Interim report
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VOGL/Sec./SE/26-27/37 October 29, 2026 BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai - 400 001 Scrip Code: 544782 National Stock Exchange of India Limited “Exchange Plaza” Plot No C/1, G Block Bandra Kurla Complex, Bandra (East) Mumbai- 400051 Scrip Symbol: VOGL Su b: Outcome of Board Meeting held on October 29, 2026– Integrated Filing (Financial Results) D ear Sir/ Madam, T he Board of Directors of Vedanta Oil and Gas Limited (the “Company”) at its meeting held today, i.e. October 29, 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 (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (“the Listing Regulations”). I n this regard, please find enclosed herewith the following: 1. U naudited Consolidated and Standalone Financial Results of the Company for the second quarter and half year ended September 30, 2026 (“Financial Results”); 2. Li mited Review Report for Consolidated and Standalone Financial Results from the Statutory Auditors of the Company, M/s Walker Chandiok & Co LLP, Chartered Accountants. T he report of the Statutory Auditors is with unmodified opinion with respect to the Financial Results. Th e aforesaid financial results shall also be made available on the website of the Company at : https://www.vedantaoilandgas.com. Fur ther, 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. F inancial Results – Enclosed B. Statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. – Not Applicable C. Disclosure of outstanding default on loans and debt securities – Not Applicable D. Disclosure of related party transactions (applicable only for half -yearly filings i.e., 2 nd and 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., 4 th quarter) – Not Applicable The meeting of the Board of Directors of the Company commenced at 3:07 p.m IST and concluded at 04:02 p.m IST. W e request you to please take the above on record. T hanking you, Yours faithfully, For Vedanta Oil and Gas Limited (Formerly known as Malco Energy Limited) S hivangi Dhanuka Company Secretary & Compliance Officer Encl.: As above
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Walker Chandiok &_Co LLP Walker Chandiok & Co LLP 21st Floor, DLF Square Jacaranda Marg, DLF Phase II, Gurugram - 122 002 Haryana, India T +91124 462 8099 F +91124 462 8001 Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Vedanta Oil and Gas Limited (Formerly known as Mako Energy Limited) 1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Vedanta Oil and Gas Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), (refer Annexure 1 for the list of subsidiaries, included in the Statement) for the quarter ended 30 September 2026 and the consolidated year to date results for the period 01 April 2026 to 30 September 2026, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. This Statement, which is the responsibility of the Holding Company 's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations . Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. 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 procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion . We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable. 4. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to Note 6 to the accompanying Statement, which describes the uncertainty relating to the ongoing litigation in relation to extension of the Production Sharing Contract (PSC) for Camba OS/2) with Ministry of Petroleum & Natural Gas ('MoPNG') whereby the Holding Compan 's ...., ~ - r . ,.... n 'ti ~ .. ~ Chartered Accountants Wa lker Chand iok & Co LLP is registered with limited liability with identificat ion Offices in Bengaluru, Chandigarh, Chennai, Dehradun, Gurugram, Hyderabad, Kechi, Kolkata, Mumbai, New Delhi, Neida and Pune number AAC-2085 and has its registered office at L-41 , Conna ught Circus, Outer Circle, New Delhi, 110001, India
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Walker Chandiok &.Co LLP Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont'd) against the rejection letter earlier issued by MoPNG has been dismissed by the Hon'ble Delhi High Court vide order dated 22 July 2026. The Holding Company has filed an appeal before the Divisional bench of Hon'ble High Court against the said order which is currently sub-judice . Consequently, the management of the Holding Company has recognised a provision for impairment oft 3 79 crore in the current period against the carrying value of non-financial assets and certain balances pertaining to Cambay Block and basis legal assessment, the management is of the view that no further adjustments are necessary in the accompanying consolidated financial results for the quarter and six months ended 30 September 2026. Our conclusion is not modified in respect of the above matter. 6. The Statement includes the interim financial information of one subsidiary, which has not been reviewed/audited by its auditor, whose interim financial information reflects total assets oft Nil as at 30 September 2026, and total revenues oft 302 crores and t 302 crores, net loss after tax oft 8 crores and t 8 crores, total comprehensive loss oft 53 crores and t 53 crores for the quarter and year-to-date period ended 30 September 2026 respectively, net cash outflows of t 199 crores for the period ended 30 September 2026 as considered in the Statement, and has been furnished to us by the Holding Company's management . Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on such unaudited / unreviewed interim financial information. According to the information and explanations given to us by the management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter with respect to our reliance on the financial information certified by the Board of Directors . 7. The review of special purpose carved out and combined unaudited condensed consolidated interim financial information for the quarter and period ended 30 September 2025 and audit of special purpose carved-out and combined consolidated financial statements for the year ended 31 March 2026 included in the Statement was carried out and reported by S.R. Batliboi & Co. LLP who have expressed unmodified conclusion vide their review report dated 26 October 2026 and unmodified opinion vide their audit report dated 29 July 2026, respectively, whose reports have been furnished to us and which have been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N / N500013 Aron Tandon Partner Membership No. 517273 UDIN: 26517273OWSNKIA607 Place New Delhi Date 29 October 2026 Chartered Accountants
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Walker Chandiok &.Co LLP Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont'd) Annexure 1 List of entities included in the Statement S.No. 1 1. 2. 3. 4. 5. Name of the Holding Company Vedanta Oil and Gas Limited Name of subsidiaries Cairn India Holdings Limited Cairn Energy Hydrocarbons Limited Cairn Lanka Private Limited (under liquidation) AvanStrate Inc. (upto 30 April 2026) Fujairab Gold FZC (upto 30 April 2026) Chartered Accountants
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~ vedanta oil G- gas • Vedanta Oil and Gas Limited {formerly known as MALCO Energy Limited) CIN L06100MH2001PLC428719 Regd. Office: C-103, Atul Projects - Corporate Avenue, New Link Road, Chakala, Andheri (E), Mumbai - 400093, Maharashtra, India STATEMENT OF UNAUDITED CONSOUDATED RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 (' in crores, except as stated) Quarter ended Half year ended Year ended 30.06.2026 30.09.2025 30.09.2025 31.03.2026 30.09.2026 (Unaudited) (Unaudited) 30.09.2026 (Unaudited) (Audited) S.No. Particulars (Unaudited) (Refer note 3) (Refer note 3) (Unaudited) (Refer note 3) (Refer note 3) Continuing operations: 1 Revenue from operations a) Revenue 2,486 2,507 2,330 4,993 4,633 9,582 b) Other operating income 2 0 12 2 19 24 Total revenue from operations (a+b) 2,488 2,507 2,342 4,995 4,652 9,606 2 Other income 140 151 202 291 522 958 Total income 2,628 2,658 2,544 5,286 5,174 10,564 3 EKpenses a) Changes in inventories of finished goods, work-in-progress and stock-in-trade (391) (184) 131 (575) (92) (68) b) Employee benefit expense 1 0 1 3 4 c) Finance costs 69 110 171 179 338 650 d) Depreciation, depletion and amortisation expense 647 741 667 1,388 1,331 3,043 e) Other expenses 1,528 1,876 1,462 3,404 3,487 6,729 Total expenses 1,853 2,544 2,431 4,397 5,067 10,358 4 Profit before exceptional items and tax 775 114 113 889 107 206 5 Net exceptional (loss) (441) (441) (26) 6 Profit/(loss) before tax 775 (327) 113 448 107 180 7 Tax expense/(benefit): other than exceptional items a) Net current tax expense 235 96 54 331 124 670 b) Net deferred tax (benefit)/expense (206) (175) 67 (381) 5 (381) Exceptional items c) Net deferred tax (benefit)/e xpense on exceptional items (96) (96) 7 Net tax (benefit)/expense (a)+(b)+(c) 29 (175) 121 (146) 129 296 8 Profit/ (Loss) after tax from continuing operations 746 (152) (8) 594 (22) (116) 9 Discontinued operations: Profit/(loss) before exceptional items and tax 41 (84) 41 (174) (377) Net exceptional gain/(loss) 1,056 1,056 (0) Net tax (benefit) (0) (1) 0 10 Profit/(loss) after tax from discontinued operations 1,097 (84) 1,097 (173) (377} 11 Profit/(loss) after tax (A) 746 945 (92) 1,691 (195) (493) 12 Other comprehensive income from continuing operations i. (a) Items that will not be reclassified to profit or loss (1) (1) 1 (2) 1 3 (b) Tax (expense)/benefit on items that will not be reclassified to profit or loss 1 (0) 0 1 0 (0) ii. (a) Items that will be reclassified to profit or loss 355 128 500 483 530 1,267 (bl Tax (expense)/benefit on items that will be reclassified to profit or loss (5) (7) 14 (11) 17 43 13 Other comprehensive income from discontinued operations i. (a) Items that will not be reclassified to profit or loss 0 0 0 0 (1) (b) Tax (expense) on items that will not be reclassified to profit or loss (0) (0) ii. (a) Items that will be reclassified to profit or loss (43) (47) (43) (65) (71) Total other comprehensive income (B) 350 77 468 428 483 1,241 14 Total comprehensive income {A+B} 1,096 1,022 376 2,119 288 748 Profit/(loss) attributable to: (a) Owners of Vedanta Oil and Gas Limited 746 945 (91) 1,691 (193) (488) (b) Non-controlling interests (1) (2) (5) Other comprehensive income attributable to: (a) Owners of Vedanta Oil and Gas Limited 350 77 468 428 483 1,241 (b) Non-controlling interests (0) (0) (0) Total comprehensive income attributable to: (a) Owners of Vedanta Oil and Gas Limited 1,096 1,022 377 2,119 290 753 (b) Non-controlling interests (1) (2) (5) 15 Paid-up equity share capital (Face value of ~1 each) 391 391 5 391 5 5 16 Other Equity 15,203 17 Earnings/(loss) per equity share (for continuing operations)(~) (refer note 7) : {Not annualised, except for the year ended 31st March 2026) - Basic 1.91 (0.39) (0.02) 1.52 (0.05) (0.29) • Diluted 1.91 (0.39) (0.02) 1.52 (0.05) (0.29) 18 Earnings/(loss) per equity share (for discontinued operations)(~) (refer note 7) : (Not annualised, except for the year ended 31st March 2026) - Basic - 2.80 (0.22) 2.80 (0.44) (0.96) • Diluted 2.80 (0.22) 2.80 (0.44) (0.96) 19 Earnings/(loss) per equity share (for continu ing and discontinued operations)(~) (refer note 7) : (Not annualised, except for the year ended 31st March 2026) - Basic 1.91 2.41 (0.24) 4.32 (0.49) (1.25) - Diluted 1.91 2.41 (0.24) 4.32 (0.49) (1.25)
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~ vedanta oil &- gas - Vedanta Oil and Gas Limited (formerly known as MALCO Energy Limited) CIN L06100MH2001PLC428719 Regd. Office: C-103, Atul Projects - Corporate Avenue, New Link Road, Chakala, Andheri (E), Mumbai - 400093, Maharashtra, India CONSOLIDATED BALANCE SHEET (~ in crores) As at 31.03.2026 As at 30.09.2026 (Audited) Particulars (Unaudited) (Refer note 3) A ASSETS Non-current assets (a) Property , plant and equipment 7,081 8,040 (b) Capital work-in-progress 6,293 6,219 (c) Intangible assets 39 so (d) Exploration intangible assets under development 2,977 2,571 (e) Financial assets (i) Investments so 43 (ii) Loans 2,985 1,396 (iii) Others 4,985 4,829 (f) Income tax assets (net) 68 68 (g) Other non-current assets 391 387 Total non-current assets 24,869 23,603 Current assets (a) Inventories 1,333 728 (b) Financial assets (i) Investments 1,125 990 (ii) Trade receivables 1,224 809 (iii) Cash and cash equivalents 70 1,134 (iv) Other bank balances 1,169 3,191 (v) Loans 720 (vi) Others 6,127 4,512 (c) Income tax assets (net) 25 (d) Other current assets 337 196 Total current assets 11,410 12,280 Disposal group classified as held for sale - 2,288 Total assets 36,279 38,171 B EQUITY AND LIABILITIES Equity (a) Equity share capital 391 5 (b) Other equity 18,000 15,203 Equity attributable to owners of Vedanta Oil and Gas Limited 18,391 15,208 Non-controlling interests (4) Total equity 18,391 15,204 Liabilities Non-current liabilities (a) Financial liabilities (i) Borrowings 1,208 2,033 (ii) Lease liabilities 70 94 (iii) Other financial liabilities 1 4 (b) Provisions 2,380 2,323 (c) Deferred tax liabilities (net) 2,214 2,668 Total non-current liabilities 5,873 7,122 Current liabilities (a) Financial liabilities (i) Borrowings 1,446 4,252 (ii) Lease liabilities 63 54 (iii) Trade payables - Total outstanding dues of micro and small enterprises 16 38 - Total outstanding dues of creditors other than micro and small enterprises 1,657 1,207 (iv) Other financial liabilities 7,883 7,371 (b) Other current liabilities 778 326 (c) Provisions 4 72 (d) Income tax liabilities (net) 168 121 Total current liabilities 12,015 13,441 Liabilities directly associated with the disposal group held for saj,ll_, _"" - 2,404 Total equity and liabilities 36,279 38,171
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~ vedanta oil c;. gas c, Vedanta Oil and Gas Limited (formerly known as MALCO Energy limited) CIN L06100MH2001PLC428719 Regd. Office: C-103, Atul Projects - Corporate Avenue, New link Road, Chakala, Andheri (E), Mumbai - 400093, Maharashtra, India Particulars A. Cash flow from operating activities Profit before tax from continuing operations Profit/(loss) before tax from discontinued operations CONSOLIDATED STATEMENT OF CASH FLOWS Profit/(loss) before tax from continuing and discontinued operations Adjustments to reconcile profit/{loss) before tax to net cash flows: Depreciation and amortisation expense Interest expense Unwinding of discount on decommissioning liability Fair value gain on financial assets measured at fair value through profit or loss Interest income Exceptional items Foreign exchange (gain)/ loss (net) Other expenses Exploration costs written off Operating profit before working capital changes Changes in working capital: (Increase)/ decrease in trade and other receivables (Increase) in inventories Increase/ (decrease) in trade and other payables Cash generated from operations Income taxes (paid) Net cash generated from operating activities (A) B. Cash flow from Investing activities Purchases of property, plant and equipment (including intangibles, CWIP, capital advances and capital creditors) Purchase of long term investments Deposits made Proceeds from redemption of deposits Short term investments made Proceeds from sale of short term investments Interest received Payments made to site restoration fund Loans given to related parties Loans repaid by related parties Cash balances attributable to subsidiary/ business disposed off Net cash (used in)/ generated from investing activities (B) C. Cash flow from financing activities (Repayment)/ Proceeds from current borrowings (net) Repayment of long-term borrowings Proceeds from long-term borrowings Principal payment of lease liabilities Interest payment of lease liabilities Interest paid Net cash (used in) financing activities (C) Net increase/(decrease) in cash and cash equivalents (A+ B + C) Effect of exchange rate changes on cash and cash equivalent s Cash and cash equivalents at the beginning of the period Adjustment pursuant to the Scheme (Refer note 3) Cash and cash equivalents at the end of the period Notes:- (" in crores, except as stated) Half year ended 30.09 .2026 30.09.2025 448 107 1,097 (174) 1,545 (67) 1,395 1,416 96 336 49 47 (10) (9) (282) (494) (676) 42 74 12 3 452 944 2,623 2,250 (1,050) 1,086 (677) (5) 1,602 (1,602) 2,498 1,729 (268) (212) 2,230 1,517 (1,709) (1,588) (8) (0) (1,401) (3,009) 2,236 3,007 (2,670) (10,366) 2,571 10,147 250 235 (42) (699) 720 4,278 (294) - (347) 2,005 (1,079) 483 (2,328) (4,560) 1,497 (16) (19) (6) (8) (200) (481) (3,629) (3,088) (1,746) 434 321 5 1,399 748 96 (859) 70 328 1. The above cash flow statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard-7, "Statement of Cash Flows". 2. Refer note 5 for details of cash flow from discontinued operations.
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Notes:- 1 The above consolidated results of Vedanta Oil and Gas Limited {formerly known as MALCO Energy Limited) ("the Company") and its subsidiary ("the Group") for the quarter and half year ended 30 September 2026 have been reviewed by the Audit and Risk Management Committee in its meeting held on 28 October 2026 and approved by the Board of Directors in its meeting held on 29 October 2026. The statutory auditors have carried out a limited review of these results and issued an unmodified conclusion. 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 with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and in comp liance with Regulations 33 and 52 of the Listing Regulations. 3 The Hon'ble National Company Law Tribunal, Mumbai Bench, vide its Order dated 16 December 2025, approved the Scheme of Arrangement inter-alia amongst Vedanta Limited, the Group 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 Oil and Gas Undertaking of Vedanta Limited ("Demerged Undertaking") into the Group on a going concern basis. The Scheme became effective on 1 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 Group and has been accounted for in accordance with the accounting treatment prescribed under the Scheme and the applicable provisions of Ind AS. Pursuant to the Scheme, the Group approved allotment of 391,03,88,057 equity shares of face value of ~1 each to the eligible shareholders of Vedanta Limited in accordance with the Share Entitlement Ratio on 4 May 2026, and the Group 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 include unaudited interim financial results and other financial information of Oil and Gas Undertaking transferred to the Group pursuant to the Scheme of demerger as extracted from the books of account underlying the financial results of Vedanta Limited ("Demerged Company") for those respective periods, which were subjected to limited review/ audit by the auditors of Vedanta Limited to give impact of Scheme. 4 Brief particulars of the discontinued operations are given as under: (~ in crores) Quarter ended Half year ended Year ended 30.06.2026 30.09.2025 30.09.2025 31.03.2026 30.09.2026 (Unaudited) (Unaudited) 30.09.2026 {Unaudited) {Audited) Particulars (Unaudited} (Refer note 3) (Refer note 3} {Unaudited) (Refer note 3) (Refer note 3) Total income 326 2,164 326 4,117 9,126 Total expenses 285 2,248 285 4,291 9,503 Profit/(loss) before exceptional items and tax 41 (84) 41 (174) (377) Net exceptional gain 1,056 1,056 Net tax {benefit) - (1) Profit/(loss} from discontinued operations 1,097 1841 1,097 1173) (377} 5 Details of cash flow attributable to discontinued operations : (~ in crores} Half vear ended Half vear ended 30.09.2025 30.09.2026 (Unaudited) Particulars {Unaudited) {Refer note 3) Cash flow (used in) operating activities (41) (62) Cash flow (used in)/ generated from investing activities (86) 2 Cash flow (used in)/ generated from financing activities (152) 140 6 The Group's Production Sharing Contract (PSC) for the Cambay Block (CB-OS/2) expired on 29th June 2023. Prior to expiry, the Group and its joint venture partners had applied for extension of the PSC on 28th June 2021 under the Government of India's 2017 Extension Policy. Subsequently, the Ministry of Petroleum and Natural Gas (MoPNG), vide its letter dated 19th September 2025, declined the Group's application for extension of the PSC and directed handover of operations of the block to ONGC. The Group challenged the said decision before the Hon'ble Delhi High Court through a writ petition. During the proceedings, interim relief was granted on 06th June 2026, and status quo was directed to be maintained. However, vide order dated 22nd July 2026, the Single Judge Bench of the Hon'ble Delhi High Court dismissed the writ petition and the stay order came to be vacated. The Group has not recognised any revenue or related expenses for Cambay block from the date of order. In the interim, subsequent to decision of Single Bench of Delhi High Court, ONGC has taken over the Block. The Group has filed an appeal against the said dismissal before the Division Bench of the Delhi High Court. The hearings have concluded on 1st October and the matter is reserved for judgement. Considering the recent judicial developments, the absence of a valid PSC and the resulting uncertainty regarding recoverability of assets and receivables relating to the block, the Group reassessed the carrying value of the related balances. Accordingly, the Group has recognised an impairment charge of approximately~ 379 Crore during Q1FY27. The matter remains subject to further legal remedies and regulatory developments. Management has recognised the impairment charge based on facts and circumstances and the best information available as at the reporting date. The ultimate outcome of the litigation and its consequential impact, if any, cannot presently be determined. 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). 8 The Group is primarily engaged in the business of Oil and Gas and operates in a single reportable segment. Accordingly, the Group has only one operating segment in terms of Ind AS 108 - Operating Segments and no separate segment information is required to be disclosed. ~\- t,.ND G' By Order of the Board 1\011 / Place: Barmer ~ hnnyGast ;> Date: 29 October 2026 ,, * 0 Whole-Time Director
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Walker Chandiok &_Co LLP Walker Chandiok & Co LLP 21st Floor, DLF Square Jacaranda Marg, DLF Phase II, Gurugram - 122 002 Haryana, India T +91124 462 8099 F +91124 462 8001 Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Vedanta Oil and Gas Limited (Formerly known as Mako Energy Limited) 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Vedanta Oil and Gas Limited ('the Company') for the quarter ended 30 September 2026 and the year to date results for the period 01 April 2026 to 30 September 2026, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. The Statement, which is the responsibility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations . Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. 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 procedures . A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion . 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement . Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification Offices in Bengaluru, Chandigarh, Chennai, Dehradun, Gurugram, Hyderabad, Kechi, Kolkata, Mumbai, New Delhi, Neida and Pune number AAC-2085 and has its registered office at L-41 , Connaught Circus , Outer Circle, New Delhi , 110001 , India
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Walker Chandiok &.Co LLP Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont'd) against the said order which is currently sub-judice . Consequently, the management of the Company has recognised a provision for impairment of ~3 79 crore in the current period against the carrying value of non financial assets and certain balances pertaining to Cambay Block and basis legal assessment, the management is of the view that no further adjustments are necessary in the accompanying standalone financial results for the quarter and six months ended 30 September 2026. Our conclusion is not modified in respect of the above matter. 6. The review of special purpose carved out and combined unaudited condensed standalone interim financial information for the quarter and period ended 30 September 2025 and audit of special purpose carved-out and combined standalone financial statements for the year ended 31 March 2026 included in the Statement was carried out and reported by S.R. Batliboi & Co. LLP who has expressed unmodified conclusion vide their review report dated 26 October 2026 and unmodified opinion vide their audit report dated 29 July 2026, respectively, whose reports have been furnished to us and which have been relied upon by us for the purpose of our review of the Statement . Our conclusion is not modified in respect of this matter . For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N / N500013 Arun Tandon Partner Membership No. : 517273 UDIN: 26517273ELEUUY8906 Place: New Delhi Date: 29 October 2026 Chartered Accountants :! . ~ .. "0 "$. • ~ ~ °<",'fl •.... .t ~DAcco•.li"":
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~ vedanta oil &- gas • Vedanta Oil and Gas Limited (formerly known as MALCO Energy Limited) CIN L06100MH2001PLC428719 Regd. Office: C-103, Atul Projects • Corporate Avenue, New Link Road, Chakala, Andheri (E), Mumbai• 400093, Maharashtra, India STATEMENT OF UNAUDITEO STANDALONE RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 (" in crores, except as stated) Quarter ended Half year ended Year ended 30.06.2026 30.09.202S 30.09.2025 31.03.2026 30.09.2026 (Unaudited) (Unaudited) 30.09 .2026 (Unaudited) . (Audited) S. No. Particulars (Unaudited) (Refer note 3) (Refer note 3) (Unaudited) (Refer note 3) (Refer note 3) Continuing operations : 1 Revenue from operations a) Revenue 1,433 1,447 1,340 2,880 2,736 5,532 b) Other operati ng income 7 11 14 Total revenue from operations (a+b) 1,433 1,447 1,347 2,880 2,747 5,546 2 Other income 55 57 942 112 1,055 2,193 Total income 1,488 1,504 2,289 2,992 3,802 7,739 3 Expenses a) Changes in invento ries of finished goods, work-in-progress and stock-in-t rade (190) (97) 74 (286) (49) (39) b) Employee benefit expense 1 a 1 3 4 c) Finance costs so 81 128 131 268 520 d) Depreciation, depletion and amortisation expense 324 382 377 705 752 1,656 e) Other expenses 886 1,278 955 2,164 2,429 4,360 Total expenses 1,070 1,64S 1,534 2,715 3,403 6,501 4 Profit/(loss) before exceptional items and tax 418 (141) 755 277 399 1,238 5 Net exceptional (loss) (441) (441) (26) 6 Profit/(loss) before tax 418 (582) 755 (164) 399 1,212 7 Tax expense/(benefit): Other than exceptional items a) Net current tax expense/(benefit) 3 (8) 3 (3) 404 b) Net deferred tax (benefit)/expense (100) (137) 47 (237) (27) (416) Exceptional items c) Net deferred tax (benefit)/expense on exceptional items (96) (96) 7 Net tax (benefit)/expense (a)+(b)+(c) (97) (233) 39 (330) (30) (5) 8 Profit/(loss) after tax from continuing operations 515 (349) 716 166 429 1,217 9 Discontinued operations: {Loss) before exceptional items and tax (12) (60) (12) (106) (191) Net exceptional gain/(loss) 1,056 1,056 10 Profit/(loss) after tax from discontinued operations 1,044 (60) 1,044 (106) (191) 11 Profit after tax (A) 515 695 656 1,210 323 1,026 12 Other comprehensive income from continuing operations i. (a) Items that will not be reclassified to profit or loss (2) (O) 1 (2) 1 3 (b) Tax benefit/(expense) on items that will not be reclassified to profit or loss 1 a (0) 1 (O) a ii. (a) Item s that will be reclassified to profit or loss 143 67 179 210 175 508 (b) Tax benefit on items that will be reclassified to profit or loss 24 28 63 13 Other comprehensive income from discontinued operations i. (a) Items th at will not be reclassified to profit or loss a a a a (O) (b) Tax (expense) on items that will not be reclassified to profit or loss - (O) (0) ii. (a) Items that will be reclassified to profit or loss a (2) a (3) (2) Total other comprehensive income (B) 142 67 202 209 201 572 14 Total comprehensive income (A+B) 657 762 858 1,419 524 1,599 15 Paid-up equity share capital (Face value of ~1 each) 391 391 5 391 5 5 16 Other Equity 16,409 17 Earnings/(loss) per equity share (for continuing operation s) (~) (refer note 7) : (Not annualised, except for the year ended 31st March 2026) - Basic 1.32 (0.89) 1.83 0.43 1.10 3.11 - Diluted 1.32 (0.89) 1.83 0.43 1.10 3.11 18 Earnings/(loss) per equity share (for discontinued operations)(~) (refer note 7) : (Not annualised, except for the year ended 31st March 2026) - Basic 2.67 (0.15) 2.67 (0.27) (0.49) • Diluted 2.67 (0.15) 2.67 (0.27) (0.49) 19 Earnings per equity share {for continu ing and discontinued operat ions)(~ ) (refer note 7): (Not annualised, except for the year ended 31st March 2026) - Basic 1.32 1.78 1.68 3.10 0.83 2.62 - Diluted 1.32 1.78 1.68 3.10 0.83 2.62
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~ vedanta oil G- gas C, Vedanta Oil and Gas Limited (formerly known as MALCO Energy Limited) CIN L06100MH2001PLC428719 Regd. Office: C-103, Atul Projects - Corporate Avenue, New Link Road, Chakala, Andheri (E), Mumbai - 400093, Maharashtra, India STANDALONE BALANCE SHEET (" in crores) As at 31.03 .2026 As at 30.09 .2026 (Audited) Particulars (Unaudited) (Refer note 3) A ASSETS Non-current assets (a) Property, plant and equipment 3,866 4,45 1 (b) Capital work-in-progr ess 3,455 3,332 (c) Intangible assets 26 37 (d) Exploration intangible assets under development 2,376 2,143 (e) Financial assets (i) Investments 8,570 8,562 (ii) Others 2,751 2,670 (f) Income tax assets (net) 68 68 (g) Other non-current assets 308 311 Total non-current assets 21,420 21,S74 Current assets (a) Inventori es 702 402 (b) Financial assets (i) Investments 672 20 (ii) Trade receivables 525 448 (iii) Cash and cash equivalents 70 1,133 (iv) Other bank balances 809 2,577 (v) Others 5,169 4,202 (c) Income tax assets (net) 25 - (d) Other current assets 253 123 Total current assets 8,225 8,905 Disposal group classified as held for sale - 510 Total assets 29,645 30,989 B EQUITY AND LIABILITIES Equity (a) Equity share capital 391 5 (b) Other equity 17,600 16,409 Total equity 17,991 16,414 Liabilities Non-current liabilities (a) Financial liabilitie s (i) Borrowing s 686 1,015 (ii) Lease liabiliti es 70 94 (iii) Other financial liabilities 1 4 (b) Provisions 1,426 1,360 (c) Deferred tax liabilitie s (net) 120 446 Total non-current liabilities 2,303 2,919 Current liabilities (a) Financial liabilitie s (i) Borrowing s 516 2,744 (ii) Lease liabilitie s 62 54 (iii) Trade payables • Total out standing dues of micro and small enterpri ses 9 22 • Total outst anding dues of creditors other than micro and small enterprises 1,082 743 (iv) Other financial liabilit ies 7,238 6,760 (b) Other current liabiliti es 440 208 (c) Provisions 4 72 Total current liabilities 9,351 10,603 Liabilities directly associated with the disposal group held for sale - 1,053 --A Total equity and liabilitie s 29,645 30,989
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~ vedanta oil Ir gas 0 Vedanta Oil and Gas Limited (formerly known as MALCO Energy Limited) CIN L06100MH2001PLC428719 Regd. Office: C·103, Atul Projects - Corporate Avenue, New link Road, Chakala, Andherf {E), Mumbai - 400093, Maharashtra, India STANDALONE STATEMENT OF CASH FLOWS (~ in crores, except as stated) Half year ended Particulars 30.09.2026 30.09 .Z0ZS A. Cash flow from operat ing activities (Loss)/Profit before tax from continuing operations (164) 399 Profit/(loss} before tax from discontinued operations 1,044 (106) Profit before tax from continuing and discontinued operations 880 293 Adjustments to reconcile profit before tax to net cash flows : Depreciation and amortisation expense 707 804 Interest expense 109 270 Unwinding of discount on decommissioning liability 28 27 Fair value gain on financial asset s measured at fair value through profit or loss (10) (9) Interest income (103) (137) Exceptional items (676) Foreign exchange (gain)/ loss (net) 62 98 Dividend income from subsidiary (908) Other expenses 11 3 Exploration costs written off 452 944 Operating profit before working capital changes 1,460 1,38S Changes In woric:ing capital: (Increase)/ decrease in trade and other receivables (465) 812 (Increase) in inventories (300) (27) Increase/ (decrease) in trade and other payables 1,273 (1,263) Cash generated from operations 1,968 907 Income taxes (paid) (8) (71) Net cash generated from operat ing activities (A) 1,960 836 B. Cash flow from investing activities Purchases of property , plant and equipment (including intangibles, CWIP, capital advances and capital creditors) (1,338) (1,049) Purchase of long term investments (8) (O) Deposits made (968) Proceeds from redempt ion of deposits 991 722 Short term investments made (642) (6,286) Proceeds from sale of short term investments 6,130 Interest received 23 12 Dividend received 908 Payments made to site restoration fund (42) Loans given to related parties (664) Loans repaid by related parties 4,375 Cash balances attributable to business disposed off (1) Net cash (used in)/ generated from investing activities (B) (1,017) 3,180 C. Cash flow from financing activities (Repayment)/ Proceeds from current borrowings (net) (112) 458 Repayment of long-term borrowings (2,053) (4,201) Proceeds from long-term borrowings 633 Principal payment of lease liabili ties (16) (19) Interest payment of lease liabilities (6) (7) Interest paid (170) (354) Net cash (used in) financing activities (C) (2,3S7) (3,490) Net (decrease)/ increase in cash and cash equivalents (A+ B + C) (1,414) 526 Effect of exchange rate changes on cash and cash equivalents 255 4 Cash and cash equivalents at the beginning of the period 1,133 600 Adjustment pursuant to the Scheme (Refer note 3) 96 (1,128) Cash and cash equivalents at the end of the period 70 2 Notes:~ 1. The above cash flow statement has been prepared under the "Ind irect Method" as set out in Indian Accounting Standard-7, "Statement of Cash Flows". 2. Refer note 5 for details of cash flow from discontinued operations.
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Notes:• 1 The above results of Vedanta Oil and Gas Limited (forme rly known as MALCO Energy Limited) ("the Company") for the quarter and half year ended 30 September 2026 have been reviewed by the Audit and Risk Management Committee in its meeting held on 28 October 2026 and approved by the Board of Directors in its meeting held on 29 October 2026. The statutory auditors have carried out a limited review of these results and issued an unmodified conclusion. 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, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and in compliance with Regulatio ns 33 and 52 of the Listing Regulations. 3 The Hon'ble National Company Law Tribunal, Mumbai Bench, vide its Order dated 16 December 2025, approv ed the Scheme of Arrangement inter-alia amongst Vedanta Limited, the Company and their respective shareholders and creditors under Sections 230 to 232 and other applicabl e provisions of the Companies Act, 2013 ("Scheme"), providing for the demerger of the Oil and Gas Undertaking of Vedanta Limited ("Demerged Undertaking") into the Company on a going concern basis. The Scheme became effective on 1 May 2026 ("effective date"), which is also the Appointed Date of the Scheme. Consequent to the scheme becoming effecti ve, the Demerged Undertaking was transferred to and vested in the Company and has been accounted for in accordance wit h the accounting treatment prescribed under the Scheme and the applicable provisions of Ind AS. Pursuant to the Scheme, the Company approved allotment of 391,03,88,057 equity shares of face value of ~1 each to the eligibl e shareholders .of Vedanta Limited in accordance with the Share Entitl ement 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 inform ation of the Company for the quarter and half year ended 30 September 2025 and year end ed 31 March 2026 include unaudited interim financial results and other financial information of Oil and Gas Undertaking tran sferr ed to the Company pursuant to th e Scheme of demerger as extracted from the books of account underlying the financial results of Vedanta Limited ("Demerged company") for those respective periods, which were subjected to limited review/ audit by the auditors of Vedanta Limited to give imp act of Scheme. 4 Brief particulars of the discontinued operations are given as under: Particulars Total income Total expenses Loss before exceptional items and tax Net exceptional gain Profit/(lossl from discontinued operat ions 5 Details of cash flow attributable to discontinued operatio ns : Particulars Cash flow generated from/(used in) operating activities Cash flow (used in) investing activities Cash flow (used in)/generated from financing activities 30.09.2026 (Unaudited) Quarter ended 30.06.2026 (Unaudited) (Refer note 3) 9 21 (12) 1,056 1,044 30.09.2025 (Unaudited) (Refer note 3) 62 122 (60) (60) ('t in croresl Half year ended Year ended 30.09.2025 31.03.2026 30.09 .2026 (Unaudited) (Audited) (Unaudited) (Refer note 3) (Refer note 3) 9 176 379 21 282 570 112) 1106) 1191) 1,056 1,044 1106) 1191) (~ in crores) Half year ended 30.09.2026 (Unaudited) 110 (2) (118) 30.09.2025 (Unaudited) (Refer note 3) (186) (7) 102 6 The Company's Production Sharing Contract (PSC) for the Cambay Block (CB-05/2) expired on 29th June 2023. Prior to expiry, the Company and its joint venture partners had applied for extension of the PSC on 28th June 2021 under the Government of India's 2017 Extension Policy. Subsequently, the Ministry of Petroleum and Natural Gas (MoPNG), vide its letter dated 19th September 2025, declined the Company's application for extension of the PSC and directed handover of operatio ns of the block to ONGC. The Company challenged the said decision before the Hon'ble Delhi High Court through a writ petition. During the proceedings, interim relief was granted on 06th June 2026, and status quo was directed to be maintained. However, vide order dated 22nd July 2026, the Single Judge Bench of the Hon'ble Delhi High Court dismissed the writ petition and the stay order came to be vacated. The company has not recognised any revenue or related expenses for Cam bay block from the date of order. In the interim, subsequent to decision of Single Bench of Delhi High Court, ONGC has taken over the Block. The company has filed an appeal against the said dismissal before the Division Bench of the Delhi High Court. The hearings have concluded on 1st October and the matter is reserved for judgement. Considering the recent judicial developments, the absence of a valid PSC and the resulting uncertainty regarding recoverability of assets and receivables relating to the block, the Company reassessed the carrying value of the related balances. Accordingly, the Company has recognised an impairment charge of approximately~ 379 Crore during Q1FY27. The matter remains subject to further legal remedies and regulatory developments. Management has recognised the impa irment charge based on facts and circumstances and the best information available as at the reporting date. The ultimate outcome of the liti gation and its consequentia l impact, if any, cannot presently be determined. 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). 8 The Company is primarily engaged in the business of Oil and Gas and operates in a single reportab le segment. Accordingly, the Company has only one operati ng segment in terms of Ind AS 108 - Operating Segments and no separate segment information is required to be disclosed. -=-- Place: Barmer 0 ~ By Order of the Board / y =? -=7 ~ ~ hnny Gast Date: 29 October 2026 Whole •Time Director