Interim report
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VEDANTA IRON AND STEEL LIMITED Sesa Ghor, 20 EDC Complex, Patto, Panjim, Goa – 403 001, India T +91 832 6713601 | Website: www.vedantaironandsteel.com Email- ContactUs.VISL@vedanta.co.in Registered Office: C-103, Atul Projects, Corporate Avenue New Link, Chakala MIDC, Mumbai, Maharashtra-400093 CIN: L24109MH2023PLC411777 VISL/SEC./SE/2026-27/51 October 27, 2026 To BSE Limited, Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai - 400 001 BSE Scrip Code: 544784 To National Stock Exchange of India Limited, Exchange Plaza, C-1, Block – G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 NSE Scrip Code: VISL Sub: Outcome of Board Meeting held on October 27, 2026 – Integrated Filing (Financial Results) Dear Sir/Ma’am The Board of Directors of Vedanta Iron And Steel Limited (the “Company”) at its meeting held today, i.e. Tuesday, October 27, 2026, has inter alia, considered and approved the Unaudited Consolidated and Standalone Financial Results of the Company for the second quarter and half year ended September 30, 2026, in terms of Regulation 33 of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (“SEBI Listing Regulations”). 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 S.R. Batliboi & Co. LLP, Chartered Accountants. 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.vedantaironandsteel.com. Further, pursuant to SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, read with relevant circulars issued by stock exchanges in this regard, the following disclosures are being made: A. 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., 2nd and 4th quarter) - will be filed along with XBRL for financial results. E. Statement on impact of audit qualifications (for audit report with modified opinion) submitted along -with annual audited financial results (standalone and consolidated separately) (applicable only for annual filing i.e., 4th quarter) – Not Applicable
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VEDANTA IRON AND STEEL LIMITED Sesa Ghor, 20 EDC Complex, Patto, Panjim, Goa – 403 001, India T +91 832 6713601 | Website: www.vedantaironandsteel.com Email- ContactUs.VISL@vedanta.co.in Registered Office: C-103, Atul Projects, Corporate Avenue New Link, Chakala MIDC, Mumbai, Maharashtra-400093 CIN: L24109MH2023PLC411777 The meeting of the Board of Directors of the Company commenced at 3:51 p.m. IST and concluded at 4:13 p.m. IST. We request you to please take the above on record. Thanking You, Yours faithfully, For VEDANTA IRON AND STEEL LIMITED Tina Lakhani Company Secretary & Compliance Officer Membership No.: A-34723 Encl.: As above
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S.R. BAruBot & Co. LLP Chartered Accountants 67, Institutional Area Sector 44, Gurugram - 122 003 Haryana , India I cl +lJ I 12-l r,, I r,000 Indepe ndent Auditor 's Rev iew Report on the Quarterl y and Year to Date Unaudited Con solidated Financial Results of the Compan y Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosur e Requ irements) Regulations, 2015, as amended Review Report to The Board of Director s Veda nta Iron and Steel Limited I . We have reviewed the accompan y ing Statement or Unaudited Consoli dated Financial Results of Vedanta Iron and Steel Lim ited (the -- Holding Company .. ) and its subsidiari es (t he Holdi ng Com pany and its subsid iaries together referred to as .. the Gro up for the quaner ended September 30, 2026 and year to date from Apri l O I . 2026 to September 30. 2026 (the ··Statement' ') attached herewith, being submitt ed by the Holdin g Company pursuant to the requir ements of Regulation 33 of the SEBI (L isting Obli gati ons and Disclosure Requirements) Regulations.20 15. as amended (the '•Listin g Regulati ons") . 2. The Holdin g Company' s Management is responsible for the preparati on of the Statement in accordance with the recognition and measurement principle s laid down in Indian Ac counti ng Standard 34. (Ind AS 34) ··Interim Financial Repo11ing·· prescri bed under Section 133 of the Companies Ac t, 20 13 as amended. read w ith relevant ru les issued thereunder and other accounting princ ipl es generall y accepted in India and in compli ance with Regulation 33 of the Li sti ng Regulati ons. The Statement has been approved by the Holdin g Company's Board of Dire ctors. Our responsibilit y is to express a conclu sion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24 1 O. '"Review of Interim Financial Information Perfo rmed by the Independent Au dit or of the Entit y"' issued by the Institute of Chartered Accountants of Indi a. Thi s standard requires that we plan and perfor m the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of int erim fin ancial informati on consists of maki ng inquir ies. prim arily of persons responsible for fin anci al and accountin g maners. and apply ing analyt ical and other review procedures. A review is substantiall y less in scope than an audit conducted in accordance wit h Standards on A ud iting and consequentl y does not enable us to obtain assurance that we wo uld become a,\·are of all significant maners that mi ght be identifi ed in an audit. Acco rdin gly. we do not express an audit opinion. We also performed procedures in accordance with the M aster Circul ar issued by the Securiti es and Exchange Board of India under Regulation 33(8) of the Li stin g Regulations. to the extent appli cable. 4. The Statement includes the result s of the foll owi ng subsidi aries: S. No. Name of Entit y I ESL Steel Limi ted 2 Bl oom Fountain Limit ed 3 Western Cluster L imit ed 4 Desai Cement Company Private L im ited 5 Sesa Resources Limit ed 6 Sesa M ini ng Corporat ion Limit ed 5. Based on our rev iew conducted and procedures perform ed as stated in paragraph 3 above and based on the consideration of the review /audit reports of other auditors referred to in paragraph 6 and 7 below. nothin g has come to our attenti on that causes us to beli eve that the accompanying Statement. prepared in accordance with recognition and measurement princ iples laid clown in the aforesaid S R. 8a l hbo1 & Co. LLP. a L1m,ted L1ab1llty Pa11ner'.ih1p wtlh LLP Identi ty No. AA.8·4294 Regd. Oll1ce. 22, Cama.: Street Bloci. 8', 3rd floor , Kolkata·700 Q 16
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S.R. BArL1B01 & Co. LLP Chartered Accounta nts Indian Accounting Standards (" Ind AS" ) specified under Secti on 133 of the Companies Act. 20 13. as amended. read with relevant rules issued thereunder and other account ing principles generally accepted in India, has not disclosed the inform ati on required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed. or that it contains any material misstatement. Other Matter s 6. The accompanying Statement includes the unaudited interim fi nancial results and other financial in fo rmation, in respect of 5 subsidiaries. whose unaudited interim fi nancial results include total assets of Rs. 1,987 Cr as at September 30. 2026. total revenues of Rs 120 Cr and Rs 536 Cr. total net profit after tax of Rs. 16 Cr and total net loss after tax of Rs. 46 Cr. total comprehensive profit of Rs. 16 Cr and total comprehen sive loss of Rs. 46 Cr. fo r the quarter ended Septembe r 30. 2026 and the six months period ended on that date respecti ve ly. and net cash outflows or Rs. 5 7 5 Cr for the period from April O 1. 2026 to Septembe r 30. 2026. as considered in the Statement which have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement. in so fa r as it relates to the amounts and disclosures in respect of these subsidiaries. joint operations. joint ventures and assoc iates is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above. 7. Certain of these subsidiaries are located outside Ind ia whose financial results and other financial info rmation have been prepared in accordance with account ing principles genera lly accepted in their respect ive countr ies and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holdi ng Company's management has converted the financial results of such subsidiaries located outside India from acco unting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us. Our conclusion on the Statement in respect of matters stated in para 6 and 7 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results and financial information certified by the Management. 8. The Statement includes: a. the financial results for the year ended March 31, 2026. which were audited by predecessor auditor who expressed an unmod ified opinion on those financial statements on April 29. 2026 and the figure for the quarter and six months period ended September 30, 2025. and year ended March 31. 2026 as extracted from the books or acco unt underlying the financial results of Vedanta Limited which were subjected to limited review/ audit by the auditors of Vedanta Lim ited to give the impact of the Scheme ofcle merger. b. financial results and other financ ial information fo r the year ended March 31 . 2026. in respect of 5 subsidiaries, included in the Statement. were audited by predecessor auditors who expressed an unmodified opinion on those fi nancial results and other info rm ation. c. interim fi nancial results and other financial information. in respect of2 subsidiaries. reflect total revenues of Rs 1,462 Cr and Rs 3.293 Crore. total net loss after tax of Rs. 574 Crore and Rs. 950 Cr, total comprehensive loss of Rs. 578 Cr and Rs. 954 Cr fo r the quarter and six months
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S.R. BATLIBOI & Co. LLP Chartered Accountants period ended September 30. 2025 respectively . included in the Statement. which have been reviewed by their respective independent auditors. d. interim financial results and other fi nancial information, in respect of3 subsidiaries. reflect total revenues of Rs 124 Crore and Rs. 29 1 Crore. total net loss after tax of Rs. 18 Crore and Rs. 14 Crore. total comprehensive loss of Rs. 19 Crore and Rs. 14 Crore for the quarter and six months period ended September 30. 2025. included in the Statement. which have not been reviewed by their predecesso r auditors and have been approved and furnished to us by the Management and our conclusion on the Statement. in so far as it relates to the affairs of th is Company and subsidiaries, is based solely on such unaudited interim tinancial results and other unaudited financial information. For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm registration number: 30 I 003E/E300005 per Am Partner Membership No.: 505224 UDIN: 26505224JMOTWG 1660 Place: Gurugram, Haryana Date: October 27. 2026
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~ vedanta iron e,. steel Yc-d:rnla Iron And Stul Limited CIN: L24109MH2023PLC411777 Rtgd. Oflict: C-103, Alul Project s• Corporate A,·e:nuc Ntw Link, Chak..'tla MIDC, Mumb:,i, 400093, 1\lab:,rashlra , India STATEMENT OF UNAUDITED CONS OLID ATED FINANCIAL RESULTS FOR TIIE Q UARTER AND HALF YEAR ENDED 30 SEPTDIDER 2026 ('( in C rorc·, rJ.ccpt :u sl:llc-d) Qurerttr tndcd Hnlf yu r C' ndcd Ytar t ndtd 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 S. No. P:1rticul:1n: (Unaudited) (Unaud;ttd) (Unaud;t ed) (Unaudited) (Unaudittd ) (Unaud;1,d) (Rt frr note 3) (Rcfrr note 3) (Refer note 3) (Ref t r note 3) (Refer note 3) Continuin g opera tions: I RcYt nut from OJJtr:uiom a) Revenue 2.742 3,6 12 2,790 6.354 5.823 13.339 b) Other opcrnt1ng income 46 so 68 96 130 248 Tot~I reve nue fr om opcr.11ioni (at b) 2,788 3,662 2,858 6,450 5,953 13,587 2 Othcrmcomc 58 89 157 147 402 799 Total income 2,846 3,751 J.015 6,597 6,355 14.386 3 Expcnns a) Cost of materials consumed 1,714 1,831 1,569 3,545 3,202 6,558 b) Purchases of stock-in-u:ide I 25 19 26 21 38 c) Chanics in invcn1oncs of finished goods, work-in-progress and stock-in-trn.dc 44 (411) 112 (367) (60) 98 d) Power and fuel charges 86 88 81 174 174 323 <) Employee benefits expense 144 147 142 291 292 578 f) Finance costs 171 207 43 I 378 892 1,816 g) Ocprcciauon, depiction and arno,11sation expense 218 225 204 443 403 801 h) Other expenses 751 1,474 900 2,225 1,%2 4,$65 Total u 1u~11srs 3,129 3,586 3,458 6,715 6,886 15,077 4 (Loss)/ Jlrofit bdorc sh:1re in loss or jointl y c.onlrolled entity. exceptional (283) 165 (443) (118) (53 I) (691) items :u1d tax s Add: Share in loss of jointly cont rolled entity (0) - (0) (0) 6 (Loss)/ profit before e:xccptional items and tax (283) 165 (443) (118) (531) (691) 7 E.xccptional 11cnu (Refer note 6) (37) - (37) - (1,534) 8 (Lou)/ profit bcfor c t:1x (320) 165 (443) (155) (531) (2,225) 9 Tnx ('.xpensc/ (ben efit) Ot hrr tlurn cxcc1>tiona l ittu1s a) Net current 1:1.!< expense I 6 1 39 62 119 294 b) Net deferred lax cxpcn.se/(bmctit) 12 (7) 12 5 II 499 ExceJHional items c) Net tax benefit on exceptio nal 1tcn~ (Refer note 6) (9) - (9) - (20) Net tax c1pcn.sc (a+b+c) 4 54 51 58 130 773 JO Net (loss)/ profit after tax from continuing operati ons (8-9) (324) Ill (494) (213) (661) (2,998) Disconti nued OJ1Crati ons: II Profit before tax (Refer note 3) 13 21 13 52 119 12 Net tax expense (Refer note J ) - 3 4 3 13 56 13 ~ct profit nrt cr t:u: from discontinued opcn.ti ons (11 -12) 10 17 10 39 63 14 Net (loss)/ profit •ft<r 111, (10+13) (A) (324) 121 (477) (203) (622) (2.935) 15 Oth er comprd1cnsive (lossV income from contin uing opcrn tions a (i) Items that Mil not be redlSs1ficd 10 profi t or loss 5 (I) (13) 4 (14) (13) (ii) Tax (expense)/ benefit on items that will not be rcclass1ficd 10 profit or loss 0 0 4 0 4 3 b. (i) Items that will be rcclnss,fic d to profit or loss (20) (127) (404) (147) (428) (1,189) (it) Ta,"( (expense) / benefit on i tems that \Vdl be reclassi fied 10 profit or loss (OJ I I (5) 16 O ther c.om1>reht'nsivt' (JossV income from discontinut'd opc r :itions a (i) Items th:it \\111 not be rccltss1ficd to profit or loss - - - (i1) Tnx benefit/ lcxpensc) o:i ttcms 1h01 will not be rccl:iss1ficd to profit or loss - - - b (i) Items lhnt \viii be rccln.ss1ficd 10 profit or loss - - (i1) Ta.x benefit/ (expense) ori items 1h.at will be rcclass1fic-d to profit or loss - - - Tot r,1 other compreh cnsivr lo.ss ( B) ( 15) (127) (413) ( 142) (438) (1,204) 17 Total comprche nsi,•e loss (A+-B) (339) (6) (890) (345) (1,060) (4,141)
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18 (Loss)/ Profit attributable to: al O,\ncrs of Vedanta lron and Steel limned (311) 122 (465) ( 189) (607) (2,882) bl Non--contrnllmg interest (IJ) ( II (12) (14) (1 5) (53) 19 O lhcr comprehen sive Ion ultributab lc to: a) O,\n crs ofVcdnn1:1 Iron and Steel L11ni1cd ( 15) (127) (413) (142) (438) ( 1,204) bJ Non-controllmg u1u:rcst 0 (OJ (0) 0 (OJ (0) 20 Totnl comprcht n.,i,,c loss nttribu tablc to: •I O\\ncrs ofVedontn Iron mnd Steel Ltrmtcd (326) (5) (S78) (331) (1 ,045) (4,088) b) Non~on trollmg interest (IJJ (IJ (12) (14) (15) (53) 21 Net (loss)/ profit :after ta:cc~, non-controlli ng inter ests and shar e- in loss of jointly controlled cnlily but before uctptional items (2831 122 {465) (161 ) (607) (1,371) 22 Paid-up equity s hare capitJI (Face value of ~ I each) 391 391 0 391 0 0 23 Reserves c:<cludmg revaluation reserves as per blllancc sheet (6,674) 24 Etirnmgs per sh.ire for conunumg opcrauons (~) (•not :rnnunliscd) (Rcfcrno tc 7) - Bnsie :ind Diluted (0.80)· 0 29 • (I 23)' (0.5 1)· ( I 65) ' (7 531 25 &tm,ngs per shnre for discol\lrnued opcrnl1ons (~) ( •not tinnuahscd){Refcr notc 7) - Basic a.nd Diluted -· 0 02 • 0 04 • 0.02 • 0 10 ' 016 26 Earnings per share for continuing nnd discontinued operations (f) ( •not annualised) (Refer note 7) - 8:isic :md Diluted (0.80)• 0.3 1 • ( I 19)' (OA9)• (I 55) ' (7 37) "0" represents amount less than ~ 0 SO Crorc
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(~ in Crort) Quar1tr tndt d Hair yur tndtd Yurcndtd J0.09 .2026 J0.06.20 26 J0.09.2025 30.09.2026 30.09.2025 JI.OJ.202 6 S. No. Sr.im cnt infomu1i on (Unaudi ted) (U11:1udittd ) (Unaudittd) (Unau dit ed) (Un:audi1cd) (U1uud ittd ) (Rdr.r N olt J) (Refer Nott J) (Rt ftr Note J) (Rt fer No lt J) (Rtft r Note J) I Sc;mrnl rt \ enuc Continuin: operat ionJ (•) Iron Ore 6J8 1.190 696 1,828 1.725 4.52• (b) Steel 2,488 2,839 2.1.25 S.J.?7 -1.553 9.557 Stim t nl rt\'tnut from continuint operstions (A) J .126 4.029 2.821 7,155 6,278 14,086 Discontinued opu.ation s (c) Iron On:• 15 24 15 40 119 Ste,mcnl rtHnu t: from disco nlin ued oper:11tions (0) 15 24 15 40 119 Tot:11 sczmt.nt re,·t nuc from tonti nu ing :and diuontinncd operations (,\+0) J ,126 4.04' 2.845 7,170 6,318 14,205 Lc,s, ln1cr seamen! fC\'Cnuc JS-I 4 17 l I 801 '55 7'7 Rcwnue 2,742 3.627 2.814 6,369 S.863 13,458 i\dd . Other oper.1.tinu. income 46 Sl 72 99 ISS m Toul rt.venu e from oncnuio ns 2,788 3.6~0 2.886 6,468 6.018 )j,746 2 Sfgmtn l rt.sulU (EOITDA ) 1 Concinuinr; opcra1ions (a) Iron Ore 10 179 113 189 255 708 (b) Steel 73 Jj6 (59) 409 13' 471 Tot:sl stgmcn t re.suits ( t.:HITDA ) from cont inui n: oper ations IA) SJ 515 5' 598 389 l.17~ Discontinu ed operat ions (c) Iron Ore ' 10 14 10 37 89 T otal ste m enc rcsulu (EOITDA) from disco11linucd 01>cn 1ions (B) 10 14 10 37 19 To11J sc-imcnt rtsults (EllJTDA) from C'Ontinuini: and disco ntinued opt nlions (A+ll) 83 S2S 68 608 426 1,268 3 Ot1>rcti11tion, deplt lion ::tni.l t 111orli.sa1iun cs11cnu Con1inuin1,t opcra 1ions (3) tron On.: 82 95 !6 177 I IS w (b) Steel [ 36 130 1'8 266 288 560 Toul dtprtdation , depiction ind :1mortisation ctpc nsc from continu ing opera tions (A) 218 225 204 443 403 801 Uisco111inued opual ions (c) [ron on::• To1al de1, rrd21i on, dtpletion and amorciucio n upen sc from discontinued opcrati o,u (DJ Less To1:sl depreci11tion, dcp lt.tion tnd ~morti sation upcn sc from continuin i:, :and 2[8 225 204 44J 403 801 discon1inued 01>en1ions (A+B) Add: Other income, net o(c,i,cn.scs 23 ss 145 108 390 771 Less: Finance costs 171 207 43 1 J78 892 1,816 Add. Share in k>ss of jointly controlled eooty (0) (0) (0) ( Loss)/ nrofil btfort' uctotiona l itt'ms and tu (283 ) 178 (422) (105) (479) (572) Add · E.xccpt1on.JI items (Refer note 6) (37) (J7) (1.534) (Loss)/ 1>rofit before: tu (320) 178 (422) (142 ) ('79) (2. 1061 4 St:mcn t a.sstts Continuing operations (•) Iron On: J,840 J,04Y 4,370 3,8-10 -1,370 3.497 (b) Steel 10,846 10.SSY 10,SJO l 0,846 10,530 10,224 T ot:11 segmen t :autts from continuin: operati ons (A) 14,686 14,508 14.900 14,686 14.900 1).721 Di.scontinued 01>crations (c) Iron Ore• 19 19 Sl Total se: ment :asstts from di!lcontinut d opcr.ations (8) 19 19 85 Add : Un,Jlo<:.icd (C) 2,522 2.947 4,7'6 2,522 4.7'6 S.S86 Tou l scimr..nt asst l!I fr om continuini,t and discontinutd 01,erati ons (A+ B+C) 17,208 11.4ss 19,665 17,208 19.665 19.392 s Sce,mt nt liabilit ies Continuint,t opera tions (•) Iron On: 3,009 3, 120 2,20l 3,009 2.205 2,971 (b) Steel .t,l-11 J,8 1• lM6 4,1-11 3,666 3,7-17 Total Sttm ent li11bilitic, from conlin uinc operati ons (A) 7,150 6.934 5.871 7,150 S,87 I 6.718 Discontinued OJ}t'rations (c) Iron Ore • 33 ll 37 T ou l sc,rnc:nt li:lbili tics fr om discontinued opcutions (0) 33 33 37 Add : Un,Jlo<:otcd (C) 4,087 4,233 17.078 4,087 17,078 19.168 T ota l srim cnt li:tbiliti cs from continui115: and di.uo n1i11ucd operati ons (A.+-B+C) 11,237 11,167 22.982 11,237 22.982 25.9.?) "O'' n:orcsents :Lmount less th:in t O SO Crorc 1) E.immgs before interest, t:l.'( . dcprcCLJl1on ~ m1ortis~t1on Md excep11on:i.l items 1•EBITDA ") u a non-GAAP measure, 11k: continuing scgmcna lit': (:i.) Iron ore, ,1;hich consists of mining, processing and 1r:ldmg of Iron Of(! includ1ng its logistics & m0.rkc11ng scn1ccs (b) Steel. ,, hich consists ofm:tnufact uring of sled, DI pipes. pig iron :md mct:tllurv1c.J coke •The d1scon1inucd operation k (n) Pon Busmcss Services :i.t Vis:iktup.um.rn. 11h:ch LS prese nted :u a part of Iron On: Segment The :i.sscts Md lLlb1h1tcs that c:in.not be :i.lloc..11cd bct,1ccn the segments :1rc sho\\n as wuUoc;ucd assets and li.:ib1htics, rcspccti\'cl)' -/.._1TA ,~ /~o·· 1 1, ~ y I,._ z 0 0 ~ ~ IJt/11~'? --
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~ vedanta iron Ii- steel Vedanta Iron And Steel Limited CIN: L24109MH2023PLC4 11777 Regd. Orricc: C-103, Atul Project, - Coq,o rat e Avenue New Link, Chakala MIDC, Mumbai , 400093, Maharashtra, India STATE~1ENT OF CONSOLIDATED ASSETS ANO LIARIUTIE S AS AT 30 SEPTEMBER 2026 (tin C rore) As ar As at 31.03.2026 Particulars 30.09.2026 (Unaudited) (Una udited) (Refer Note 3) A ASSETS I Non-curre nt assets (a) Property, Planl and Equipmenl 6,5-t0 6,765 (b) Capila l work-in-progress 3,406 3,123 (c) ln1angible assets 4S4 484 (d) Financial assels (i) Loans - 50 (ii) Trade receivables 7 - (iii) Other financial assels 88 120 (e) Deferred lax assets (net) 1,757 1.756 (I) Income lax asscls (net) 81 211 (g) Other non-current assels 440 388 Tot:11 non-current assel.5 12,773 12,897 2 C urrent assets (a) lnven1ories 2,347 1.895 (b) Financial assets (i) lnveslme111s 88 327 (ii) Trade receivables 212 298 (iii) Cash and cash cquivalcnls 242 1,044 (iv) O1her bank balances 183 229 (v) Loans I 1.629 (vi) Derivalivcs 0 12 (vii) Other financial assCIS 303 278 (c) Olhcr currenl assels 1,059 783 Total curreut :1ssel< 4,43S 6.495 Tota l Assets 17,208 19,392 B EQUITY AND LIABILITIES l Equity Equity share capilal (Refer note 3) 391 0 Other equity (Refer nole 3 and 5) S,452 (6,674) Equity attributab le lo owners of Vedanta Iron and Steel Limited S,843 (6.674) Non-controlling intcresls 128 143 Total equ ity S,971 (6.531' Liabil ities 2 Non-current liabilitie s (a) Financial liabilities (i) Borrowings 1,597 2, 113 (ii) Lease liabilities 504 580 (iii) Olher financial liabilities 2S8 241 (b) Provisions 301 301 (c) Deferred tax liabilities (net) 98 100 (d) Othe r non-current liabilities 47 35 Tota l non-current liabilities 2,805 3.370 3 Current liabilities (a) Financial liabilities (i) Borrowings 2,014 11,998 (ii) Lease liabilities S-t8 526 (iii) Operational buyers' credit I suppliers ' c rcdil 2,211 2,110 (iv) Trade payables 1,377 1,160 (v) Other financial liabilities 1,340 5.707 (b) Other current liabilities 490 610 (c) Provisions 433 340 (d) Income tax liabilities (net) 19 102 Tota l current liabiliti es 8 432 22.553 Total Equity and Li<1bilitie, 17,208 19,392 "0" represents amount less than t' 0.50 Crore
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~ vedanta iron r,. steel Vedanta Iron And Steel Limited CIN: L24l09i\lH2023PLC411777 Rcgd. Office: C-103, Atul Projects - Corporate Avenue New Link , Chakala MID C, Mumbai, 400093, l\lah arashtra, India STATEME:\'T OF CONSO LIDATED CASH FLOWS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2026 If in Crore) Half year ended Particulars 30.09.2026 30.09.2025 (Unaudited) (Unaudited) (Refer Note 3) (Refer Note 3) CASH FLOWS FROM OPERA TING ACT IVITIES Loss before tax from continu ing operation s (155) (53 I) Profit before tax from discontinued operation s 13 52 Loss before tax from continuing and disco ntinued operations (142) (479) Adjustments for: Depreciation , depletion and amortisation 443 403 Interest expense 374 891 Interest income (97) (383) Unrealised foreign exchange loss/ (gain) (net ) 12 (7) Fair value gain on financial assets held at fair value through profit or loss (6) (6) Amortisation of deferred governme nt grant (2) (3) Allowance of impainncnt on financia l and non-financial assets/ bad debts written off 2 2 (Gain)/ loss on sale/ discard of property , plant and equipment (net) (JO) 2 Liabilities written back (12) (20) Unwinding of discount on decommi ssioning liability J I Share based payment expense 9 6 Share in loss of iointly controlled entity - 0 Operating profit before working capital changes 554 407 Chan ges in working c:tpita l Decrease/ (increase) in trade receivables and other assets 56 ( 127) Increase in inventories (453) (67) Increase/ (decrease) in trade payables and other liabilities 478 (777) Increase in opera tional buyers' c redit/ suppl iers' credit 100 II Cash now generated from/ (used in) operations 735 (553) Income taxes refund s/ (paid ) (net) 18 (69) Net cash now J!enernted from/ (used in) opcr:1tine activities 753 (622) CASII FLOWS FROM INVESTING ACTIVITES Purchases of property, plant a nd equipment (including intangibles, capital work-in-pr ogres s, capital advances and (331) (280) cred itors) Proceeds from sale of propert y, plant and equipment 38 0 Acquisition of business on slump sale basis (Refer note 3(b)) 0 - Bank depo sits made (245) ( 146) Proceeds from redemption of deposits 206 117 Purchase of short-term invcstrncuts (2,182) ( 1,667) Proceeds from sale of short-tenn investments 2,427 1,962 Loans given to related parties (2) - Loans repaid by related partie s 1,334 102 Interest received 201 364 Net cash now 2cncratcd from investing activities 1,446 452
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CASH FLOWS FROM Fli\Ai\C ING ACTIVITIES Payment of share issue expenses (2) - Proceeds/ (repayment) of short-term borrowings (net) s ( 18) Proceeds from short-term borrowings 1,500 460 Repayment of short-term borrowings (1,-167) (25) Proceeds from long-term borrowings 305 134 Repayment of long-term borrowings (2,408) (462) Interest paid (-139) (464) Borrowings repaid to related parties (I I) (I) Principal payment of lease liabilities (112) (72) Interest payment of lease liabilities (-12 (1 8) Net cash now used in financin~ activities (2,671) (466 Effect of exchange rate changes on cash and cash equivalents 9 I Net decrease in cash and cash equivalents (-163) (635) Cash and cash equivalents at the beginning of the period l,Q4-I 393 Adjustment pursuant to the Scheme (Refer note 3) (339) 609 Cash and cash equivalents at the end of the period 242 367 Notes: a) The figures in parentheses indicate outflow. b) The above cash now has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows. c) Refer note 3 for details of cash flow from discontinued operations. d) "0" represents amount less than , 0.50 Crore
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:'iotes:- I The above consolidated financial results of Vedanta Iron and Steel Limited ("the Company") and its subsidiaries (collectively referred to as "the Group") for the quarter and half year ended 30 September 2026 have been reviewed by the Audit and Risk Management Committee and approved by the Board of Directors at their respective meetings held on 27 October 2026. The statutory auditor of the Group has carried out a limited review of the aforesaid consolidated financial results in accordance with the applicable requirements and has issued an unmodified conclusion thereon. 2 These consolidated financial results have been prepared in accordance with the Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013. read \11th the Companies (Indian Accounting Standards) Rules.20 15, as amended, and in compliance with Regulation 33 of the Listini; Regulations. 3 a) The Hon'ble National Company Law Tribunnl. Mumbai Bench. v1de its Order dated 16 December 2025. approved the Scheme of Arrangement inter-alia amongst Vedanta Limited, the Company and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Scheme"}, providing for the dcmerger of the Iron Ore Undertaking of Vedanta Limited ("Demerged Undertaking") into the Company on a going concern basis. The Scheme became effective on I May 2026 ("effective date"), which is also the Appointed Date of the Scheme. Consequent to the scheme becoming effective, the Dcmcrged Undertaking was transferred to and vested in the Company and has been :1ccounted for in accordance with the accounting treatment prescribed under the Scheme and the applicabk provisions of Ind AS. Pursuant 10 the Scheme. the Company approved allotment of 391,03,88.057 equity shares of face value of~ I each to lite eligible shareholders of Vedanta Limited in accordance with the Share Entitlement Ratio on 4 May 2026, and the Company ceased to be a subsidiary of Vedanta Limited. In accordance with the accounting treatment prescribed under the Scheme and the applicable provisions of Ind AS, the comparative financial results and other financial information of the Group for the quarter and half year ended 30 September 2025 and year ended 31 March 2026 includes unaudited interim financial results :rnd other financial infonnation of Iron Ore Undertaking transferred to the Group pursuant to the Scheme as extracted from the books of account underlying the financial results of Vedanta Limited (the "Dcmcrged company") for those respective periods, which were subjected to limited review/ audit by the auditors of Vedanta Limited to give impact of the Scheme. Further, "adjustment pursuant to the Scheme" appearing in the Statement of Consolidated Cash flows represents the aggregate impact of accounting adjustments arising from the dcmerger, including consequential realignment of assets, liabilities. income and expenses in accordance \\ith the provisions of the Scheme. b) The Group has entered into a Business Transfer Agreement dated 30 April 2026 with MALCO Energy Limited ("MALCO", a fellow subsidiary) for the purchase of MetCoke business, comprising its respective assets and liabilities, as a going concern on a slump sale basis. Accordingly, MALCO has transferred the assets and liabilities at their carrying values as at 30 April 2026 to the Company for a consideration of~ I The book net worth of the MetCoke business was~ (299) Crore (negative net worth) and the diITcrence of~ 299 Crore between the consideration and the net worth has been recognised in capital reserve. In accordance 111th Appendix C. Business Combinations of Entities under Common Control, to Ind AS I 03, Business Combinations, the transaction has been accounted for using the pooling of interests method. Accordingly, the figures for the quarters and half year ended 30 September 2025. year ended 31 March 2026. quarter ended 30 June 2026 and half year ended 30 September 2026 have been re-presented/ re-computed to include the MetCoke business as if the transaction had occurred from O I April 2025 (being the beginning of the earliest period presented). c) Sesa Mining Corporation Limited ("SMCL", a wholly owned subsidiary of the Company) has entered into a Business Transfer Agreement dated 30 April 2026 with Vedanta Base Metals Limited ("VBML", a subsidiary of Vedanta Limited) to hive-off the Group's Port Business at Visakhapatnam to VBML as a going concern on slump sale basis with effect from 30 April 2026. Accordingly. the Group has disclosed the Port Business as discontinued operations in the consolidated financial results and all previous period figures in the consolidated financial results have also been re-presented/ re-computed. In accordance with the above, the Group has transferred the assets and liabilities at their carryini; values as at 30 April 2026 on 452 Crore. The consideration for the said transaction was settled as part of the overall Scheme (Refer note 3(a) above) and accordingly no separate gain or loss has been recognized. Brief particulars of the Discontinued Operations arc given as under: (A) Profit from Discontinued Operations Port Business . Visakhapatnam (Net of inter segment tran sactions) (i in Crorc) Qua rter ended Half year ended Year ended Particular s 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudit ed) (Una udited ) (Unaudited) (Unaudited) (Refer Note 3) ( Refer Note 3) (Refer Note 3) (Refer Note 3) (Refer Note 3) Revenue from operations . 18 28 18 65 159 Total income . 21 36 21 80 189 Total expenses . 8 15 8 28 70 Profit before tax from Discontinued Operations . 13 21 13 52 119 Net tax expense . 3 4 3 13 56 Profit after tax from Discontinued O11crations . 10 17 10 39 63 (B) Net c:tsh flows from Discontinu ed Operations: (~ in Crore) Half year ended Parti culars 30.09.2026 30.09.2025 (Un:tudited) (Unaudited) (Refer Note 3) (Refer Note 3) Net cash flow (used inY generated from operating activities (81) 15 Net cash flow generated from/ (used in) investing activities 84 (4) Net cash flow (used in)/ generated from financing activities . . 4 ESL Steel Limited ("ESL"), a subsidiary of the Company, had filed application for renewal of Consent to Operate ("CTO") on 24 August 20 I 7 for a period oftive years which was denied by Jharkhand State Pollution Control Board ("JSPCB") on 23 August 2018, as JSPCB awaited response from the Ministry of Environment, Forest and Climate Change ("MoEFCC") over a 2012 show-cause notice. Aller a personal hearini; towards the show cause notice. the MoEFCC revoked the Environment Clearance ("EC") on 20 September 2018. Subsequently. ESL filed a petition in the Hon 'blc Supreme Court, and on 22 September 2020, ESL was granted pcnnission to nm the plant ull further orders.
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The Forest Advisory Committee ("FAC") of the MoEFCC granted the Stage I clearance and the MoEFCC approved the related Terms of Reference ("TOR") on 25 August 2020. Subsequently, vidc letter dated 25 August 2021, the MoEFCC rejected the EC "as of now·• due to stay granted by Madras High Court vide order dated 15 July 2021 in a Public Interest Litigation llled against the Standard Operating Procedure which was issued by the MoEFCC for regularization of violation case on 07 July 2021. The Hon'ble Supreme Court vide order dated 09 December 2021 decided the mailer by directing the MoEFCC to process the EC application of ESL as per the applicable law within a period of three months. The MoEFCC vidc its letter dated 02 February 202~ has deferred the grant of EC till forest Clearance ("FC") Stage-II is granted to ESL. ESL has submitted its reply against the MoEFCC letter vide ktter dated 11 February 2022 for reconsidering the decision of linking EC with FC as the grant of FC Stage II is not a condition precedent for grant of EC. On 05 June 2023. the MoEFCC revoked the FC Stage-I against which ESL has \VTittcn a letter for reconsideration. Against the revocation, the State Government of Jharkhand has also submitted its request letter to the MoEFCC to reconsider its decision and grant some more time. Referring to the State's letter, the MoEFCC has issued a letter dated 18 August 2023 to the Principal Secretary (Forest), Jharkhand to submit the compliance status report, which was submitted on I 7 November 2023 with positive remarks. In the pending High Court case, while considering the fact that modalities are being worked out between the State government, the MoEFCC and ESL, the High Coun, vidc it's order dated 01 May 2025 has set aside the revocation of EC on the ground of natural justice and remanded the matter back to MoEFCC for the fresh hearing within a specified period on the show cause notice issued earlier by them in connection thereof and directed that ESL can continue with its operation subject to final decision ofMoEFCC, under the supervision of JPSCB. MoEFCC pursuant to the order of Hon' ble High Court of Jharkhand as stated above on continuation of it's first hearing on 26 May 2025 issued direction to all the stakeholders to share the relevant documents and a joint inspection of the Steel plant was conducted on 12 June 2025 by MoEFCC and JS PCB and report thereof has been submitted. Subsequently, the second hearing has been held on 28 August 2025 whereby all the parties have submitled their represen1ations. ESL's preliminary response and submission on the examination report of the hearing as received from the Joint Secretary, MoEFCC have been submitted. The policy with respect to penalty for Compensatory Afforestation ("CA") land in case of violation has been issued by MoEFCC on 21 January 2026. implication of which in case of ESL is being examined since the same deals with non-compliance after 12 December 1996. Further, based on the recommendation of FAC, MoEFCC has since granted on 17 April 2026 in-principle approval of FC Stage I to ESL. On receipt of FC and EC, application for obtaining Consent to Establish ("CTE") and then CTO will be made by ESL. 5 During the FY 2015-16, Fujairah Gold FZE ("Fujairah"). a group company. had extended a loan of USO 900 Million to Twin Siar Mauritius Holdings Limited ("TSMHL"), an erstwhile group company. which wns subsequently assigned to Bloom Fountain Limited ("BFL"), a subsidiary of the Company, via a tripartite assignment agreement on 22 March 2018. Additionally, THL Zinc Limited ("THZL"), a group company, had extended a loan facility ofUSD 3.6 Million to BFL pursnant to a loan agreement dated 01 December 2014. As on 30 April 2026, the aggregate outstanding debt comprising principal. accrued interest and other payables remained unpaid by BFL to Fujairah and THZL respectively. Considering the financial position of BFL. and restructuring pursum11 to the Scheme, both Fujairah and TI-IZL have irrevocably waived and released BFL from their respective outstanding debts effective 30 April 2026, with no consideration payable, and all rights and obligations of all parties stand fully extinguished and discharged. Consequent to the above waivers, the total outstanding debt comprising principal. accrued interest and other payables on 13,138 crores has been written back in the books of BFL and transferred to Capital Reserve. 6 Exceptional items (net of tax): (~ in Crorel Ouartcr ended Half year ended Ye:1r ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 P:1rticulars (Unaudited) (Unaudited) (Unaudited) (Un:tudited) (Unaudited) (Unaudited) (Refer Note 3) (Refer Note 3) (Refer !'iotc 3) (Refer Note 3) (Refer Note 3) Propetty, Plant and Equipment ("PPE"), Capital work-in-progress ("C\VIP"), - . . . . (1.471) Inventories and other assets \Hitten off or impaired Provision against electricity duty . . . - (4 I) Statutory impact of new Labour Codes . . . . (22) Stamp duty fees on transfer of land, building and mining rights• (37) . - (37) . - Exceptional items (37) . . (37) . (1,534) Current tax benefit on above 2 . 2 . 3 Net deferred tax benefit on above 7 . . 7 . 17 Exceptional items (net of tax) (A) (28) . . (28) - /1,514) Less: Non-controlling interest on above (B) . . . 3 Exceptional items, net of tax and non-controlling interest (A+B) (28) . - (28) . (1,511) a) This represents stamp duty paid and management's estimate of stamp duty payable to various authorities for registration of the transfer of land. buildings and mining rights acquired under the Scheme (Refer note 3 above). 7 Earnings per share. basic and diluted. has been computed after giving effect to the equity shares issued pursuant to the Scheme. as if such shares had been issued at the beginning of the earliest period presented (Refer note 3 above). Place: Goa D:1tc: 27 October 2026 ·q;~:; Pankaj Kumar Sharma Whole-Time Director & CEO
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S.R. BATLIBOI & Co. LLP Chartered Accountants 67 , Institutional Area Sector 44, Gurugram - 122 003 Haryana , India Tel: +91 12~ (,8 1 (,000 Independent Aud itor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Vedanta Iron and Steel Limited I. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Vedanta Iron and Steel Limited (the ··company") for the quarter ended Septembe r 30. 2026 and year to date from April O I. 2026 to September 30. 2026 (the ··Statement' ·) attached herewith , being submitted by the Holding Company pursuant to the requirements or Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement s) Regulations. 2015. as amended (the "Listing Regulations' '). 2. The Company 's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting " prescribed under Section 133 of the Compan ies Act. 2013 as amended, read with relevant rules issued thereunder and other accounting principle s generally accepted in India and in complicJ.nce with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors . Our responsibility is to express a conc lusion 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. 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 persons responsible for financial and accounting matters. and applying analytical and other review procedure s. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing 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 . 5. Based on our review conducted as above. nothing has come to our attention that causes us to believe that the accompanying Statement. prepared in accordance with recognition and measurement princip les laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act.2013. as amended. read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Other Matters 6. The Statement includes the results for the year ended March 31. 2026 which were audited by predecessor auditor who expressed an unmodified opinion on those financial statements on April 29. 2026 and the figure for the quarter and year to date from April O I. 2025 to September 30. 2025. and year ended March 31, 2026 as extracted from the books or account underlyin g the financial results _;;:a-;1111::;:..., S.R. Ba tl1bo1 & Co. LLP, a Lunitetl llab1hty Partnership with LLP Identity No. AAB-4 2 94 Regd. Olt1ce : 22 . Camac: Street, Block ff , 3rd floor, Kotkata-700 0 16 \.; .
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S.R. BAruB01 & Co. LLP Chartered Accountants of Vedanta Limited which were subjected to limited review/ audit by the auditors of Vedanta Limited to give the impact of the Scheme of demerger. For S.R. Batliboi & Co. LLP Cha11ered Accountants !CAI Firm registration number: 30 I 003E/E30000:- per Amit Chugh Partner Membership No.: 505224 UDIN: 26505224 L YTJSHS I 64 Place: Gurugram. Haryana Date: October 27. 2026
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~ vedanta iron &- steel Vedanta Iron And Steel Limited CIN: L24109MH2023PLC411777 Regd. Office: C-103, Atul Projects - Corporate Aven ue New Link, Chakala MIDC, Mumbai, 400093, Maharashtra, India STATEMENT OF UNAUDITED STANDALONE FINANCIAL RES UL TS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 (fin Crore, except as stated) 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 S.No. Particulars (Unaudited) (Unaudited) (Unaudited) (Unaudited} (Unaudited) (Unaudited} (Refer Note 3) (Refer Note 3) (Refer Note 3) (Refer Note 3) (Refer Note 3) 1 Revenue from operations a) Revenue 1,045 1,488 1,404 2,533 2,694 6,022 b) Other operating income 24 24 17 48 32 66 Total revenue from operations (a+b) 1,069 1,512 1,421 2,581 2,726 6,088 2 Other income 65 104 186 169 443 846 Total income 1,134 1,616 1,607 2,750 3,169 6,934 3 Expenses a) Cost of materials consumed 771 744 709 1,515 1,290 2,605 b) Purchases of stock-in-trade - 0 121 0 254 423 c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (62) (50) 26 (112) (109) (65) d) Power and fuel charges 4 8 3 12 9 20 e) Employee benefits expense 66 73 66 139 138 275 f) Finance costs 58 58 49 116 117 264 g) Depreciation , depletion and amortisation expense 70 83 93 153 174 331 h) Other expenses 190 456 381 646 830 2,0 11 Total expenses 1,097 1,372 1,448 2,469 2,703 5,864 4 Profit before exceptional items and tax 37 244 159 281 466 1,070 5 Exceptional items (Refer note 5) (37) - (37) - (862) 6 (Loss)/profit before tax (0) 244 159 244 466 208 7 Tax expense/ (benefit) Other than exceptional items a) Net current tax expense 10 57 42 67 11 9 272 b) Net deferred tax expense/(benefit ) 2 2 5 4 10 (29) Exceptional items c) Net tax benefit on exceptiona l items (Refer note 5) (9) - - (9) - (19) Net tax expense (a+b+c) 3 59 47 62 129 224 8 Net (loss)/profit after tax (A) (3) 185 112 182 337 (16) 9 Net profit after tax before exceptional items (net of tax) 25 185 112 210 337 827 10 Other comprehensive (loss)/ income a) (i} Items that will not be reclassified to profit or loss (1) 0 (8) (1) (8) (8) (ii) Tax benefit/ (expense) on items that will not be reclassifie d to profit or loss 0 (0) 2 0 2 2 b) (i) Items that will be reclassified to profit or loss 1 (5) 1 (4) 1 21 (ii) Tax (expense)/ benefit on items that will be reclassified to profit or loss (0) I l - (5) Total other comprehensive income/ (loss) (B) 0 (4) (5) (4) (5) 10 11 Total comprehensive (loss)/income (A+B) (3) 181 107 178 332 (6) 12 Paid-up equity share capital (Face value of~ I each) 391 391 0 391 0 0 13 Reserves excluding revaluation reserves as per balance sheet 5,786 14 Earnings per share (~) (*not annualised) (Refer note 6) - Basic and Diluted (0.01) * 0.47 * 0.29 * 0.47 * 0.86 * (0.04) "0" represents amount less than ~ 0.50 Crore
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~ vedanta iron &- steel Vedanta Iron And Steel Limited CIN: L24109MH2023PLC411777 Regd. Office: C-103, Atul Projects - Corporate Avenue New Link, Chakala MIDC, Mumbai, 400093, Maharashtra, India STATEMENT OF STANDALONE ASSETS AND LIABILITIES AS AT 30 SEPTEMBER 2026 Particulars A ASSETS I Non-current assets (a) Property , Plant and Equipment (b) Capital work-in-progress (c) Intangible assets (d) Financial assets (i) Investments (ii) Loans (iii) Other financial assets (e) 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) Other financial assets ( c) Other current assets Total current assets Total Assets B EQUITY AND LIABILITLES 1 Equity Equity share capital (Refer note 3) Other equity (Refer note 3) Total equity Liabilities 2 Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) 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) Other financial liabilities (b) Other current liabilities ( c) Provisions (d) Income tax liabilities (net) Total current liabilities Total Equity and Liabilities "O" represents amount less than z 0.50 Crore As at 30.09.2026 (Unaudited) 1,774 539 84 1,778 1,094 1 286 5,556 1,263 88 64 40 103 617 0 682 1,491 4,348 9,904 391 5,258 5,649 141 13 97 36 287 1,274 172 1,225 37 455 573 159 55 18 3,968 9,904 (tin Crore) As at 31.03.2026 (Unaudited) (Refer note 3) 1,878 394 93 1,778 1,111 1 255 5,510 1,013 127 176 268 102 683 12 552 1,180 4,113 9,623 0 5,786 5,786 418 200 12 100 25 755 1,053 168 1,096 26 272 254 160 53 - 3,082 9,623
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~ vedanta iron v steel Vedanta Iron And Steel Limited CIN: L24109MH2023PLC411777 Regd. Office: C-103, Atul Projects - Corporate Avenue New Link, Chakala MIDC, Mumbai, 400093, Maharashtra, India STATEMENT OF STANDALONE CASH FLOWS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2026 (~ in Crore) Half year ended Particulars CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments for: Depreciation , depletion and amortisation Interest expense Interest income Unrealised foreign exchange loss/ (gain) (net) Allowance of impairment on financial and non-financial assets/ bad debts written off Fair Value gain on financial assets held at fair value through profit or loss Amortisation of deferred government grant (Gain)/ loss on sale/ discard of property, plant and equipment (net) Unwinding of discount on decommissioning liability Liabilities written back Share based payment expense Operating profit before working capital changes Changes in working capital (Increase)/ decrease in trade receivables and other assets Increase in inventories Increase/ (decrease) in trade payables and other liabilities Increase in operational buyers' credit/ suppliers' credit Cash flow generated from/(used in) operations Income taxes (paid)/ refunds (net) Net cash flow generated from operating activities CASH FLOWS FROM INVESTING ACTIVITES Purchases of property, plant and equipment (including intangibles, capital work-in-progress , capital advances and creditors) Proceeds from sale of property , plant and equipment Bank deposits made Purchase of short-term investments Proceeds from sale of short-term investments Loans given to related parties Loans repaid by related parties Interest received Net cash flow used in investing activities 30.09.2026 (Unaudited) (Refer Note 3) 244 153 115 (160) 12 1 (2) (2) (0) 1 (11) 6 357 (264) (250) 550 129 522 (15) 507 (204) 2 (82) (1,819) 1,860 (86) 116 186 (27) 30.09.2025 (Unaudited) (Refer Note 3) 466 174 116 (418) (7) 0 (5) (3) 0 0 (3) 4 324 185 (85) (271) 16 169 (25) 144 (116) 0 (106) (1,500) 1,780 (1 ,281) 141 300 (782)
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CASH FLOWS FROM FINANCING ACTIV ITIES Payment of share issue expenses (2) - Proceeds from short-term borrowings 1,500 460 Repayment of short-term borrowings (1,467) (25) Repayment of long-term borrowings (231) (2 10) Interest paid (97) ( IOI) Principal payment of lease liabilities (56) (48) Interest payment of lease liabilities (16) (16) Net cash flow (used in)/ generated from financing activities (369) 60 Net increase/ (decrease) in cash and cash equivalents 111 (578) Cash and cash equ i val en ts at the beginning of the period 268 260 Adjustment pursuant to the Scheme (Refer note 3) (339) 609 Cash and cash equivalents at the end of the period 40 29 1 Notes : a) The figures in parentheses indicate outflow . b) The above cash flow has been prepared under the "[ndirect Method" as set out in [ndian Accounting Standard (Ind AS) 7 - Statement of Cash Flows. c) "O" represents amount less than t 0.50 crore .
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Notes:- 1 The above standalone financial results of Vedanta Iron and Steel Limited ("the Company") for the quarter and half year ended 30 September 2026 have been reviewed by the Audit and Risk Management Committee and approved by the Board of Directors at their respective meetings held on 27 October 2026. The statutory auditor of the Company has carried out a limited review of the aforesaid financial results in accordance with the applicable requirements and has issued an unmodified conclusion thereon . 2 These standalone financial results have been prepared in accordance with the Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2023 , read with the Companies (Indian Accounting Standards) Rules, 20 15, as amended, and in compliance with Regulation 33 of the Listing Regulations . 3 a) The Hon'ble National Company Law Tribunal, Mumbai Bench, vide its Order dated 16 December 2025, approved the Scheme of Arrangement inter-aha amongst Vedanta Limited , the Company and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ("Scheme"), providing for the demerger of the Iron Ore Undertaking of Vedanta Limited ("Demerged Undertaking") into the Company on a going concern basis. The Scheme became effective on O I May 2026 ("effective date"), which is also the Appointed Date of the Scheme. Consequent to the scheme becoming effective, the Demerged Undertaking was transferred to and vested in the Compan y and has been accounted for in accordance with the accounting treatment prescribed under the Scheme and the applicab le provisions of Ind AS. Pursuant to the Scheme , the Company approved allotment of 391,03,88,057 equity shares of face value oft I each to the eligible shareholders of Vedanta Limited in accordance with the Share Entitlement Ratio on 4 May 2026, and the Company ceased to be a subsidiary of Vedanta Limited. In accordance with the acco unting treatment prescribed under the Scheme and the applicable provisions of Ind AS, the comparative financial results and other financial information of the Company for the quarter and half year ended 30 September 2025 and year ended 31 March 2026 includes unaudited interim financial results and other financial information of Iron Ore Undertaking transferred to the Company pursuant to the Scheme as extracted from the books of account underlying the financial results of Vedanta Limited (the "Demerged company") for those respective periods, which were subjected to limited review I audit by the auditors of Vedanta Limited to give impact of the Scheme. Further, "adjustment pursuant to the Scheme" appearing in the Statement of Standalone Cash flows represents the aggregate impact of accounting adjustments arising from the demerger, including consequential realignment of assets , liabilities , income and expenses in accordance with the provisions of the Scheme. b) The Compan y has entered into a Business Transfer Agreement dated 30 April 2026 with MALCO Energy Limited ("MALCO", a fellow subsidiary) for the purchase of MetCoke business , comprising its respective assets and liabilities , as a going concern on a sltunp sale basis. Accordingly, MALCO has transferred the assets and liabilities at their carrying values as at 30 April 2026 to the Company for a consideration oft 1. The book net worth of the MetCoke business was ~ (299) Crore (negative net worth) and the difference of~ 299 Crore between the consideration and the net worth has been recognised in capital reserve. In accordance with Appendix C, Business Combinations of Entities under Common Control to Ind AS I 03, Business Combinations , the transaction has been accounted for using the pooling of interests method. Accordingly , the figures for the quarter and half year ended 30 September 2025, year ended 31 March 2026, quarter ended 30 June 2026 and half year ended 30 September 2026 have been re-presented/ re computed to include the MetCoke business as if the transaction had occurred from 01 April 2025 (being the beginning of the earliest period presented). 4 The segment information is not provided separately for the standalone unaudited financial results as it is provided in the consolidated unaudited financial results, in accordance with Ind AS l 08 - Operating segments . 5 Exceptional items (net of tax): (tin 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) (Unaudited) (Refer Note 3) (Refer Note 3) (Refer Note 3) (Refer Note 3) (Refer Note 3) Investments and other assets impaired or written off - - - - - (853) Statutory impact of new Labour Codes - - - - - (9) Stan1p duty fees on transfer of land, building and mining rights a (37) - - (37) - Exceptional items (37) - - (37) - (862) Current tax benefit on above 2 - - 2 - 2 Net deferred tax benefit on above 7 - - 7 - 17 Exceptional items (net of tax) (28) - - (28) - (843) a) This represents stamp duty paid and management's estimate of stamp duty payable to various authorit ies for registration of the transfer of land, buildings and mining rights acquired under the Scheme (Refer note 3 above). 6 Earnings per share , basic and diluted, has been computed after giving effect to the equity shares issued pursuant to the Scheme, as if such shares had been issued at the beginning of the earliest period presented (Refer note 3 above). -- By Order of the Board Place: Goa Date: 27 October 2026 Whole-Time Director & CEO