Slides
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EARNINGS PRESENTATION Q2 & H1 FY27 Vedanta Iron & Steel Limited Strengthening Foundations Building Nations
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1 3 Highlights Quarterly & Half Yearly Highlights 2 Business Performance Steel | Iron Ore | Project Updates 5 Appendix CSR 4 Financial Update Table of Contents Snapshot | EBITDA | Net Debt
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Highlights Q2 & H1 FY27
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4 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation IHighlights – Q2 & H1 FY27 1 Includes Pig Iron; 2 Without considering Inter Company Loans of INR 973 Cr Note: The data presented in this slide covers the half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. Revenue Q2 FY27 ₹2788 crore -2% YoY H1 FY27 ₹6450 crore +8% YoY EBITDA Q2 FY27 ₹83 crore +56% YoY H1 FY27 ₹598 crore +54% YoY EBITDA Margin Q2 FY27 3 % +112 bps YoY H1 FY27 9 % +275 bps YoY PAT Q2 FY27 -₹324 crore Vs -₹477 Cr in Q2 FY26 H1 FY27 -₹203 crore Vs -₹622 Cr in H1 FY26 Production Q2 FY27 1.5 Mn DMT Iron Ore 532 KT Steel1 H1 FY27 4.2 Mn DMT Iron Ore 1114KT Steel1 Credit Rating Q2 & H1 FY27 AA /Stable CRISIL Net Debt / EBITDA2 Q2 & H1 FY27 1.3x Renewable Power 21 MW Secured through Open Access Solar at ESL Bokaro ~50,000 tCO2 Reduction potential Annually -13% YoY -3% YoY +4% YoY +4% YoY
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Business Performance Q2 & H1 FY27
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6 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation ISteel Note: The data presented in this slide covers the half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. Saleable Production (KT) 1,074 1,114 H1'26 H1'27 +4% YoY Quarterly Q2'26 512 Q1'27 582 Q2'27 532 Sales (KT) 1,071 1,104 H1'26 H1'27 +3% YoY Quarterly Q2'26 545 Q1'27 572 Q2'27 532 Margin (INR/MT) 1,246 3,709 H1'26 H1'27 +198% YoY Quarterly Q2'26 -1,091 Q1'27 5,864 Q2'27 1,381 Margin (%) 3% 8% H1'26 H1'27 +475 bps YoY Quarterly Q2'26 -3% Q1'27 12% Q2'27 3% Record half yearly Pig Iron production of 568 KT, up 4% YoY. 21 MW Open Access solar power secured at ESL Bokaro resulting in annual reduction potential of 50,000 tons of CO2. Completed planned shutdowns at Bokaro and Goa steel plants, enhancing operational reliability for H2 FY27. Key Highlights
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7 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation IIron Ore 1 Merchant Sales; 2 Iron Ore Goa; 3 Iron Ore Odisha; 4 Iron Ore Karnataka Note: The data presented in this slide covers the half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. Saleable Production (Mn DMT) -3% YoY 4.3 4.2 H1'26 H1'27 Quarterly Q2'26 Q1'27 1.8 2.6 Q2'27 1.5 Sales (Mn DMT) -13% YoY 2.6 2.0 0.5 0.8 3.2 2.8 H1'26 H1'27 Merchant Captive Quarterly Q2'26 Q1'27 1.3 2.0 Q2'27 0.8 Margin 1 (INR/MT) -1% YoY 967 960 H1'26 H1'27 Quarterly Q2'26 Q1'27 961 1,226 Q2'27 198 Q2 Production at IOG 2 mines increased by 22% YoY , driven by the ramp-up of mining operations and enhanced processing capacity. Q2 Saleable ore production at IOO 3 recorded consistent growth of 34% YoY , driven by higher operational efficiency. IOK 4 – Q2 sales impacted due to name change transfer post demerger; dispatches resumed in Sept’26. Key Highlights
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8 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation IProject Updates 1Project timelines subject to statutory permissions; 2 Value Added Business Note: The data presented in this slide covers the half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. Capex in Progress (In INR Cr) Approved Capex Capex in Q2 FY27 Capex up to Q2 FY27 Balance as on 30th Sept 2026 Ductile Iron Pipe – Goa 722 111 453 269 ESL Phase 1A 2975 120 2343 632 Total 3,697 231 2,796 901 FY27 FY28 Iron Ore1 • Bicholim Mine (Goa) Expansion from 3 – 3.6 MTPA • 0.5 MTPA Cudnem Mine (Goa) • Janthakal Mine (Karnataka) Steel1 ESL Bokaro • Coke Oven of 0.5 MTPA • Hot Metal Capacity Expansion from 1.7 to 3.2 MTPA • DIP of 0.2 MTPA VAB2 Goa • 0.42 MTPA DI Pipe Plant
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People, Community & Environment
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10 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation IEmpowering Communities with Strategic Investment Human Capital ( Healthcare, children’s Well-being & Education) 7 Initiatives 22.13 K Social inclusion (Women empowerment, Skilling & Livelihoods) 8 Initiatives 6.67 K 2 Initiatives 3.72 K Eco & Cultural stewardship (Environment, Sports and culture & animal welfare) Sustainable Infrastructure (Community Infrastructure, WASH) 4 Initiatives 7.32 K Q2 Updates +39.8 K Beneficiaries Achieved the prestigious AIFF 3-Star Rating for the 2026–27 season for the second consecutive year and earned 11 awards at the Goa Football Association Awards Night 2025–26. Sesa Technical School achieved 100% placements. Reaching 400+ farmers across 100+ hectares, Project Gram Nirman is strengthening farm resilience, diversifying incomes and empowering 11 women-led self-help groups in Goa. TACO is advancing community-wide animal welfare in Goa through accessible, preventive and emergency care.
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Financial Update Q2 & H1 FY27
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12 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation IQ2FY27 & H1FY27 Financial Snapshot 1 Without considering Inter Company Loans of INR 973 Cr; 2 Including restricted FDs - INR 295 Cr Note: The data presented in this slide covers the half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. EBITDA ₹ 83 crore 56% y-o-y REVENUE ₹ 2,788 crore 2% y-o-y EBITDA Margin 3% 112 bps y-o-y Profit after tax - ₹ 324 crore Vs -477 Cr in Q2 FY26 Net Debt/EBITDA1 1.3x Net Debt ₹ 2,763 crore Credit Rating AA / Stable Cash & Cash Equivalent2 ₹ 847 crore ₹ 598 crore 54% y-o-y ₹ 6,450 crore 8% y-o-y 9% 275 bps y-o-y - ₹ 203 crore Vs -622 Cr in H1 FY26 Q2 FY27H1 FY27
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13 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation IEBITDA BRIDGE (H1FY27 vs. H1FY26) 1 Value Added Business, Goa; 2 Iron Ore Karnataka Note: The data presented in this slide covers the half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. (In ₹ crore) NSR: Driven by improved steel and iron ore realizations. Input Commodity: Impacted by higher coking coal costs. Cost: Driven by improved coke yield at VAB 1 and improved operational efficiencies. Volume: Steel volumes have increased by 3%. Mines volume is impacted due to lower dispatches from IOK 2 Key Drivers 389 632 -416 55 -88 26 598 H1 FY 26 NSR Input Commodity Cost Mines Volume Steel Volume H1 FY 27
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14 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation IEBITDA BRIDGE (Q2FY27 vs. Q2FY26) 1 Iron Ore Karnataka (In ₹ crore) NSR: Benefited from stronger steel realizations. Input Commodity: Impacted by elevated freight and raw material costs, particularly coking coal and fuel. Cost: Driven by operational excellence and efficiency improvements. Volume: Mines volume is impacted due to lower dispatches from IOK 1 Key Drivers 54 298 -200 14 -83 83 Q2 FY 26 NSR Input Commodity Cost Mines Volume Q2 FY 27
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15 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation IEBITDA BRIDGE (Q2FY27 vs. Q1FY27) 1 Iron Ore Karnataka 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. (In ₹ crore) NSR: Impacted by weaker steel realizations, lower iron ore index and higher discounts during the quarter. Input Commodity: Impacted by higher coking coal and fuel costs on a QoQ basis. Cost: Seasonal effect added with lower volume, shutdown cost and higher fuel consumption. Volume: Mines volume is impacted due to seasonality and lower dispatches from IOK 1, while steel volumes were affected by planned shutdowns. Key Drivers 515 -135 -71 -69 -147 -10 83 Q1 FY 27 NSR Input Commodity Cost Mines Volume Steel Volume Q2 FY 27
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16 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation INet Debt Walk Q2FY27 1 Including restricted fixed deposits amounting to INR 295 Cr (Sep’26) against INR 352 Cr in June’26. 2,733 92 -191 129 2,763 Net Debt Jun'26 Cash from Operations Working capital Growth Capex Net Debt Sep'26 Net Debt (External) marginally increased to ₹1,790 Cr in Sep’26 from ₹1,773 in Jun’26. Net External Debt / EBITDA stands at 1.3x in Q2 FY27. Working capital reduction reflects the release of inventory built ahead of the monsoon season. (In ₹ crore) Gross Debt Jun'26 Sep'26 Term Debt 943 623 Short Term Borrowing 1,220 1,378 Working Capital 629 636 Total Consolidated Debt 2,792 2,637 Cash and Cash Equivalents 1,0181 8471 Net Debt (External) 1,773 1,790 Inter Company Debt 960 973 Total Net Debt 2,733 2,763 Debt Breakdown
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17 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation IRecognitions towards our commitment to excellence Recognized by New Mangalore Port Authority with Gold Export Excellence Award for FY 2025-26 for achieving the highest iron ore exports Iron Ore Karnataka Recognised with Hindalco- Aditya Birla Award for Sustainable Mining 2025-26 at 60th AGM of FIMI ESL Bokaro recognised with GreenPro Certified Steel Portfolio Award’26 for all Steel Products by CII Green Pro ESL Bokaro Recognised at 12th CII National Kaizen Competition 2026 in the Category of Kaizen Excellence by CII ESL Bokaro recognised at 7th CII National Digitech Competition 2026 in the Category of Digital Transformation & Innovation by CII ESL Bokaro Awarded with Excellence in Talent Management Award at India HR Summit Awards 2026
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Appendix
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19 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation ISummary of Income Statement Note: The data presented in this slide covers the half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. ▪ EBITDA o On YoY basis, Q2FY27 EBITDA increased by 56 %, on account of better steel realisation along with operational excellence and efficiency improvements o On YoY basis, H1FY27 EBITDA increased by 54 %, on account of better steel and iron ore realisation along with increased steel volume and reduced cost ▪ Finance Cost o Reduction of 60 % YoY and 17% QoQ in finance cost due to settlement of Inter-company payables as per group demerger adjustments. Along with a half yearly reduction of 58% ▪ Interest Income o Reduction of 85% YoY and 75% QoQ in interest income primarily due to elimination of Inter-division receivables as per Vedanta approved Demerger scheme. Along with a half yearly reduction of 74% (In ₹ Crore) Q2FY27 Q1FY27 Q2FY26 H1FY27 H1FY26 Revenue from operations 2742 3612 2790 6354 5823 Other operating income 46 50 68 96 130 EBITDA 83 515 54 598 389 Depreciation & amortization -218 -225 -204 -443 -403 Finance Cost -171 -207 -431 -378 -892 Interest Income 19 77 132 96 366 Net gain on investments and Deferred Grant Income 3 5 6 8 9 PBT -283 165 -443 -118 -531 Tax Charge -13 -54 -51 -67 -130 PAT (before exceptional) -296 111 -494 -185 -661 PAT (Discontinued Operational) 0 10 17 10 39 Exceptional -37 0 0 -37 0 Tax on Exceptional 9 0 0 9 0 PAT (After Exceptional) -324 121 -477 -203 -622
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20 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation INet Debt Walk H1FY27 1 Including restricted fixed deposits amounting to INR 295 Cr (Sep’26) against INR 325 Cr in Mar’26 ; 2 Iron Ore Goa; 3 Iron Ore Karnataka Note: The data presented in this slide covers the half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. 2,508 193 300 2,763 -9,788 -237 Net Debt Mar'26 Demerger Adjustments VISL Net Debt (Post Demerger) Cash from Operations Working capital Growth Capex Net Debt Sep'26 12,296 Net Debt (External) decreased to ₹1,790 Cr in Sep’26 from ₹2,862 in Mar’26. Net External Debt / EBITDA stands at 1.3x in H1 FY27. Working capital increase reflects monsoon related logistics bottleneck at IOG2 and lower dispatches from IOK 3. (In ₹ crore) Gross Debt Mar'26 Sep'26 Term Debt 1,161 623 Short Term Borrowing 2,919 1,378 Working Capital 598 636 Total Consolidated Debt 4,678 2,637 Cash and Cash Equivalents 1,8161 8471 Net Debt (External) 2,862 1,790 Inter Company Debt 9,434 973 Total Net Debt 12,296 2,763 Debt Breakdown
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21 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation I Note: The data presented in this slide covers the half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. Segment Summary – Iron Ore Production (In million dry metric tonnes, or as stated) Quarter Half-Yearly Q2FY27 Q2FY26 % YoY Q1FY27 H1FY27 H1FY26 % YoY Production of Saleable Ore 1.5 1.8 -13% 2.6 4.2 4.3 -3% Goa 0.1 0.1 22% 0.6 0.7 0.3 130% Karnataka 0.5 1.0 -49% 0.9 1.4 2.6 -47% Odisha 0.9 0.7 34% 1.2 2.1 1.4 46% Financials (In ₹ crore, or as stated) Gross Revenue 638 696 -8% 1,190 1,828 1,725 6% Less: Inter Segment Revenue 384 31 1154% 417 801 455 76% Net Revenue 254 666 -62% 773 1,027 1,270 -19% EBITDA 10 113 -91% 179 189 255 -26%
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22 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation I Note: The data presented in this slide covers the half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. Segment Summary - Steel Production (In ‘000 tonnes, or as stated) Quarter Half-Yearly Q2FY27 Q2FY26 % YoY Q1FY27 H1FY27 H1FY26 % YoY Hot Metal 552 533 3% 601 1,153 1,116 3% Goa 236 238 -1% 238 474 451 5% Bokaro 315 295 7% 363 679 665 2% Saleable Production 532 512 4% 582 1,114 1,074 4% Pig Iron 277 279 -1% 291 568 548 4% Pig Iron - Goa 236 238 -1% 238 474 451 5% Pig Iron - Bokaro 41 41 0% 53 94 97 -4% Billet 12 18 -31% 20 32 24 37% TMT Bar 112 100 12% 132 244 235 4% Wire Rod 108 108 0% 109 218 218 0% Ductile Iron Pipes 22 7 225% 30 52 48 8% Financials (In ₹ crore, or as stated) Revenue 2,488 2,125 17% 2,839 5,327 4,553 17% EBITDA 73 -59 - 336 409 134 207% Margin (Rs/t) 1,381 -1,091 - 5,864 3,709 1,246 198%
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23 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation I * Iron ore sales is inclusive of captive transfer; Note: The data presented in this slide covers the half year commencing 1 April 2026 and is not limited to the period following the demerger, which became effective on 1 May 2026. Sales Summary Sales volume Quarter Half-Yearly Q2FY27 Q2FY26 Q1FY27 H1FY27 H1FY26 Iron ore sales* Goa (mn dmt) 0.1 0.1 0.6 0.6 0.4 Karnataka (mn dmt) 0.0 0.6 0.5 0.5 1.3 Odisha (mn dmt) 0.7 0.6 0.9 1.6 1.5 Total (mn dmt) 0.8 1.3 2.0 2.8 3.2 Steel sales (kt) 532 545 572 1,104 1,071 Pig Iron - Goa 238 260 240 478 452 Pig Iron - Bokaro 40 40 51 91 96 Billet 12 14 17 29 24 TMT Bar 111 109 129 240 234 Wire Rod 110 111 107 217 216 Ductile Iron Pipes 20 11 29 49 49
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24 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation IEarnings Call Details Event Telephone Number Earnings conference call on October 27, 2026, from 5:00 PM to 5:30 PM (IST) Universal Dial-In +91 22 6280 1114 +91 22 7115 8015 India National Toll Free 1 800 120 1221 International Toll Free* Canada 01180014243444 Hong Kong 800964448 Japan 00531161110 Netherlands 08000229808 Singapore 8001012045 South Korea 00180014243444 UK 08081011573 USA 18667462133 Online Registration Link For Registration - Click Here Call Recording This will be available on Company website on October 28, 2026
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25 Vedanta Iron & Steel Limited 2QFY27 Investor Presentation IForward Looking Statement The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forward-looking information in this presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Vedanta Iron and Steel Limited and any of its subsidiaries. Past performance of Vedanta Iron and Steel Limited and any of its subsidiaries cannot be relied upon as a guide to future performance. This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. Information relating to past events is based on internal assessments and interpretations, provided solely for contextual purposes; no representation or warranty is made as to its factual accuracy or completeness. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from factors such as the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. The information contained in this presentation, including but not limited to any forward-looking statements is provided on a good faith and as-is basis- for general information purposes only. Statements regarding strategy, plans, priorities or objectives reflect management’s current intent and thinking and do not constitute commitments, guarantees or legally binding obligations. We undertake no obligation to publicly update, revise or amend any forward-looking statements, whether as a result of new information, future events or otherwise. We caution you that reliance on any forward-looking statement involves risk and uncertainties, and that, although we believe that the assumption on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statement based on those assumptions could be materially incorrect. This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta Iron and Steel Limited and any of its subsidiaries or undertakings or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. This document is intended solely for the use of the intended recipient(s). If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution, or copying of this document is strictly prohibited. If you have received this document in error, please delete it immediately and notify the sender. IR contact: Mr. Charanjit Singh, Group Head Investor Relations, Vedanta Email: charanjit.singh@vedanta.co.in | vedantaltd.IR@vedanta.co.in