Slides
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Powering Growth Delivering Responsibly Driving Sustainability EARNINGS PRESENTATION 2Q FY27 Vedanta Power Limited
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Table of Contents 1 1 6 6 7 Highlights Quarterly Highlights 5 5 Business Performance Sakti | Meenakshi | Jharsuguda | Talwandi Sabo 2 2 ESG Highlights | CSR Finance Update Appendix 3 3 Industry Overview 4 4 Asset Overview
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Highlights 2QFY27
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4 Vedanta Power Limited 2QFY27 Investor Presentation I Our Vision Leading energy security with reliable power, for a future that inspires inclusive and sustainable growth. Our Mission To deliver round-the-clock affordable power through operational excellence, tech-driven solutions and capacity building, driven by a shared purpose. 2QFY27 Executive Summary REVENUE ₹ 2,908 Cr +38% YoY Stock Index Nifty 500 Nifty SmallCap 250 EPSNet Debt/EBITDA EBITDA ₹ 421 Cr +122% YoY PAT (before ex.) ₹ 101 Cr +171% YoY ₹ 0.21 First ever +ve EPS Record Performance 4.47X 9.82X in 2QFY26 KEY OPERATIONAL MILESTONE Sakti synchronized on 25 Oct’26
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5 Vedanta Power Limited 2QFY27 Investor Presentation I Our Vision Leading energy security with reliable power, for a future that inspires inclusive and sustainable growth. Our Mission To deliver round-the-clock affordable power through operational excellence, tech-driven solutions and capacity building, driven by a shared purpose. 1HFY27 Executive Summary Note: The data presented in this slide covers the full half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. REVENUE ₹ 5,515 Cr +35% YoY Stock Index Nifty 500 Nifty SmallCap 250 Rating UpgradeNet Debt/EBITDA EBITDA ₹ 712 Cr +17% YoY PAT (before ex.) ₹ 42 Cr +178% YoY CRISIL AA- ICRA AA- Record Performance 4.47X 9.82X in 1HFY26
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ESG & CSR
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7 Vedanta Power Limited 2QFY27 Investor Presentation I ESG Overview *Cumulative since inception Transforming Communities 4,297* Families skilled (+10% QoQ, +23% YoY) 1.70 Lakhs* Women & Children Impacted (+9% QoQ, +38% YoY) 76% Local Employment (+62% YoY) Transforming the Planet 0.88 tCO2e/MWh GHG Intensity (+5% QoQ, +2% YoY) 1.64 m³/MWh Specific Fresh Water Consumption (-31% QoQ, -51% YoY) 65% Ash Utilization (-20% QoQ, -19% YoY) Transforming the Workplace 31% Women in workforce (+11% QoQ, +27% YoY) 24% Women in Decision Making Bodies (+21% YoY) ₹ 8.2 Cr Spend on safety infrastructure 53% Local Procurement (+46% QoQ, +10% YoY) 9.02 Lakhs* Trees Planted (+2% QoQ, +10% YoY) 85.6% Infra matrix Compliance (+6% QoQ, +25% YoY)
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8 Vedanta Power Limited 2QFY27 Investor Presentation I CSR Empowering Communities – 1HFY27 VPL CSR Highlights Total Target Beneficiaries 87,900 Beneficiaries Achieved 48,331 Achievement 55% Thematic Area Objective FY’27 Target Beneficiaries FY’27 Beneficiaries Achieved Healthcare • Primary Healthcare Services • Nutritional Support for TB Patients 22,500 Community Members 13,290 Community Members Livelihood • Livelihood Generation • Reduction of Stubble Burning • Promotion of Sustainable Agriculture 5,800 Community Members 3,730 Community Members Education & Children Wellbeing • Improve Learning Outcomes • Strengthen Educational Infrastructure 4,100 Students 1,331 Students Integrated Village Development • Catering to the Needs of the Community • Providing Basic Water and Sanitation Support • Mosquito Fogging for Vector Control 10,200 Community Members 9,923 Community Members Community Asset Creation • Community Infrastructure Development • Public Safety Assets 45,200 Community Members 19,983 Community Members Skill Development • Providing Market-Driven Skilling Training 100 Community Members 74 Community Members
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Industry Overview India Outlook
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10 Vedanta Power Limited 2QFY27 Investor Presentation I *FY25 Data; Source: CEA, PIB (Govt of India), World Bank 195 1460* 2658 3068 4198 6109 6447 7530 12835 14084 23673 48998 Kenya India Mexico Brazil UK Germany France Japan United States Canada Norway Iceland 2000kwh by 2030 4000kwh by 2047 India’s low per capita power consumption – High growth potential 2024 Power Consumption (kwh/capita) India Power (with Major Energy Sources) Coal Capacity (GW) Nuclear, Hydro & Wind Capacity (GW) Storage Capacity (GW) Peak Demand (GW) 164 289 459 FY18 FY27E FY36E 197 237 315 FY18 FY27E FY36E 7 10 2245 48 78 34 63 155 FY18 FY27E FY36E Nuclear Hydro Wind 6 80 5 94 FY27E FY36E BESS PSP 346 571 1121 FY18 FY27E FY36E Installed Capacity (GW) Solar Capacity (GW) 22 176 509 FY18 FY27E FY36E Power Generation – Driving Economic Growth 230 241 245 271 270 3.9 3.2 3.9 5.1 5.7 0 10 100 150 200 250 300 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 IEX DAM Price (Rs/kWh) Peak Demand (GW) Peak Demand Vs IEX DAM Price Peak Demand (GW) IEX DAM Price (Rs/kWh)
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c Asset Overview Thermal Power
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12 Vedanta Power Limited 2QFY27 Investor Presentation I 1Excluding common assets with VAML; MCL - Mahanadi Coalfields Limited; SECL - South Eastern Coalfields Limited; NCL - Northern Coalfields Limited Highlights PPA 74% tie-up (3080 MW) with Punjab, Odisha & Tamil Nadu states discom Capacity Operational 4180 MW; 600 MW under commissioning Fuel Linkage coal secured for ~85% capacity with MCL, SECL, NCL Strategic Location 29% of operating capacity located near coal mines Credit Rating CRISIL AA- and ICRA AA- credit rating Talwandi Sabo Thermal Plant, Punjab 1980 MW (3 x 660 MW) Super-Critical Power Plant Land: 2114 Acres Sakti Thermal Power Plant, Chhattisgarh 1000 MW (2 x 350 MW & 2 x 150 MW) Sub-Critical Power Plant Land: 998 Acres Meenakshi Energy Ltd, Andhra Pradesh Jharsuguda Independent Power Plant, Odisha 600 MW (1 x 600 MW) Sub-Critical Power Plant Land: ~18 Acres1 1200 MW (600 MW Operational; 600 MW Under Commissioning) Sub-Critical Power Plant Land: 953 Acres Technological Excellence Integrated Live Dashboard for plant performance monitoring and power sale Current Portfolio: India’s 5th Largest Private Thermal Power Producer
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13 Vedanta Power Limited 2QFY27 Investor Presentation I 1Based on current operational capacity of 600 MW;2Excluding common assets with VAML; FSA – Fuel Supply Agreement; PPA – Power Purchase Agreement Design Fuel Type Talwandi Sabo Thermal Plant (1980 MW) Meenakshi Energy Limited (1000 MW) Sakti Thermal Power Plant1 (1200 MW) Domestic Domestic Imported Domestic Jharsuguda Independent Power Plant (600 MW) Coal Sourcing 100% Domestic Linkage 35%: 65%, Import : Domestic 2.64 MnT (48%) Linkage 2.7MnT (78%) Linkage Capacity Tie-Up 100% PPA till 2041 – Availability based Tariff 300MW PPA till 2031 – Competitive Tariff 100% PPA till 2037 – Pass through Tariff 200MW PPA till 2031 – Competitive Tariff STU/CTU Connectivity 6 x 400 KV Grid - STU 400 / 765 KV Grid - STU 400 KV Grid - CTU 400 KV Grid - CTU Land Parcel 2114 Acres ~18 Acres2 998 Acres 953 Acres 100% Domestic Linkage Asset Overview
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14 Vedanta Power Limited 2QFY27 Investor Presentation I Jharsuguda 600 MW Odisha FY11 Talwandi Sabo 1980 MW 2580 MW (incl. 1980 MW TSTP) Punjab FY17 Sakti 1200 MW 4780 MW (incl. 1000 MW MEL & 1200 MW STPP) Chhattisgarh H2 FY27 Meenakshi 1000 MW 4180 MW (incl. 1000 MW MEL & 600 MW STPP) Andhra Pradesh H1 FY26 Sakti 8000 MW 12780 MW (incl. 8000MW STPP) Chhattisgarh FY33 330% 62% 14% FY11 FY17 FY26 FY27 600 MW 2580 MW 4180 MW 4780 MW FY33 12780 MW 167% Plan1 Capacity Roadmap 1Yet to be board approved; TSTP – Talwandi Sabo Thermal Plant, STPP – Sakti Thermal Power Plant, MEL – Meenakshi Energy Limited
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c Business Performance
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16 Vedanta Power Limited 2QFY27 Investor Presentation I Achieved sales volume of 305 MU in 2QFY27 Unit #1 synchronized on 25th Oct’26 Unit #2 (Project) planned start up activities by Q4FY27 PAF (%) Gross sales (in Mn Units)MEL Gross sales (MU) 644 464 305 644 769 2Q FY26 1Q FY27 2Q FY27 1HFY26 1HFY27 695 1,350 1,470 1,086 2,820 2Q FY26 1Q FY27 2Q FY27 1HFY26 1HFY27 Business Overview - Key highlights PAF (%)Gross sales (MU) 50% 11% 0% 2QFY26 1QFY27 2QFY27 58% 65% 81% 2QFY26 1QFY27 2QFY27 SAKTI Achieved highest ever sales of 1470 MU in 2QFY27 - increase 112% YoY Highest ever domestic coal consumption 87% in 2QFY27 EBITDA of ₹ 101 Cr in 2QFY27 - increase 261% YoY Note: The data presented in this slide covers the full quarter commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026.
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17 Vedanta Power Limited 2QFY27 Investor Presentation I Jharsuguda PAF (%) Gross sales (in Mn Units) Talwandi Sabo Gross sales (MU) 305 687 873 983 1559 2Q FY26 1Q FY27 2Q FY27 1HFY26 1HFY27 2,789 2,723 2,945 5,504 5,669 2Q FY26 1Q FY27 2Q FY27 1HFY26 1HFY27 Business Overview - Key highlights PAF (%)Gross sales (MU) 48% 93% 98% 2QFY26 1QFY27 2QFY27 90% 86% 79% 2QFY26 1QFY27 2QFY27 Note: The data presented in this slide covers the full quarter commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. Recorded PAF of 98% in 2QFY27 Highest ever EBITDA ₹ 78 Cr in 2QFY27 Favourable judgement from OERC for recovery of legacy ash disposal cost. Recovered ₹58 Cr in 2QFY27 (EBITDA & FCF) Power sold 2,945 MU in 2QFY27 Ash revenues increased from ₹ 1.61 Cr (Q2 FY26) to ₹8.74 Cr (Q2 FY27) TSTP achieved Biomass co-firing in 2QFY27 5.1%
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c Growth Projects
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19 Vedanta Power Limited 2QFY27 Investor Presentation I Long term (Vision) Nuclear & Distribution Power Distribution RDSS focuses on improving financial and operational efficiency; States have now begun privatization of power distribution Nuclear Contribute to India's plan to scale nuclear capacity from current 8 GW to 100 GW by 2047 basis GoI's latest announcement Short-Term (1-2 years) ✓Approved Capex of ₹ 5,209 Cr ✓Spent Capex ₹ 3,592 Cr up to Q2FY27 ✓Unspent Capex ₹ 1,617 Cr Operational 600 MW Post-Expansion 1200 MW Sakti Thermal Plant Ramp-up Medium Term (3-5 years) Power Expansion & Captive Coal Grow thermal power generation business to 12 GW via organic growth in Sakti Thermal Power Generation Evaluating acquisition of coal block based on commercial benefit Captive Coal Our Growth Strategy
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Finance Update
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21 I Vedanta Power Limited 2QFY27 Investor Presentation EBITDA ₹ 421 crore 122% y-o-y REVENUE ₹ 2,908 crore 38% y-o-y FCF (Pre-capex) ₹ 418 crore PAT before exceptional ₹ 101 crore Reported PAT ₹ 83 Cr Financial Snapshot | 2QFY27 Net Debt/EBITDA 4.47x vs 9.82x in 2QFY26 Cash and cash equivalents ₹ 1,063 crore Strong Liquidity Position
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Sensitivity: Public (C4) 22 Vedanta Power Limited 2QFY27 Investor Presentation I Summary of Consolidated Income Statement (₹ Cr) Record quarter. o Revenue is ₹2,908 Cr, up 38% YoY. o EBITDA is ₹421 Cr, up 45% QoQ and 122% YoY. o PAT before exceptional items is ₹101 Cr, against a loss of ₹142 Cr in Q2 FY26. o EPS is 0.21, the first ever positive EPS. Volume and realisation drove growth. o Sales were 5,593 MUs, up 26% YoY. o NSR was ₹5.20/kWh against ₹4.74/kWh a year ago. Business units: o MEL: 1,470 MUs sold (+9% QoQ, +112% YoY), quarterly EBITDA of ₹101 Cr, and a push towards 100% domestic coal. o JIPP: Q2 Availability (PAF) rose to 98% against 48% a year ago. In terms of volume sold, Jharsuguda supplied 873 MUs in Q2 (+27% QoQ, 186% YoY). o Sakti: Synchronised on 25 Oct 2026. Sustained and stable operations will add to EBITDA and Free Cash. o TSTP: Q2 Availability (PAF) was 79% against 90% a year ago. In terms of volume sold, TSTP supplied 2,945 MUs in Q2 (+8% QoQ, +6% YoY). Note: The data presented in this slide covers the full quarter commencing 1 April 2026 and is not limited to the period follo wing the demerger, which became effective on 1 May 2026. Particular Q2 Q1 Variance Q2 Variance FY27 FY27 FY26 Revenue 2,908 2,607 301 2,104 804 EBITDA 421 291 130 190 231 Investment income 11 9 2 2 9 Finance costs (200) (196) (4) (172) (28) Depreciation and amortization (130) (225) 95 (210) 80 Tax (1) 62 (63) 48 (49) PAT before exceptional items 101 (59) 160 (142) 243 Exceptional items (net of tax) (18) (364) 346 (1,547) 1,529 PAT 83 (423) 506 (1,688) 1,771
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23 I Vedanta Power Limited 2QFY27 Investor Presentation (In ₹ crore) EBITDA BRIDGE (2QFY27 vs 2QFY26) 190 -57 132 50 186 52 421 Q2'26 Sakti Like to Like EBITDA Volume NSR COP Q2'27 + 122% YoY
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24 I Vedanta Power Limited 2QFY27 Investor Presentation (In ₹ crore) EBITDA BRIDGE (2QFY27 vs 1QFY27) Note: The data presented in this slide covers the full quarter commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. + 45% QoQ 291 21 117 -7 421 Q1 FY'27 Volume NSR COG Q2 FY'27
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25 I Vedanta Power Limited 2QFY27 Investor Presentation (In ₹ crore) Company 30-Sep-26 30-Jun-26 Movement Debt Cash & Cash Eq. Net Debt Debt Cash & Cash Eq. Net Debt Debt Cash & Cash Eq. Net Debt Vedanta Power Limited Standalone 7,495 896 6,599 7,825 1,054 6,771 -330 -158 -172 Meenakshi Energy Ltd. 1,012 167 845 1,009 76 933 3 91 -88 Vedanta Power Limited Consolidated 8,507 1,063 7,444 8,834 1,130 7,704 -327 -67 -260 Net Debt Walk 2QFY27 Note: The data presented in this slide covers the full quarter commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026.
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Appendix
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Sensitivity: Public (C4) 27 Vedanta Power Limited 2QFY27 Investor Presentation I ➢ Revenue: up 35% YoY, on sales of 10,817 MUs (+32% YoY). ➢ EBITDA: 17% up YoY ₹ 712 Cr, driven by MEL & JIPP. o MEL: 2,820 MU sold (+160% YoY), record highest half yearly EBITDA of ₹213 Cr; driving toward 100% domestic coal. ➢ PAT: 178% up YoY ₹ 42 Cr before exceptional against the loss of ₹ 54 Cr last year. (₹ Cr) Note: The data presented in this slide covers the full half year commencing 1 April 2026 and is not limited to the period fol lowing the demerger, which became effective on 1 May 2026. Summary of Consolidated Income Statement Particular Half Year Half Year Variance FY27 FY26 Revenue 5,515 4,090 1,425 EBITDA 712 607 105 Investment income 20 7 13 Finance costs -396 -323 -73 Depreciation and amortization -355 -379 24 Tax 61 34 27 PAT before exceptional items 42 -54 96 Exceptional items (net of tax) -382 -1,547 1,165 PAT -340 -1,600 1,260
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Sensitivity: Public (C4) 28 Vedanta Power Limited 2QFY27 Investor Presentation I (In ₹ crore) Sales Summary Note: The data presented in this slide covers the full quarter commencing 1 April 2026 and is not limited to the period follo wing the demerger, which became effective on 1 May 2026. Sales volume Quarter Half Year Power Sales (MU) 2QFY27 1QFY27 2QFY26 1HFY27 1HFY26 Talwandi Sabo Thermal Plant 2,945 2,723 2,789 5,669 5,504 Sakti Thermal Power Plant 305 464 644 769 644 Meenakshi Energy Ltd 1,470 1,350 695 2,820 1,086 Jharsuguda Independent Power Plant 873 687 305 1,559 983 Total sales 5,593 5,224 4,433 10,817 8,216 Power Realisations (₹/kWh) 5.2 5.0 4.7 5.1 5.0 Power Costs (₹/kWh) 4.4 4.4 4.3 4.4 4.2 EBITDA (₹ Cr) 421 291 190 712 607
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Sensitivity: Public (C4) 29 Vedanta Power Limited 2QFY27 Investor Presentation I Earnings Call Details Event Telephone Number Earnings conference call on October 29, 2026, from 5:30 PM to 6:00 PM (IST) Universal Dial-In +91 22 6280 1114 +91 22 7115 8015 India National Toll Free 1 800 120 1221 International Toll Free* Canada 01180014243444 Hong Kong 800964448 Japan 00531161110 Netherlands 08000229808 Singapore 8001012045 South Korea 00180014243444 UK 08081011573 USA 18667462133 Online Registration Link For Registration - Click Here Call Recording This will be available on Company website on October 29, 2026