Interim report
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Sensitivity: Public (C4) VEDL/Sec./SE/26-27/116 October 28, 2026 BSE 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 Scrip Code: 500295 Scrip Code: VEDL Scrip Code (Non-Convertible Debentures): 976754, 976755, 976756, 977639 and 978254 Sub: Outcome of Board Meeting held on October 28, 2026 – Integrated Filing (Financial Results) Dear Sir/Madam, The Board of Directors of Vedanta 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 this regard, please find enclosed herewith the following: 1. Unaudited Consolidated and Standalone Financial Results of the Company for the Second Quarter and Half Year ended September 30, 2026 (“Financial Results”); 2. Limited Review Report for Financial Results from the Statutory Auditors of the Company, M/s M S K A & Associates LLP (formerly known as M S K A & Associates), Chartered Accountants , 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”); The report of the Auditors is with unmodified opinion with respect to the Financial Results. The above shall also be made available on the website of the Company at www.vedantalimited.com. Further, pursuant to SEBI 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. Financial 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., 2 nd and 4 th 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 vedanta transforming for good VEDANTA LIMITED REGISTERED OFFICE: Vedanta Limited, 1st Floor, 'C' wing, Unit 103, corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai - 400093, Maharashtra, India I T +91 22 6643 4500 I F +91 22 6643 4530 Email: comp.sect@vedanta.co.in I Website: www.vedantalimited.com CIN: L13209MH1965PLC291394
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Sensitivity: Public (C4) The meeting of the Board of Directors of the Company commenced at 01:00 p.m. IST and concluded at 02:00 p.m. IST. We request you to please take the above on record. Thanking you. Yours faithfully, For Vedanta Limited Prerna Halwasiya Company Secretary and Compliance Officer Enclosed: As above VEDANTA LIMITED REGISTERED OFFICE: Vedanta Limited, 1st Floor, 'C' wing, Unit 103, corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai - 400093, Maharashtra, India I T +91 22 6643 4500 I F +91 22 6643 4530 Email: comp.sect@vedanta.co.in I Website: www.vedantalimited.com CIN: L13209MH1965PLC291394
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MSKA & Associates LLP (Fc,rmerly known as MS KA & Associates) ChtUtered Accountants Magnum Global Park Unit No-2101-211 SA & B, floor 21 Sector-SB, Arch View Drive Gurugram 122011, INDIA Independent Auditor's Review Report on the quarterly and year to date unaudited Consolidated financial results of Vedanla Limited pursuant to the Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors Vedanta Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Vedanta Limited (hereinafter referred to as 'the Holding Company') and its subsidiaries together referred to as the 'Group') and its associates, joint operations and joint ventures for the quarter ended September 30, 2026 and the year to date results for the period from April 01, 2026 to September 30, 2026 ('the Statement'), attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulations'). 2. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting', prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder ('Ind AS 34') and other recognised accounting principles generally accepted in India and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Institute of Chartered Accountants of India ("ICAI"). 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 information consists of making inquiries, primarily of Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33 (8) of the Regulations, to the extent applicable. 4. This Statement includes the results of the Holding Company and the entities as mentioned in Annexure 1. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 & 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 and other recognised accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We draw attention to Notes 8 (a) and (b) to the accompanying Statement, regarding ongoing investigations by regulatory authorities including those relating to certain allegations made in a short seller report during the previous year for which details/records sought by those authorities have been provided by the Group and management assessment of the implications/ positions of these matters on the accompanying Statement. Our conclusion is not modified in respect of this matter. Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: -,.91 22 6974 0200 I LLPIN: ACT-3789 Ahmedabad I Bengaluru I Chandigarh I Chennai I Coimbatore I Goa I Hyderabad I Kechi I Kolkata I Mumbai I Pune www.mska.in
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MSKA & Associates LLP (Formerly known as MS KA ft Associates) Chc:Jrtered Accountants 7. We did not review the interim financial results of 1 subsidiary, located outside India, included in the Statement, whose interim financial results reflects total assets of Rs. 14,994 Crores as at September 30, 2026 and total revenue of Rs. 1,731 Crores and Rs. 3,124 Crores, total net profit after tax of Rs. 130 Crores and Rs. 304 Crores and total comprehensive income of Rs. 69 Crores and Rs. 140 Crores for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively, and net cash inflows of Rs. 250 Crores for the period from April 01, 2026 to September 30, 2026. These interim financial results have been reviewed and provided to us by another auditor and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of the above matter with respect to our reliance on the work done by and report of another auditor. 8. We did not review the interim finaacial results of 6 subsidiaries, located in India, included in the Statement, whose interim financial results reflects total assets of Rs. 734 Crores as at September 30, 2026 and total revenue of Rs. 48 Crores and Rs. 77 Crores, total net profit after tax of Rs. 6 Crores and Rs. 9 Crores and total comprehensive loss of Rs. 5 Crores and total comprehensive income of Rs. 9 Crores for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively, and net cash outflows of Rs. 1 Crores for the period from April 01, 2026 to September 30, 2026 as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the management of the Holding Company and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of the above matter with respect to our reliance on the work done by and report of the other auditors. 9. We did not review the interim financial information of 12 subsidiaries (including step down subsidiaries), included in the Statement, whose interim financial reflects total assets of Rs. 2,826 Crores as at September 30, 2026 and total revenue of Rs. 162 Crores and Rs. 262 Crores, total net profit after tax of Rs. 23 Crores and Rs. 47 Crores, total comprehensive income of Rs. 23 Crores and Rs. 47 Crores, for the quarter ended September 30, 2026 and for the year to date from April 01, 2026 to September 30, 2026, respectively, and net cash inflows of Rs. 26 Crores for the period from April 01, 2026 to September 30, 2026. The Statement also includes the Group's share of net profit after tax of Rs. Nil Crores and Rs. Nil Crores and Group's share of total comprehensive income of Rs. Nil Crores and Rs. Nil Crores for the quarter ended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026, respectively, in respect of 2 associates and 3 joint ventures. These interim financial results prepared and certified by management of those subsidiaries, associates and joint ventures have been furnished to us by the management of the Holding Company without being subjected to review by their respective auditors. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint ventures, is based solely on such management prepared unreviewed interim financial information. According to the information and explanations given to us by the management of the Holding Company, aforesaid interim financial information are not material to the Group. Our conclusion is not modified in respect of the above matter with respect to our reliance on aforesaid financial information certified by managements of aforesaid entities. 10. The Statement includes the interim financial information of 9 subsidiaries (including step down subsidiaries) that reflects total assets of Rs Nil as at September 30, 2026 and total revenues of Rs. 413 Crores, net profit after tax of Rs. 313 Crores and total comprehensive income of Rs. 337 Crores and net ~=~e..1.h inflows of Rs. 526 Crores for the period from April 01, 2026 to April 30, 2026 i.e., being the date at ~ ~~[_l_ they ceased to be part of the Group consequent to the demerger, as stated in Note 5 to the nt. Aforesaid interim financial information prepared by management of those subsidiaries have mished to us by the management of the Holding Company without being subjected to review by pectlve auditors. Our conclusion on the Statement, in so far as it relates to the alT!ounts and :---c:1161:i~1ures included in respect of these subsidiaries, is based solely on such management prepared Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789 Ahmedabad I Bengaluru I Chandigarh I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www.mska.in
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MSKA & Associates LLP (Formerly known as M S K A & Associates) Chartered Accountants unreviewed interim financial information. According to the information and explanations given to us by the management of the Holding Company, aforesaid interim financial information are not material to the Group. Our conclusion is not modified in respect of the above matter with respect to our reliance on aforesaid financial information certified by managements of aforesaid entities. 11. The Statement includes the interim financial information of 1 unincorporated joint operation not operated by the Group that reflects total assets of Nil as at September 30, 2026, total revenue of Rs. 26 Crores, total net profit after tax of Rs. 12 Crores, total comprehensive income of Rs. 12 Crores and net cash flows of Rs. Nil Crores for the period from April 01 , 2026 to April 30, 2026, as stated in note 5 to the Statement. Aforesaid inte rim financial information prepared by management of those joint operations have been furnished to us by the management of the Holding Company without being subjected to review by their respective auditors. Our conclusion on the Statement. in so far as it relates to the amounts and disclosures included in respect of these joint operations, is based solely on unreviewed interim financial information as furnished to us by the management. According to the information and explanations given to us by the management, aforesaid interim financial information of these joint operations are not material to the Group. Our conclusion is not modified in respect of the above matter with respect to our reliance on the financial information certified by the management. 12. The consolidated financia l results of the Group for quarter and year to date ended September 30, 2025 and year ended March 31 , 2026 including those pertaining to continued and discontinued operations and Balance Sheet as at March 31, 2026 were reviewed and audited respectively by another audito r whose reports dated October 31, 2025 and April 29, 2026 respectively, expressed unmodified conclusion/opinion on those results. However, consequent to the reallocation of debts and related finance costs between the Company and Resulting Companies as explained in note 5 to those results. The management of the Group has revised financial information relating to debts and related finance costs for aforesaid periods/ year to reflect the reallocation of debts agreed with respective lender subsequent to year ended March 31, 2026. We have reviewed the arithmetical accuracy of the revised amounts. Our conclusion is not modified in respect of this matter. For M S KA 8: Associates LLP (Formerly known as M S KA 8: Associates) Chartered Accountants ICAI Firm Registration No.105047W /W101187 so-J~ ~ ~ rkar Membership No.:055596 UDIN:'2Jo<:')56S~ ~~-,:,~ \J G....92.'2>\ Place: Mumbai Date: October 28, 2026 Registered Office: 602, Raheja Titanium , Western Express Highway, Goregaon (East). Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789 Ahmedabad I Bengaluru I Chandigarh I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www.mska.in
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MS KA & Associates LLP (Fofmerly known as M S K A & Associates) Chc,rtered Accountants Annexure-1 to our report dated October 28, 2026 on the Consolidated Financial Results of Vedanta limited for quarter & year to date ended September 30, 2026 List of subsidiaries/associates/ joint ventures/ Joint operations Subsidiaries S. No. Name 1 Bharat Aluminium Company Limited# 2 Fujairah Gold FZC 3 Hindustan Zinc Limited 4 Monte Cello BV 5 Sesa Resources Limited# 6 Sesa Mining Corporation Limited# 7 Thalanga C~pper Mines Pty Limited 8 Vedanta Oil And Gas Limited (formerly known as Malco Energy Limited), effective June 9, 2026# 9 THL Zinc Ventures Limited 10 THL Zinc Limited 11 Vedanta Power Limited (formerly known as Talwandi Sabo Power Limited), effective June 3, 2026# 12 THL Zinc Namibia Holdings (Proprietary) Limited 13 Skorpion Zinc (Proprietary) Limited 14 Namzinc (Proprietary) Limited 15 Skorpion Mining Company_ (Proprietary) Limited 16 Amica GuE:5thouse (~oprietary) Limited 17 • Black Mountain Mining (ProP.ri~tary) Limited 18 THL Zinc Holding BV 19 Vedanta Lisheen Holdings Limit~d 20 y~~a11~~ Lishe~~ -~i~in!J Limi~~~ 21 Killoran l:_i~~~en Mining ~\mited 22 Lisheen Milling Limited 23 ~za~ Ge~~al ~~~g~ __ Be~~ Private limited , 24 Bloom Fountain Limited# 25 Western Cluster Limited# 26 ~aim_ India t!oldings Limit_~~~ 27 Cairn Energy Hydrocarbons _limited# 28 Cairn Lanka Private Limited# 29 Vedanta limited ESOS Trust 30 Avanstr~e (J~p_an) Inc. __ _ 31 Avanstrate (Korea) Co., ltd. 32 Avanstrate (Taiwan) Inc. 33 ESL Steel limited# 34 f ~rro ~ll~ys Corporation Limited 35 Vedanta Zinc Football & Sports Foundation 36 Lisheen Mine P~_rtnership.:_ 37 -~~ai Ceme11_! ~f?~pany P~y~te Limit~! 38 Hindustan Zinc Alloys Private Limited 39 Zinc India Foundation 40 Hindustan Zinc Fertilisers Private limited Sesa Iron and Steel Limited**** Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 697-4 0200 I LLPIN: ACT-3789 I Bengaluru I Chandigarh I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www.mska.in
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MS KA & Associates LLP (Fo(merly known as MS KA & Associates) Chartered Accountants S. No. 42 43 44 45 46 47 48 49 50 51 52 Name Vedanta Displays Limited Vedanta Semiconductors Private Limited Vedanta Aluminium Metal Limited# Vedanta Base Metals Limited Vedanta Iron and Steel Limited# Meenakshi Energy Limited# Vedanta Copper International VCI Limited Hindmetal Exploration Services Private Limited Vedanta Finance IFSC Limited** lncab Industries Limited••• Vedanta Property Platforms Limited'"' Associates .S. No. Name 1 Roshskor Township (Pty) Limited 2 Gaurav Overseas Private Limited Joint Ventures :S. No. Name .,., -~ 1 Rosh Pinah Healthcare (Pty) Ltd 2 Goa Maritime Private Limited~ 3 Madanpur South Coal Company Limi;ed 4 Gergarub Exploration and Minjng (Prop_r:ietary) Limited "Goa Maritime Private Limited has been struck off from the register of companies and stands dissolved with effect from March 16, 2026. Joint Operations ,.., . ' . ., rs.~~~ 11~e 1 RJ-ON-90/1# 2 CB-0S/2# 3 Ravva Block# ,4 KG-ONN-2003/1# '-- 5 KG-OSN-2009/3# • Lisheen Mine-·Partnership has been dissolved effective from November 19, 2025. •• Vedanta Finance IFSC Limited has been incorporated as a wholly-owned subsidiary of Vedanta Limited at Gujarat International Finance Tee-City (GIFT City), Gujarat on November 18, 2025. ••• lncab Industries Limited was acquired under Insolvency and Bankruptcy Code (IBC), 2016 as a wholly owned subsiQiary of Vedanta Limited w.e.f. December 03, 2025 basis NCLT Order . .... Sesa Iron and Steel Limited has been struck off from the register of companies and stands dissolved with effect from March 16, 2026. "" Vedanta Property Platforms Limited was incorporated as a wholly owned subsidiary of Vedanta Limited w.e.f. June 22, 2026 # The entities are presented as discontinued operations pursuant to receipt of Hon'ble NCL T approval for the Scheme of Arrangement on December 16, 2025 and on January 07, 2026. The interim financial information of these entities for the period from April 01, 2026 to April 30, 2026 i.e., the date at which they ceased to be part of the Group consequent to the demerger as effective from May 01, 2026, as stated in Note 5 to the 'Statement, have been included in the statement. Registered Office: 602, Raheja Titanium , Western Express Highway, Goregaon (East). Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789 Ahmedabad I Bengaluru I Chandigam I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune wvm. mska.i11
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~vedanta Vedanta Limited ~ o- ■ , --.i-.-d CIN: Ll3209MH\965PLC291394 Regd. Office: Vedanta Limited, lst Floor. 'C' wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai-400093, Maharashtn STATEMENT OF UNAUDITED CONSOLIDATED RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 (f in Crnre , except as stated) Quarter ended Half year ended Year ended S.No. Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Continuing Operations: 1 Revenue from operations a) Revenue 25,812 23,456 16,445 49,268 31,982 76,672 b) Other operating income 544 749 291 1,293 508 1.765 Total revenue from operations (a+b_) 26,356 24.205 16.736 50,561 32.490 78.437 2 Other income 510 542 264 1.052 646 1.550 Total income 26,866 24.747 17.000 51.613 33.136 79.987 3 Expenses a) Cost of materials consumed 9,242 8,670 6,485 17,912 12.816 29,891 b) Purchases of stock-in-trade 172 25 172 42 260 c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (671) (523) (41) (1,194) (247) (227) d) Power and fuel charges 1,147 1,133 932 2,280 10 815 3,651 e) Employee benefit expense 409 413 426 822 820 1.748 t) Finance costs 696 662 761 1,358 1,370 2.746 g) Depreciation, depletion and amortisation expense 1,339 1,192 1,124 2,531 2,240 4,810 h) Other expenses 6,142 6,011 4,081 12,153 8,140 19,930 Total expenses 18,476 17,558 13,793 36,034 26,996 62,809 4 Profit before share in profit or jointly controlled entities and associates, exceptional items and 8,390 7,189 3,207 15,579 6,140 17.178 tax 5 Add: Share in profit/(loss} of jointly controlled entities and associates 0 0 0 0 (! ) (1) 6 Profit before exceptional items and tax 8,390 7,189 3,207 15,579 6,139 17,177 7 Net exceptional gain (Refer note 4) - - 20 8 Prorit berore tax 8.390 7,189 3,207 15,579 6.139 17.197 9 Tax expense/(benerit) Other than exceptional items a) Net current tax expense 2,178 1,810 691 3,988 10 448 4.439 b) Net deferred tax expense 10 85 45 9S 120 292 Exceptional items c) Net tax expense on exceptional items (Refer note 4) - 5 Net tax CJ.pcnn (a+b+c} 2,188 1,895 736 4,083 l 0 56S 4,736 ..: --' ·.- Discontinued Operations (Refer note 5): 11 Profit before exceptional items and tax - 3,441 3,807 3,441 6.928 22,427 12 Net exceptional (loss) (Refer note 4) (2,067) - (2,067) (4,198) 13 Net tax expense 817 732 817 1,496 5.594 14 Net profit arter tax from discontinued operations (l 1+12-13) 2.624 1.008 2.624 3,365 12,635 15 Net prorit arter tax (10+14) (A} 6,202 7.918 3.479 14,120 7,936 25,096
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(tin Crorc. csce:pl as $.lrlllcd) Qu1:u·1cr ended Hal r yc.a.r end rd Year endtd S.No. Particulars 30-09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31,03,2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 16 Other comprehensive income/(losJ) from continuing operations a) (i) Items that will not be reclassified to profit or loss 141 208 9 349 26 63 (ii) Tax (expense)/ benefit on items that will not be reclassified to profit or loss (6) I (6) 2 (I) b) (i) Items that will be reclassified to profit or loss (64) 459 39 395 293 984 (ii) Tax (expense)/benefit on items that will be reclassified to profit or loss 33 (44) 11 7 (II) 106 127 17 Other comprehensive income/(loss) from discontinued operatiom1 a) (i) (terns that will not be reclassified to profit or loss (I) (38) (1) (40) (28) (ii) Tax (expense)/ benefit on items that will not be reclassified to profit or loss 6 6 4 b) (i) Items that will be reclassified to profit or loss 560 (107) 560 (679) (3,680) (ii) Tax benefit on items that will not be reclassified to profit or loss . (53) 115 (53) 267 1.100 Total other comprehensive income/(loss) (B) 104 1.129 142 1.233 (19) (1.431) 18 TotaJ comprehensive income (A+B) 6.306 9,047 3,621 15.353 7,917 23,665 19 Profit attributable to: a) Owners of Vedanta Limited 3,650 5,473 1,798 9,123 4,983 17,39 1 b) Non-controlling interests 2,552 2.445 1,681 4,997 2,953 7,705 20 Other comprehensive income/(loss) attributable to: a) Owners of Vedanta Limited 131 990 203 1,121 31 (1,273) b) Non-controlling interests (27) 139 (61) 112 (50) (158) 21 Total comprehensive income attributable to: a) Owners of Vedanta Limited 3,780 6,464 2,000 10,244 5,013 16,118 b) Non-controlling interests 2,526 2.583 1,621 S,109 2,904 7.547 22 Net profit arter taus, non-controlling interests and share in profit/ (loss) of jointly controlled entities and associates but before exceptional items 3,650 5,473 3,345 9,123 6,530 20,893 23 Paid-up equity share capital (Face value oft' 1 each) 391 391 391 391 391 391 24 Reserves excluding revaluation reserves as per balance sheet 49,261 25 Earnings per share for continuing operations (t') ("not annualised) -Basic 9.35 • 7,95 • 3,63 • 17.30 • 6 72 • 18 05 •Diluted 9.30 * 7.90 • 3.60 • 17.20 • 6 66 • 17 90 26 Earnings per share for discontinued operations (il) ("not annualised) -Basic . 6.07 • 0.98 • 6.07 * 6 04 • 26 53 • Diluted 6,03 • 0,96 • 6.03 • 5 99 • 26 31 27 Earnings per share for continuing and discontinued operations ft) ("not annualised) • Basic 9.35 • 14.02 • 4,61 • 23.37 * 12 76 • 44 58 • Diluted 9.30 * 13.93 • 4 56 • 23.23 • 12 65 • 44.21
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QuArlc-r ended Half year ended Year ended S.No. Segment information 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) ' Segment revenue Con I inuing operations a) Zinc, Lead and Silver (i) Zinc & Lead - India 10,415 9,146 6,529 19,561 12.645 29,216 (ii) Silver- India 4.110 3.839 1,706 7,949 3,132 9,84] Total 14,525 12,985 8,235 27,510 15,777 39,057 b) Zinc - International 1,730 1,392 1,237 3,122 2,387 4,860 c) Copper 9,280 8,538 6,604 17,818 12,9711 31,069 d) Others 710 615 439 1.326 921 2.301 Segment revenue rrom continuing operations (A) 26,245 23,530 16,515 49,776 32,063 77,287 Discontinued operations (Refer note S) e) Oil&Gas . 842 2,330 842 4,633 9,582 t) Aluminium 6,309 15,671 6,309 30,227 65,847 g) Iron Ore 598 1,449 598 2,783 6,457 h) Power 779 2,147 779 4,171 8,891 i) Others - 676 1,465 676 3.296 7 306 See.ment revenue from discontinued operations (B) - 9.204 23.062 9.204 45.I IO 98.083 Total see.ment revenue from continuine. and discontinued operations (A+B} 26.245 32.734 39.577 58980 77.173 1.75.370 Less: [nter segment revenue 433 80 359 513 521 1.294 Revenue 25,812 32,654 39,218 58,467 76,652 1,74,076 Add: Other operating income 544 861 650 1,40S 1,040 3,119 Total revenue rrom operations 26.356 33,515 39,868 59,872 77,692 1,77,195 2 Soi:m,nt results (EBITDA) 1 Continuing operations a) Zinc, Lead and Silver 9,243 8,096 4,434 17,339 8,249 22,056 b) Zinc - International 550 250 373 800 795 1,321 c) Copper 80 11 (13) 91 (39) (48) d) Others 65 112 23 177 79 90 ·- -, ... .,, •:s:n '••n onu .,~ a,a Discontinued operations (Refer note 5) e) Oil&Gas 399 1,029 399 2,297 4,350 I) Aluminium 3,174 5,532 3,174 9,994 25,502 g) Iron Ore - 122 108 122 312 1,007 h) Power - 112 194 112 613 1,534 i) 'i)thers - 84 (68) 84 58 164 Tolill •~mtnl re$ult..s (t'IBITDA) rrom discontinued opc-raliom (8 ) - 3,891 6,795 3,891 13,274 32,557 Total segment results (EBITDA) from continuing and discontinued operations (A+B) 9,938 12,360 11,612 22,298 22,358 55,976 3 Depreciation, depletion and amortisation expense Continuing operations a) Zinc, Lead and Silver 967 925 886 1,892 1,803 3,798 b) Zinc - International 319 182 185 501 324 773 c) Copper 16 16 12 32 24 54 d) Others 37 69 41 106 89 185 Total Depreciation, depletion and amortisation from continuing operations (A) 1,339 1.192 1,124 2,531 2,240 4,810 Discontinued operations (Rerer note 5) e) Oil&Gas - 667 1,331 1,884 f) Aluminium . - 709 1,410 2,020 g) Iron Ore 99 186 247 h) Power . 179 338 548 i) Others . - 90 187 265 Total Depreciation, depletion and amortisation from discontinued operations (B) . 1,744 3.452 4.964 Less: Depreciation, depletion and amortisation expense from continuing and discontinued 1,339 1,192 2,868 2,531 5,692 9.774 onerations (A+B) Add: Other income, net of expenses'r 45 52 (1 II} 97 (788) (930) Less: Finance costs 696 1,190 2,110 1,886 4,136 8,351 Add: Other unallocable income, net of expenses 442 600 492 1,042 1,326 2,684 Add: Share in (loss)/orofit of iointly controlled entities and associates 0 0 (1) 0 (I) (!) Profit before exceptional items and tax 8.390 10.630 7,014 19.020 13.067 39.604 Add: Net exceptional (loss) (Refer note 4) (2.067) (2,067) (4,178) Profit before tax 8.390 10.630 4.947 19.020 11.000 35,426 i) Earnings before interest, depreciation, tax and exceptional items ('EBITDA') is a non- GAAP measure ii) Includes cost of exploration wells written off in Oil & Gas segment of Nil, f 8 Crore, f 187 Crore, t 8 Crore ,f 944 Crore and f 1,252 Crore for the quarters ended 30 September 2026, 30 June 2026, 30 September 2025, half year ended 30 September 2026, 30 September 2025, and year ended 31 March 2026, respectively and amonisation of duty benefits relating to assets recognised as government grant
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ff'in Crorcl Quarter mdcd llolr y<11< rnd•d Vear ended S.No. Segment information 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 3 Segment as,ets Continuing operations a) Zinc, Lead and Silver - India . 28,811 28.862 26,386 28,811 26,386 27,474 b) Zinc - International 15,SJS 14,933 11,815 IS,SJS 11,815 13,521 c) Copper 6,459 6,791 6,276 6,459 6,276 5,837 d) Others 4,137 4.103 3,893 4,137 3,893 4,018 Total segment assets from continuing operations (A) 54,942 54,689 48,370 54,942 48,370 50,850 Discontinued operations (Rerer note S) e) Oil&Gas . 23,678 23,678 25,806 f) Aluminium 76,969 76,969 80,592 g) Iron Ore . 6,536 . 6,536 5,408 h) Power 16,354 16,354 16,876 i) Others ; 7,510 7,510 7,996 Total segment assets from discontinued operations (B) 1,Jl ,047 1.31.047 1.36.678 Add: Unallocated JJ.503 27.767 37,175 33,503 37.175 45.709 Total segment aSllet! from continuing and diuontinued operations (A+B) 88,44S 82.456 2.16.592 88,445 2,16,592 2,33,237 4 Segment liabilities Continuing operations a) Zinc, Lead and Silver - India 7,939 8,576 8,316 7,939 8,316 8,784 b) Zinc - International 4,447 4,262 2,110 4,447 2,110 2,691 c) Copper 9,164 9,464 9,047 9,164 9,047 8,707 d) Others 1,958 2.201 1.455 1,958 1,455 2,216 Tolal segment liabilities from continuing operations (A) 23,508 24,503 20,928 23,508 20,928 22,398 Discontinued operations (Refer note S) e) Oil&Gas . 11,328 11,328 11,438 f) Aluminium . 21,285 21,285 20,926 g) Iron Ore . 3,247 3,247 3,582 h) Power 2,187 2,187 1,868 i) Others . 3,038 3.038 3.601 Total segment liabilities from discontinued operations (8) . 41,085 . 41.085 41.415 Add Unallocated 38.63S 38,086 1,00,366 38,63S 1,00,366 1.00.847 Total segment liabilities from continuing and discontinued operations (A+B) 62.143 62.589 1,62,379 62,143 1,62,379 1,64,660 The continuing business segments are: (:i) Zinc, Lead and Silver - India, which consists of mining of ore, manufacturing of zinc and lead ingots and silver, both from own mining and purchased concentrate Additional intra segment infonnation of revenues ror 1hc Zinc & Lead and Silver segment have been provided to enhance understanding of segment business; (b) Zinc - International, which consists of exploration, mining, treatment and production of zinc, lead, copper and associated mineral concentrates for sale; (c) Copper, which consist of mining of copper concentrate, manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and blister, and manufacturing of precious metal from ilnodc slime, sulphuric acid and phosphoric acid; and (d) Other business segment under continuing operations comprises port/berth, glass substrate, nickel, power cables, ferroy alloys and wind power plants and a power plant situated at Mettur Dam in the State of Tamil ~du in southern India but excluding captive power The discontinued buside.!!IS segments are: (c) Oil & Gas, which consists of exploration, development and production of oil and gas; (0 Aluminium, which consist of mining of bauxite and manufacturing of alumina and various aluminium products; (g) Iron ore, which consists of mining of ore and manufacturing of pig iron and metallurgical coke; (h) Power, includes thermal power facilities predominantly engaged in generation and sale of commercial power but excluding captive power; and (i) Other business segment under discontinued operations comprises steel and cement, Assets and liabilities. the .alloendon of which are not ditc:ctly related to a rcporu.bTc..srgmcn1 ;;arc beinc disclosed as unallocated assets and llabUi11es,,
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Consolidated Balance Sheet Particulars A ASSETS Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Intangible assets (d) Exploration intangible assets under development (e) Investments accounted for using the equity method (f) Financial assets (i) Investments (ii) Loans (iii) Derivatives (iv) Others (g) Deferred tax assets (net) (h) Income tax assets (net) (i) Other non-current assets Total non-current assets Current assets (a) Inventories (b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Other bank balances (v) Loans (vi) Derivatives (vii) Others (c) Income tax assets (net) ( d) Other current assets Total current assets Assets classified as held for distribution (Refer note 5) Total Assets B EQUITY AND LIABILITIES Equity Equity share capital Other equity Equity attributable to owners of Vedanta Limited Non-controlling interests Total Equity Liabilities Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Derivatives (iv) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) Other non-current 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) Derivatives (vi) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Income tax liabilities (net) Total current liabilities Liabilities directly associated with the assets held for distribution (Refer note 5) Total Equity and Liabilities As at 30.09.2026 (Unaudited) 30,316 12,540 491 367 33 1,588 868 232 852 852 1,239 1,945 51,323 7,035 16,210 883 3,719 6,611 35 203 424 SI 1,951 37,122 - 88,445 391 12,370 12,761 13,541 26,302 22,280 331 33 663 782 5,139 1,144 30,372 8,017 485 4,164 8,185 678 4,490 3,689 42 2,021 31,771 - 88,445 (fin Crorc) As at 31.03.2026 (Audited) 30,027 10,310 521 221 31 1,252 39 90 840 926 1,310 1,620 47,187 5,414 14,135 1,305 1,370 2,369 1 411 277 49 1,479 26.810 1,59,240 2.33.237 391 49.261 49,652 18.925 68,577 15,705 326 60 312 746 4,901 1,168 23,218 10,786 523 5,103 7,250 569 6,989 2,276 76 1.451 35.023 1,06,419 2.33.237
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Consolidated Statement of Cash Flows (f in Crore) Half year ended Particulars 30.09.2026 30.09.2025 (Unaudited) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES . Profit before tax from continuing operations 15,579 6,139 Profit before tax from discontinued operations 3,441 4,861 Profit before tax from continuing and discontinued operations 19,020 11,000 Adjustments for: Depreciation, depletion and amortisation 2,531 5,714 Impairment (reversal)/ charge on property, plant and equipment/ Capital work-in-progress (CWIP)/ Other assets written . 40 off(net) Other exceptional items loss - 1,407 Allowance of impairment on financial and non-financial assets/ bad debts written off (12) 12 .. Exploration costs written off 8 944 Liabilities written back (6) (133) Fair value gain on financial assets held at fair value through profit or loss (115) (159) Loss on sale/ discard of property, plant and equipment (net) 34 7 Foreign exchange (gain)/ loss (net) (132) (5) Unwinding of discount on decommissioning liability 29 74 Share in (profit)/ loss of jointly controlled entities and associates 0 I Share based payment expense 7 50 Interest income (712) (1,147) Dividend income - (19) Interest expense 1,886 4,062 Amortization of deferred government orrant (IDS) /155 ) Changes in working capital (Increase)/ decrease in trade and other receivables (404) (1,363) (Increase)/ decrease in inventories (2,303) (2,688) [ncrease/ (Decrease) in trade and other payables (649) (862) (Decrease)/ Increase in operational buyers' credit / suppliers' credit (1,276) 1.782 Cash generated from operations 17,801 18,562 Income taxes paid (net of refunds) (3,755) (2.336) Net cash generated from operating activities 14,046 16.226 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property, plant and equipment (including intangibles, CWIP, capital advances and creditors) (6,197) (10,255) Proceeds from sale of property, plant and equipment 6 21 Loans repaid by related parties 2,436 97 Deposits made (9,118) (9,007) Proceeds from redemption of deposits 2,385 5,504 Short term investments made (42,956) (60,667) Proceeds from sale of short term investments 42,046 63,204 Interest received 1,186 688 Dividends received - 19 Payment made to site restoration fund (8) . Purchase of long term investtnents . (103) Net cash used in investing activities (10,220) ( 10.499) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short-term borrowings (net) - (18) Proceeds from current borrowings 17,757 2,367 Repayment of current borrowings (8,659) (2,330) Proceeds from long-term borrowings 4,654 18,445 Repayment of long-term borrowings (6,043) (11,293) [nterest paid (2,110) (4,528) Proceeds from sale of equity shares of subsidiary without loss of control . 3,015 Payment of dividends to equity holders of the Company (8,983) Payment of dividends to non-controlling interests (1,826) (1,546) Principal payment oflease liabilities (120) (201) Interest pavment of lease liabilities (30) (11) Net cash used in financin2 activities 3,623 (5.094) Effect of exchange rate changes on cash and cash equivalents 46 43 Net increase in cash and cash equivalents 7,495 676 Cash and cash equivalents at the beginning of the year 5,809 3,993 Transferred to demerged entities (Refer note 5) (9.585) . Cash and cash equivalents at end of the year 3,719 4.669 Notes: I The figures in parentheses indicate outflow 2, The above cash flow has been prepared under the "Indirect Method" as set out in Indian Accounting Standard ([nd AS) 7 - Statement of Cash Flows
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Notes:• I The above consolidated results of Vedanta Limited ("the Company") and its subsidiaries ("the Group"), jointly controlled entities, and associates for the quarter and half year ended 30 Sep1cmbcr 2026 have been reviewed by the Audit and Risk Management Committee and approved by the Board of Directors in its meeting held on 28 October 2026. The statutory auditors ha,•c caricd out a limited review on these results and issued an unmodified conclusion. 2 These results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS") notified under the Companies (Indian Accounting Standards) Rules, 2015. 3 Subsequent to the quarter ended 30 September 2026, the Board of Directors of the Company, on 08 October 2026, approved the first interim dividend on 5/- per equity share on face value on , 1/- per equity share for FY 2026-27. 4 Net exceptional (loss)/gain : It m Crorcl Quarter ended Halrvcarended Year ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Particulars (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Continuing Operations: Impact of ~tate levies: Zinc . . . . 56 Statutory impact of new Labour Codes . . . . (36) Net ex<eptional gain - . . 20 Current tax (expense) on above . . . . . (6) Net deferred tax benefit on above . - - - I Net exceptional gain (net or tax) from continuing operations (A): - - - 15 Discontinued Operations: Property, plant and equipment ("PPE"), capital work-in-progress ("CWIP") and other assets wrinen back/ (written off) or (impaired)/ reversed: -Aluminium - - - (349) -Iron Ore - - - (1 ,471) Power Segment: - Trade receivables written off - - (1,407) . {1,407) (1,407) - Late Payment Surcharge - - - - (215) - Capital creditor settlement - - (660) (660) (660) Statutory impact of new Labour Codes - - . . (96) N el exceptional (loss) - - (2,067) - (2,067) (4,198) Current tax benefit on above - - - - 88 Net deferred tax benefit on above . . 520 . 520 598 Net exceptional (loss) (net of tax) from discontinuing operations (B): - - (1,547) . (1,547) (3,512) Less: Non-controlling interests on above (C) . - - 5 Net exceptional (loss), net of tax and non-<:ontrolling interests (A+B+c) . . (1,547) - (1,547) (3.502) 5 The Hon'ble National Company Law Tribunal, Mumbai Bench, vide its Order dated 16 December 2025 and 9 January 2026, approved the Scheme of Arrangement inter-alia amongst Vedanta Limited, the Resulting Companies (i.e., Vedanta Aluminium Metal Limited ("V AML"), Vedanta Oil And Gas Limited (formerly known as Malco Energy Limited) ("VOGL"), Vedanta Iron and Steel Limited ("VISL") and Vedanta Power Limited (formerly known as Talwandi Sabo Power Limited)) ("VPL"), their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Scheme"), providing for the demerger of Vedanta Limited's Aluminium (represented by the Aluminium segment), Oil & Gas (represented by the Oil and Gas segment), Iron Ore (represented by Iron Ore segment) and Merchant Power (represented by the Power segment) undertakings into V AML, VOGL, VISL and VPL respectively, on a going concern basis. The receipt of aforesaid NCLT approval, being one of the substantial approvals, meets the highly-probable criteria prescribed in Ind AS 105 "Non• current Assets Held for Sale and Discontinued Operations" for presentation of the Scheme as discontinued operations. Hence Aluminium, Oil and Gas, Iron Ore and Power undertakings have been disclosed as discontinued operations in standalone financial results. Accordingly, all previous period figures have also been re-presented/re-computed, where required. The Board of Directors, at its meeting held on 20 April 2026, has inter alia, approved 1 May 2026 as effective date and appointed date of the Scheme. The management has accounted for the demerger w.e f I May 2026, in accordance with the accounting treatment prescribed under the sanctioned Scheme as a common control transaction, whereby the assets and liabilities were transferred to the Resulting Companies at their respective book values without any gain/loss. Accordingly, the results of the Discoptinued Operation pertain only to the period from I April 2026 to 30 April 2026. Therefore, the figures for the current period are not comparable with those of the previous/ corresponding periods. Further, as of31 March 2026, debt allocation between continuing and discontinued operations was based on management's best estimate . Following finalization of the debt allocation between the Company and the Resulting Companies, as aligned with the concerned lenders pursuant to the demerger, comparative debt balances and related finance costs for the quarter and year ended of comparative periods have been reallocated regrouped between continuing and discontinued operations. Also, as required by the Scheme, all rights, obligations and contingent liabilities (including proceedings before judicial and regulatory authorities) have also been transferred to respective Resulting Company from the Effective Date. Consequently, financial impact of outcome of such proceedings after the Effective Date is not required to be recognised in these results,
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Brief particulars of the Discontinued Operations IND AS 105 - Non-current Assets Held for Sale and Discontinued Operations are given below. (A) Carrying value of net a.sscts of the Dl'll'lergl!d Undcrloking (net of inter segment balances) as at 31 March 2026 (fin Crore) Particulars Oil and Gas Aluminium Iron Ore & Steel Power Undertaking undertaking Undertaking Undertaking Total A ,\SS ETS - !Non-current assets (a) Propcny, plant and equipment 9,195 54,837 6,531 11,882 82,445 (b) Capital work-in-progress 6,219 9,316 2,755 1,703 19,993 (cl Intangible assets 53 912 522 2 1,489 (d) E.xploration intan&iblc assets under development 2,571 1,163 . 3,734 (c) Investments accounted for using the equity method . - - - (f) Financial asse ts (i) lnvestment.s 25 849 . . 874 (ii) Loans . . . . . (iii) Trade receivables . 133 . 1,017 1,150 (fv) D<!riw tivcs - 229 - - 229 (v) Others 2,516 1,138 120 30 3,804 (g) Deferred ta.~ assets (net) . 1,990 376 2,366 (h) Income tax assets (net) . 134 2 136 (i) Other non-current assets 182 2_180 624 96 3,082 Total non-current assets 20.761 70,757 12,676 15,108 1,19.302 Current assets (a) Inventories 728 6,871 1,897 515 10,011 (b) Financial assets (i) Investments 990 2,597 308 7 3,902 (ii) Trade receivables 809 2,417 292 1,225 4,743 (iii) Cash and cash equivalents 1,134 1,474 1,033 798 4,439 (iv) Other bank balances 3,190 268 229 30 3,717 (v) Loans 727 I 1,316 - 2,044 (vi) Derivatives . 358 12 . 370 ( vii) Others 7,063 1,377 213 3 8,656 (c) Income tax assets (net) . . 6 6 ( d) Other current assets 130 887 686 347 2,050 Total current assets 14,771 16,250 5,986 2,931 39,938 Total Assets 35,532 87,007 18,662 18,039 1,59,240 B LIABILITIES Non-current liabilities (a) Financial liabilities (i) Borrowings 2,537 26,214 1,161 7,068 36,980 (ii) Lease liabilities 94 70 580 32 776 (iii) Derivatives . . . . . (iv) Other financial liabilities 4 342 230 . 576 (b) Provisions 2,323 311 302 10 2,946 (c) Deferred tax liabilities (net) 3,088 5,564 82 34 8,768 ( d) Other non-current liabilities . 3,222 35 29 3.286 Total non-current liabilities 8.046 35,723 2,390 7,173 53,332 Current liabilities (a) Financial liabilities (i) Borrowings 1,878 11,478 3,517 1,398 18,271 (ii) Lease liabilities 54 21 525 8 608 (iii) Operational buyers' credit / suppliers' credit 66 4,073 2,110 908 7,157 (iv) Trade payables 1,173 3,444 1,130 347 6,094 (v) Derivatives 4,017 . . 4,01 7 (vi) Other financial liabilities 7,325 3,235 1,111 752 12,423 (b) Other current liabilities 326 2,416 884 27 3,653 (c} Provisions 72 194 339 2 607 (d) Income tax liabilities (net) 121 98 38 . 257 Total current liabilities 11,015 28,976 9,654 3,442 53,087 Total Liabilities 19,061 64,699 12,044 10,615 1,06,419
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(B) Profit from Discontinued Operations: Oil and Gas Undcrtakine (Net of inter segment transactions) Cf in Crorc) Quarter ended Half vear ended Year ended Pa rticu la rs 30.09:2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations - 843 2,342 843 4,653 9,606 Total Income . 920 2,516 920 5,104 10,328 Total expenses - 563 2.383 563 5,022 8,999 Profit before exceptional items and tax . 357 133 357 82 1,329 Net exceptional (loss) - - - - - (26) Net tax expense/(benefit) - 156 246 156 209 572 Profit/(Loss) from discontinued operations - 201 (113) 201 (127) 731 Oil and Gas Undertaking (Gross of inter segment transactions) (f in Crorel Quarter ended Half year ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations - 843 2,342 843 4,653 9,606 Total Income - 942 3,472 942 6,120 10,546 Total expenses - 790 2.432 790 5.068 9,111 Profit before exceptional items and tax - 152 1,040 152 1,052 1,435 Net exceptional (loss) - . . - - (26) Net tax expense/(benefit) - 156 246 156 209 572 (Loss)/Prolit from discontinued operations - (4) 794 (4) 843 837 Aluminium undertaking (Net of inter segment transactions) (fin Crore) Quarter ended Half year ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations . 6,395 15,921 6,395 30,557 66,810 Total Income - 6,438 16,045 6,438 30,886 67,700 Total expenses - 3,537 11,787 3,537 23,650 46,947 Profit before exceptional items and tax - 2,901 4,258 2,901 7,236 20,753 Net exceptional (loss) - - - - - (393) Net tax expense - 661 1.057 661 1,781 5,120 Profit from discontinued ooerations - 2.240 3,201 2,240 5,455 15,240 Aluminium undertaking (Gross of inter segment transactions) (fin Crorel Quarter ended Halfvear ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations - 6,403 16,387 6,403 31,041 66,929 Total Income - 6,445 16,511 6,445 31,370 67,781 Total expenses - 3,558 12,475 3,558 24.466 47.555 Profit before exceptional items and tax . 2,887 4,036 2,887 6,904 20,226 Net exceptional (loss) - . - . . (393) Net tax expense - 661 1,057 661 1,781 5.120 Profit from discontinued operations . 2,226 2,979 2,226 5,123 14.713
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[ron Ore & Steel Undcrtnkin11. <Net ofinccr SC!!mcnl trnnsnctions) If in Crorcl Quarter ended Half year ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Una!_ldited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations . 1,290 2,857 1,290 5,951 13,581 Total Income . 1,307 2,887 1,307 6,097 13,829 Total expenses . 1,131 3,178 1,131 6,322 13.668 Profit before exceptional items and tax . 176 (291) 176 (225) 161 Net exceptional (loss) - - - . . (1 ,493) Net tax expense . 39 12 39 69 761 Profit/(Lossl from discontinued ouerations - 137 (303) 137 (294) (2,093) lron Ore & Steel Undertakinl! (Gross of inter seement transactions) (fin Crore) Quarter ended Half year ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations . 1,291 3,355 1,291 6,450 13,586 Total Income - 1,350 3,544 1,350 6,881 14,353 Total expenses - 1.141 3.749 1,141 6.923 13.857 Profit before exceptional items and tax - 209 (205) 209 (42) 496 Net exceptional (loss) . . . - . (1,493) Net tax expense - 39 12 39 69 761 Profit/(Loss) from discontinued ooerations . 170 (217) 170 (111) (1,758) Power Uodertakinl! (Net of inter sel!ment transactions) (fin Crorc) Quarter ended Halrvear ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue rrom operations . 783 2,012 783 4,041 8,760 Totnl Income . 786 2,016 786 4,049 8,782 Total expenses . 779 2,309 779 4,2 15 8,598 Profit before exceptional items and tax . 7 (293) 7 (166) 184 Net exceptional (loss) . - (2,067) . (2,067) (2.286) Nel tax (benefit)/expense . (39) (583) (39) (562) (859) Profit/(Lossl from discontinued oncrations . 46 ( 1,777) 46 (1,67 1) (1 ,243) Power Undertakinl! (Gross of inccr swmcnt transactions) (fin Crorc) Quarter ended Half vear ended Ycarcndcd Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations - 783 2,154 783 4,183 8,929 Total Income - 792 2,158 792 4,191 8,952 Total expenses - 788 2.341 788 4.262 8.713 Profit before exceptional items and tax . 4 (183) 4 (71 ) 239 Net exceptional (loss) . - (2,067) . (2,067) (2,286) Net tax (benefit)/expense . (39) (583) (39) (562) (859) Prolit/(Loss) from discontinued ooerations . 43 (1.667) 43 ( 1,576) (1.188)
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6 Additional disclosures of financial ratios: Quarter ended Hair year ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited)** (Unaudited)** (Unaudited) (Unaudited)** (Unaudited) (Audited) a) Debt-Equity Ratio (in times)* 1.15, 1.42 1.54 1.15 1.54 1.19 b) Debt Service Coverage Ratio ( in times)* 4.87 2.52 1.77 3.38 I 34 1.81 c) Interest Service Coverage Ratio (in times)* 12.79 12.59 4.99 12.39 4.89 6.24 d) Current Ratio (in times)* 1.38 1.10 0.95 1.38 0 95 1.06 e) Long term debt to working capital Ratio (in times)* 2.65 8,77 •• 2.65 •• 20.13 f) Bad debts to Account receivable Ratio (in times)* 0.03 0,00 0.00 0.04 0.00 0.06 g) Current liability Ratio (in times)* 0.43 0.45 0.38 0.43 0.38 0.38 h) Total debts to total assets Ratio (in times)* 0.34 0.34 0.39 0.34 0.39 0.35 i) Debtors Turnover Ratio (in times)* 24.09 16.34 7.04 46.22 14. 19 26.68 j) Inventory Turnover Ratio (in times)* 2.64 2.55 1.70 5.17 3.49 8.11 k) Operating-Profit Margin(%)* .33% 30% 22% 31% 21% 26% I) Net-Profit Margin(%)* 24% 22% 13% 23% 12% 16% m) Capital Redemption Reserve ({ in Crore)* 3,125 3,110 3,110 3,125 3,110 3,110 n) Net Worth (Total Eauitv) ({ in Crore)* 26,302 19.867 54.213 26.302 54.213 68.577 • Not annualised, except for the year ended 31 March 2026. **The above ratios for the quarters ended 30 September 2026 and 30 June 2026 and half year ended 30 September 2026 have been computed based on continuing operations only. However, the ratios for the comparative periods have been calculated considering both continuing and discontinued operations. Therefore, the ratios for the quarters ended 30 September 2026 and 30 June 2026 and half year ended 30 September 2026 are not directly comparable with those of the comparative periods Formulae for computation of ratios are as follows: a) Debt-Equity Ratio Total Debt/ Total Equity Debt Service Coverage Ratio Income available for debt service/ ( interest expense + repayments made during the period for long term loans), b) where income available for debt service = Profit before exceptional items and tax + Depreciation, depletion and amortization expense + Interest expense c) Interest Service Coverage Ratio Income availaWe for debt service/ interestexnense . d) Current Ratio Current Assets/ Current Liabilities (excluding current maturities of long term borrowing) Long term debt to working capital Ratio Non-current borrowing (including current maturities of long term borrowing)/ Working capital (WC), where WC = e) Current Assets - Current Liabilities (excluding current maturities oflong term borrowing) f) Bad debts to Account receivable Ratio Bad Debts written offi' Average Trade Receivables g) Current liability Ratio Current Liabilities (excluding current maturities of long term borrowing)/ Total Liabilities h) Total debts to total assets Ratio Total Debt/ Total Assets i) Debtors Turnover Ratio Total revenue from onerations/ Average Trade Receivables j) Inventorv Turnover Ratio (Total revenue from onerations - EBITDA)I Average Inventorv k) Operating-Profit Margin(%) (EBITDA - Depreciation, depletion and amortization expense)/ Total revenue from operations I) Net-Profit Margin(%) Net profit after tax before exceptional items (net of tax)/ Total revenue from operations m) Capital Redemotion Reserve includes Preference Share Redemption Reserve created on redemption of preference shares 7 The Non-Convertible debentures ('NCDs') of the Group outstanding as on 30 September 2026 are~ 11.360 Crore. all of which are listed unsecured NCDs.
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8 (a) During the previous financial year, a short seller had published reports alleging certain matters against some of the Vedanta Group entities including the Company. Based on management assessment, legal advice obtained and involvement of external experts management continues to believe, that these allegations are baseless and the related transactions have appropriate commercial substance, duly approved through necessary processes and that the Group remains compliant with contractual obligations and applicable laws and regulations. Accordingly, no adjustments were considered necessary in consolidated financial results of the Group_ Information sought by regulators/authorities have been duly provided by the Group. In relation to one of the Subsidiary, Hindustan Zinc Limited, during the previous quarter, SEBI communicated its observations on related party transactions. These observations pertained to approvals and disclosure aspects and did not result in any financial penalty, restriction, or sanction on the Subsidiary. In accordance with SEBl's directions, corrective measures have been taken and presented to the Audit & Risk Management Committee and the Board of Directors of the Subsidiary. The Committee and the Board of the Subsidiary have reviewed these measures and expressed satisfaction with the actions taken to address SEBI's observations (b) Further, the Enforcement Directorate ("ED") conducted a search and seizure operation under the Foreign Exchange Management Act, 1999, at the premises of the Company and one of its subsidiary from 1 June 2026 to 3 June 2026. During the course of the proceedings, the ED sought information, records and documents of the Group. The Group extended full cooperation to the ED officials and provided the information and documentation sought by them. The Group has not received any further communication from ED in this regard, 9 Pursuant to the Scheme of Arrangement ("Scheme"), the Oil & Gas business undertaking of the Company ("VEDL" or "Demerged Undertaking") held within VEDL as well as its direct subsidiary (Cairn Energy Hydrocarbons Limited - "CEHL") (together referred as "Cairn"), was demerged into Vedanta Oil & Gas Limited ("VOGL") as a going concern with effect from 1 May 2026 (the 'Appointed Date"), as further detailed in Note 5. During the half year ended 30 September 2026, the Ministry of Petroleum and Natural Gas (MoPNG) has provided its no-objection/approval on 24 July 2026 in relation to the assignment of participating interests and operatorship pertaining to the oil and gas blocks transferred to VOGL. In accordance with Clause 34 of the Scheme, pending receipt of the consent of the MoPNG for the transfer of participating interests under the relevant production sharing contracts and revenue sharing contracts, VEDL held the relevant letters of intent, participating interests, production sharing contracts, revenue sharing contracts and joint operating agreements together with related assets, rights, interests, liabilities and obligations, both present and future, and conducted the related business and operations, in trust for and on behalf of VOGL from the Appointed Date. Nonetheless, the economic interest and obligations in such arrangements vested in VOGL from the Appointed Date. Accordingly, the financial results and operations of Cairn for the period from 1 April 2026 to 30 April 2026 are included in these results for the quarter ended 30 June 2026 and half year ended 30 September 2026, 10 Th~ figures have been rounded off to the nearest crore of rupees. The figure 'O' wherever stated represents value less than ~ I Crore. Place: Mumbai Date: 28 October 2026 By Order of Board Arun Misra CEO & Executive Director (Whole-Time Director)
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MSKA & Associates LLP (fc,rmerly known as MS KA & Associates) Chartered Accountants Magnum Global Park Unit No-2101-2115A Ii: B, Floor 21 Sector-58, Arch View Drive Gurugram 122011, INDIA Independent Auditor's Review Report on the quarterly and year to date unaudited Standalone financial results of Vedanta Limited pursuant to the Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors of Vedanta Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Vedanta Limited (hereinafter re.ferred to as 'the Company') for the quarter ended September 30, 2026 and the year to-date results for the period from April 01, 2026 to September 30, 2026 ('the Statement') attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ('the Regulations'). 2. This Statement, which is the responsibility of Company's Management and has been approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting', prescribed under Section 133 of the Companies Act, 2013('the Act'), read with relevant rules issued thereunder ('Ind AS 34' ), and other recognised accounting principles generally accepted in India, and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants 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 information consists of making inquiries, primarily of personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted 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 the recognition and measurement principles laid down fn Ind AS 34 and other recognised accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to Notes 8 (a) and (b) to the accompanying Statement, regarding ongoing investigations by regulatory authorities including those relating to certain allegations made in a short seller report during the previous year for which details/records sought by those authorities have been provided by the Company and management assessment of the implications/ positions of these matters on the accompanying Statement. Our conclusion is riot modified in respect of this matter. Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789 Ahmedabad I Bengaluru I Chandigam I Chennai I Coimbatore I Goa I Hyderabad I Kechi I Kolkata I Mumbai I Pune www. mska. in
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MSKA & Associates LLP (Formerly known as MS KA&: Associates) Ch~rtered Accountants 6. We did not review the financial results of an unincorporated joint operation not operated by the Company included in the Statement, whose interim financial results reflect total assets of Rs. Nil as at September 30, 2026, total revenue of Rs. 26 Crores, total net profit after tax of Rs. 12 Crores, total comprehensive income of Rs. 12 Crores and cash flows net of Rs. Nil Crores for the period from April 01, 2026 to April 30, 2026, as stated in note 4 to the statement. The interim financial results of the said unincorporated joint operation not operated by the Company have not been reviewed and such unaudited interim financial results have been furnished to us by the Management and our report on the Statement, in so far as it relates to the amounts and disclosures included in respect of the said unincorporated joint operation, is based solely on such unaudited information furnished to us by the Management of the Company. In our opinion and according to the information and explanations given to us by the Management of the Company, these interim financial results and other financial information of said unincorporated joint operation is not material to the Company. Our conclusion is not modified in respect of this matter. 7. The standalone financial results of the Company for quarter and year to date ended September 30, 2025 and year ended March 31, 2026 including those pertaining to continued and discontinued operations and Balance Sheet as at March 31, 2026 were reviewed and audited respectively by another auditor whose reports dated October 31, 2025 and April 29, 2026 respectively, expressed unmodified conclusion/opinion on those results. However, consequent to the reallocation of debts and related finance costs between the Company and Resulting Companies as explained in note 4 to those results. The management of the Company has revised financial information relating to debts and related finance costs for aforesaid periods/ year to reflect the reallocation of debts agreed with respective lender subsequent to year ended March 31, 2026. We have reviewed the arithmetical accuracy of the revised amounts. O_ur conclusion is not modified in respect of this matter. For M S KA & Associates LLP (Formerly known as M S K A & Associates) Chartered Accountants ICAI Firm Registration No.105047W /W101187 Bhas r Sarkar Partner Membership No.: 055596 UDIN: 2/oC') IS.SS'9f, \-\K\f t,..1:> Z.. '2!!6-=1--~ Place: Mumbai Date: October 28, 2026 Registered Office: 602, Raheja TTtanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789 Ahmedabad I Bengaluru I Chandigam I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kalka ta I Mumbai I Pune www. mska. in
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~ ~~g~.!!-:!._ .... Vedanta Limited CIN: Ll3209MH1965PLC291394 Regd. Office: Vedanta Limited, 1st Flour, 'C' wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai----400093, Maharashtra STATEMENT OF UNAUDITEDSTA1''0ALONE RESULTS FOR TIIE QUARTER AND HALF YEAR ENDEO30 SEPTEMBER2026 (f in Crore . except as stated) Quarter ended Half Year ended Year ended S.No. Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03 .2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Continuing Operations: I Revenue from operations a) Revenue 8,270 7,283 4,728 15,553 9,519 23,241 bl Other operating_ income 480 433 268 913 528 1.261 Total revenue from ooerations (a+b} 8.750 7.716 4.996 16.466 10.047 24.502 2 Other income (Refer note 5) 134 2.942 154 J,076 2 959 3.210 Total income 8,884 LO 658 5 ISO 19,5.42 U 006 2J 712 3 Expenses a) Cost of materials consumed 8,273 7,383 4,388 15,656 8,932 21,659 b) Purchases of stock-in-trade 172 143 172 316 365 c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (475) (443) (48) (918) (247) 62 d) Power and fuel charges 72 74 48 146 100 202 e) Employee benefits expense 42 42 47 84 72 152 I) Finance costs 413 386 315 799 492 1,154 g) Depreciation, depletion and amortisation expense 14 13 12 21 25 52 h) Other exoenses 591 691 520 1.282 1.057 2.297 Total exnenses 9.102 8 146 5 425 17.248 10 747 25 943 4 (Loss)/ Profit before exceptional items and tu (218) 2.512 (275) 2.294 2.259 1.769 5 Net exceptional gain (Refer note 3) . . . l 936 4.439 6 I (Loss)/ Profit before tax 1218 2.512 (2751 2.294 4. 195 6.208 7 Tax (benelit)/ expense Other than exceptional items a) Net current tax expense/(benefit) 3 (72) (223) (69) (221) (220) b) Net deferred tax (benefit)/expense (51) 46 (12) (5) (16) 37 Exceptional items: cl Net tax benefit on exceptionaJ items (Refer note 3) (I) N<t IJIA (bcnelitl la+b+cl {48 1161 l'.!JS (74 (237 (184 1,-'II• ,_ ,- . -- . ··~· ~ - _A_, Discontinued Ooerations (Refer Note 41: 9 Profit before exceptionaJ items and tax 2416 2.950 2 416 4.571 16109 10 Net exceolional (loss) (Refer note 3) . . . (1219) II Net tax exoense 570 745 570 1.129 3.632 12 Net orofit after tax from discontinued ooerations (9+10-11) . 1.846 2.205 1 846 3 442 I 1.198 13 Net (loss)/pror.t after tax (8+12) [A) (170) 4.384 2.165 4.214 7,874 17.590 14 Net (loss)/profit after tax before exceptional items (net or tax) (170) 4,384 2,165 4,214 5,938 14,304 15 Other comprehensive income/ (expense) from continuing operations a) (i) Items that will not be reclassified to profit or loss 142 207 6 349 23 54 (ii) Tax benefit/(expense) on items that will not be reclassified to profit or loss (I) . . b) (i) Items that will be reclassified to profit or loss (15) 120 (62) 105 (85) (53) (ii) Tax benefit/(eXDensel on items that will be reclassified to crofit or loss 4 (32 13 1281 19 u 16 Other comprehensive income/ (expense) from discontinued operations a) (i) Items that will not be reclassified to profit or loss (28) . (28) (14) (ii) Tax (expense)/ benefit on items that will not be reclassified to profit or loss - 8 - 8 4 b) (i) Items that will be reclassified to profil or loss . 410 (73) 410 (528) (2,856) (ii) Tax benefit/ {eXDense} on items that will be reclassified to ore.fit or loss (JJ) 99 1331 211 936 Total other comorehensive income (8) 131 672 (38) 803 (374) (1.916 17 Total comorehensive income (A+B) (391 5.056 2 127 5,017 7.500 15,674 18 Paid-up eQuitv share caoitaJ (Face value of~ 1 each) 391 391 391 391 391 391 19 Reserves excluding revaJuation reserves as per balance sheet 76,908 20 Earnings per share for continuing operations(~) (*nol annualised) - Basic and diluted (0.43) • 649 • (0 10)' 6.06 • 11 34 • 16 35 21 Earnings per share for discontinued operations ( ~) (•not annualised) - Basic and diluied . 4 72 • 5 64 • 4.72 • 8 80 • 28 64 22 Earnings per share for continuing and discontinued operations(~) (•not annualised) - Basic and diluted (0.43) • l I 21' 5 54' 10.78 • 20 14 • 44 99
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f{iq Cro rcl Quarter ended Hair Year ended Year ended S. No. Segment information 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) I Segment revenue Continuing Operations: (a) Copper 8454 7,275 4,668 15,729 9,425 22,999 (b) Others 164 34 61 198 98 253 Less: Inter segment revenue 348 26 I 374 4 II Segment revenue rrom continuing operations (A) 8,270 7,283 4 728 15,553 9,519 23,241 Discontinued operations (Rerer Note 4) (c) Power 99 356 99 566 1,935 (d) Oil and Gas . 489 1,340 489 2,735 5,532 (e) Aluminium 4,814 11,740 4,814 22,557 49,604 (f) Iron Ore 523 I 404 523 2.689 6.01 I Less Inter segment reve~ue - 72 72 99 Segment revenue from discontinued operations (B) 5,925 14,768 5,925 28,475 62,983 Total segment revenue rrom continuin2 and discontinued ooerations (A+B) 8.270 13.208 19.496 21.478 37,994 86224 Add: Other ooerating income 480 523 554 t.003 926 2.326 Total revenue rrom continuine and discontinued ooerations 8,750 13,731 20.050 22.481 38.920 88.550 2 !;,,imcnt results (EBITDA) 1 Condnuins:_ Operations: (a) Copper 76 (4) (JS) 72 (74) (1 51) !bl O,hcrs I (351 /2ll 1341 (361 n1• ITQlal,Ulnne,il rH11ltii '"'"'""' .. ' ,. __ •n11tlnufn11,o--t1ou IA) !Tl (39 (""' 38 11 10) 1:122.1 Discontinued operations (Rerer Note 4) (c) Power - (30) (64) (30) (74) 311 (d) Oil and Gas - 235 593 235 1,400 2,604 (e) Aluminium - 2,422 3,646 2,422 6,914 18,358 (f) Iron Ore 103 120 103 323 865 Total segment results (EBITDA) rrom di,continued 011crntionJ (8) 2.730 4.295 2,730 8.563 22,138 Total se2ment results (EB(TDA) from continuin~ and discontinued onerations lA+Bl 77 2.691 4,239 2,768 8,453 21.916 3 Depreciation, depletion and amortisation expense Continuing Operations: (a) Copper 10 10 8 20 15 38 (b) Others 4 3 4 7 10 14 Total depreciation, depletion and amortisation expense from continuing operations (A) 14 13 12 27 25 52 Discontinued operations (Refer Note 4) (c) Power - 45 79 126 (d) Oil and Gas 377 752 1,059 (e) Aluminium . 534 1,053 1,514 (f) Iron Ore . 77 - 151 204 Total depreciation, depletion and amortisation expense rrom discontinued ooerations (B) - 1,033 2,035 2-903 Less Total denreciation, denletion and amortisation exnense (A+B\ 14 13 1,045 27 2,060 2,955 Add: Other income, net of(expenses) 11 (0) (166) (0) (902) (1,166) Less: Finance costs 413 737 1,383 !,ISO 2,717 5,540 Add: Other unallocable income net of exoenses (Refer note 5) 132 2.987 I 030 3,119 4 056 5 623 l(Loss)/Prorit before exceotional items and tax (218) 4.928 2.675 4,710 6.830 17.878 Add: Net exceptional u.ain (Refer note)) - - - I 93( 3.160 (Lossl/ Profit before tax 12181 4,928 2.675 4,710 8,766 21.038 4 Segment assets Continuing Operations: (a) Copper 5,567 5,924 5,748 5,567 5,748 5,302 (b) Others 462 334 473 462 473 335 Total segment assets rrom continuing operations (A) 6,029 6.258 6.221 6 029 6,22 1 5.637 Discontinued operations (Refer Note 4) (c) Power 5,382 . 5,382 6.272 (d) Oil and Gas 15,053 - 15,053 16,915 (e) Aluminium . 54,411 - 54,411 56,443 (f) Iron Ore 5.022 - 5.027 5 488 Total segment assets rrom discontinued operations (8) 79.868 - 79,868 85. 11 8 Add Unallocated 61.603 60.937 87 675 61 ,603 82.675 86.4&.1 Total seement assets from continuing and discontinued ooerations {A+B) 67.632 67.195 168.764 67,632 168.764 177,238
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5 Segment liabilities Continuing Operations: (a) Copper 8,750 9,061 8,702 8,750 8,702 8,410 (b) Others 73 86 192 73 192 108 Total segment liabilities rrom continuing operations (A) 8.823 9147 8.894 8.823 8.894 8.5 18 Discontinued operations (Refer Note 4) . (c) Power - 520 520 731 (d) Oil and Gas - 8,988 . 8,988 9,278 (e) Aluminium - 16,649 - 16,649 16,001 (f) Iron Ore - . 2 36 1 - 2361 2.539 Total segment liabilities rrom discontinued operations (B) - - 28.518 . 28 518 28 549 Add, Unallocated 16847 16 130 57 997 16.847 57 997 62 872 Total segment liabilities from continuine: and di5Continued ODetatio_n, (A+B) 25,670 25.277 95.409 25.670 95.409 99.939 i) Earnings before interest, tax, depreciation and amortisation ("EBITDA") is a non-GAAP measure ii) Includes cost of exploration wells written off in Oil and Gas segment of, Nil , , 8 Crore , ~ 187 Crore, { 8 Crore 3 944 Crore and { 1,252 Crore for the quarters ended 30 September 2026, 30 June 2026, 30 September 2025, half years ended 30 September 2026, 30 September 2025 and year ended 31 March 2026, respectively and amort isation of duty benefits relating to assets recognised as gov emmenl gmn1 The continuing business segment is: (n) Copper, which consists of manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and blister and manufacturing of sulphuric acid, phosphoric acid; and (b) Others, which comprises of nickel and a power plant situated at Mettur Dam in the State of Tamil Nadu in southern India but excluding captive power The discontinued business segments are: (c) Power, includes thermal power facilities predominantly engaged in generation and sale of commercial power but excluding captive power; (d) Oil and Gas, which consists of explorat ion, developme nt and produ ction of oil and gas; (e) Aluminium, which consists of manufacturing of aJumina and various aluminium products; and (f) Iron ore, which consists of mining of ore and manufacturing of pig iron and metaJlurgical coke Assets and liubllitlcs. the n1loC3.lion ofwh\Ch ore nor dlrcellv relined ton rcoonnblC sc 1~t a.re ba.inQ. disclosed as unallocated assets and liabilities
Page 25
Balance Sheet Vedanta Limited CIN: L13209MH1965PLC291394 Particulars A ASSETS I Non-current 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) Loans ( iii) Derivatives (iv)· Others (f) Deferred tax assets (net) (g) Income lax assets (net) (h) Other non-current assets Total non-current assets 2 Current assets (a) Inventories (b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Other bank balances (v) Loans ( vi) Derivatives (vii) Others (c) Income tax assets (net) ( d) Other current assets Total current assets Assets classified as held for distribution (Refer note 4) Total assets B EQUITY AND LIABILITIES I Equity Equity Share Capital Other Equity Total Equity Liabilities 2 Non-current liabilities (a) Financial liabilities ( i) Borrowings (ii) Lease liabilities (iii) Derivatives (b) Provisions ( c) Other non-current liabilities Total Non-current liabilities 3 Current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Operational buyers' credit / suppliers' credit (iv) Trade payables - Total outstanding dues of micro and small enterprises - Total outstanding dues of creditors other than micro and small enterprises (v) Derivatives (vi) Other financial liabilities (b) Other current liabilities ( c) Provisions (d) Income tax liabilities (net) Total current liabilities Liabilities dircctlv associated with the assets held for distribution (Rcfc1· note -0 Total Equit y and Liabilities -~ ('{in Crorc:) As at As at 30.09.2026 31.03.2026 (Unaudited) (Audited) 1,031 1,046 169 158 15 16 67 49 49,408 49,174 25 33 232 90 26 24 37 140 998 1,005 227 456 52.235 52, 191 3,731 2,638 1,279 745 37S 872 2,559 246 4,260 2,235 440 428 80 287 959 356 43 43 l,671 1,287 15.397 9.13 7 - 115.9 10 67,632 177 238 391 391 41,57L 76.908 41,962 77.299 11,203 8,718 5 5 33 60 5 I 7 8 11,253 8.792 3,572 1.426 4 5 4,034 4,790 11 13 4,420 3,365 8 24 522 3, 1-8 992 517 5 7 849 996 1-U17 1-UO I - 76,8-16 67,632 177 ?JS
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Statement of Cash Flows ff in Crore) Half Year ended Particulars 30.09.2026 30.09.2025 (Unaudited) (Unaudited) CASH FLOWS FROM OPERA TING ACTIVITIES Profit before tax from continuing operations 2,294 4,195 Profit before tax from discontinued operations 2,416 4,571 Profit before tax from continuing operations and discontinued operations 4,710 8,766 Adjustments for: Depreciation, depletion and amortisation 27 2,078 Allowance of impairment on financial and non-financial assets/ bad debts written off 13 103 Liabilities written back (7) (75) Exploration costs written off 8 944 Fair value gain on financial assets held at fair value through profit or loss (38) (120) Net gain on sale of long term investment in subsidiary - (1,936 ) Loss on sale/ discard of property, plant and equipment 4 3 Foreign exchange loss (net) (8) 148 Unwinding of discount on decommissioning liability 6 29 Share based payment expense 7 28 Interest income (272) (507) Dividend income from subsidiaries and affiliates (2,822) (3,588) Interest expense 1,146 2,688 Amortization of Deferred eovemment urnnt (8) (42 1 Changes in Working capital Decrease /(Increase) in trade and other receivables (780) (1,260) Increase in inventories (1,560) (1,971) (Decrease)/ Increase in trade and other payables (1,937) 274 (Decrease)/ Increase in operational buyers' credit/ suooliers' credit lt 069) 1,294 Cash generated from operations (2,580) 6,856 Income taxes (paid)/ refund (net) (537) (459) Net cash 2enerated from operatin2 activities (3 117) 6,397 CASH FLOWS FROM INVESTING ACTIVITIES Investment made in subsidiaries - (1,425) Purchases of property, plant and equipment (including intangibles, CWIP, capital advances and (634) (3,681) capital creditors) Proceeds from sale of property, plant and equipment 0 3 Loans given to related parties (24) (1,499 ) Loans repaid by related parties 28 I,392 Deposits made (5,949) (5,936 ) Proceeds from redemption of deposits 1,429 2,497 Short term investments made (24,183) (41,184) Proceeds from sale of short-term investments 24,717 42,022 Interest received 257 261 Dividends received 2,822 3,588 Purchase of long term investments - (25) Proceeds from sale of lone term investments in subsidiarv (8) 3,01 5 Net cash used in investinl!. activities (1,545) (972' CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from current borrowings 17,000 1,633 Repayment of current borrowings (8,026) (1,310) Proceeds from long-term borrowings 4,073 15,236 Repayment of long-term borrowings (1,169) (7,676 ) Interest paid (1,246) (3,020 ) Borrowings repaid to related parties - (608) Payment of dividends to equity holders of the Company - (8,983 ) Principal payment of lease liabilities (11) (80 ) Interest payment of lease liabilities (5) (23) Net cash used in financinl!. activities 10,616 (4,831 l Effect of exchange rate changes on cash and cash equivalents - 4 Net increase in cash and cash equivalents 5 954 598 Cash and cash equivalents at the beginning of the period 3.693 2.630 Transferred to demerged entities (Refer Note 4) (7,088) - Cash and cash equivalents at the end of the period 2,559 3.228 Notes: 1. The figures in parentheses indicate outflow 2. 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 -i~ ~0 \..IMtr~ (< ~o 1) <( ~<o 0 ~ ~ --
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Notes:- I 11,c above results of Vedanta Limited ("the Company"), for the quarter and half year ended 30 September 2026 have been reviewed by the Audit and Risk Management Committee ond approved by the Board of Directors at its meeting held on 28 October 2026. The statutory auditors have carried out o limited review on these results and issued an unmodified conclusion. 2 Subsequent to the quarter ended 30 September 2026, the Board of Directors of the Company, on 08 October 2026, approved the first interim dividend on 5/- per equity share on face value on t 1/- per equity share for FY 2026-27 , 3 Net exceptional gain/ (loss): Cf in Crorc) Ouartor ended Half Year ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Continuing Operations: Profit on stake sale of subsidiary . . . . 1,936 4,442 St~tutory impact of new Labour Codes . . (3' Nee exceptional gain from continuing operations: . . . . 1,916 4,439 Net deferred tax benefit on above . . . I Net cxccptionnl enin (net of tu) from continuini: o-i,erations: . . . . 1,936 4,440 Discontinued Operations: Property, plant and equipment ("PPE"), exploration intangible assets under development, capital work-in-progress ("CWIP"), investments and other assets (impaired)/ reversal or (written oO)I written back in: -AJuminiwn . . . (349) - Iron ore . . . . (853) -Statutory impact of new Labour Codes . . (77l Net exceptional (loss) from discontinued operations: . . . . . (1.2791 Current tax benefit on above . . 88 :Net dercrrcd tax benefit on above 37 I Net exceptional llo~•l (net of lllll from di$continucd 01>cra1ionJ: . . . (I 1541 Net eiceprional gain (net of tDX) . . . 1.936 3,286 4 111e Hon'blc N~tionnl Company Law Triburuil. Mumbui 13<.'"11ch, vidc iis Order d111ed December 16, 2015 3nd January 9, 2026. approved the Scheme of 1\rmn gement inter-alia nmru1~t VcdMta Limited, the Resulting companies (i.e .. Vcdanto Aluminium Me1al limited ("VA,IAL"), Vcdnnta Oil And Gns Limited (formerly known •• Malco Enc'l!Y Limited) (" VOGL"'), Vedonta Iron nnd Steel Limited ("VISL") and Vedonto Power limi ted (formerly known a.s Tolwandi Sabo Power Limited)) CVP L'1, their n:lipccuvc shoteholdcrs and creditors under cctions 230 10 232 aud other applicable provisions of the Companies Act, 2013 ("Scheme"), providing for the dcmergcr of Vedanta Um ired';; Alumimum (rcpre.scntcd by 1hc Aluminium segment), .Oil & Gus (reprtS<1n1cd by the Oil and Gas segment), Iron Ore (reprc:$Cnted by Iron Ore segment) wid Mcrehont Power (represented by the Power segment) undcrtilkrngs irl10 V AML. VOGL. VlSL and VPL respecti'vcly, on going con= bosi~ The receipt or afon:said NCLT approval. being one of the subsrnntial approvals. meets the hist,ly-probablc criteria prescribed in Ind AS I 05 "Nonccurrent 1\ssc:is Held for Sale and Discontinued Opcl':uions" for prcscntaJion of the Scheme ns discontinued opcmtions. Hence Alwniniwn, Oil and Gas. Iron Ore ond Power undertakings hove been disclosed ns discontinued opcrntions in standalone financial rnsulls. Accordingly. all previous period figures in the s111ndnlonc stntcmcnt of profit and loss have also been rc-prescn1cd/n,,co,npUJcd, where rcquin:d. Tl10 Board of Directors, at its meeting held on 20 April 2026, have inter nlia, approved I May 2026 as the effective date and appointed date of the Scheme. The management has accounted for the demerger w.e.f I May 2026, in accordance with the accounting treatment prescribed under the sanctioned Scheme as a common control transaction, whereby the assets and liabilities 1\/cre trnnsfcrrcd to the Resulting Companies al their respective book values without any gain/loss. Accordingly, the results of the Discontinued Operation pertain only to the period from 1 April 2026 to 30 April 2026. Therefore, the figures for the current period are not comparable with those of the previous/ corresponding periods. Further, as of 3 1 March 2026, debt allocation between continuing and discontinued operations was based on management's best estimate, Following finalization oflhe debt allocation between the Company and the Resulting Companies, as aligned with the concerned lenders pursuant to the demerger, comparative debt balances and related finance costs for the quarter and )'1'11T ended of comparative periods have been reallocated regrouped between continumg and discontinued operations. Also, •s required by the Scheme, all rights, obligations and contingent liabilities (including proceedings before judicial and regulatory authorities) have also been transferred to respective Rcsullinl! Company from the Effective Date. Consequently, financial impact of outcome of such proceedings after the Effective Date 1s not required to be recognised in these results.
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Brief particulars of the Discontinued Operations IND AS 105 - Non-current Assets Held for Sale and Discontinued Operations are given below. (A) Carrying value of net assets of the Demerged Undertaking (net of inter segment balances) as at 31 March 2026 (fin Crore) Particulars Aluminium Iron Ore Oil and Gas Power Undertaking Undertaking Undertaking Undertaking Total A ASSETS Non-current assets (a) Property, plant and equipment 40,970 1,793 5,046 3,089 50,898 (b) Capital work-in-progress 2,001 394 3,332 1,685 7,412 ( c) Intangible assets 901 120 39 - 1,060 (d) Exploration intangible assets under development 1,040 2,143 - 3,183 (e) Financial assets (i) Investments 992 1,775 8,561 4,133 15,461 (ii) Loans - 1,111 - - 1,111 (iii) Trade receivables - - 634 634 (iv) Derivatives 229 - - - 229 (v) Others 1,090 125 1,513 14 2,742 (t) Deferred tax assets (net) - 0 - 1,473 1,473 (g) Other non-current assets 1,929 490 126 92 2,637 Total non-current assets 49,152 5,808 20,760 ll.120 86.840 Current assets (a) Inventories 4,977 1,0IO 402 91 6,480 (b) Financial assets (i) Investments 1,387 127 20 7 1,541 (ii) Trade receivables 2,276 100 448 179 3,003 (iii) Cash and cash equivalents 1,300 268 1,133 746 3,447 (iv) Other bank balances 268 102 2,576 4 2,950 (v) Loans 0 683 0 869 1,552 (vi) Derivatives 296 12 - 0 308 (vii) Others 1,107 714 5,563 230 7,614 (c) Other current assets 773 1,096 78 228 2.175 Total current assets 12,384 4,112 10,220 2,354 29,070 Total Assets 61536 9 920 30,980 13 474 115,910 B LIABILITIES Non-current liabilities (a) Financial liabilities (i) Borrowings 25,088 418 1,519 2,504 29,529 (ii) Lease liabilities 64 200 94 4 362 (iii) Derivatives 0 - - 0 (iv) Other financial liabilities - 0 4 - 4 (b) Provisions 197 12 1,360 5 1,574 (c) Deferred tax liabilities (net) 4,046 19 654 0 4,719 ( d) Other non-current liabilities 2.143 26 0 29 2.198 Total non-current liabilities 31,538 675 3,631 2.542 38,386 Current liabilities (a) Financial liabilities (i) Borrowings 10,323 1,053 2,240 - 13,616 (ii) Lease liabilities 17 167 54 0 238 (iii) Operational buyers' credit/ suppliers' credit 4,073 1,096 33 204 5,406 (iv) Trade payables 2,433 296 728 53 3,510 (v) Derivatives 3,327 - - 3,327 (vi) Other financial liabilities 2,392 253 6,755 425 9,825 (b) Other current liabilities 1,672 441 207 20 2,340 ( c) Provisions 71 53 72 2 198 Total current liabilities 24,308 3,359 10,089 704 38.460 Total Liabilities 55,846 4,034 13,720 3,246 76,846
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Brief Particulars of the Discontinued operations are given below: Oil and Gas Undertaking (Net of inter segment transactions) (fin Crore) Ouarter ended • Half Year ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations . 490 1,348 490 2,747 5,546 Total income . 505 2,303 505 3,747 7,627 Total expenses . 298 1.599 298 3.530 6,090 Profit/ (loss) before exceptional items and tax . 207 704 207 21 7 1,537 Net exceptional (loss) . . . . (25) Tax expense 82 165 82 49 56 Profit/ (loss) from discontinued operations 125 539 125 168 1.456 Oil and Gas Undertaking (Gross of inter segment transactions) (fin Crore) Ouarter ended Half Year ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations . 490 1,348 490 2,747 5,546 Total income . 513 2,358 513 3,802 7,739 Total expenses . 312 I 471 312 3.402 5.896 Profit/ (loss) before exceptional items and tax . 201 887 201 400 1,843 Net exceptional (loss) . . . . (25) Tax expense . 82 165 82 49 56 Profit/ /loss) from discontinued operations . 119 722 119 351 1.762 Aluminium Undertaking (Net of inter segment transactions) (fin Crore) Ouarter ended Half Year ended Year ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Particulars (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations . 4,894 12,000 4,894 22,912 50,592 Total income 4,924 12,085 4,924 23,086 51,071 Total expenses . 2 787 9 66! 2,787 18.712 37.136 Profit before exceptional items and tax 2,137 2,424 2,137 4,374 13,941 Net exceptional (loss) . . . (389) Tax expense . 47] 620 471 1.082 3.440 Profit from discontinued operations . 1.666 1,804 1,666 3.292 10.l 12 Aluminium Undertaking (Gross of inter segment transactions) (fin Crore) Ouarter ended Half Year ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations . 4,896 12,000 4,896 22,912 50,592 Total income . 4,926 12,085 4,926 23,086 51,077 Total expenses . 2 92! 9 897 2 921 18,948 37.479 Profit before exceptional items and lax - 2,005 2,188 2,005 4,13~1 13,598 Net exceptional (loss) . . . (389) Tax expense . 471 620 471 1.082 3.440 Profit from discontinued operations 1,534 l ,568 t,534 3,056 9.769
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Iron Ore Undertaking (Net of inter segment transactions) (fin Crore) Quarter ended Half Year ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations - 531 1,421 531 2,719 6,069 Total income . 548 1,443 548 2,864 6,282 Total expenses . 444 1.420 444 2.651 5.679 Profit before exceptional items and tax . l04 23 104 213 603 Net exceptional (loss) . . - . (863) Tax expense - 24 II 24 57 130 Profit/ (loss) from discontinued operations 80 12 80 156 (390) Iron Ore Undertaking (Gross of inter segment transactions) (fin Crore) Quarter ended Half Year ended Year ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Particulars (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations - 531 1,421 531 2,719 6,073 Total income . 588 1,678 588 3,099 6,789 Total expenses . 457 I 425 457 2.656 5.679 Profit before exceptional items and tax - 131 253 131 443 1,110 Net exceptional (loss) - - . . . (863) Tax expense - 24 11 24 57 130 Profit/ (loss) from discontinued operations . 107 242 107 3861 117 Power Undertaking (Net of inter segment transactions) (fin Crore) Quarter ended Half Year ended I Year ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Particulars (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations . 100 285 100 495 1,839 Total income . 108 287 108 499 1,853 Total expenses . 140 488 140 732 1.825 (Loss)/ profit before exceptional items and tax - (32) (201) (32) (233) 28 Net exceptional (loss) . . . - . (2) Tax (benefit)/ expense . (7 '. (51' (71 (59' 6 I/Loss)/ nrofit from discontinued operations . (25'. (150' (25] (I 74' 20 Power Undertaking (Gross of inter segment transactions) (fin Crore) Quarter ended Half Year ended Year ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Particulars (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations 100 356 100 567 1,938 Total income . 108 358 108 571 1,952 Total expenses . 142 503 142 748 1.830 (Loss)/ profit before exceptional items and tax - (34) (145) (34) (177) 122 Net exceptional (loss) . . . (2) Tax (benefit)/ expense (7) (51) (7) (59' 6 (Loss)/ profit from discontinued operations . (27) (94) (27) (118) 114
Page 31
5 Other income of continuing operations includes dividend income from subsidiaries of Nil. 2,822 Crore, Nil, 2,822 Crore, t 2,680 Crore and t 2,680 Crore for the quaiters ended 30 September 2026, 30 June 2026, 30 September 2025, half years ended 30 September 2026, 30 September 2025 and year ended 31 March 2026, respectively. Other income of discontinuing operations includes dividend income from subsidiaries of Nil, Nil,Nil, Nil, t908 Crore and? 1,904 Crore for the quarters ended 30 September 2026, 30 June 2026, 3_0 September 2025 half years ended 30 September 2026, 30 September 2025 and year ended 31 March 2026, respectively. 6 Additional disclosures as per Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015: Quarter ended Half Year ended Year ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited)* (Unaudited)* (Unaudited) (Unaudited)* (Unaudited) (Audited) a) Debt-Equity Ratio (in times)** 0.35 0.29 0.71 0.35 0.71 0.69 b) Debt Service Coverage Ratio (in times)** 0.39 626 1.26 3.24 1.02 1.28 c) Interest Service Coverage Ratio (in times)•• 0.49 7.01 3.49 3.84 4.02 4.63 d) Current Ratio (in times)** 1.18 1.04 0.86 1.18 0.86 0.94 e) Long term debt to working capital Ratio (in times)** 5.41 18.54 ••• 5.41 ••• . .. f) Bad debts to Account receivable Ratio (in times)** 0.00 0.00 - 0.00 0.00 0.10 g) Current liability Ratio (in times)** 0.51 0.53 0.40 0.51 0.40 0.41 h) Total debts to total assets Ratio (in times)** 0.22 0.18 0.31 0.22 0.31 0.30 i) Debtors Turnover Ratio (in times)** 14.03 9.80 8.09 26.40 15.23 24 78 j) Inventory Turnover Ratio (in times)** 2.72 2.41 162 5.16 3.23 7 63 k) Operating-Profit Margin (%)** 1% 0% 16% 0% 16% 2 1% I) Net-Profit Margin(%)** 0% 33% 11% 14% 15% 16% m) Capital Redemption Reserve (? in Crore) 3,125 3,125 3,125 3,125 3, 125 3,125 n) Net Wonh (Tot11I Equity) (t in Crore) 41,962 41 ,918 73,355 41,962 73,355 77,299 *The above ratios for the quarters ended 30 September 2026 and 30 June 2026 and half year ended 30 September 2026 have been computed based on continuing operations only. However, the ratios for the comparative periods have been calculated considering both continuing and discontinued operations. Therefore, the ratios for the quarters ended 30 September 2026 and 30 June 2026 and half year ended 30 September 2026 are not directly comparable with those of the comparative periods. **Not annualised , except for the year ended 31 March 2026 •••Net working capital is negative
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Formulae for computation ofratios are as follows: a) Debt-Equity Ratio Total Debt/ Total Equity Income available for debt service/ ( interest expense + repayments made during the period for long b) Debt Service Coverage Ratio term loans), . where income available for debt service = Profit before exceptional items and tax + Depreciation, depletion and amortisation expense + Interest expense c) Interest Service Coverage Ratio Income available for debt service/ interest expense d) Current Ratio Current Assets/ Current Liabilities ( excluding current maturities oflong term borrowing) Non-current borrowing (including current maturities of long term borrowing)/ Working capital e) Long term debt to working capital Ratio (WC), where WC= Current Assets - Current Liabilities (excluding current maturities of long term borrowing) f) Bad debts to Account receivable Ratio Bad Debts written of£' Average Trade Receivables g) Current liability Ratio Current Liabilities (excluding current maturities oflong term borrowing)/ Total Liabilities h) Total debts to total assets Ratio Total Debt/ Total Assets i) Debtors Turnover Ratio Total revenue from operations / Average Trade Receivables j) Inventory Turnover Ratio (Total revenue from operations less EBITDA)/ Average Inventory k) Operating-Profit Margin(%) (EBITDA - Depreciation, depletion and amortisation expense)/ Total revenue from operations I) Net-Profit Margin(%) Net profit after tax before exceptional items (net of tax)/ Total revenue from operations m) Capital Redemption Reserve includes Preference Share Redemption Reserve created on redemption of preference shares. 7 The NCDs of the Company outstanding as on 30 September 2026 are~ 9,563 Crore at carrying amount, all of which are listed unsecured NCDs. 8 (a) During the previous financial year, a short seller had published reports alleging certain matters against some of the Vedanta Group entities including the Company. Based on management assessment, legal advice obtained and involvement of external experts management continues to believe, that these allegations are baseless and the related transactions have appropriate commercial substance, duly approved through necessary processes and that the Company remains compliant with contractual obligations and applicable laws and regulations. Accordingly, no adjustments were considered necessary in standalone fmancial results of the Company. Information sought by regulators/authorities have been duly provided by the Company. (b) Further, the Enforcement Directorate ("ED") conducted a search and seizure operation under the Foreign Exchange Management Act, 1999, at the premises of the Company and one of its subsidiary from June I, 2026, to June 3, 2026. During the course of the proceedings, the ED sought information, records and documents of the Company. The Company extended full cooperation to the ED officials and provided the information and documentation sought by them. The Company has not received any further communication from ED in this regard.
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9 Pursuant to the Scheme of Arrangement ("Scheme"), the Oil & Gas business undertaking of the Company ("'VEDL' or "Demerged Undertaking") held within VEDL as well as its direct subsidiary (Cairn Energy Hydrocarbons Limited - "CEHL") (together referred as "Cairn"), was demerged into Vedanta Oil & Gas Limited ("VOGL '') as a going concern with effect from I May 2026 (the 'Appointed Date"), as further detailed in Note 4. During the half year ended 30 September 2026, the Ministry of Petroleum and Natural Gas (MoPNG) has provided its no-objection/approval on 24 July 2026 in relation to the assignmcm of participating interests and operatorship pertaining to the oil and gas blocks transferred to VOGL. In accordance with Clause 34 of the Scheme, pending receipt of the consent of the MoPNG for the transfer of participating interests under the relevant production sharing contracts and revenue sharing contracts, VEDL held the relevant letters of intent, participating interests, production sharing contracts, revenue sharing contracts and joint operating agreements together with related assets, rights, interests, liabilities and obligations, both present and future, and conducted the related business and operations, in trust for and on behalf of VOGL from the Appointed Date. Nonetheless, the economic interest and obligations in such arrangements vested in VOGL from the Appointed Date. Accordingly, the financial results and operations of Cairn for the period from 1 April 2026 to 30 April 2026 are included in these results for the half year ended 30 September 2026. 10 During the half year ended September 30, 2026, the Company had -acquired Nicomet and Power businesses from Vedanta Oil And Gas Limited (formerly known as Malco Energy Limited) on going concern basis. Those business combinations are between entities under common control as defined in IND AS 103 "Business Combinations". Accordingly, the comparative standalone financial results for the quarter ended 30 September 202S, half year ended 30 September 202S and year ended 31 March 2026 are restated with effect from I April 202S to give effect to these business combinations for all periods presented in these results. 11 The figures have been rounded off to the nearest crore of rupees. The figure 'O' wherever stated represents value less than~ I Crore. Place : Mumbai Date : 28 October 2026 By Order of Board Arun Misra CEO & Executive Director (Whole-Time Director)