Slides
Page 1
Investor Presentation Q2 & H1FY27 Strong Execution. Sustainable Value Creation
Page 2
Company Overview Company Overview Q2 & H1FY27 Operational and Financial Highlights Next 01
Page 3
Vedanta Oil & Gas: Deep Resource Base. Proven Operating Legacy Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 3 India’s leading private sector oil and gas exploration and production company 30+ Years of operating legacy Operating Scale 45 Blocks* ~47,000 Sq. Km. Acreage* Large Resource Platform 137 2P Reserves (MMBOE) Production and Resource Base 1,155 2C Resources (MMBOE) OALP Blocks DSF & CBM Blocks Producing Operated Blocks Producing non- operated block 35 7 2 1 *subject to PI transfer to VOGL
Page 4
Our Value Creation Model: From Acreage and Resources to Production and Cash Flow Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure Production generates cash flow, which is reinvested for new exploration North-East | Shallow Water Exploration | Rajasthan Deep Gas | Deepwater Enhanced Oil Recovery (ASP) | Tight Oil Infill Programs | Satellite Fields Decline management | Well interventions Recovery enhancement Discover and de-risk new hydrocarbon resources Technology-led, phased and capital-efficient development Generate cash flows and reinvest for growth ReinvestmentCash FlowProductionReservesResourcesA self-sustaining portfolio VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 4 Exploration Development01 02 Seismic Today. Discoveries Tomorrow. West Coast Rajasthan Offshore Developments Onshore Drilling Horizontal Tight Oil Production03 Offshore Developments Onshore Drilling Storage and Terminals re a t ed y i c o n s co u t ro m t e ou n ro e ct Processing and Facilities Processing Facility CBM North-East East Coast & Deepwater
Page 5
Company Overview Company Overview Q2 & H1FY27 Operational and Financial Highlights Next 01 1. Understanding Our Value Creation Model
Page 6
1. Exploration: Discovering Potential Prospective Resources VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 6 North-East1 Key Exploration Focus Areas XX Wells across Exploration and Development ~600 mmboe potential Shallow Water Exploration 2 500+ mmboe potential West Coast potential resources 200 mmboe potential Ambe, Greater Ambe Rajasthan3 Proximity to key operating fields 1,200 mmboe Basin potential (Conventional and unconventional) Deepwater Exploration4 exploration 1,200 mmboe potential KG Deepwater To unlock valuable resources East Coast & Deepwater West Coast CBM Rajasthan North-East Rudra and SP-1 opportunity opportunity Greater Ravva East Coast Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 7
2. Development: Advancing Resources to Production VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 7 Enhanced recovery mechanisms target remaining oil in mature reservoirs Mangala ASP ENHANCED OIL RECOVERY (ASP)01 RDG and Deep Gas extend the gas opportunity RDG and Deep Gas GAS02 Drilling targets tight-oil reservoirs for additional production Tight-oil drilling TIGHT OIL03 Satellite fields & Infilling programs across onshore and offshore assets Satellite fields Infills (Onshore & Offshore) SATELLITE & INFILL PROGRAMS04 Incremental volumes depend on project execution, ramp-up and reservoir response. Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 8
3. Production: A Diversified Portfolio of Core and Emerging Assets VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 8 • Established offshore production • Presence across both coastal basins • Anchored by Ravva production OALP & DSF Blocks • 2 Producing Blocks: Jaya, Hazarigaon • Ambe: In advanced stages Shallow Water Operations02 OALP & DSF Portfolio03 Rajasthan anchors the portfolio; Offshore and Emerging Assets add diversification. • Rajasthan is the most prolific PSC block under operation by Vedanta Oil & Gas • Rajasthan Key Producing Fields: • Mangla • Bhagyam • Aishwarya • Raageshwari Rajasthan Core01 Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 9
Reinvest: Cash Flow for Reserves and Production Renewal VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 9 Operating cash flow supports the next investment cycle. Monetize a higher mix of gas assets in line with market price dynamics Diversify Production from PSC blocks to new OALP & DSF blocks under RSC regime Capital Deployment and Intended Outcomes Interventions and decline management, supported by safety, integrity and operating reliability. Recovery and development priorities include ASP, gas, tight oil and satellite fields. Appraisal and selective exploration advance resources toward commerciality and 2C-to-2P conversion. Reinvestment in existing fields and future developments Cash generation from the producing portfolio ₹2,230 Cr Operating Cash flow ₹1,220 r Capex Sustain Production Renew Production Mature Reserves Note: Figures are as on H1FY27 Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 10
Company Overview Company Overview Q2 & H1FY27 Operational and Financial Highlights Next 01 2. Responsible Operations and ESG Progress
Page 11
Workplace and Planet: Commitments and H1 FY27 Progress VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 11 Prioritize workforce safety and health Safety & Health01 1.31 TRIFR, H1 FY27 0.28 LTIFR, H1 FY27 H1 FY27 Fatalities: Zero Protect employee health and promote gender parity People02 100% Preventive medical compliance 24.4% Women in Workforce Expand tree planting and carbon sequestration 11 Hectares Overall Plantation done in Reduce carbon emissions and adopt renewable energy Climate03 0.70 ktCO₂e Scope 1 and 2 emissions 91.7 Renewable electricity sourced Afforestation02Climate & Energy01Preventive Health | Diversity & Inclusion Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 12
Communities: Commitments and H1 FY27 Progress VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 12 Sustainable Livelihoods01 Digital Education02 Health & Nutrition04Women & Children03 Support sustainable livelihood opportunities 332 People supported in H1 85,172 Cumulative reach till Sep 2026 Expand access to digital education 142.8 mn Cumulative reach till Sep 2026 Support health and nutrition within community programmes 1.2 mn Healthcare beneficiaries in H1 9.1 mn Nutrition beneficiaries till Sep’26 Support women and children through social programmes 0.9 mn Women and children reached in H1 18.3 mn Cumulative reach till Sep 2026 Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 13
Q2 & H1FY27 Operational and Financial Highlights Q2 & H1FY27 Operational and Financial Highlights Growth Strategy & Outlook Next 02
Page 14
VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 14 Q2 & H1FY27 Operational Highlights Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 14 58.9 kboepd Q2FY27 Crude Oil Production Ravva and Rajasthan production optimization activities partly offsets natural decline 89.1 77.7 72.2 Q2FY26 Q2FY27 Gross Operated Production (in kboepd ) **Oil and Gas Production (million boe ) Q1FY27 Q2FY26 Q2FY27Q1FY27 61.0 kboepd H1FY27 79 mmscfd Q2FY27 Gas Production 84 mmscfd H1FY27 59.9 kboepd Q2FY27 Rajasthan 61.5 kboepd H1FY27 8.1 kboepd Q2FY27 Ravva 7.6 kboepd H1FY27 $ 18.4 $/boe Q2FY27 Operating Cost $ 17.9 $/boe H1FY27 8.2 7.1 6.6 3 Q2FY27 Well Drilling Activity 8 H1FY27 All production numbers reported are on gross operated basis | #Q2FY27 Production Mix Rajasthan Ravva OALP Blocks Other 72.2 kboepd (%) Crude Oil and Gas Production Production in Key Blocks Performance Drivers# # # *Reported on a cost to VOGL basis | **Gross including operated and non-operated *
Page 15
VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 15 Rajasthan – Core of our Operations Production Trend Operational Update 49.8 61.0 50.9 64.0 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 Q2FY27 Q2FY27 H1FY27 H1FY27 Oil (kboepd) Gas (mmscfd) Decline Management: Well-bore restoration activities ongoing (side-tracks, clean-outs) Well Artificial Lift optimization programs run on a continuous basis GROSS OPERATED PRODUCTION (In kboepd ) 70.9 63.1 59.9 72.7 61.5 0.00 50.00 100.00 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 Operating Scale Rajasthan Operations Rajasthan remains the production core, with interventions targeting decline management. Large-scale wells, rigs and recovery infrastructure support production management. Rajasthan Core AVERAGE DAILY GROSS PRODUCTION 1,100+ kblpd Liquid production (~93% water cut) 600+ Operating wells across injection & production 5-7 Rigs Deployed for well interventions 600+ kblpd Injection across Water, Polymer & ASP floods Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 16
VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 16 Ravva – Our Oldest Operating Field Production Trend Operational Update 7.7 2.0 7.3 2.0 Q2FY27 Q2FY27 H1FY27 H1FY27 Successful Decline Reversal in last 4-6 months: Partial shift to low-pressure operations has helped reverse decline in Ravva and continues to hold production performance GROSS OPERATED PRODUCTION (In kboepd ) 8.2 7.0 8.1 8.3 7.6 0.00 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 AVERAGE DAILY GROSS PRODUCTION • The company’s oldest producing PSC block • ~260 MMBOE resource potential Overview Ravva Operations Operating Scale 27+ kblpd Water Injection 30 Operating wells Gas Mix in Sales ~5% Oil (kboepd) Gas (mmscfd) Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 17
VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 17 OALP and DSF Operations OALP Production Trend GROSS OPERATED PRODUCTION (In kboepd) 3.6 3.1 3.1 3.5 3.1 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 Hazarigaon (North-East) • Continued focus has enabled production delivery Jaya (West Coast) • Located near Jambusar, Bharuch District, Gujarat • Gas evacuation via pipelines Operating Scale Gas Mix in Sales ~80%2 Operating fields Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 18
VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 18 Q2 & H1FY27 Financial Performance Highlights Revenue EBITDA EBITDA Margin PA T before exceptionals ₹2,486 r Q2FY27 Near Zero As of Sep’26 ₹2,639 Cr As of Sep’26 +7% YoY ₹4,993 r H1FY27 +8% YoY ₹1,393 r Q2FY27 +34% YoY ₹2,625 r H1FY27 +14% YoY 56% Q2FY27 53% H1FY27 Q2FY27 ₹775 r H1FY27 ₹889 r ROCE* Net Debt** Liquid Investments (incl cash & cash equivalent) Capex 9% *ROCE is calculated as trailing 12 months EBIT divided by average capital employed (average of Opening and Closing Equity and Net Debt of the said period) **Net Debt is calculated as Gross Debt netted of by Liquid Investments including Cash and Cash Equivalents Q2FY27 ₹504 r H1FY27 ₹1,220 r AA+/Stable by ICRA, credit rating maintained in Q2 FY27, reflecting the Company's strong credit profile Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 19
Brent Sensitivity VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 19 FY27 Guidance Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure Note: Guidance is based on current operating plans and market assumptions and may vary with commodity prices, costs, exchange rates and operational performance. PARTICULARS FY27 Volume (kboepd) 73-77 Operating cost ($/boe) 19.5-20.0 Capex ($ Mn) 320-340
Page 20
Annexure Annexure 03
Page 21
Summary of Income Statement Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 21 Particulars (₹ In Crore) Q2 FY27 Q1 FY27 QoQ (%) H1 FY27 H1 FY26 YoY (%) Revenue 2,486 2,507 (1%) 4,993 4,633 8% EBITDA 1,393 1,232 13% 2,625 2,312 14% Depreciation & Amortisation 647 741 (13%) 1,388 1,331 4% Exploration cost written off 26 426 (94%) 452 944 (52%) Net Interest (55) (49) (104) (71) - Finance Cost 69 110 (37%) 179 338 (47%) - Investment Revenue 140 151 (7%) 291 522 (44%) Other Gains/(losses) 16 (8) 8 114 PBT before exceptional items 775 114 889 107 Tax Expense 29 (79) (50) 129 PAT before Exceptional items 746 193 939 (22) Exceptional Items (Net of tax) - (345) (345) - PAT 746 (152) 594 (22) Discontinued Operations - 1,097 1,097 (173) PAT incl. Discontinued Operation 746 945 1,691 (195)
Page 22
EBITDA BRIDGE (Q2FY27 vs. Q1FY27) VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 22 (In ₹ crore) +13% QoQ (51) (95) 182 125 1,232 1,180 1,393 Q1FY27 Price Rebased EBITDA Production Volume Sale Volume Cost & Others Q2FY27 Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 23
Block-wise Summary VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 23 Oil and Gas (kboepd) Quarter H1 Q2FY27 Q2FY26 % YoY Q1FY27 FY27 FY26 % YOY Average Daily Gross Operated Production (kboepd) 72.2 89.1 (19%) 77.7 74.9 91.2 (18%) Rajasthan 59.9 70.9 (15%) 63.1 61.5 72.7 (15%) Ravva 8.1 8.2 (1%) 7.0 7.6 8.3 (9%) Cambay 1 1.1 6.5 (83%) 4.6 2.8 6.6 (57%) OALP 3.1 3.6 (15%) 3.1 3.1 3.5 (13%) Average Daily Working Interest Production (kboepd) 47.8 58.2 (18%) 51.1 49.4 59.5 (17%) Rajasthan 42.0 49.6 (15%) 44.2 43.1 50.9 (15%) Ravva 1.8 1.8 (1%) 1.6 1.7 1.9 (9%) Cambay 0.4 2.6 (83%) 1.8 1.1 2.6 (57%) KG-ONN 2003/1 0.5 0.6 (14%) 0.5 0.5 0.5 (7%) OALP 3.1 3.6 (15%) 3.1 3.1 3.5 (13%) Total Oil and Gas (million boe) Oil & Gas- Gross operated 6.6 8.2 (19%) 7.1 13.7 16.7 (18%) Oil & Gas-Working Interest 4.4 5.4 (18%) 4.7 9.0 10.9 (17%) Average Oil Price Realization ($/bbl) 93.0 66.1 41% 99.7 96.2 65.8 46% Brent Price ($ / bbl) 97.0 69.1 40% 104.5 100.8 68.4 47% 1 On 19th September 2025, MoPNG informed the contractors of the block (a three-party Joint Venture, including Vedanta as Operator) that their application for PSC extension hadn’t been accepted. Vedanta had challenged the said rejection before Delhi High Court by way of a writ, which was dismissed on 22nd July 2026. Vedanta has filed a challenge to the dismissal before the Division Bench of Delhi High Court, and the matter is presently sub-judice. In the interim, pursuant to the directions of MoPNG vide its letter dated 19th September 2025, ONGC has taken over the complete operations of the Block from 24th July 2026. Cambay block average production per day has been factored only till 21st July 2026. Arguments completed on 1st October and matter is reserved for judgement. Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 24
Block-wise Summary VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 24 Oil and Gas (kboepd) Quarter H1 Q2FY27 Q2FY26 % YoY Q1FY27 FY27 FY26 % YOY Average Daily Production Gross operated 72.2 89.1 (19%) 77.7 74.9 91.2 (18%) Oil 58.9 71.6 (18%) 63.0 61.0 73.0 (16%) Gas (Mmscfd) 79 105 (25%) 88 84 109 (23%) Non-operated- Working interest 0.5 0.6 (14%) 0.5 0.5 0.5 (7%) Working Interest 47.8 58.2 (18%) 51.1 49.4 59.5 (17%) Rajasthan (Block RJ-ON-90/1) Gross operated 59.9 70.9 (15%) 63.1 61.5 72.7 (15%) Oil 49.8 58.5 (15%) 52.0 50.9 59.6 (15%) Gas (Mmscfd) 61 74 (18%) 66 64 79 (19%) Gross DA 1 50.0 61.3 (18%) 52.3 51.1 62.8 (19%) Gross DA 2 9.9 9.5 5% 10.8 10.3 9.8 5% Gross DA 3 0.0 0.1 (67%) 0.0 0.0 0.1 (63%) Working Interest 42.0 49.6 (15%) 44.2 43.1 50.9 (15%) Ravva (Block PKGM-1) Gross operated 8.1 8.2 (1%) 7.0 7.6 8.3 (9%) Oil 7.7 7.8 (2%) 6.8 7.3 7.9 (8%) Gas (Mmscfd) 2 2 2% 1 2 2 (25%) Working Interest 1.8 1.8 (1%) 1.6 1.7 1.9 (9%) Cambay (Block CB/OS-2) Gross operated 1.1 6.5 (83%) 4.6 2.8 6.6 (57%) Oil 0.8 4.5 (82%) 3.6 2.2 4.8 (54%) Gas (Mmscfd) 2 12 (86%) 6 4 11 (65%) Working Interest 0.4 2.6 (83%) 1.8 1.1 2.6 (57%) OALP Gross operated 3.1 3.6 (15%) 3.1 3.1 3.5 (13%) Oil 0.7 0.7 (6%) 0.6 0.6 0.7 (6%) Gas (Mmscfd) 14 17 (17%) 15 15 17 (15%) Working Interest 3.1 3.6 (15%) 3.1 3.1 3.5 (13%) Average Price Realization Cairn Total (US$/boe) 97.7 69.7 40% 102.5 100.0 69.7 43% Oil (US$/bbl) 93.0 66.1 41% 99.7 96.2 65.8 46% Gas (US$/mscf) 19.1 14.0 37% 18.5 18.8 13.8 36% Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 25
Glossary VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 25 • boepd: Barrels of Oil Equivalent per Day • kboepd: Thousands of barrels of Oil Equivalent per Day • kblpd: Thousands of barrels of Liquids per Day • Mmbbl: One million barrels of oil • Bnboe: Billion barrels oil equivalent Measurement Unit for Gas • Mmscfd: Million standard cubic feet per day Measurement Units01 • OALP: Open Acreage Licensing Policy • Pre-NELP: Pre-New Exploration Licensing Policy • DSF: Discovered Small Fields • RSC: Revenue Sharing contract • PSC: Production Sharing contract Policy Regimes02 • 2P: Proven + Probable Reserves • 2C: Contingent Resources • 2U: Prospective Resources Reserve Types03 Company Overview Q2 & H1FY27 Operational and Financial Highlights Annexure
Page 26
This presentation contains certain “forward-looking statements”- that is, statements related to future, not statements of historical facts. These forward-looking statements address our expected future business and financial performance and can generally be identified by words or phrases such as “anticipate”, “likely”, “believe”, “continue”, “expect”, “estimate”, “future”, “forecast”, “seek”, “intend”, “may”, “plan”, “potential”, “propose” “shall”, “target”, “will”, or other words or phrases of similar meaning or import. These forward-looking statements are by their nature, predictions and involve known and unknown risks, uncertainties and assumptions. For us, uncertainties arise from the behavior of financial and crude oil and gas markets including fluctuations in interest and or exchange rates and crude and gas prices; and from numerous other matters of national, regional, and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward- looking statements. We do not undertake to update our forward-looking statements. Cairn’ is our trademark/brand. References to ‘Cairn’ in this announcement are references to VOGL, as we conduct our business under the Cairn brand. Disclaimer
Page 27
Earnings Call Details VEDANTA OIL & GAS | INVESTOR PRESENTATION | Q2 & H1FY27 27 Event Telephone Number Earnings conference call on October 29, 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 1800 120 1221 Canada 01180014243444 International Toll Free* 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 * In case of dial-ins from any other country, please use the online registration link for relevant dial-in numbers.
Page 28
Thank you Strong Execution. Sustainable Value Creation Registered Address: C-103, Atul Projects – Corporate Avenue, New Link Road, Chakala, Andheri (E), Mumbai - 400093, Maharashtra, India For more details please contact: investor.relations.desk@cairnindia.com NSE: VOGL | BSE: 544782