Vedanta Limited — PPTs, 31-10-2025: Investor Presentation

Vedanta Limited posted record Q2 and H1 revenue and EBITDA.

**Business Performance:** Aluminum saw record quarterly alumina (653 kilotonnes, up 31% YoY) and cast metal (617 kilotonnes, up 1% YoY) production, achieving its highest margin in 14 quarters. Zinc India hit record Q2 mined metal (258 kilotonnes, up 1% YoY) and its lowest Q2 cost of production ($994/tonne) in five years. Zinc International’s mined metal surged 38% YoY to 60 kilotonnes. Merchant power capacity expanded by 1.3 GW, now totaling 4.2 GW.

**Growth Drivers or Strategy:** Focus remains on volume growth and cost optimization. Strategic projects like the new BALCO smelter, Lanjigarh Alumina expansion (Train II), and new power capacities (1.3 GW) are coming online. H1 growth capex hit $0.9 billion.

**Recent Developments:** First metal production from the new BALCO smelter and alumina from Lanjigarh's Train II are key. Hindustan Zinc became the first Indian company to join the International Council on Mining & Metals. Parent VRL refinanced $550 million high-cost debt, cutting interest costs to ~10%.

**Key Financial Metrics:** Q2 revenue grew 6% YoY to 39,218 Cr, and EBITDA jumped 12% YoY to 11,612 Cr, with a 34% margin. Profit before exceptional items rose 13% YoY to 5,026 Cr. Net Debt/EBITDA improved to 1.37x. A dividend of 16 per share was announced.

**Management Commentary / Outlook:** Management highlighted H1's resilience, expecting FY26 to deliver record performance with full-year EBITDA exceeding $6 billion, driven by volume growth and cost controls.