q2 FY27 QoQ 1 10 +9 ↑ Deteriorated LTIFR Q1 FY27 Q2 FY27 QoQ 0.04 0.48 +0.44 ↑ Increased HIPOs Q1 FY27 Q2 FY27 QoQ 6 7 +1 ↑ Increased Lost Time Injury Frequency Rate 0.22 0.18 0.23 0.2 0.04 0.48 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Management message Safety remains our foremost priority, with strengthened leadership accountability and disciplined execution of fatality-prevention measures. Target outcome: sustain zero harm while reducing high-risk exposure.
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16.47 16.6 16.27 16.54 16.42 7.3% 6.4% 8.4% 7.7% 9% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 16.10 16.20 16.30 16.40 16.50 16.60 16.70 Q2 FY 26 Q3 FY 26 Q4 FY 26 Q1 FY 27 Q2 FY 27 GHG (tco2/t) RE (%) ESG Performance Strengthening ESG leadership through measurable impact 8 SOCIAL INCIDENTS Fly ash utilization 78% Monsoon impact – 68% in Q2 last year RE-RTC consumed 415 MW Renewable power consumed in Q2 Trees planted 63K+ Plantation completed in Q2 Water recycling 17.81% Circular water use Specific GHG emissions 16.42 tCO₂e/t Q2 FY27; RE share at 9% % Utilization of Ash 68 118 135 120 78 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Specific GHG emissions (t Co2e/t) Specific freshwater Consumption (m3/T) Performance trends 33.26 33.71 34.49 31.83 28.64 Q2 FY 26 Q3 FY 26 Q4 FY 26 Q1 FY 27 Q2 FY 27 Dyke Space (Q2): VAML-J: 30 days | BALCO: 105 days | VAML-L: 519 days
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✓ 1 Environment 78% 63K+ 415 MW GovernanceSocial 1.3 L+ 300+ 893 RE-RTC# consumed in Q2 Beneficiaries Community Assets Nand Ghars Fly ash utilization in Q2 50+ LGBTQ+/TGs17.81% Water recycling Trees planted in Q2 ESG Excellence & Energy Transition Steady transition towards greener energy mix 9 Tailing Q1 FY27 321 MW Facilities GISTM # compliant H1 FY27 367 MW FY27 400+ MW Zero Cybersecurity # Global Industry Standard on Tailings Management # RTC: Round the clock 1 Information Security Management System (ISO/IEC 27001) 2 Business Continuity Management System (ISO 22301) ISMS1 & BCMS2 compliant Liquid Discharge
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CSR Footprints 10 .. Health Initiatives MHUs, Ambulances & Mortuary Van Hospitals in Western Odisha Balco Medical Centre Education Nand Ghar Digital Education 1st English School in Lanjigada Women Empowerment Active Self Help Groups Women engaged in micro enterprises Entrepreneurship and market linkages Agriculture Water structures built Land secured under irrigation Multi-cropping farming Fruit Orchard Development Community Assets Community Center, Hospital, Community Halls, Parks, Roads, Drains Sports Initiatives State of Art Archery training Sport kits for athletes Youth tournaments across multiple disciplines Skill Development Skill Centers Vocational upskilling Banking & Finance Art & Culture Weavers trained in Kosa Silk Handloom Training Centers Amazon, Flipkart, Socia media, local market, & Udyog mela
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Marquee CSR Initiatives 11 STATE OF ART ARCHERY Develop world-class infrastructure with state- of-the-art technology for archery training at Lanjigada and BALCO. COMMUNITY ASSETS 7 Model Villages across Jharsuguda, Community Center, Hospital in Western Odisha, Roads, Parks NAND GHAR Target of 200 Nand Ghars across all assets of the Aluminium sector, anchoring early childhood care and women’s empowerment. DEVELOP LOCAL HANDLOOM Build national-level Kosa Silk capability at BALCO and scale Sambalpuri handloom in Jharsuguda. WATER SHED MANAGEMENT Irrigation infrastructure development and water conservation at Lanjigada, creating recharge potential of 20 lakh cu.m. LARGEST HONEY FPO IN INDIA Building India's largest Farmer Producer Organization in honey, anchored by 1,500 farmers across our operating geographies.
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Business Performance 2QFY27
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467 464 470 150 168 178 617 632 649 Q2FY'26 Q1FY'27 Q2FY'27 Other Highlights: ▪ Consent To Operate (CTO) has been obtained for Sijimali Bauxite Block Aluminium Production (kt) Aluminium CoP1 & Margin +5 % y-o-y 1COP: Cost of Production 2Anticipated additional impact due to war in H1FY27: 50-100 $/t *Excluding a One-off 1 Key Highlights: ▪ Highest ever Quarterly & Half-Yearly Aluminium Production at 649 KT (+5% YoY) & 1,281 KT (+5% YoY) respectively ▪ Record Quarterly & Half-Yearly Value-Added Production at 432 KT (+31% YoY) & 821 KT (+22% YoY) respectively ▪ Quarterly Hot Metal CoP at 1,722 $/t, up 1% QoQ ▪ Best-ever Half-Yearly EBITDA margin at 1,722 $/t Vedanta Aluminium Metal Limited | Consolidated Driving growth, cost efficiency, and end-to-end integration 1650-17002 13 927 934 295 347 1222 1281 H1FY'26 H1FY'27 1,826 1,698 1,722 955 1,804 1,646 2Q FY26 1Q FY27 2Q FY27 COP ($/t) Margin ($/t) * 1,796 1,711 922 1,722 1H FY26 1H FY27 * Jharsuguda BALCO
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Key Highlights: ▪ Highest ever Quarterly & Half-Yearly Alumina Production at 895 KT (+37% YoY) & 1,721 KT (+39% YoY) respectively ▪ Targeting 1000+ KT in Q3FY27 ▪ Mar’27 exit rate of 4.7 MTPA ▪ Continued global leadership in quality with Alumina purity at 98.80% in H1FY27 ▪ Domestic Bauxite Mix at 37% in Q2FY27 due to increased production volumes & consumption lag ▪ Targeting 90%+ Domestic mix as we exit the year379 376 58% 41% 0% 20% 40% 60% 80% 100% - 100 200 300 400 500 1H FY26 1H FY27 653 826 895 1000+ 2Q FY26 1Q FY27 2Q FY27 3Q FY27 Alumina Production (kt) Alumina CoP1 & Domestic Bauxite Mix +37% y-o-y 1COP: Cost of Production; 2Domestic Bauxite Mix Alumina Refinery | Lanjigarh Advancing towards Peak Operating levels 379 373 378 52% 46% 37% 0% 20% 40% 60% 80% 100% - 100 200 300 400 500 2Q FY26 1Q FY27 2Q FY27 COP ($/t) Dom. Bx. (%)1 2 14 1240 1721 1H FY26 1H FY27
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Mines | Bauxite & Coal A Transformative Year: Bringing 3 Mines Into Operation Mine Key Milestones Target Commissioning Sijimali Bauxite Mine a. Mining Lease has been executed b. Consent To Operate (CTO) has been obtained H2FY27 Kuraloi Coal Mine a. Mining Lease has been executed b. Mine Opening permission obtained Q3FY27 Ghogharpalli Coal Mine a. Environmental Clearance has been recommended b. Forest Clearance targeted within Q3FY27 H2FY27 Bauxite & Coal Mines 15
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Finance Update 2QFY27
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3,226 3,510 1,646 168 452 739 493 490 143 LME Strategic hedging Premium Realisation Alumina Power Other hot metal Conversion & other EBITDA Hot metal cost 1722 $/t Aluminium Profitability ($/t) 2,618 3 248 2,868 (824) (565) (437) (87) 955*2QFY26 2QFY27 1826 $/t 17 Margin improved 72% YoY *Excluding a One-off
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2,475 1,405 9,321 214 1,210 -553 10,192 5,582 -141 Q2 FY26 LME Exchange Rate Commodity Rebased EBITDA Volume Cost & Marketing One off & Others Q2 FY27 EBITDA BRIDGE 2QFY27 vs 2QFY26 +83% Market factors: 67 % Operational factors: 26 % 25%44% 4% 22% -10%-3% 18 Figures in ₹ Cr
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EBITDA BRIDGE 2QFY27 vs 1QFY27 -3% Market factors: -5 % Operational factors: 2% 1%-9% 5% -3%3% 19 10,499 -986 137 312 9,962 553 -319 -5 10,192 Q1 FY27 LME Exchange Rate Commodity Rebased EBITDA Volume Cost & Marketing One off & Others Q2 FY27 Figures in ₹ Cr
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29,532 -7,620 31 1,546 3,124 -171 26,442 Q1 FY27 CF from Ops. Working Capital Capex Dividend Others Q2 FY27 VAML Consol Net Debt Walk – 2QFY27 vs 1QFY27 FCF: 6,043 ₹Cr 3,090 SA: ₹30,699 BALCO: (₹1,167) 20 * *Including Sustaining Capex SA: VAML Standalone Figures in ₹ Cr SA: ₹28,920 BALCO: (₹2,478)
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Balance Sheet & Debt Drawdown . *YTD average 21 ▪ Strong Liquidity: Cash and Cash Equivalents at ₹6,318 crore ▪ Net Interest*: o Interest Expense ~8.8% ▪ Maturity: Proactive credit management; average term debt maturity at ~4.1 years ▪ Credit Rating : o ICRA: AA+ (Stable) o CRISIL: AA+ (Stable) o India Ratings: AA+ (Stable) Long Term Debt Maturities (Consolidated): 1. ₹32.8K crore ($3.4 bn) (as of Sep 30, 2026) 2. ₹7,000+ Cr Debt refinanced in Q2FY27 Gross Debt In $bn In ₹ 000’ cr In $bn In ₹ 000’ crQ2 FY27 Q1 FY27 Term debt 3.4 32.8 3.5 33.3 WC/Short term borrowing 0.2 2.3 Total consolidated debt 3.4 32.8 3.8 35.6 Cash and Cash Equivalents 0.7 6.3 0.6 6.1 Net Debt 2.8 26.4 3.1 29.5 Debt breakup ($3.4 bn) - INR Debt 89% 89% - USD / Foreign Currency Debt 11% 11% 3.5 3.9 3.3 4.5 17.5 FY27 FY28 FY29 FY30 FY31 & Beyond Maturity Amount (In '000 ₹ Cr)
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Summary of Income Statement ▪ Depreciation & Amortization o Depreciation & Amortization at ₹802 crore, higher by 4% QoQ & 15% YoY , on account of project capitalization & routine capex investments ▪ Finance Cost o Finance cost at ₹911 crore, lower by 9% QoQ & 4% YoY , with the benefit from lower average borrowings partially offset by lower capitalization ▪ Taxes o ETR for Q2’FY27 at ~25% o Change in Tax charge corresponds to change in profitability ▪ Profit After Tax o PAT higher by 105% YOY driven by EBITDA delivery In ₹ Crore Q2’FY27 Q1’FY27 Q2’FY26 Revenue from Operations 22,066 21,105 15,670 EBITDA 10,192 10,499 5,582 Depreciation & Amortization (802) (775) (699) Finance Cost (911) (1,001) (949) Investment Income 246 158 113 Exchange gain/loss & Others 21 (49) (14) PBT before exceptional items 8,747 8,832 4,033 Tax Charge (2197) (2235) (1021) PAT before exceptional items 6,550 6,597 3,012 Exceptional items (net of tax) (363) - - PAT 6,187 6,597 3,012 22 Figures in ₹ Cr
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Digital & AI creating value across Vedanta Aluminium 23 Enterprise value and selected technologies across VAML operations 100+ H1FY27 Digital & AI Go-lives $4Bn eStore GMV 200+ WIP Projects AI Projects pipeline $87 Mn Annualized benefit From Identified projects AI in Refinery & Power Plant • IoT predictive maintenance • Robotic boiler inspection • AI Conveyor belt monitoring • Turbine predictive health monitoring • AI asset analytics • Energy performance monitoring Digital in Enabling Functions • Humanoid based safety learning and SOP guidance • AI based Zero Based Costing & Procurement Intel • 100% domestic sales through eCommerce store-VMB • Agentic AI for finance • Digital logistics control towers Technology enabled Smelter • Integrated OT with Sensors, SCADA, MES & Historian • AI recommended AlF3 dosage • Digital twin for pot health • AI enabled Clad failure detection • SST monitoring using IoT • Ladle thermography VMB
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Scaled, Integrated, & Differentiated Business Positioned to unlock exponential value 24 3 MTPA1 | 6 MTPA2 Aluminium capacity $1,550–1,600/t1 Hot Metal Cost 90%+1 Value Added Product #2 Globally3 S&P Global CSA rank Global positioning Primary Aluminium (MTPA; Ex-China) Irreplicable & Unparalleled Asset base Integration unlocks potential Single value chain from resources to premium products 1 Bauxite 9-12 MTPA Bauxite 2 Coal 40+ MTPA Coal 3 Alumina 5 MTPA refinery capacity 4 Value-added products 90%+ mix Multiple value-creation levers ROCE & Capital efficiency Efficient Capital deployment driving attractive ROCE India growth exposure Leading domestic Primary Aluminium market share, positioned for ~40% demand growth from CY2025 to CY2030 Low-carbon differentiation India’s 1st low Carbon portfolio (Restora) Renewable PDAs of ~1.3 GW Industry Cost Curve ($/t)Cost ($/t) Cumulative Production (KT) I II III IV VAML moving from Top Quartile to 1st Decile 1. Post completion of Projects/Debottlenecking; 2. Project plan under WIP 3. Among Aluminium companies; 4. Post acquisition of South32 Assets Earnings led higher cash flow Growth resulting in sustained higher earnings across commodity cycles 4.1 3.4 3.2 3.0 2.7 RUSAL Rio Tinto Alcoa VAML EGA4
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Appendix
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VAML | Summary 26 Sales volume Quarter Half Year 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 %YoY Aluminium Sales Total Value-added products (kt)2 433 333 30% 382 815 663 23% Sales - Ingots (kt) 216 288 -25% 243 459 548 -16% Total Aluminium sales (kt)1 649 621 4% 625 1274 1211 5% Particulars (in’000 tonnes, or as stated) Quarter Half Year 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 %YoY Alumina – Lanjigarh 895 653 37% 826 1,721 1,240 39% Total Aluminum Production 649 617 5% 632 1,281 1,222 5% Jharsuguda 470 467 1% 464 934 927 1% Balco1 178 150 19% 168 347 295 18% Financials (In ₹ crore, except as stated) Revenue 22,066 15,670 41% 21,105 43,171 30,227 43% EBITDA – BALCO 2,970 1,895 57% 2,893 5,863 3,093 90% EBITDA – Vedanta Aluminium 7,229 3,682 96% 7,634 14,862 6,963 113% EBITDA – Vedanta Aluminum Consol. 10,192 5,582 83% 10,499 20,691 10,062 106% Alumina CoP – Lanjigarh ($/MT) 378 379 0% 373 376 379 -1% Alumina CoP – Lanjigarh (₹/MT) 36,090 33,091 9% 35,309 35,712 32,762 9% Aluminium CoP – ($/MT) 1,722 1,826 -6% 1,698 1,711 1,796 -5% Aluminium CoP – (₹ /MT) 164,560 159,463 3% 160,593 162,685 155,253 5% Aluminum CoP – Jharsuguda ($/MT) 1,699 1,828 -7% 1,656 1,678 1,773 -5% Aluminium CoP – Jharsuguda (₹/MT) 162,404 159,607 2% 156,639 159,538 153,235 4% Aluminum CoP – BALCO ($/MT) 1,783 1,819 -2% 1,818 1,800 1,866 -4% Aluminium CoP – BALCO (₹/MT) 170,370 158,848 7% 171,905 171,097 161,344 6% Aluminum LME Price ($/MT) 3,226 2,618 23% 3,571 3,393 2,535 34% 1. Figures include trial volume 2. VAP figures have been restated for previous periods for like-to-like comparison
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Project Capex | Update 27 FY26 FY27 • BALCO Smelter Expansion (Commissioning initiated for 435 KTPA) • Lanjigarh Expansion 3.5 to 5 MTPA (Train-2 expansion) • Completion of VAP Projects • Sijimali Bauxite Mine – 2HFY27 • Kuraloi Coal Mine – 3QFY27 • Ghogharpalli Coal Mine – 2HFY27 Capex in Progress (In Rs Cr) Approved Capex Spent upto FY26 Spent in 1H FY27 Spent Till Date Unspent as on 30th Sep’26 Coal & Bauxite Mines (Kuraloi, Ghogharpalli, Radhikapur, Sijimali)* 7,146 1,584 404 1,988 5,158 Lanjigarh Refinery: 2 to 5 MTPA 6,585 5,935 169 6,104 481 Balco smelter and VAP capacity expansion 11,816 10,506 519 11,025 791 Total 25,547 18,025 1,092 19,117 6,430 * Excludes upfront payment as per PDA
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Guidance & Sensitivity Foreign currency - Impact of ₹1 depreciation in FX rate Currency Increase in EBITDA USD/INR ~₹ 675-725 crore/year Commodity Prices - Impact of 100 $/t movement in LME Commodity Q2FY27 Impact on EBITDA Aluminium 3226 $/t ~₹ 2175-2225 crore/year Alumina 4.0 - 4.1 MnT Aluminium1 2.6 - 2.7 MnT CoP2 & 3 $1,650-$1,700/tGuidance Sensitivity 1. Including trial run production 2. Hot Metal CoP 3. Anticipated additional impact due to war in H1FY27: 50-100 $/t 28
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Earnings Call Details 29 *In case of dial-ins from any other country, please use the online registration link for relevant dial-in numbers. Event Telephone Number Earnings conference call on October 28, 2026 from 5:00 PM to 6:00 PM (IST) Universal Dial-In +91 22 6280 1114 +91 22 7115 8015 India National Toll Free 1 800 120 1221 International Toll Free* Canada 01180014243444 Hong Kong 800964448 Japan 00531161110 Netherlands 08000229808 Singapore 8001012045 South Korea 00180014243444 UK 08081011573 USA 18667462133 Online Registration Link For Registration- Click Here Call Recording This will be available on Company website on October 28, 2026