Interim report
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VAML/Sec./SE/26-27/53 October 28, 2026 BS E Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers “Exchange Plaza” Dalal Street, Fort Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Sc rip Code: 544780, 959311, 974022, 976430 and 976431 Symbol: VAML Su b: Outcome of Board Meeting held on October 28, 2026 – Integrated Filing (Financial Results) Dea r Sir/Madam, Th e Board of Directors of Vedanta Aluminium Metal Limited (the “Company”) at its meeting held today, i.e. October 28, 2026, has, inter alia, considered and approved the Unaudited Consolidated and Standalone Financial Results of the Company for the second quarter and half year ended September 30, 2026 in terms of Regulation 33 and 52 of the Securities and Exchange Board of India ( “SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (“Listing Regulations”). In this regard, please find enclosed herewith the following: 1. Una udited Consolidated and Standalone Financial Results of the Company for the second quarter and half year ended September 30, 2026 (“Financial Results”); 2. Li mited Review Report for Financial Results from the Statutory Auditors of the Company, M/s S R B C & CO LLP, Chartered Accountants. The report of the Auditors is with unmodified opinion with respect to the Financial Results. Th e aforesaid financial results shall also be made available on the website of the Company at : www.vedantaaluminium.com. Fur ther, pursuant to SEBI Master Circular HO/49/14/14(7)2025 -CFD-POD2/I/3762/2026 dated January 30, 2026 read with relevant circulars issued by stock exchanges in this regard, the following disclosures are being made: A. Fi nancial Results – Enclosed B. Statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. – Not Applicable C. Disclosure of outstanding default on loans and debt securities – Not Applicable D. Disclosure of related party transactions (applicable only for half -yearly filings i.e., 2nd and 4th quarter) - will be filed along with XBRL for financial results. E. Statement on impact of audit qualifications (for audit report with modified opinion) submitted along -with annual audited financial results (standalone and consolidated separately) (applicable only for annual filing i.e., 4th quarter) – Not Applicable The meeting of the Board of Directors of the Company commenced at 02:10 p.m. IST and concluded at 03:12p.m. IST. We request you to please take the above on record. Thanking you. Yours faithfully, For Vedanta Aluminium Metal Limited Dashmeet Rana Company Secretary & Compliance Officer Enclosed: As above Vedanta Aluminium Metal Limited REGISTERED OFFICE: Vedanta Aluminium Metal Limited, C-103, Atul Projects, Corporate Avenue New Link, Chakala MIDC, Mumbai, Maharashtra, India, 400093 | Ph: +91 11 4226 2300 CIN: L24202MH2023PLC411663 | Email: vaml.sect@vedanta.co.in | website: www.vedantaaluminium.com
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SR BC& COLLP Chartered Accountants 12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 226819 8000 Independent Auditor's Review Report on the Quarterl y and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended Review Report to The Board of Directors Vedanta Aluminium Metal Limited I. We have reviewed the acco mpanying Statement of Unaudi ted Consolidated Financial Resu lts of Vedanta Aluminium Metal Limited (the " Holding Company") and its subsidiary (the I lolding Company and its subsidiary together referred to as "the Group"), for the quarter ended September 30, 2026 and year to date from April 1, 2026 to September 30, 2026 (the " Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and 52 of the SEBl (Listing Obligations and Disclosure Requirements) Regulatio ns, 2015 , as amended (the "Listing Regulations"). 2. The Holding Company' s Manage ment is responsible for the preparati on of the Statement in accordance with the recogn ition and measuremen t princip les laid down in Indian Acco untin g Standard 34, (Ind AS 34) "Interim Financ ial Reporting" prescribed under Section 133 of the Companies Act, 201 3 as amended , read with relevant rules issued thereunder and other acco unting principles generall y accepted in India and in compl iance \.Vith Regulatio n 33 and 52 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directo rs . Our responsibility is to express a conclusion on the State ment based on our review. 3. We conducted our rev iew of the State ment in acco rdance with the Standard on Rev iew Engagements (SRE) 24 10, " Review of Interim Financ ial lnfonnation Performed by the Independe nt Auditor of the Entity" issued by the Institute of Chartered Acco untants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial informatio n consists of making inquirie s, primarily of persons responsible for financial and accou nting matters, and applying analytical and other review procedu res. A review is substantially less in scope than an audit conducted in accord ance with Standards on Aud iting and conse quently does not enable 1•~ to obtain assurance that we would become awa re of all significan t matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also perform ed procedure s in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of a subsidiary, Bhara t Aluminium Company Limited. S R 8 C & co LLP. a Limited Llablhty Partnersn;p with LLP Ident ity .. 0. AAB-4 3 18 Regd. Office : 22. Camac Street. mock '8', 3rd floor, Kolkata-7000 16
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SR BC& CO LLP Chartered Accountants 5. Based on our review conducted and procedures performed as stated in paragraph 3 above , nothing has come to our attention that causes us to believe that the accompanying Statement , prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (' Ind AS') specified under Section 133 of the Companies Act, 20 13, as amended , read with rele vant rules issued thereunder and other accou nting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations , including the manner in which it is to be disclosed , or that it contains any material misstatement. 6. The Statement includes the results of Holding Company for the year ended March 31, 2026 which were audited by predece ssor auditor who expressed an unmodified opinion on those financial statements on April 29, 2026 and the figures for the quarter and half year ended September 30, 2025 and for the year ended March 31, 2026 of Alumini um Division as extracted from the books of account underlying the financial results of Vedanta Limited which were subjected to limited review / audit by the auditors of Vedanta Limited to give the impact of the Scheme of demerger. For S R B C & CO LLP Chartered Accountants l~=t;on numbecc 324982E/E300003 per Vikas Pansari Partner Membership No. : 093649 UDIN: .26o~3b~9LOLZLJ" 202-8 Place: Mumbai Date: October 28, 2026
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~ vedanta aluminium Vedanta Aluminium Metal Limited CIN: L242021\1H2023PLC411663 Regd. Office: C-103, Atul Project., Corporate Avenue New Link, Cbakala MIDC, Mumbai, i\laharashtra, India, 400093 Sf AT EM ENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 (f in Crore, except as stated) S.No. Particulars I Revenue from operations a) Revenue b) Other operating income Total revenue from operations (a+b) 2 Other income Total income 3 Expemes a) Cost of materials consumed b) Changes in inventories of finished goods and work-in-progress c) Power and fuel charges d) Employee benefits expense e) rwance costs (Refer note 4) f) Depreciation, depletion and amortisation expense g) Other ex"J}enses Total exoenses 4 Profit before excentional items and tax 5 E:s:ccoriooal items rRefer note 7) 6 Profit before tax 7 Tax espenso/ (benefit) Other than exceptional ite~ a) Net cUITent tax expense b) Net deferred tax expense Exceptional itent5 c) Net current tax benefit on exceptional items (Refer note 7) d) Net deferred tnx benefit nn e.'<centionaJ item!. fRefer note 7) Net tax exocnse (a+b+c) 8 Profit after tax (A) 9 Other comprehensive income/(loss) i) (a) Item that will not be reclassified to profit or loss (b) Tax benefit / (expense) on item that will not be reclassified to profit or loss ii) (a) Item that will be reclassified to profit or loss (b) Tax benefit /(e,q,ense) on item that will be reclassified to profit or loss Total other comprehensive (lo"") / income (BJ 10 Total comprehensive income (A+B) II Profit attributable to : a) Owners of Vedanta Aluminium Metal Limited b) Non-controlliog interests 12 Other comprehensive (loss) I income attributable to: a) Owners of Vedanta Aluminium Metal Limited b) Non-controlling interests 13 Total comprehensive income attributable to: a) Owners of Vedanta Aluminium Metal Limited b) Non-controlling interests 14 Net profit after tuxes, non~controlling interests but before exceptional items 15 Paid-up equity share capital (Face value off I eacb) 16 Other Equity 17 Earnings per sbarc (fl (*not annualised) (Refer note 5) • Basic and Diluted 18 Additional infonnatjpp EBITDA /Refer note I I) "On represents amount less than f 0. SO crorcs SlGf'·H:D fOrl !DENTffiCAT!O~I BY S R 8 C l1 \: ~:J LL P MUMB /\1 Quarter ended 30.09.2026 30.06.2026 (Unaudited) (Unaudited) (Refer Note 3) 22,066 21,105 258 288 22,324 21,393 347 309 22,671 21,702 6,535 5,470 (573) (292) 3,750 3,538 334 334 911 1,001 802 775 2,165 2,044 13,924 12,870 8,747 8,832 (485 8,262 8,832 2,057 2,047 140 188 (IOI) ,211 2.075 2 235 6,187 6,597 9 (2) (2) 0 165 4,051 (41) (1,020) 131 3,029 6,318 9,626 5,167 5,629 1,020 968 168 2,735 (37) 294 5,335 8,364 983 1,262 5,530 5,629 391 391 13.21 * 14.39 • 10,192 l0.499 Hair year ended Year ended 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Coaudited) (Unaudited) (Unaudited) (Refer Note 3) (Refer Note 3) (Refer Note 3) (Refer Note 3) l5,670 43,171 30,227 65,847 273 546 370 1.044 15,943 43,717 30,597 66,891 137 656 345 987 16,080 44,373 30,942 67,878 5,322 12,005 11,074 2l ,579 (95) (865) (621) (849) 2,992 7,288 6,087 12,156 309 668 624 l,265 949 1,912 1,949 3,905 699 1,577 1,400 2,890 1,871 4,209 3,503 7,577 12,047 26,794 24,016 48,523 4,033 17,579 6,926 19,355 {4851 - /393 4,033 17,094 6,926 18,962 762 4,104 1,308 4,107 259 328 444 801 - (101) (99) ,21, I 021 4.310 1.752 4 809 3,012 12,784 5, 174 14,153 (25) 7 (27) (16) 5 (2) 5 I (374) 4,216 (965) (4.226) 94 (1,061) 243 1,064 (300) 3,160 (744) (3,177) 2,712 15,944 4,430 10,976 2,373 10,796 4,154 11,819 639 1,988 1,020 2,334 (270) 2,903 (664) (2,902) (30) 257 (80) (275) 2,l03 13,699 3,490 8,917 609 2,245 940 2,059 2,373 11,159 4,154 12,113 0 391 0 0 13,494 6.07 • 27.61 * l0.62 • 30.22 5,582 20,691 10,062 25,488
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~ Vedanta oh1m1nium Vedanta Aluminium Metal Limited CIN: L24202MH2023PLC411663 Regd. Office: C-103, Atul Projects, Corporate Avenue New Link, Chakala MIDC, Mumbai, Maharashtra, India, 400093 STATEMENT OF CONSOLIDATED ASSETS AND LIABILITIES AS AT 30 SEPTEMBER 2026 Particulars A ASSETS 'ion-~urrent assets (a) Property, plant and equipment (b) Capital work-in-progress ( c) Intangible assets (d) Exploration intangible assets under development (e) Financial assets ( i) Investments (ii) Trade receivables ( iii) Derivatives (iv) Other financial assets ( f) Other non-current assets Total non-current assets Current assets (a) Inventor ies (b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Other bank balances (v) Loans (vi) Derivatives (vii) Other financial assets ( c) Other current assets Tot!tl current assers Tnt:il .-\sscts 8 EQUITY AND LIABILITIES Equity Equity share capital (Refer note 3) Other equity Equity attributable to owners of Vedanta Aluminium Metal Limited Non-controlling interests Total Equity Liabilities Non-current liabilities (a) Financial liabilities (i) Borrowing s (ii) Lease liabilities (iii) Derivatives (iv) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) Othernon-currcnt liabilities Total non-current liabilities Current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Operational buyers' credit / suppliers' credit (iv) Trade payables (v) Derivative s (vi) Other financial liabilities (bl Other current liabilities ( c) Provisions (d) Income tax liabilities (net) Total current liabilities Total Equity and Liabilities SR BC & CO LLP MU MBA I As at 30.09.2026 (Unaudited) 55,059 8,631 891 1,750 849 117 239 508 2,365 i 0,401) 7,932 3,578 2,575 258 2,526 I 498 122 l,lU2 I 19,331 89,W I 391 22,665 23,056 10,600 JJ,lis6 I 27,039 69 52 - 299 6,696 J,20 7 37,Jli2 5,721 20 2,649 4,742 68 2,642 1,852 231 798 18,723 89,741 If in Crorel As at 31.03.2026 (Unaudited) (Refer Note 3) 54,158 9,319 901 1,163 849 133 229 1,138 2,317 70,207 6,87'.! 2,597 2,428 1,474 268 I 358 1.324 890 16.212 Xh.-11 9 0 13,494 13,494 8,355 21 849 26,214 74 0 342 311 5,328 3,222 35,491 11 ,478 21 4,073 3,444 4,017 3,337 2,417 194 98 29,079 86,419
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~ vedanta aluminium Vedanta Aluminium Metal Limited ClN: L24202MH2023PLC411663 RCl!d. Office : C-103, Atul Projects, Corporate Avenue New Link, Chakala MIDC, Mumbai, Mabarashtr.i, India, 400093 ST A TEMENT OF CONSOLIDATED CASH FLOWS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2026 If in Crorc) Half vear ended Particu lars 30.09.2026 30.09 .2025 : (Unaudi ted) (l:naudited) (Refer Note 3) (Refer Note 3) CASH FLOWS FROM OPERATING ACTfVITfES Profit before tax 17,094 6,926 Adj ustments for: Depreciation, depiction and amortisation 1,577 1,400 Interest expense 1,910 l.947 Interest income (342) (161) Unrealised foreign exchange loss (net) 111 207 Fair value gain on ftnancial assets held at fair value through profit or loss (63) (51) Amortisation of deferred government grant (59) (51) Allowance ofimpaiement on financial and non-financial asset s/ bad debts written off 22 2 Loss/(gain) on ;ale/ discard of property. plant and equipment (net) -IS (4) Liabilities written back (32) (103) Share based payment expense 3 1 17 Capital work-in-progress written off - 40 Unwinding of discount on decommissioning liability 2 2 O perating profit before working capita l changes 20,296 10,171 Changes in working capita l Decrease / (increase) in trade and other receivables 121 (531) Increase in inventories (1,174) (822) Decrease in trade payables and other liabilities 92 (2,937) (Decrease) / increase in operational buyers' credit I suppliers' credit (1,384) 632 Cash generated from operations 17,951 6,513 Income taxes paid (net) (3,314) (1, 129) Net cash generated from operating activit ies 14,637 5,384 CASH FLOWS FROM INVES TING ACHVITIES Purchases of property, plant and equipment (including intangibles, intangibles under development and capital work-in-progress) (2,477) (3,303) Proceecis from sale of property, plant and equipment 6 8 Bank deposits made (4,005) (3, 187) Proceeds from redemption of deposits 2,379 1,260 Purchase of short-teem investments (27,617) (16. 193) Proceeds from sale of short-term investments 26,69 8 16,872 [nterest received 312 175 Purchase oflong -teem investments - (55) Net cash used in investing activities (4,704 (4,423 ) CASH FLOWS FROM FINANCL'IG ACTIVITIES Proceeds from short-teem borrowings 931 Repayment of short-term borrowings (2,33 1) (27) Proceeds from long-term borrowings 11,139 7,848 Repayment of long-teem borrowings (14,787) (4,257) Interest paid (1,929) (2,300) Principal payment oflease liabilities (7) ( 10) Interest payment oflease liabilities (4) (5) Payment of dividend to equity shareholders of the Company (3,124) Net cash (used in)/ generated from financing activities (10,112) 1,249 Net (decrease ) / increase in cash and cash equivalents (179) 2.210 Cash and cash equivalents at the beginning of the period 1,474 1,423 Adjustment pursuant to the Scheme (Refer note 3) (1,037, (1 ,035) Cash and cash equivalents at end of the period 258 2,598 Notes: a The figures in parentheses indicate outflow. b. The above cash flow has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows. C'IG ri.•r.n f0r1 ••lqtT f rlr /.\TION 0 \.,._i ) 1~ i. ... l ,.,, "1J ; . I L r .... u ~ ~rt,, Jh , BY ~ ~ ~) (l) (I) "7 € s R 8 C &. CO L.LP !1-- (' .. pa,,~-/ f 1,,1 U fvl131; I ---..:::-... -· __ ,.,,
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:-lotes:- 1 The above consolidated financial results of Vedanta Alwninium Metal Limited ("the Company") and its subsidiary (collectively referred to as "the Group ") for the quarter and half year ended 30 September 2026 have been reviewed by thd Audit and Risk Management Committee and approved by the Board o f Directors at their respective meetings held on 28 October 2026 . The statutory auditors of the Group have carried out a limited review of the aforesaid consolidated financial results in accordance with the applicable requirements and issued an unmodified conclusion thereon. 2 These consolidated financial results have been prepared in accordance with the Indian Accounting Standard s ("Ind AS") prescribed under Section 133 of the Compan ies Act, 2013 , read with the Companies (Indian Accounting Standards ) Rules. 2015. as amended . and in compliance with Regulation 33 and 52 ,,1 the Listing Regulations . 3 The Honble National Company Law Tribunal. Mumbai Bench . vidc its Order dated 16 December 2025, approved the Scheme of Arrangement inter-alia amongst Vedanta Limited, the Company and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 20 I 3 ("Scheme") , providing for the demerger of the Aluminium Division of Vedanta Limited ("Demerged Undenaking") into the Company on a going concern basis . The Scheme became eflcctive on I May 2026 ("effective date"). which is also the Appointed Date of the Scheme . Consequent to the scheme becoming effective, the Demerged Undenaking was transferred to and vested in the Company and has been accounted for in accordance with the accounting treatment prescribed under the Scheme and the applicable provisions of Ind AS. Pursuant to the Scheme, the Company approved allotment of391,03 ,88,057 equity shares of face value ont each to the eligible shareholders of Vedanta Limited in accordance with the Share Entitlement Ratio on 4 May 2026 , and the Company ceased to be a subsidiary of Vedanta Limited. The Company is also in the process of obtaining regulatory approvals relating to the transfer and/or change of name of cenain mining and other assets transferred pursuant to the Scheme [Refer note 7(b)]. In accordance with the accounting treatment prescribed under the Scheme and the applicable provisions of Ind AS. the comp11J11tivc financial results and other financial information of the Group for the quaner and halfye-a.r ended 30 September 2025 and year ended 31 March 2026 includes unaudited interim financial results and other financial information of Alwninium Undenaking transferred to the Group pursuant to the Scheme as extracted from the books ot account underlying the financial results of Vedanta Limited (the "1he Demerged company ") for those respective periods, which were subjected to limited review / audit by the auditors of Vedanta Limited to give impact of the Scheme . Further, "adjustment pursuant to the Scheme" appearing in the Sta1cment of Consolidated Cash flows represents the aggregate impact of accounting adjustments arising from the dcmcrgcr , including consequential realignment of assets, liabilities, income and expenses in accordance with the provisions ,,1 the Scheme. 4 Finance costs have been allocated between the business divisions of Vedanta Limited based on the actual debt allocation as at 30 April 2026. Accordingly, fmance costs for the comparative quarter and half year ended 30 September 2025 and tor the year ended 31 March 2026, have been presented based on the aforesaid debt allocation . 5 Earnings per share, basic and diluted, has been computed after giving effect to the equity shares issued pursuant to the Scheme , as if such shares had been issued at the beginning of the earliest period presented (Refer note 3 above) . 6 The Group is primarily engaged in the aluminium business and operates in a single reponable segment Accordingl y. the Group has only one operating segment in terms oflnd AS I 08 - Operating Segmenls, and no separate segment information is required to be disclosed . 7 Exceptional items (net ofta.-c): 1 ;! in Crore1 Quarter l'r11ted JJ;,Jf n a r rntl ctl Year ended 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Particulars 30.09.2026 30.06.~026 ('Gnaudited) (Uoaud_,ted) (l'oaudited) (Unaudited) (l:oaudited) (Unaudited) /Rder '.\ute Ji !Refer :-iotc Ji ! Refer Note 31 tRcfer Note 31 (Refer Note 31 OMC bauxite matter• Stamp duty and other charges on transfer of land and mining rights • Capital work-in-progres s written off Statutor. impact of ne11 Labour Codes Exceptional items Current tax benefit on above I Deferred tax benefit on above I Exccotional item s (net oft :") !Less Non~ omrollinu interest~ 0 11 above ' Exceptional items, net of tax and non-<:ootrolliog I interests (~OU) (85) (-'85) IOI 21 1363) (363) - - - - (400) (85) (485) IOI 21 (Jl,Ji (363) l(a ) Tl11s represents an additional provision recognised for bauxite supplied by Odisha Mining Corporation Limited under the Long-Tenn Linkage I arrangement (Refer Note 12). (b) This represents the estimated stamp duty and other charges payable to the various authorities to effect the transfer and registration of the land and !mining rights acquired under the Scheme of demerger (Refer note 3 above) . (349) l~ -1 I (393) 99 111 (293 ) 8 JThc Company entered into a Share Purchase Agreement dated 30 April 2026 with Vedanta Limited ("VEDL") to acquire a 5 I% equity stake in Bharat Aluminium Company Limi1cd ("BAI..CO") from VEDL for a consideration of t22. I 80 crores , discharged through the issuance of 22,18 ,00,000 (Twenty- 1T11 0 Crore Eighteen Laich) 0.1 % Compulsorily Convenible Debentures of face value fl,000 each. Consequently, BALCO. which was previously a subsidiary ofVEDL, became a subsidiary of the Compan y with effect from 30 April ~026. The remaining 49% equity slake in BALCO continues to be hdJ ! by the Government of India As the aforesaid transaction represents a business combination involving entities under common control , it has been accounted for in accordance \\ ith I Appendix C, Bus iness Combinat ions of Entities under Common Control , to Ind AS 103, Busines s Combinations . using the pooling of interests method . 1,\cc unlingly, the consolidated financial results for the quaner and half year ended 30 September 2025, for the quaner ended 30 June 2026 and year ended 31 March 2026 have been re-presented / re-<:omputed to include the financial information ofBAI..CO as if the acquisition had occurred from I April 2025, I being the beginning of the earliest period presented. SIGf~ED Fon IDHJT!F!CtfflON BY ~ S R B C & CO L.LP NJ U fv18 /\ I
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9 I. \ dJm onal disclosures of linancrnl rat10s: Quarter ended Half year ended Year ended Particulars JO.O'l,2026 30.06.2026 30.09.2025 J0.09.2026 30.09.2025 31.03 .2026 (l:naudited) (l'naudited) (l'naudited) (t:nnudited) (l'naudited) (l'naudited) /Refer Note 31 /Refer Note 3) (Refer Note 31 /Refer :'l.ote 31 !Refer Note 3) a1 Debt.Equity Ratio I in times) 0.97 1.17 2.23 0.97 2.23 1 72 hi Dehl Service Coverage Ratio (in times1• 1.19 I 33 I 69 1.27 1.70 I 66 Cl Interest Service Coverage Ratio Im 11mcs1' 13.9-t 10 -19 7.23 13.72 6.51 6.53 di L·urrenl RalIO (in ttmes) IA9 I 18 0 89 l..t9 0 89 0 85 CJ l.ong term debt to working capital Ratio (in times, 5.18 11 07 .. 5.18 .. .. n [;Jd debts to Account receivable Ratro ( rn t1mes1• . . gl Current ltabtlity Ratio (in times) 0.23 0 28 0.26 0.23 0 26 0 29 h1 Total debts to total assets Ratro I in tunes J 0,37 0 39 0.46 0.37 0.-16 o.u ii [)cators Turnover Ratio tin times1• 8.13 7 Q8 1204 16.65 :!2.64 3.J.Ci'I J) Inventory Turnover Ratio (in limesJ' t..19 I 44 I 58 3.11 3 21 b -13 kl n 1-.:rating-Profit Margin r• •J' 42% ➔ 5°o 31''• .'4'1/0 :!8° 0 3-10 0 II :--;i.:i~l'rofit ?vlargm 1t.1 n 1* 29% 31"• 19°10 30% 17°, 2::!0 o m1 l· apital Redemption Reserve ( ~ in Crores I . . . n) :-;e1 Worth (Total Euuttvl (~ in Crores) 33.656 30.4*1 17.530 33,656 17.530 21.8-19 • Not annualised. except for the year ended 31 March 2026. " Net working capital IS negative. r unnulae for computation of ratios arc as f'ollows. al Dcbt-F,1u11·. Ratio Total Debt / Total Euu11v I Jcbt Service Coverage Ratio Income av:u lab le for Jeht service rintcrcst expense T repayments made dunng the period for long term hi loans ). where income avatlable for dcht service - Prolit before exceptwnal items and tax - Dcprcciattun. depletton and amortrzauon expense - Interest expense CJ lnti:r .:"t Service L\1\ i.:,a~ ... · Ratio Income available for debt service interest exoense J } 1 ·urrent Ratio Current Assets Current Ltabilit1cs rexcluding current maturiues of long term borrowmgs) I ong term debt to workmg caprtal Ratio Non.current borrowing r including current maturities of long term borrowmgJ, Workmg capital rWC 1.1 Cl where WC = Current Assets• Current Liabilities I excluding current maturittcs of lung term borrowmgs I I I fJ H~1J Jt.:ht" i1 1 \ L"c-,11mt n:r ~i,ah l~ R.1til • h,J I lebts written off Avcra~e Trade Receivables , ·urrcnt liability Ratio CLirrent Liab1lit1es (cxclmiing curr~nl matunt1es of long term borro\l.- 1ngs): I otal Liahihtics I g) hi I otal debts to total assets Ratro Total Debts Total Assets I) I k liturs Tum nh ·r H.1t1u i. 1t.1I ft.:\1,:nuc 1r11m 111 ••-·r .ll! un , \ , .:rJ-!.: f r::il.!.: Rt.:~ ... ·i, Jt"h:, J I !n-. t.·nt~1 n T tm111\ d Ratio I, I oral revenue from ooerat,on s . EBITDA 1 Average Inv~ntorv I k 1 1 ip~rating-Profit tvlargin 1°aJ t EBITDA - Depreciation. depletion and ~mortization expense 1 Total revenue from operations 11 '\ct-Profit 11,largin t0 , 1 Net pro tit afrer tax before exceptional Hems I net of tax I Total revenue from operations m1 l ·.,l'Hal Rede111n11011 Reserve includes Preference Share Redemotron Reserve created on rcJemouon of oreterence sharl's. 10 .\, at 30 September 2026. the Group has Listed Non,Converttble Debentures ("NCDs") outstanding with a carrying amount nf {8.68g crores. of wh1chj t•,.11S" crores comprised ltstcd secured NCDs. These hsted secure_d NCDs arc secured by wa} of a first pari passu mortgage charge over certarn movable lrxed assets :lrtd freehold land of the Group The Group has maintained au asset co,cr exceedmg 125°, ,gam~t the face value uf the hsted secured NCDs ol / ,, 11S•J crores. in compltance with the applicahle regulator} requirements 11 l·BITDA has been presented as a supplementary measure to enha11ce an umkr standmg of the Group's underl;ing operatmg performance Ii 1s calculatcdl t'rnm profit before excep11onal items and tax. after excluding other non-operattng income and expenses. a11d addrng hack ne1 finance costs mcome and d,:p1ccrnt1on. depletion and amortisation expenses. Exchange 0uctua11ons penainmg IO operational acuvit1es forms pan of EBITDA 12 I he Company has _:111 ongoing dispute with Odisha l'vlmmg Corporatton LumteJ ("( lMC" 1 rclatmg to pncmg of bauxite supplted under the Long-T mn I inkage arrangement ("LTL" l The lfon'blc High Coun of Odisha. \Ide 11s order dated l October 2026. dismrsscd the Compani ·s wnt petition .rnd \ .11.::1tt.:J the mtenm sta} fhe Company 1s pursuing appropriate legal remedies against the said order and has challe11ged the judgment before the Hon'hk ~uprcme Court of India and sought a stay on OMC's consequential demand dated October 113. 2020 for t3 .53<l crorc plus interest and GST thereon. Bused on management asst!ssmcnt and i.:ons1dcnng the mdependent legal opinion obtained. tht management contmues to heltcve that the Company has , trong grounds on merits on the pncing of bauxite under the L TL arran~emcnt and other related matters and accordingly maintains that the impugned High 1 ·ourtjudgement being susceptible to a successfol challenge. 13 I he total Jmdend declared for FY 1026-27 stands at ~8.- per equrt) share of foce value H - each. By Orde r of the Board ~ !'lace: Jharsuguda Rajesh Kumar lla1<·: 28 October 2026 - Wholc•Time Director & ('EO I SIGNED ron IDErJTIFICATION ~ p,.\um,;.,. D I BY Qj :'? \ I c;;v l~ j, s R 8 C & ,(' co LL P 1)81\~ . rvlUM 8A I -
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SR BC& COLLP Chartered Accountants 12th floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Toi: +91 22 681 98000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Vedanta Aluminium Metal Limited I. We have reviewed the accompanying statement of unaudited standalone financial results of Vedanta A luminium Metal Limited (the "Compan y") for the quarter ended September 30, 2026 and year to date from April 1, 2026 to September 30, 2026 (the "Stateme nt") attached herewith, being submitted by the Company pursuant to the require ments of Regulation 33 and 52 of the SEB I (Listing Obligation s and Disclosure Requirem ents) Regul ations, 2015 , as amended (the "Listing Regulati ons") . 2. The Company's Mana gement is responsibl e for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Acco untin g Standard 34, (Ind AS 34) "Interim Financial Reporting " prescribed under Section 133 of the Companies Act, 20 I 3 as amended , read with rele vant rules issued thereunder and other account ing principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulation s. The Statement has been approved by the Compan y's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accord ance with the Standard on Review Engagements (SRE) 2410 , " Review of Interim Financial Informati on Performed by the Independent Auditor of the Entity" issued by the Institute of Charte red Accountants of India . Thi s standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of materia l misstatem ent. A review of interim financial informati on consists of making inquiries, primaril y of persons responsible for finan cial and accounting matters, and app lying analytical and other review procedures. A review is substantiall y less in sco pe than an ~"rlit conducted in accordanc e with Standa rcl'i on Auditin g and conscquen tlv does not ena ble us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. According ly, we do not express an audit op inion. 4. Based on our review condu cted as above, nothing has com e to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principl es laid down in the aforesa id Indian Accounting Standard s (' Ind AS') specified under Section 133 of the Companie s Act, 20 13 as amended , read with relevant rules issued thereunder and other accounting principle s generally accepted in India, has not disclosed the informati on required to be disclosed in terms of the Listing Regulation s, includin g the manner in which it is to be disclosed, or that it contain s any material misstatement. S R 8 C & CO LLP. a Limited Uablhty Partnership wltn LLP Identity No. AAB·4318 Re-Qd. Office: 22, Camac Street, Block 'B". 3rd floor, Kon,ata-700 016
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SR 8 C& CO LLP Chartered Accountants 5. The Statement includes the results for the year ended March 31, 2026 which were audited by predecessor auditor who expresse d an unmodified opinion on those financial statements on April 29, 2026 and the figure s for the quarter and half year ended September 30, 2025 and for the year ended March 31, 2026 of Aluminium Division as extracted from the books of account underlying the financial resu lts of Vedanta Limited which were subjected to limited review / aud it by the auditors of Vedanta Limited to give the impact of the Scheme of demerger. For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 per Vikas Pansari Partner Membership No.: 093649 UDIN:260j36~j Q£VHRC7613 Place: Mumba i Date: October 28, 2026
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~ vedanta aluminium Vedanta Aluminium Metal Limited CIN: L24202MH2023PLC411663 Regd. Office: C-103, Atul Projects, Corporate Avenue New Link, Chakala MJDC, Mumbai, Mahaushtra, India, 400093 STATEMENT OF UNAUDITED STAN DAWNE FINANCIAL RESULTS FOR THE QC:ARTERAND HALF YEAR ENDED 30 SEPTEMBER 2026 (f in Crore , except •• otated) S. No. Particulars I Revenue from operations a) Revenue bl Other operating income Total revenue from operations (a+h) 2 Other income Total income 3 Expense, a) Cost of materials consumed bl Changes in inventories of finished goods and work-in-progress c) Power and fuel charges d) Employee benefits expense c) Finance costs (Refer note 4) f) Depreciation, depletion and amortisation expense g) Other expenses Total e'T"TV>nscs 4 Profit before exceptional items and tax 5 Exceptional items (Refer note 7) 6 Profit before tax 7 Tax cxperu,e/ (benefit) Other than e1:ceptioual items a) Net current tax expense bl Net deferred tax expense Exceptional items c) Net current tax benefit on exceptional items (R~fer note 7) d) Net deferred tax bccefit on exceptional items (Refer note 7) Net tax cxncn,e (a+b+c) 8 Net nrofit after tax (Al 9 Net nrofit after tax before exceotional items (net of tax) IO Other comprehensive income/(loss) a) (i) Item that will not be reclassified to profit or loss (Refer note 8) (ii) Tax benefit/(expense) on item that will not be reclassified to profit or loss b) (i) Item that will be reclassified to profit or loss (ii) Tax benefit/(e,cpense) on item that will be reclassified to profit or loss Total other comorehensive income/floss) !Bl II Total comprehensive income IA+B1 12 Paid-up equity share capital (Face value off I each) 13 Other Equity 14 Earnings per share ('O (•not annualised) (Refer note 5) - Basic and Diluted 15 Additional information EBffDA (Refi:r note 11 l 'O' represents amount less than ( 0.50 crores SIGNED FOR IDENTIFICATION BY SR BC & CO LLP MUMBAI Quarter ended 30.09 .2026 30.06.2026 (l'na.udited) (Unaudited) (Refer Note 3) 15,831 15,432 250 260 16,081 15,692 220 226 16,301 15.918 4,509 3,764 (232) 2 2,781 2,669 200 201 846 891 584 577 1,644 1,610 10332 9 714 5969 6 204 (485) 5,484 6,204 1,388 1,444 112 119 (101) - (21 1.378 1,563 4,106 4641 4469 4,641 95 (I) - 274 3,247 (69\ (8171 299 2.430 4405 7.071 391 391 IO.SO• 11.87 • 7,229 7,634 Halfvear ended Year ended 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Refer Note 3) (Refer Note 3) (Refer Note 3) (Refer Note 3) 11.740 31,263 22.557 49.604 261 5IO 355 988 12.001 31,773 22.912 S0.592 80 446 174 570 12,081 32,219 23,086 51,162 4,074 8,273 8,400 16,611 (91) (230) (509) (669) 2,694 5,450 4.994 9.687 194 401 387 783 907 1,737 l.862 3,613 534 1,161 1,053 2,155 1,497 3,254 2,766 6,041 9 809 20.046 18 953 38.221 2.272 12173 4,133 12 941 (485) - (389) 2,272 11,688 4,133 12,552 475 2,832 813 2,814 104 231 237 470 - (IOI) - (98) (21 579 2,941 1.050 3, 186 1,693 8 747 3,083 9,366 1.693 9110 3 083 9 657 (21) 95 (21) (8) 5 (I) 5 2 (299) 3,521 (754) (3,488) 76 (8861 190 878 (239 2 729 (580 (2616 1,454 11,476 2.503 6 750 0 391 a 0 4,830 4.33 • 22.37 • 7.88 • 23.95 3,682 14,862 6,963 18,337
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~ vedanta ulumm1um Veda nta Alu min ium Metal Limited CIN: L24202MH2023PLC4 11 663 Regd. Office: C-103, Atul Projects, Corporate Avenue New Link, Chakala MIDC, Mumbai, Maharas htra, India, 400093 STATEMENT OF STANDALONE ASSETS AND LIABILITIES AS AT 30 SEYTEMBER 2026 ({ in Crore As at As at Particu lars 30.09.2026 31.03.2026 (Unaudited) (l'na udited) (Refer Note 3) A ASSETS :\on-current assets ta) Property, plant and equipment 40,669 40.5 15 lb) Capital work-in-progress 1,545 2.001 1 c) Intangible assets 883 891 1 d) Exploration intangible assets under development 1,621 1,040 1e) Financial assets (i) Investments (Refer note 8) 22,712 439 (ii) Derivatives 239 229 (iii) Other financial assets 460 1,090 ( f) Other non-current assets 2,040 2.066 Total non-current assets 70.169 48.271 Current assets ( a) lnvc:ntories 5,402 4.977 (b) Financia l assets (iJ Investments 1,505 1,387 (ii) Trade receivables 2,099 2,276 (iii) Cash and cash equivalents 227 1,300 (iv) Other bank balances 1,608 268 (v) Loans - 0 (vi) Derivatives 400 296 (vii) Other financial assets 39 1,055 ( c) Other current assets 1,736 772 Total current assets 13,0 16 12,331 Total assets 83,185 60,602 B EQCITY AND LIABILITIES Equity Equity share capital (Refer note 3) 391 0 Other equity (Refer note 3 and 8) 33,960 4,830 Total equity 34,35 1 4,830 Liabilities Non-current liabilities ( a) Financial liabilities (i) Borrowings 26,660 25,088 (ii) Lease liabilities 65 68 (iii) Derivatives 52 0 ( b) Provisions 195 197 (c) Deferred tax liabilities (net) 4,966 3,870 (d) Other non-current liabilities 2,114 2, 143 Tota l non-current liabilities 34,052 3 1,366 Current liabilities ( a) Financial liabilities (i) Borrowings 5,556 10.323 (ii) Lease liabilities 15 17 (iii) Operational buyers' credit/ suppliers' credit 2,649 4,073 (iv) Trade payables (a) Total outstanding dues of micro and small enterprises 104 248 (b) Tota l outstanding dues of creditors other than micro and small enterprises 3,358 2,185 (V) Derivatives 18 3,327 (vi) Other financial liabilities 1,637 2,489 ( b) Other current liabilities 999 1,673 ( c) Provisions 74 71 (d) Income tax liabilities (net) 372 - Tota l current liabilit ies 14,782 24,406 Total equity __ ., "-L"'"- //', ,,-,~"- 83,185 60,602 ''U" n:prcs~nls amn .n~cU~~~l~ t U.tt lUtl\J I !rlCAI IUN ~ ..... ~~"~ BY ','fU;'' ~ ~ rot 7 € Q RB C & CO LLP ,.., 0 ..... ~~/ MUM BA I
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¾ vedanta Vedanta Aluminium Metal Limited J tllTI 11Ul'n CIN: U4202MH2023PLC411663 Re11d. Office: C-103, Atul Projects, Corporate Avenue New Link, Chakala MIDC,'Mumbai, Maharashtra, India, 400093 I STATEMENT OF ST ANDA LONE CASH FLOWS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2026 (tin Crore) Half year ended Particulars 30.09.2026 30.09.2025 (Unaudited) (t;na udited) (Refer Note 3) (Refer Note 3) CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 11,688 4. 133 Adjustments for: Deprecia tion. depletion and amonisarion 1,161 1.053 lnteresr expense 1,735 1.860 Interest income (201) (86) Unrealised foreign exchange loss (net) 99 219 Fair value gain on financial assets held at fair value through profit or loss (45) (28) Amortisation of deferred government grant (38) 134) Loss on discard of property, plant and equipment (net) 39 :! Share based payment expense 22 12 Allowance of impairment on financial and non-financial assets (0) 0 Liabilities written back (4) (60) Unwinding of discount on decommissioning liability 2 2 Operating profit before working capital changes 14,458 7.073 Changes in working capital Decrease (increase) in trade receivables and other assets 264 (606) Increase m inventones (426) (631) Decrease in trade payables and other liabilities (193) (2.359) (Decrease) increase in operational buyers' credit I suppliers' credit (1,384) 571 Cash generated from operations 12,719 4.048 Income taxes paid (net) (2,359) (813) Net cash generated from operating activities 10,360 3.235 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property, plant and equipment (including intangib les, intangib les under d"velopment and capital work-m-progre ss) (1,619) (1.627) Bank deposits made (3,105) (2.931) Proceeds from redemption of bank depos its 2,379 1,260 Purchase of shon-term investments (1 9,291) (10,2 16) Proceeds from sale of shon -term investments 19,217 10,504 lntercst received 191 102 Purchase oflong-term investments - (25) Net cash usL-d in investing activities (2,228) (:!.933) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short-term borrowi ngs 900 - Rep-dymcnt of shor1-terrn borrowings (2,250) . Proceeds from long-term borrowings 11 ,139 7.505 Repayment of long-term borrowings (13,096) 13.813) Interest prud (1,728) (2.085) Principal payment of lease liabilities (5) (8) Interest paymen t of lease liabilities (4) (4) Payment of dividend to equity shareholders of the Company (3,124) - Net cash (used in)/ generated from financing activities (8,168) 1.595 Net (decrease)/ increase in cash and cash equivalents (36) 1,897 Cash and cash equivalents at the beginning of the period 1,300 1.228 Adjustment pursuant to the Scheme (Refer note 3) (1,037) {1,035) Cash and cash equivalents at the end of the period 227 2.090 Notes: a The figures in parentheses indicate outflow b. The above cash flow has been prepared under the "Indirect Method" as set out in Indian Accounung Standard I Ind AS) 7 • Statement of Cash Flows. c. "O" represents amount less than ~ 0.50 crorcs 0 SIGMED FOR IDENTIFICATION BY ~ If J1l (' s R 8 G & CO LLP ~ pa1'?/ _,,, -------~ MUME~AI
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Notes:- ! The above standalone financial results of Vedanta Aluminium Metal Limited ("1he Company") for the quarter and half year ended 30 September 2026 have been reviewed by the Audi1 and Risk Management Commince and approved by the Board of Directors at their respective meetings held on 28 October 2026 . The statutory auditors of the Company have earned ou1 a limited review or the aforesaid financial results in accordance with the applicable requirements and issued an unmodified conclusion thereon. 2 These standalone financial results have been prepared in accordance wi1h 1he Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and in complianct: with Regulation 33 and 52 of the Listing Regulations. 3 The Hon'ble Nattonal Company Law Tribunal, Mumbai Bench, v1de its Order dated 16 December 2025, approved the Scheme of Arrangement inter-alia amongst Vedanta Limited, the Company and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 l "Scheme"), providing for the demerger of the Aluminium Di\'iSion of Vedanta Limited ("Demerged Undertaking") into U1e Company on a going concern basis. The Scheme became effective on I May 2026 ("effective date"), which is also the Appointed Date of the Scheme ConscQucnt to the scheme becoming effective. the Demergcd Undertaking was transferred to and vested in the Company and has been accounted for m accordance with the accounting tre.itment prescribed under the Scheme and the applicable provisions oflnd AS. Pursuant to the Scheme, the Company approved allotment of 391.03.88.057 equity shares of face value of tl each to the eligible shareholders of Vedanta Limited in accordance with the Share Entitlement Ratio on 4 May 2026. and the Company ceased to be a subsidiary of Vedanta Limited. The Company is also in the process of obtaining regulatory approvals relating to the transfer and/or change of name of certain mining and other assets transferred pursuant to the Scheme [Refer note 7(b)]. In accordance with the accounting treatment prescribed under the Scheme and the applicable provisions of Ind AS, the comparative financial results and other financial information of tht: Company for the quarter and half year ended 30 Sep1ember 2025 and year ended 31 March '.!026 includes unaudited m1erim financial results and other financial information of Aluminium Undertaking transferred to the Company pursuant to the Scheme as e,macted from the books of account underlying the financial results of Vedanta Limited (the "Demerged company") for those respective periods, which were subjected to limited review / audit by the auditors of Vedanta Limited to give impact of the Scheme. Further, "adjustment pursuant to the Scheme" appearing in the Statement of Standalone Cash flows represents the aggregate impact of accounting adjustments arising from the demerger, including consequential realignment of assets, liabi lities, income and expenses in accordance with the provisions of the Scheme. 4 Finance costs have been allocated between the business divisions of Vedanta Limited based on the actual debt allocat,on as at 30 April 2026 Accordmgly, finance costs for the comparative quarter and half year ended 30 September 20:!5, and for the year ended 31 March 2026. have been presented based on the aforesaid debt allocation. 5 Earnings per share, basic and diluted . have been computed after giving effect to !he equity shares issued pursuant to the Scheme, as if such shares had been issued at the begtnnmg of the earliest period presented (refer Note 3 above). 6 The Company is primarily engaged in the aluminium business and operates in a single reportable segment. Accordingly, the Company has only one operating segment in terms of Ind AS I 08 - Operating Segments. and no separate segment information is required to be disclosed. 7 Exceptional items (net of tax): (tin Crore) Quarter ended Half year ended Year ended Partic ulars 30.09.2026 30,06 .2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (l'naudited) (Unaudited) (Unaudited) (Refer Note 3) (Refer Note 3) (Refer Note 3) (Refer Note 3) (Refer Note 3) OMC bauxite matter• (400) - - (400) - - Stamp duty and other charges on transfer of land (85) (85) and mining rights b - - - Capital work-in-progress 1vrinen off - - - - - (349) Statutory impact of new Labour Codes - - - - - (40) Exceptional items (485) - - (485) - (389) Current tax benefit on above (01 - - 101 - 98 Deferred ta'< benefit on above 21 - - 21 - Exceptional items (net of tax) (363) - - (363) - (291) (a) This represents an additional provision recognised for bauxite supplied by Odisha Mimng Corporation Limited under the Long-Term Linkage arrangement (Refer Note 12). (b) This represents the estimated stamp duty and other charges payable to the various authorities to effect the transfer and registration of the land and mimng rights acquired under the Scheme of demerger (Refer note 3 above). 8 The Company entered into a Share Purchase Agreement dated 30 April 2026 with Vedanta Limited ("VEDL") to acquire a 51 % equity stake in Bharat Aluminium Company Limited ("BALCO") from VEDL for a consideration of t22 , 180 crores, discharged through the issuance of 22, 18,00,000 (Twenty-Two Crore Eighteen Lakh) 0.1% Compulsorily Convertible Debentures ("CCDs") of face value 1,000 each. Consequently, BALCO, which was previously a subsidiary ofVEDL, became a subsidiary of the Company \\~th effect from 30 April 2026. The remammg 49% equny stake in BALCO continues to be held by the Government of India. Pursuant to the Scheme of Demerger becoming effective , the said VEDL investment in CCDs transferred to the Company as part of Aluminium Undertaking were cancelled and resultant impact of t2 I ,627 crore is recognised in other equity. This investment has been fair valut!d through Other Comprehensive Income (OCI) as at the reporting date, and the resultant net fair value gain of f93 crores for U1e quarter and half year ended 30 September 2026 has been recognised under " Items that will not be reclassified to profit or loss" in OCI. SIGNED FOR IDENTIFICATION BY SR BC & CO LLP IV1 UM 8A I
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9 \JJ monal disclosures as per Regulation 52:-11 of the Secunues and Exchange Board of India I Listing Obligations and Dtsclosure Requirements I Regulations. 2015 Quarter ended Half vear ended Year ended Particulars 30.09.2026 30.06 .2026 30.09 .2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (l'nauditcd) (l'naudited) (l'naudited) (l'naudited) (l'naudited) (Refer '.'lute 3) (Refer Notd) (Refer Note 3) (Refer Note 3) (Refer Note J) a) Debt-Equity Ratio I in times)# 0.9-t J 1)6 12.88 0.9-t 12.88 7 33 b) Debt Service Coverage Rauo (in times)• 0.85 I 26 1.18 1.02 I 2o I -I:! c) Interest Service Coverage Rallo (in limes)' 10.02 8 61 5.06 10.08 4.78 5 18 d) Current Ratio (in times ) 1.-U I IS 0.86 !Al 0 86 II 80 e) Long tern, debt to working capital Ratio I in times) 8.50 1-122 .. 8.50 .. .. n Bad debts to Account receivabk Ratto ( in limes 1· - - - . g) Current liability Ratio ( m times I 0.19 fl 2-l 0 25 0.19 11 25 ll 28 hl Total debts to total assets Ratio I in times I 0.39 0 41 0.60 0.39 0.60 il 58 ii Debtors Turnover Ratio 1in t1mes1• 7.16 6 72 11.13 l-t.53 20_7Q 30 -1/J ii Inventory Turnover Ratio (in tunes)• 1.56 I -18 I 67 3.26 3.27 l> 76 kl Operating-Profit Margin(',)' 41% 45°0 26°0 .J3% 26°0 310 - 0 I) Net-Profit Margin l'ol* 28°10 30°, 14°, 29% 13', 19~. ml Capital Redemption Reserve ( t in CroresJ - - - - - ll) .'<cl Worth (Total Equitv) (tin Crores)# J-t,351 33.046 2.775 3-1,351 2.775 .J,330 ' Not annualised. except for the year ended 31 March 2026 " Net working capnal is negative ~ Refer note 3 and 8. Formulae for computation of rauos are as follows· aJ Debt-Eauit; Rauo Total Debt : [ otal Eouit\ Debt Service Coverage Ratio Income available for debt service :interest expense • repayments made dunng the penod for long term loans) hi where income availabk for debt service Profit before exceptional items am! tax - Dcpreciallon. uepld,on and amortization expense •· Interest expense Cl Interest Service Covera2e Ratio Income available for debt service interest ~xnt!nse di Current Ratio Current Assets Current L1ab1lit1cs 1cxcluding ,urrcnt maturities of long term borrowings I Long tenn debt to working capital Ratio Non-current borrowing {including current mammies oflong tem1 borromngl Working capital 1WC1. where WC C) - Current Assets - Current Liabiht1cs ,excluding current maturities of long term borrowings ) n B.1J d.:bts to Account receiv~blc Ratio Bad Debrs wnnen off Avera!!c Trade Receivables I Current liabthty Rauo Current LLab1lit1cs (excluding current mamnue s of long rcrm borrowmgsJ Total L1ah1l1ttes gJ hJ !Total debts to total assets Ratio Total Debts .' Total Assets i) Debtors Turnover Rallo Total re,enue from ooerat,ons r\ veral!e Trade Rece!'ables JI I J n · • ..:nh ,ry Turnover Ratio ,Total revenue from ooerannns less EBITDAJ Avera!.!~ [nventorv kl Operating-Profit Margin t0 ,) 1 EBITDA - Deprec1auon. depldton and amortization expense 1 Tomi revenue from operations IJ S,·1-l'rotit Margin ('01 Net pro tit afier ta., before exceptional Items I net of ta.~ I I Total revenue from operallons m1 C.11,ital Rcdemotion Reserve includes Prcforcnce Share Redemotion Reserve created on redemotion of orefercnce shares 10 As at 30 September 2026. the Company ha.s Non-Convenib le Debentures 1"NCDs"1 outstanding \\ith a carrying amount of tS.689 crores. of which ~b 1J8<l cmrcs comprised listed secured NCDs These listed secured NCDs are secured by way of a first pan passu mongagc charge over certain movable n,cd a55Cts and freehold land of the Company The Company has mamt:uncd an asset cover cxcecding 125°, against the face value of the listed secured NCDs of fo .1)89 crores. m compliance with the applicable regulatory requirements. II EBITDA has been presented as a supplementary measure to enhance an unJcrstani.ling nfthe Cumpany·s underlvmg operatmg perfonnance. It 1s calculated from profit before exceptrnnal items and tux. at\cr excluding ,>thcr non-<Jperatmg income and expenses. and adding back nc1 finance costs.income and dcprcc1a1ion. depkllon and amortisation expenses. Exchange fluctuations pertanung to ,1perat1onal uctiv111es forms pan ofEBITDA. 12 The Company has an ongrnng d1Spute \\Ith Odisha Minmg Corporatton Linuted 1··0Mc· 1 relating to pncmg of bau.xitc supplied under the Loni;-Term Linkage arrangement 1'·LTL " l . The Hon.hie High Court ofOdisha. v,de us order dated I October 2026. d15m1ssed the Company·s wn t pet1t1on and vacated the intcnm slay The Company is pursuing approp1iatc legal remedies against the saiJ order and has challenged the judgment before the Hon'hle Supreme Court orlnd,a and sought a SIU) on OMC"s consequential demand dated October 03. 2026 for n ,539 crore plus mterest and GST thereon Based on management assessment and considering the independent legal opinion obtained. the management continues to belia-e that the Compani has strong grounds on merits on the pncmg of bauxite under the L TL arrangement and other related matters and accordingly main tams that the impugned High L'ourt Judgement betng susceptibk to a successful diallcnge I 3 The Iota! d1v1dend declared for FY J02o-27 stands at is .. per equit) share of face value ~ I - ~ach By Order of the Board r ~ Place: Jharsuguda Rajcsh Kumar Date: 28 October 2026 Whole-Time Director & CEO 0 SIGNED FOR IDENTIFICATION BY g- ~ ~ I 'tJ ~ (P (1) '7 ii' s R 8 C & co LLP :-It <'' Pal\\}) · MU - -MBAI