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EARNINGS PRESENTATION 2QFY27 Vedanta Limited
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Sensitivity: Internal (C3) Table of Contents 1 1 4 5 Highlights Quarterly and Half-Yearly Highlights 3 Business Performance Zinc India | Zinc International | FACOR | Copper 2 2 ESG ESG | CSR Finance Update P&L | Balance Sheet | Capex Profile Appendix
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Sensitivity: Internal (C3) Q1 Highlights PAT VEDL Credit Rating Net Debt / EBITDA Strong Liquidity Production +151% YoY ₹ 6,202 crore Record 2Q Mined metal at HZL: 271 kt (+5%) Silver at HZL: 173 t (+20%) Zinc International: 53 kt (-12%) Record 2Q Chrome Ore: 50 kt (+6%) Ferrochrome: 24 kt (+26%) Record Port dispatch: 1.74 mt (+26%) AA+ / Stable ICRA & CRISIL 0.1 x Revenue ₹ 25,812 crore +57% YoY EBITDA ₹ 9,938 crore 60% +1,055 bps YoY +106% YoY Highest rating since 2014 Best-in-class in Industry EBITDA Margin* 2Q Highlights VEDL Growth Capex ₹ 1,135Cr Zinc International: Gamsberg Phase II commissioned FACOR: First ton of Ore extracted from Ostapal UG Mines Highest-Ever Best-Ever Highest-Ever Vedanta Resources Limited Standalone Net Debt : $ 5.2 Bn Overall cost of borrowing~7% Avg maturity over 4.5 years 1st Interim Dividend : ₹ 5/share FCF (Post capex) : ₹4,668 crore Cost of Production Volume (YoY) Cost (YoY) HZL Zinc: ₹ 67,141/MT (-23%) FACOR: ₹81,831/MT (-2%) *Excludes Copper Business ₹26,622 crore Cash & Cash Equivalent ₹5,803 crore FCF (Pre Capex)
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Sensitivity: Internal (C3) Q1 Highlights PAT Capex Cost of Production FCF (pre-Capex) Production +151% YoY ₹ 11,496 crore Volume (YoY) ₹10,215 crore Net Debt Revenue ₹ 49,268 crore +54% YoY EBITDA ₹18,407 crore 58% +1,023 bps YoY +103% YoY EBITDA Margin* 1H Highlights Demerger effective 1st May ‘26 4 new entities listed on NSE & BSE on 15th June Vedanta Resources Limited Total Bond Raise: $2.15 bn Avg Rate 7.4%, maturity 7.6 yrs Term Loan: $1.85 bn @ SOFR+265bps, maturity 3 yrs Vedanta Resources Limited S&P : BB | Stable outlook FITCH : BB | Stable outlook Moody’s: Ba3 | Positive outlook Decadal high ratings for VRL Highest-Ever Best-Ever Highest-Ever ₹2,283 crore Cost (YoY) Record 1H Mined metal at HZL: 539 kt (+3%) Silver at HZL: 321 t (+10%) Zinc International: 102 kt (-13%) Record 1H Chrome Ore: 202 kt (+31%) Ferrochrome: 53 kt (+13%) Record 1H Ports discharge: 4.19 mt (+32%) HZL Zinc: ₹ 73,789/MT (-15%) FACOR: ₹78,940/MT (-0%) Post Capex ₹ 7,932Cr. Gamsberg Phase II (VZI) 2x Growth Project (HZL) 450KTPA Ferrochrome Deleveraging of ₹9,500+ Cr in First Half ₹ 3,675 crore *Excludes Copper Business
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Sensitivity: Internal (C3) 5 5 Vedanta Limited 2QFY27 Investor Presentation Our Commitment to Excellence – Our Path to Leadership Transforming Communities 9.04 million (9.04 million till Q1FY27) Women & Children Benefitted 0.46 million (0.46 million till Q1FY27) Families Skilled Transforming Planet 120 MW (127 in Q1FY27) RE-RTC 3.36 tCO2e/t-metal (3.68 tCO2e/t-metal in Q1 FY27) GHG Intensity 22% (22% in Q1FY27) Women in workforce Transforming Workplace 0.50 (0.49 in Q1FY27) LTIFR Q2 FY27 HSES Highlights
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Sensitivity: Internal (C3) 6 6 Vedanta Limited 2QFY27 Investor Presentation Group Sustainability & Digital Transformation Initiatives HSES
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Sensitivity: Internal (C3) 7 7 Vedanta Limited 2QFY27 Investor Presentation HSES Key Initiatives by VEDL Business Units in Q2FY27 Transforming Workplace • HZL signed a six-year contract with MFL India to deploy 30 electric trucks for concentrate transportation from RAM to smelting locations • Nicomet achieved 50% reduction in GHG emissions (8.6 to 4.58 tCO₂) through steam consumption optimization in the cell house, reducing steam usage from 0.5 Mt to 0.25 Mt. • HZL has partnered with ICFRE Arid Forest Research Institute, Jodhpur, under the MoEFCC to strengthen the Chanderiya smelter greenbelt through scientific, high- density native species plantation. • HZAPL achieved 100% renewable power sourcing through solar and renewable energy • HZL strengthened vehicle–pedestrian safety by implementing Vehicle–Pedestrian Interaction Golden Rules and pedestrian safety standards across operations and installed 360° blind-spot cameras on 121 LHDs to reduce vehicle-related fatality risks. • FACOR conducted the 37th edition of Suraksha Sankalp focused on “Events in Rail Operations”, alongside a focused Permit-to-Work safety drive to reinforce safe and compliant operations. • HZL reinitiated ICMM Leadership Masterclass and one- to-one leadership coaching, delivering 5 Masterclass sessions and 10 virtual coaching sessions for senior management and Site Executive Committee members. • Nicomet supported 778 students through educational initiatives, including notebook distribution, smartboard installation for digital learning, and awareness workshops on HIV/AIDS and sustainable Kokedama gardening. • HZL Shiksha Sambal Summer Camp engaged 1,600+ students across Rajasthan, delivering STEM, digital learning, sports, creativity, and life-skills training under its flagship education program spanning 76 schools and 47,000+ students. • FACOR reached 450+ beneficiaries through First Aid Awareness (130 students), International Literacy Day (120 students), Clean Air for Blue Skies campaign with 250 saplings distributed, and National Sports Day activities engaging 100+ students. Transforming Communities Transforming Planet
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Sensitivity: Internal (C3) 8 Vedanta Limited 3QFY26 Investor Presentation Empowering communities through CSR Community Infrastructure, Drinking Water & Sanitation Women empowerment, Skilling & Livelihoods Environment, Sports and culture & Animal welfare Public Disclosure numbers, #Financials & 1Programmatic numbers are under audit Nand Ghar, TACO, Sports & Art and culture Highlights H1 FY27 ₹ 217.2 crore# CSR Spent H1 FY27 3211 Developed 2.81 million1 Beneficiaries ➢ 3500+ villages |17 States ➢ 8 Aspirational Districts ❑ Unified Volunteering Portal AI/Tech. Initiatives Healthcare, children’s Well-being & Education 1.77 Mn 68.1 K 0.50 Mn 0.22 Mn* 0.47 Mn *included above Geographical Footprint | FY27 VZI
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Sensitivity: Internal (C3) 9 9 Vedanta Limited 2QFY27 Investor Presentation *COP is excluding royalty Zinc India Record Volumes and Lower Cost Drive Highest-ever Financial Performance 116: 191: 69 0: 99: 168 237: 125: 49 109: 110: 113 ▪ Record 2Q mined metal production of 271 KT, up 5% YoY , with record 1H mined metal production for the 6th consecutive year ▪ Best-ever 2Q refined metal production of 264 KT, up 7% YoY , with best-ever 1H refined metal production ▪ 2Q silver production of 173 tonnes, up 20% YoY , resulting in contribution of c.45% towards overall profitability in 1H Mined Metal Refined Metal Saleable Silver ▪ Lower 2Q zinc COP* of $703 per tonne, better 29% YoY , with lower 1H zinc COP* of $776 per tonne, better 23% YoY ▪ Renewable power consumption increased to 27% of the overall power consumption. Zinc alloy plant is now sourcing 100% power from renewable energy sources ▪ Growth projects on track with engineering and procurement for the 250 KTPA integrated zinc expansion largely complete and mine development underway Production (kt) Production (kt) Production (MT) 258 268 271 2Q FY26 1Q FY27 2Q FY27 246 260 264 2Q FY26 1Q FY27 2Q FY27 994 851 703 2Q FY26 1Q FY27 2Q FY27 COP ($/T) * 144 149 173 2Q FY26 1Q FY27 2Q FY27 523 539 1H FY26 1H FY27 496 524 1H FY26 1H FY27 1,002 776 1H FY26 1H FY27 293 321 1H FY261H FY27
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Sensitivity: Internal (C3) 10 10 Vedanta Limited 2QFY27 Investor Presentation Key Highlights: ▪ Gamsberg: Total Ore Mined is 1.88 million metric tons - Highest ever till date. ▪ Gamsberg’s R&R stands at 269 million metric tons (MT) of ore containing 20 MT of metal with a LOM of 33 years. ▪ BMM: BMM produced 7.1Kt MIC in Q2 FY27. Higher Production by 144% QoQ. 1MIC: Metal in concentrate; 2COP: Cost of production with TcRc cost. 116: 191: 69 0: 99: 168 237: 125: 49 109: 110: 113 Zinc International Ramping up Gamsberg Operations Growth: Gamsberg Phase 2 ▪ Started in Sep’26. Hot Commissioning and stabilization are in progress. ▪ First ore charge completed in Aug 2026 and first MIC in Sept’26 Gamsberg MIC1 Production Gamsberg CoP2 1,282 1,549 1,533 2Q FY26 1Q FY27 2Q FY27 COP incl TcRc ($/T) 49 45 46 2Q FY26 1Q FY27 2Q FY27 Engineering Procurement Construction 99.6% 99.86% 99.2% 94 92 1H FY26 1H FY27 1,172 1,541 1H FY26 1H FY27
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Sensitivity: Internal (C3) 11 Vedanta Limited 2QFY27 Investor Presentation Project Update Commissioned 200 KTPA Phase 2 at Gamsberg taking VZI’s total capacity to 500 KTPA Glimpses of concentrator at Gamsberg ▪ Concentrator Phase 2 • ROM 4 MTPA, • 200 KTPA MIC Production ▪ 1st Metal in concentrate (MIC) at Gamsberg Phase II achieved in September’2026. ▪ Concentrator plant: Commissioned and under stabilization; operating under the below parameters: • 400 TPH average throughput, 70% of rated capacity • Recovery 88%, • 49% concentrate grade ▪ 350+ employment opportunities during full scale operations. ▪ TSF Phase II Construction is at 46%.
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Sensitivity: Internal (C3) 12 12 Vedanta Limited 2QFY27 Investor Presentation Key Highlights: ▪ Ferrochrome production: 24kt, 26% ↑ Y-o-Y | Consistent furnace operation | Second highest ever Q2 production ▪ RoM production: 50kt, 67% ↓ Q-o-Q, 6% ↑ Y-o-Y | Restarting of Kalarangiatta mine in Nov’25 which led to additional ore production | Highest ever Q2 RoM production ▪ Cost: $856/ MT, 11% ↓ Y-o-Y | 100% ore procurement through captive mines ▪ NSR Improvement Levers: Improvement in FG grade supported by higher market price & improved VAP share, resulted change in NSR 2% ↑ Q-o-Q, 8% ↑ Y-o-Y ▪ EBITDA: $8 Mn FACOR: Ramping up captive ore production Ferrochrome Production (kt) 962 810 856 2Q FY26 1Q FY27 2Q FY27 Cost of Sales ($/t) Growth Projects Updates: ▪ Chromite Mines: Ore production from underground mines started in Q2’27 leading to expected better quality of final product ▪ Furnace: 330 KTPA Smelter Plant expected to be in operation in H2’28 RoM: Run of Mine 19 29 24 2Q FY26 1Q FY27 2Q FY27 47 153 50 2Q FY26 1Q FY27 2Q FY27 ROM Production (kt) 47 53 1H FY26 1H FY27 917 831 1H FY26 1H FY27 155 202 1H FY26 1H FY27
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Sensitivity: Internal (C3) 13 13 Vedanta Limited 2QFY27 Investor Presentation 45 53 53 2Q FY26 1Q FY27 2Q FY27 Sales Volume (kt) Copper Business Highest-ever quarterly cathode production Copper India Operational Highlights: • Copper India: Highest ever quarterly cathode production in Q2’27. o Achieved 65% Renewable Energy share, equivalent to 68 lakh units of green power consumption. o Completion of major CCR shutdown in a record-breaking time. • Copper Int’l (Fujairah Operations): Supply chain disruptions due to closure of Strait of Hormuz led to decline in sales, operations have been revived and target to achieve 20+ kt quarterly run rate by Q3FY27. Strategic Highlights: • VCI Rod Mill: Project completion rate – 74%; full completion by Dec’26 • KSA Exploration Block: Preliminary work started for Jabal- Sayid Site-1 block. Copper International Rod Production (kt) 22 10 6* 2Q FY26 1Q FY27 2Q FY27 40 41 46 15 35 55 2Q FY26 1Q FY27 2Q FY27 Cathode Prod. (kt) * ^Annual CCR shutdown *Geopolitical tensions affected supply in whole region 45 52 44 2Q FY26 1Q FY27 2Q FY27 Rod Production (kt) -2.0 -1.1 8.2 9.1 1Q FY26 4Q FY26 1Q FY27 2Q FY27 EBITDA ($Mn) 84 87 H1'26 H1'27 96 97 H1'26 H1'27 97 106 H1'26 H1'27 ^^
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Sensitivity: Internal (C3) Finance Update 2QFY27
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Sensitivity: Internal (C3) 15 15 Vedanta Limited 2QFY27 Investor Presentation 2QFY27 Financial Snapshot | VEDL EBITDA ₹ 9,938 crore 106% y-o-y REVENUE ₹ 25,812 crore 57% y-o-y EBITDA Margin1 60% 1,055 bps y-o-y PAT ₹ 6,202 crore 151% y-o-y Net Debt ₹ 3,675 crore Reduced by > 9500 Cr. since March FCF (Pre-capex) ₹ 5,803 crore 32% y-o-y Net Debt/EBITDA 0.1x Reduced from 0.3x in 1QFY27 Cash & Cash Equivalent ₹ 26,622 crore 134% y-o-y 1. Excludes Copper Business
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Sensitivity: Internal (C3) 16 16 Vedanta Limited 2QFY27 Investor Presentation 4,817 3,324 1,048 9,189 553 132 64 9,938 2QFY26 LME/ Brent /Premium Forex Rebased EBITDA Volume Cost Marketing & Others 2QFY27 Ex rate: 2QFY27 95.57 vs 2QFY26 87.31 EBITDA BRIDGE (2QFY27 vs. 2QFY26) (In ₹ crore) Market & Regulatory 4,372 cr. +106% YoY
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Sensitivity: Internal (C3) 17 17 Vedanta Limited 2QFY27 Investor Presentation 8,469 365 131 8,965 591 661 (279) 9,938 1QFY27 LME/ Brent /Premium Forex Rebased EBITDA Volume Cost Marketing & Others 2QFY27 Ex rate: 2QFY27 95.57 vs 1QFY27 94.58 EBITDA BRIDGE (2QFY27 vs. 1QFY27) (In ₹ crore) Market & Regulatory 496 cr. +17% QoQ
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Sensitivity: Internal (C3) 18 18 Vedanta Limited 2QFY27 Investor Presentation Net Debt Walk 2QFY27 (In ₹ crore) (7,309) (121) 2,762 45 Net Debt 30 Jun'26 Cash Flow From Operations Working capital Capex Others Net Debt 30 Sep'26 FCF post Capex 4,668 Cr. 8,299 Project Capex (1,304) Sustaining Capex (1,458) Net Debt reduced by Rs 4,624cr. ND/EBITDA improves from 0.3x to 0.1x 3,675
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Sensitivity: Internal (C3) 19 19 Vedanta Limited 2QFY27 Investor Presentation Balance sheet and debt breakdown Debt breakdown ▪ Net debt / EBITDA : 0.1x ▪ Net Debt at ₹3,675 Cr. lower by ₹4,624 Cr from last quarter majorly driven by Cash flow from Operations. ▪ Finance Cost* ~8.3% ▪ Strong Liquidity: Cash and Cash Equivalents at ₹26,622 Cr ▪ Credit Rating : o ICRA Ratings: AA+/Stable o CRISIL Ratings: AA+/Stable Gross Debt In $bn In ₹ 000’ crores Term Debt 2.88 27.61 Working Capital 0.17 1.60 Short Term Borrowing 0.11 1.08 Total Consolidated Debt 3.16 30.30 Cash and Cash Equivalents 2.78 26.62 Net Debt (External) 0.12 1.17 Group-Company Debt 0.26 2.50 Total Net Debt 0.38 3.67 Term Debt Breakup - INR Debt 61% - USD / Foreign Currency Debt 39% * YTD average, Closing Finance Cost~8.27% Note: USD–INR: ₹ 95.92 on Sep 30, 2026
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Sensitivity: Internal (C3) Appendix
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Sensitivity: Internal (C3) 21 21 Vedanta Limited 2QFY27 Investor Presentation 1. CoP excluding royalty Mined Metal 1,140 - 1,160 kt Finished Metal 1,090 - 1,110 kt Silver 670 - 690 tonnes CoP1 $825/t - $850/t Capex $0.5-$0.6bn Zinc India Zinc International Gamsberg 250 - 270 kt BMM 30– 35 kt CoP $1,500/t - $1,550/t Capex $0.12bn Copper Cathode Rod – India Rod – International 195 – 205 kt 210 – 220 kt 80 – 90 kt FY27 Production and Cost Guidance Port Business Discharge MMT Dispatch MMT 8.8 – 9.0 8.9 – 9.1 FACOR Ferrochrome (kt) Capex 105 - 115kt $0.11bn
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Sensitivity: Internal (C3) 22 22 Vedanta Limited 2QFY27 Investor Presentation Unspent capex represents the difference between total capex approved and cumulative spend as on 30th Sept 2026. Numbers are pertaining to key ongoing projects and based on cash outflows (excluding IDC) during the period. Project Capex Capex in Progress (In $ mn) Approved Capex Spent up to FY26 Spent in 1H FY27 Unspent as on 30th Sept 2026 Zinc International Gamsberg Phase II Project 595 483 61 51 Iron Ore Project 37 27 0.5 9.5 Vedanta Copper International Copper Rod Plant - KSA 31 7 12 12 Capex in Progress (In Rs Crore) Approved Capex Spent up to FY26 Spent in 1H FY27 Unspent as on 30th Sept 2026 Zinc India 250 KTPA Integrated Zinc Smelter at Debari 12000 621 772 10607 Tailing Reprocessing Plant at Rampura Agucha 3823 426 265 3132 Fertilizer Plant 1850 1325 117 408 FACOR 150 to 450 KTPA ferro chrome 2650 1060 176 1414
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Sensitivity: Internal (C3) 23 23 Vedanta Limited 2QFY27 Investor Presentation Summary of Income statement ▪ Depreciation & Amortization o Depreciation & Amortization at ₹ 1,339 crore for 2QFY27, 19% up YOY and 12% up QoQ in line with increased production at HZL ▪ Finance Cost o Interest cost for 2QFY27 at ₹ 696 cr. 9% down YoY and 5% up QoQ due to one time demerger adj. in 1QFY27 ▪ Investment Income o Interest income for 2QFY27 at ₹ 495 cr. 44% up YoY and 2% up QoQ ▪ Taxes o ETR for 2QFY27 at 26% In ₹ Crore 2Q 1Q 2Q FY27 FY27 FY26 Revenue from operations 25,812 23,456 16,445 Other operating income 544 749 291 EBITDA 9,938 8,469 4,817 Depreciation & amortization -1,339 -1,192 -1,124 Finance Cost -696 -662 -761 Investment Income 495 483 343 Other Fx gains/losses -8 91 -68 Tax Charge -2,188 -1,895 -736 PAT - Continuing Ops* 6,202 5,294 2,471 PAT up 151% YoY and 17% QoQ for 2QFY27 *Above figures represent Continuing Operations on a like -for-like basis, whereas SEBI-reported results also include PAT from Discontinued Operations
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Sensitivity: Internal (C3) 24 24 Vedanta Limited 2QFY27 Investor Presentation Entity wise Cash and Debt INR Cr THLZV: THL Zinc Venture Limited VGCB: Vizag General Cargo Consol Notes: 1.THLZV is 100% subsidiary of Vedanta Ltd. and holding company of Zinc International. 2. Others includes ESOS Trust, Vedanta Display, MCBV, VSCL, VBML and Inter company elimination Company 30-Sep-26 30-Jun-26 30-Sep-25 Debt Cash & Cash Eq Net Debt Debt Cash & Cash Eq Net Debt Debt Cash & Cash Eq Net Debt Vedanta Limited Standalone 14,775 7,996 6,779 12,178 5,823 6,355 8,490 2,326 6,164 Zinc India 6,171 17,439 (11,268) 7,320 12,892 (5,572) 10,702 8,155 2,547 Zinc International 2,266 488 1,778 2,303 743 1,560 2,225 93 2,132 THLZV1 5,004 14 4,990 4,719 144 4,575 3,106 174 2,932 Fujairah 1,237 292 945 1,119 134 985 1,098 225 873 Avanstrate Inc 126 138 (12) 121 61 60 346 102 244 VGCB (0) 26 (26) 0 23 (23) (0) 10 (10) Vedanta Copper International 114 1 113 77 33 44 (0) 24 (24) Facor 376 68 308 9 44 (35) 25 139 (114) Others2 228 160 68 445 95 350 2,052 153 1,900 Vedanta Limited Consolidated 30,297 26,622 3,675 28,291 19,992 8,299 28,044 11,401 16,644
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Sensitivity: Internal (C3) 25 25 Vedanta Limited 2QFY27 Investor Presentation 0.1 3.8 4.9 3.8 4.9 3.5 2.6 4.0 FY27 FY28 FY29 FY30 & Beyond Standalone Subsidiaries Note: USD–INR: ₹ 95.92 on Sep 30, 2026 Funding sources and term debt maturities Long Term debt of $1.31 bn at Standalone and $1.57 bn at Subsidiaries, and total consolidated at $2.88 bn. Diversified Funding Sources for Long Term Debt of $2.88 Bn (as of Sep 30, 2026) Long Term Debt Maturities : ₹ 27.61K crore ($2.88 bn) (as of Sep 30, 2026) 41% 20% 39% 0.1% Bonds INR Term Loan INR Term Loan Fx Bonds Fx In ₹ 000’ crore . 5.0 7.3 7.5 7.8
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Sensitivity: Internal (C3) 26 26 Vedanta Limited 2QFY27 Investor Presentation Segment Summary – Zinc India Notes: 1. Includes 5kt, 2.5kt, 3.3kt, 8.3 kt and 7.5kt of metal production from Hindustan Zinc Alloys Private Limited (100% subsidiary of HZL) in 2QFY27,2QFY26, 1QFY27, 1HFY27 and 1HFY26 respectively. Production (in ’000 tonnes, or as stated) Quarter Half Year 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 %YOY Mined metal content 271 258 5% 268 539 523 3% Saleable metal 264 246 7% 260 524 496 6% Refined Zinc 1 212 202 5% 213 426 403 6% Refined Lead 51 45 14% 47 99 93 6% Refined Saleable Silver (in tonnes) 173 144 20% 149 321 293 10% Financials (In ₹ crore, except as stated) Revenue 14,525 8,235 76% 12,985 27,510 15,777 74% EBITDA 9,243 4,434 - 8,096 17,339 8,249 - Zinc CoP without Royalty (₹ /MT) 67,141 86,800 -23% 80,446 73,789 86,639 -15% Zinc CoP without Royalty ($/MT) 703 994 -29% 851 776 1,002 -23% Zinc CoP with Royalty ($/MT) 1,228 1,386 -11% 1,330 1,279 1,374 -7% Zinc LME Price ($/MT) 3,825 2,825 35% 3,466 3,651 2,736 33% Lead LME Price ($/MT) 1,857 1,966 -6% 1,954 1,904 1,957 -3% Silver LBMA Price ($/oz) 62.6 39.4 59% 73.2 67.7 36.6 85% Wind Power (in million units) 155 132 17% 133 288 266 8%
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Sensitivity: Internal (C3) 27 27 Vedanta Limited 2QFY27 Investor Presentation Segment summary – Zinc International Production (in’000 tonnes, or as stated) Quarter Half Year 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 % YoY Mined metal content- BMM 7 11 -37% 3 10 22 -55% Mined metal content- Gamsberg 46 49 -6% 45 92 94 -3% Total 53 60 -12% 48 102 117 -13% Financials (In ₹ Crore, except as stated) Revenue 1,730 1,237 40% 1,392 3,122 2,387 31% EBITDA 550 373 47% 250 800 795 1% CoP – ($/MT) 1,678 1,482 13% 1898 1,783 1,379 29% Zinc LME Price ($/MT) 3,825 2,825 35% 3,466 3,651 2,736 33% Lead LME Price ($/MT) 1,857 1,966 -6% 1,954 1,904 1,957 -3%
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Sensitivity: Internal (C3) 28 28 Vedanta Limited 2QFY27 Investor Presentation Segment Summary – FACOR and Copper FACOR Production (In ’000 tonnes, or as stated) Quarter Half Year 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 %YOY Total Production Ore Production 50 47 6% 153 202 155 31% Ferrochrome Production 24 19 26% 29 53 47 13% Financials (In ₹ crore, or as stated) Revenue 320 215 49% 386 706 531 33% EBITDA 77 21 - 101 178 67 - Margin ($/MT) 339 123 - 360 351 168 - Copper Production (In ’000 tonnes, or as stated) Quarter Half Year 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 %YOY Copper-India production Copper Cathodes (kt) 46 40 17% 41 87 84 5% Copper Rods (kt) – India 44 45 -2% 52 97 96 1% Copper Rods (kt) – International 6 22 -73% 10 16 43 -63% Financials (In ₹ crore, or as stated) Revenue 9,280 6,604 41% 8,538 17,818 12,978 37% EBITDA 80 -13 - 11 91 -39 - Copper LME Price ($/MT) 14,104 9,797 44% 13,329 13,729 9,664 42%
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Sensitivity: Internal (C3) 29 29 Vedanta Limited 2QFY27 Investor Presentation Sales Summary – Zinc India & Zinc International Sales volume Quarter Half Year 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 %YOY Zinc-India Sales Refined Zinc (kt) 214 202 6% 211 425 403 5% Refined Lead (kt) 51 45 14% 47 99 93 6% Total Zinc-Lead (kt) 265 247 8% 258 523 496 6% Silver (tonnes) 173 147 17% 149 321 293 10% Zinc-International Sales Zinc Concentrate (MIC) 50 54 -7% 47 96 103 -6% Total Zinc (Conc) 50 54 -7% 47 96 103 -6% Lead Concentrate (MIC) 5 7 -28% 3 8 14 -43% Total Zinc-Lead (kt) 55 61 -9% 49 105 117 -11%
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Sensitivity: Internal (C3) 30 30 Vedanta Limited 2QFY27 Investor Presentation Sales summary – FACOR, Copper and VGCB . Sales volume Quarter Half Year 2QFY27 2QFY26 % YoY 1QFY27 1HFY27 1HFY26 %YOY Facor sales Ferrochrome (kt) 24 19 23% 30 53 46 15% Copper sales Copper Cathodes (kt) 7 0 - 1 8 2 - Copper Rods (kt) - India 46 45 3% 52 98 95 3% Copper Rods (kt) - International 6 22 -74% 10 16 43 -64% Port Business Dispatch volume (MMT) 1,739 1,380 26% 1,652 3,391 2,872 18% Discharge volume (MMT) 1,827 1,500 22% 2,358 4,185 3,181 32%
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Sensitivity: Internal (C3) 31 31 Vedanta Limited 2QFY27 Investor Presentation Currency and commodity sensitivities Commodity prices – Impact of change in Commodity Prices Commodity 2Q FY27 Average price Change Increase in yearly EBITDA Zinc ($/t) 3,825 $100/MT 975-1,000 Lead ($/t) 1,857 $100/MT 175-200 Silver ($/oz) 63 $1/oz 200-225 Copper ($/t) 14,104 $1000/MT 100-125 Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in yearly EBITDA INR/USD ~₹ 350-375 CoP - Impact of change in COP on annual EBITDA CoP Change in Cost Increase in yearly EBITDA Zinc India CoP $25/t ~225-250 Zinc International CoP $25/t ~65-90 INR Cr
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Sensitivity: Internal (C3) 32 32 Vedanta Limited 2QFY27 Investor Presentation Vedanta Limited (Demerged) Entity Structure As on 30th September Unlisted entities Listed entities 54.72% Vedanta Resources Ltd 60.71% Zinc India (HZL) Vedanta Ltd Subsidiaries of Vedanta Ltd Sterlite Copper (including Nicomet) Divisions of Vedanta Limited Zinc International Skorpion (100%) BMM & Gamsberg (74%) 100% 99.99% Ferro Alloys Corporation Ltd. (FACOR) Vedanta Displays Limited Vedanta Semi- conductors Pvt Limited 100% 100% 100% Vedanta Copper International 100% Fujairah Gold Avanstrate Inc. 98.42%100% Vizag General Cargo Berth Private Limited
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Sensitivity: Internal (C3) 33 IEarnings Call Details Event Telephone Number Earnings conference call on October 28th, 2026 from 4:30 PM to 5:00 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 29, 2026
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Sensitivity: Internal (C3) 34 The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forward-looking information in this presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Vedanta Resources limited and Vedanta Limited and any of their subsidiaries. Past performance of Vedanta Resources limited and Vedanta Limited and any of their subsidiaries cannot be relied upon as a guide to future performance. This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. We caution you that reliance on any forward-looking statement involves risk and uncertainties, and that, although we believe that the assumption on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statement based on those assumptions could be materially incorrect. This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta Resources limited and Vedanta Limited and any of their subsidiaries or undertakings or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. This presentation should be read in conjunction with Vedanta Limited’s reported financial statements and regulatory disclosures. Comparative-period information has been aligned with the continuing businesses to enable like-for-like comparison. IDisclaimer