Thank you, Charanjit. Namaste, we welcome you to the first quarterly Vedanta Oil & Gas results call as a newly listed company. Safety remains our Number 1 priority. And while we continue to strengthen safety leadership, critical risk management and frontli ne engagement, our safety performance shows that there is more work to do. At the same time, we have made good progress across ESG. Higher commodity prices supported our Q1 performance, but our focus remains on safe operations, production, delivery, cost discipline and execution of our growth portfolio. Our assets continue to demonstrate resilience whilst maintaining natural reservoir decline. Gross

operated production averaged 77.7 thousand barrels of oil equivalent per day during the quarter, comprising 63.1 thousand barrels of oil equivalent per day from Rajasthan, 11.6 from offshore assets and 3.1 from OALP blocks. Working interest production averaged 51.1 thousand barrels of oil per day. In Rajasthan, production was supported by well productivity improvement programs, targeted well recovery and continued operational optimization. Offshore performance benefited from production optimization initiatives, including low -pressure operations and focused well interventions, while OALP production remains stable. Our priority remains to strengthen decline management, accelerate well interventions, improve execution and maintain high asset reliability. Over the last few years, we have delivered a positive change in our operating cost profile, particularly for mature tertiary recovery portfolio. The direct operating cost trend demonstrates that cost discipline has been sustained, with full year '27 curren tly expected to be in line with the full year '26 levels. This improvement has been driven by optimizing commodity consumption, especially through monitoring well patterns and by maximizing well gains through targeted rigless interventions. These intervent ions are generally faster, lower cost and more flexible than conventional workover activity. The focus is to remain strong cost discipline while supporting safe operations, production reliability and future volume delivery. Cost efficiency must, therefore, go hand -in-hand with execution and the growth. I will now hand over to Arpit, our CFO, for the financial update.

Thank you, Jim. Good evening, everyone. On the financial results, let me elaborate the key numbers for our performance in the Q1 FY27. Our revenue stood at INR 2,507 crores, which is 3% lower quarter -on-quarter basis and EBITDA at INR1,232 crores being 16% higher on a quarter-on-quarter basis, resulting in an EBITDA margin of 49% for the current quarter. Our unit operating cost for the period was $17.4 per barrel, down 3% quarter -on-quarter basis despite the production decline and a lower base. The lower cost was driven by efficiencies and optimization in our workover and well intervention programs. These initiatives reflect our intrinsic focus on cost leadership, with persistent rigor while holistically supporting the reliability metrics. Our profit after tax before exceptional items from continuing operations stands at INR194 crores. The exceptional costs net of tax is INR345 crores towards provision for impairment and one-off exceptional items during the quarter. The PAT from continued op erations h ence stands at negative INR151 crores. Following the transfer of the non-mining business undertaking that was earlier he ld in the erstwhile Malco Energy Limited, there has been a onetime profit from discontinued operations, which stood at INR1,097 crores. Consequently, the reported PAT for the company from continuing as well as discontinued operations stands at INR945 crores. Also, we are pleased to inform and share that we have been assigned a long -term credit rating of AA+ stable by both CRISIL and ICRA during the recent months, which reaffirms the

company's strong credit profile and robust ability to make this financial obligation. The rating further validates the company's continued resilient operational performance and positive growth outlook. Let me cover some of the specifics on the EBITDA bridge. Quarter -on-quarter basis, our EBITDA is higher by 15%, which is supported mainly by the Brent prices which were 15% higher quarter-on-quarter basis. This was offset by lower volumes due to the natura l decline as one of the key reasons. While year-on-year, our EBITDA remains flat. For the closing remarks, I now pass on to our interim CEO, Jim.

Thank you. Overall, the quarter has had a steady performance. The company continues to focus on volume delivery, on capex projects and infills, keeping our costs low and building our exploration and development pipeline, all built on a strong foundation of safety and environment. Thank you. I will now pass it to Mr. Rajinder Ahuja, CEO of Vedanta Power, for insights on their Q1 performance of power entity.

Thank you, Jim, and good evening, everyone. The quarter marks an important milestone in our journey with the Vedanta Power becoming demerged entity effective 1st May 2026. As a standalone power business, we now have a greater strategic focus, sharper accou ntability and a stronger platform for long-term value creation in power sectors. To give a brief overview of power landscape, India has recorded all-time high power demand of 271 gigawatt in May 2026. To support this, Vedanta Power is India's fifth largest private thermal company with 4.2 gigawatt current operating assets, aims to reach at 4.8 gigawatts by the end of the financial year. Further, we are working on plan to add another 7. 2 gigawatts starting from FY30 onwards, it will start getting kicked in. Fuel and volume security remained a key focus area for us. Today, approximately 74% of our total volume is secured through medium and long -term PPAs. While 85% of our coal requirement is backed by long-term coal linkages and provides with strong stability and visibility of the revenues and the cost. Coming to quarterly performance. Vedanta Power delivered a resilient operational performance. During quarter 1 FY27, we achieved sales of 5,224 million units, up 38% Y -o-Y basis, and revenue increasing 31% to INR 2,607 crores. Meenakshi energy delivered highest-ever quarterly EBITDA of INR112 crores backed by the higher sales volume of around 1,350 million units. Despite import coal prices increasing by over 60%, our team on ground has done exceptional work by containing the coal cost by 12% on Y -o-Y basis. This was achieved by replacing the imported coal with Indian coal. And this time, while we were talking, team was able to consume around 65% to 70% of Indian coal in their operations. Our plan to achieve 100% domestic coal at Meenakshi remains on track, which will improve our cost competitiveness and margins way forward, further insulating us from the geopolitical risk.

Talwandi Sabo improved its plant availability to 86% from 77% on a Q-o-Q basis and achieved higher biomass co -firing of 7.9%, which is highest among the NCR region power plants. The ash utilization remains 94%, with increased ash sale revenue to INR9 crores. Jadugoda maintained stable operational performance. However, we received favourable regulatory outcomes in short supply meter with potential refund of INR300 crores in days to come. And also, we have got positive order from the state regulatory commission for recovery of ash sales -- ash caused by up to INR40 crores annually. These positive outcomes are expected to support the future cash flows. At Sakti, despite the operation disruption, the team has demostrated remendous resilience, and we remain focused on restoring unit 1and completion of Unit 2, which will be key for our growth catalyst for the company. We plan to start Unit 1 by the end of q uarter 2 FY27, and Unit 1 remains on track for completion by quarter 4 of FY27. Parallelly, we have also notified our insurance provider who are assessing the impact and the claims for Unit 1, which is duly covered for the losses through insurance. Looking ahead, India's power demand outlook remains very strong, and Vedanta Power is well positioned to capitalize for future opportunities. With that, I now hand it over to our CFO, Mr. Pankaj Jha, who will take you through the financial performance.

So thank you, and good evening, everyone. I will briefly cover the financial performance and capital structure highlights for Q1 FY27. During the quarter, Vedanta Power reported revenue of INR2,607 crores, 31% Y -o-Y growth on sales of 5,224 million units, which increased 38% Y-o-Y. While EBITDA for the quarter stood at INR291 crores, the overall performance was impacted by the sakti boiler incident. Nevertheless, the business demonstrated resilience through strong operational delivery and reported highest ever EBITDA at Meenakshi. PAT for the quarter was impacted due to a one -time exceptional item of INR487 crores. By neutralizing it, PAT before exceptional onetime impact is negative INR59 crores. Our balance sheet and credit profile continued to strengthen. During the quarter, Indian rating agencies, ICRA and CRISIL, have upgraded our instruments. Our long -term rating remains strong at AA negative with stable outlook. We have very healthy cash and cash equivalents of around INR1,130 crores. Net debt remained flattish compared with the previous quarter, reflecting our continued focus on cash flow management and deleveraging. We also successfully raised commercial paper at 8.25%, demonstrating continued lender and investor confidence in the business. Going forward, our capital allocation priorities remain clear, maintaining liquidity, reducing leverage, enhancing fuel security and completing our key growth projects, particularly Sakti Unit 1 restoration and Unit 2 project. These assets are expected to materially strengthen earnings, cash generation and return metrics over the next 2 to 4 quarters.

With a stronger credit profile, improving operational performance and clear growth visibility, we believe Vedanta Power is well positioned to deliver sustainable value creation for all stakeholders. I now hand over to Mr. Pankaj Sharma for covering Iron & Steel.

Thank you, Pankaj, and good evening, everyone. Let me take you through the performance for the first quarter of FY27 for Vedanta Iron & Steel. Vedanta Iron & Steel operates fully integrated business model, supported by strategically located mining assets i n Odisha, Goa, Karnataka, Liberia, and downstream steel operations in Goa and Bokaro. And this enables value creation across the entire value chain. During the first quarter, we have delivered a strong operational and financial performance, with a revenue increase of 18% year -on-year and EBITDA growth of 54%. Margin expanded from 11% to 14%, and PAT stood at INR121 crores. During the period, steel and iron ore production increased by 4% year -on-year, supported by stable and safe operations and enhanced efficiencies. In the steel business, sellable production stood at 582 kt, with robust EBITDA margin of 12%. This was driven by better realization, a favourable export market and continued cost and operational initiatives. In iron ore business, production increased by 4% year-on-year to 2.6 million tons and EBITDA margin improved by 24% year -on-year, on the back of better realization and cost efficiencies. Sequentially, the volume we are moderated by seasonal impact during later part of the quarter. On quarter -on-quarter basis, margin lowered due to higher discounts on low -grade ore and elevated ocean freight costs. On the growth front, our expansion projects continue to progress as planned. During the quarter, we received a stage 1 forest clearance f or Bokaro expansion project. We remain on track to deliver the project by end of financial year. The ductile iron pipe project in Goa is progressing well and is expected to be completed during the later part of the year. I will now hand over to my CFO, Navin, to take you through the financial performance.

Thank you, Pankaj. Good day, everyone. During the quarter, revenue stood at INR3,662 crores, an 18% increase year -on-year, and EBITDA of INR515 crores, a 54% increase year -on-year. This was on the back of strong operational performance and better realization. The company continues to maintain a strong balance sheet, with net debt -to-EBITDA ratio of 1.3x, and return on capital employed of 16%. This is also reflected in the credit rating of AA stable by CRISIL. Net debt post demerger adjustments stood at INR2,733 crores as on June 2026. Strong operating cash flows helped fund pre -monsoon working capital requirement and ongoing growth projects. Back to you, Pankaj.

Yes. So in conclusion, we have delivered a strong start to FY27 with resilient operational performance, improved profitability and disciplined balance sheet management. Our ongoing

growth project, expanding mining capacities and integrated business model position us well to capitalize on India's long-term steel and iron ore growth opportunity. We remain focused on creating sustainable value for all stakeholders through operational excellence, responsible growth and disciplined capital allocation. Thank you. Thank you very much. And with this, I hand over to Rajesh, CEO, Aluminum.

Thank you, Pankaj. And very good evening, everyone, and thank you for joining the Vedanta Aluminum Metal Limited earnings update. VAML delivered a strong quarter, driven by industry-leading safety, sustainability and operational performance. During the quarter, we had only one lost time injury. Environment performance remained robust, with 20% ash utilization contributing to increased dike space, while our newly commissioned RO facility improved the wastewater recycling and reduce freshwater consumption by 8%. Renewable energy supply from Serenti ca increased to 198 megawatts, a 60% sequential growth, and we remain on track to achieve more than 371 megawatts of green power by the end of this financial year. VAML delivered a record quarterly performance, achieving all-time high aluminum production of 632 KT, up 5% year -on-year and 3% quarter -on-quarter. Alumina production was 826 KT , up 41% year -on-year. Alumina production was, however, 6% lower than the previous quarter due to stabilization issues in the power plant, red mud filtration and bauxite handling. Value-added product output rose to a record 389,000 tons in the quarter, up 14% year-on-year, reflecting the continued shift of -- in our product mix towards our goal of 90% share of value- added products. The billet production increased by 18% and the alloy production increased by 38% with respect to the previous quarter. From a market perspective, global alumin ium prices have remained buoyant, supported by supply side constraints. Looking ahead, our focus remains on accelerating growth through ramp -up of Lanjigarh and increased volume from BALCO Potline 3 and sustained cost optimization through additional domestic bauxite. Our captive coal , we have received the mining lease an d mine opening permission for Kuraloi , and we plan to start the mine in this quarter. Supported by a strong execution discipline, we remain well positioned to deliver our long -term value for all our stakeholders. Thank you. And with this, I hand over to our CFO, VAML, Mr. Anup Agarwal, to take you through the financial performance.

Thank you, Rajesh, and good evening, everyone. We closed Q1 FY27 on a strong note, marking an important milestone for Vedanta Aluminium as our first quarter post demerger. At a headline level, we delivered an all -time high revenue and EBITDA on the back of strong realization, disciplined cost management and continued operational execution. Revenue for the quarter stood at a record INR21,105 crores, reflecting a 45% increase Y-o-Y and a 13% increase quarter-on- quarter. On the cost side, our hot metal cost in Q1 FY27 stood at USD1,6 98 per ton, lower by 4% Y-o- Y and lower by 3% quarter -on-quarter despite inflationary prices due to the Middle East disruptions. This is within our guidance rate as communicated in April. Coming to EBITDA.

EBITDA was at INR 10,499 crores, up 134% Y -o-Y and up 24% quarter -on-quarter. Sequentially, EBITDA per ton expanded from USD1,511 per ton to USD1,804 per ton. This was driven by a combination of volume growth, cost optimization, marketing initiatives and favourable market conditions. The profit after tax was at INR 6,597 crores, up over 200% Y -o-Y. Our return on capital employed stood at 42% at the end of quarter 1, reflecting our focus on driving profitable growth while maintaining disciplined capital allocation. During the quarter, our balance sheet became even more stronger. Our net debt -to-EBITDA ratio improved from 1.3x to 0.9x. Our cost of borrowing is now at sub-9%, and this will improve further in the coming months. We closed the quarter with a cash and cash equivalent of over INR 6,000 crores. This provides us with a strong liquidity cushion and enhances our financial flexibility. The Board has approved an interim dividend of INR8 per share this quarter, the very first for Vedanta Aluminium. Both CRISIL and ICRA have upgraded Vedanta Aluminium to AA+ with a stable outlook. This is an important validation of the market's confidence in our balance sheet strength, earnings resilience and financial discipline. Our guidance on the cost for full year remains unchanged at USD1,650 to USD1,700 per ton. Though in quarter 2, the cost may be marginally higher due to the planned power plant shutdowns timed with the monsoon period. On the hedging front, for the balance here, we are hedged 28% of our volumes at an average of USD3,062 per ton. We are confident that our EBITDA run rate will remain resilient across commodity cycles, driven by higher volumes from BALCO expansion, increased value-added product and domestic market penetration and continued cost reductions through backward integration. Thank you. And with this, I hand over to Mr. Arun Misra for an update on demerged Vedanta.

Thank you, Anup. Good evening, everyone. As you will all know that this quarter marks the first reporting period of demerged Vedanta, India's most divers ified base metal and specialty Alloy Company, providing investors with exposure to zinc, copper, silver, lead, manganese, nickel and ferrochrome. I'm pleased to note that in the m aiden quarter itself, since demerger, we have delivered EBITDA of INR8,459 crores and PAT of INR 5,294 crores for the continuing businesses. Let me now walk you through the operational performance of the key business segments. At Zinc India, refined metal production grew 4% year-on-year to 260,000 tons. We achieved lowest ever cost of production at USD851 per ton. Silver continues to contribute strongly to our bottom line with 46% share of EBIT. At Zinc International, overall mine metal production was 48,000 tons, including contribution of 3,000 tons from Black Mountain Mines. Gamsberg Phase 1 production rose 10% sequentially to 45,000 tons. Gamsberg cost of production also declined to USD1,549 per ton, down 7% quarter- on-quarter, delivering an EBITDA per ton of USD900. At BMM Swartberg mine end-to-end contract in lieu of this substitution has been completed and ramping up on variable cost model. In ferrochrome business, FACOR delivered its highest ever

quarterly ore production, up 4 1% year -on-year to 153,000 ton s, surfacing previous best of 113,000 tons in quarter 4 '26. Improvement in finished good grade supported by higher market price resulted in 2% higher net sales realization alongside lower cost, driven by 100% captive over availability. This resulted i n EBITDA margin improving from USD360 per ton , up 13% sequentially, also delivering the best ever quarterly EBITDA of INR101 crores. Copper India recorded sales of 53,000 tons, up 3% year-on-year, our highest first quarter sales in eight years. At Copper International business, rod sales were down 51% year -on-year as the supply chain in the entire Middle East region was impacted due to geopolitical tensions. Moving to growth projects across the 4 segments. At Zinc India, for the fertilizer plant, coal commissioning has been initiated. T he hot acid leaching plant at Dariba is also targeted for commissioning in the current quarter. The 10 million ton per annum tailing reprocessing plant is under construction and is expected to b e completed by quarter 4 of FY28, while the 250,000 tons per annum expansion project of smelter is expected to commission by quarter 2 of FY29. At Zinc International, Gamsberg Phase 2 plant is likely to commence operations in August. It will add another 200,000 ton s of MIC capacity, taking the total capacity to 450,000 ton s per annum. At FACOR, production from Ostapal underground mine is likely to commence in the current quarter, yielding better FG grade and metallic volume. We received a forest clearance Stage 1 for Katasahi manganese mine and is expected to start operation in H2 of this current fiscal year. At Copper India, Phase 1 debottlenecking has augmented installed capacity to 222,000 tons per annum. Further debottlenecking will take this capacity to 229,000 tons per annum. Copper International at our Jabal Sayid exploration block in Saudi Arabia, exploration partner has been finalized, targeting 24 months for the initial phase. To summarize, performance of continuing businesses in demerged Vedanta is on a steady growth trajectory as reflected by a strong quarter 1 delivery and project commissioning lined up during the year. We remain focused in our pursuit of growth of the demerged Vedanta with a USD 5 billion EBITDA enterprise by FY30. With that, let me hand it over to Ajay to take you through the financial performance in detail, after which, we'll be happy to take your questions. Ajay?

Yes. Thank you, Arun. Good evening, everyone. We're meeting today for the first quarter results after Vedanta's historical demerger, and that is unlocking significant value with a combined market cap of resul ting companies growing over INR 71,000 crores in Q1 itself. I want to also clarify that as a demerger has become effective, during the quarter on, 1st of May, the stat numbers which are reported include 1 month of discontinued operations as per Ind AS 105. For the sake of like -for-like comparison, we will focus on performance of Vedanta's continued operations, which is for the entire quarter April in June. So, the numbers are comparable and therefore, entire quarter April through June. I'll start briefly with Vedanta highlights. On Vedanta Limited's Q1 performance, revenue increased by 51% Y-o-Y to INR23,456 crores. EBITDA nearly doubled, rising by 98% Y -o-Y

to highest level, INR8,469 crores with a margin of 57%, up 985 basis points Y-o-Y. Profit after tax, PAT, grew to INR5,294 crores, up INR152 crores Y-o-Y, again, best ever on a like-on-like basis. In Q1, Vedanta invested INR1,148 crores in growth capex, while deleveraging the balance sheet by more than -- more than INR2,226 crores. At the same time, delivering a strong ROCE of 28%. In Q1, Vedanta's balance sheet remains exceptionally strong, with leverage ratio net debt to EBITDA down to 0.3x, amongst the best in the industry. Vedanta Limited has been rated AA+ with a stable outlook, both by ICRA and CRISIL, highest rating over a decade for us. With a strong cash and cash equivalent of INR19,922 crores remains resilient, at the same time growth. I'll go on very briefly to Vedanta Resources, the VRL highlights. VRL's greatest strength is well recognized with the rating upgrades from all 3 agencies, S&P, Fitch, and Moody's rating VR L to BB or BB equivalent, again representing a decade high rating for VRL. The demerger as we earlier envisioned has significantly enhanced strategic optionalities available to Vedanta Resources. You may have made a note that during the quarter, we have sold 1.7% stake in Vedanta Limited. That is almost 200 million, and that illustrates the range of strategic levers to accelerate for the fast track debt reduction at Vedanta Resources. We are deleveraged by 1.1 billion across the group in Q1 itself. In this quarter, through a broader 5 billion refinancing program at Vedanta Resources, we are targeting reduction of around 280 basis points in average funding cost at Vedanta Resources. This will lead to more than INR1,000 crores of interest cost savings on a yearly basis. We have recently raised 1.7 billion from international on markets at average 7.4% coupon rate and average maturity of 8.5 years. And additionally, kind of a syndicated term loan of up to 2.25 billion at 6.4% interest rate with a maturity of 3 years. Overall, this would significantly flatten VR L's repayment liabilities and that can be serviced to regular branching and a normal dividend yield. In conclusion, the demerger has relayed the foundation for the next phase of growth, backed by strong VRL balance sheet, focused businesses and allocation of capital. With this, I now will hand over to operator for Q&A.

Thank you very much. We will now begin with the question -and-answer session. Your first question comes from the line of Akhilesh Kumar with Emkay Global. Please go ahead.

Yes, can you hear me?

Yes, we can.

Yes. Perfect. So, my first question is on EBITDA for VAML. So, when I try to add the EBITDA given in the slides for Jharsuguda and BALCO, the total EBITDA comes at close to INR10,527

crores, while total reported EBITDA is, as you mentioned, is INR10,499 crores. So, can you explain the difference?

So that's a small con sol adjustment actually. The difference that you are talking about, it gets eliminated for the transaction between BALCO and VAML.

Okay. So okay. So, this is something intercompany kind of stuff, is it?

Yes, absolutely.

Okay. My second question is on the aluminum sales made this quarter. So, I appreciate that you have given the aluminum production for this quarter, but earlier you used to give the sales number as well, which is not mentioned in this slide. So, if you can provide that number as well, that will be great.

So, the sales number for the quarter is at 615 KT.

Your next question comes from the line of Indrajit Agarwal with CLSA. Please go ahead.

A few questions. First, I'll start with the aluminum business. So, our ask rate for alumina production for the last 3 quarters is almost 1.1 million tons. So how do you -- to achieve the 4.1 odd million tons for the full year. So how should we look at the trajectory? Will it be more second half heavy? And given the exit run rate of 1Q and what we are doing in July so far do? Are you confident of achieving that number?

Yes. So typically, the monsoon months, both for the power assets as well as the alumina production, are slightly difficult months. So, we expect a much higher volume in the H2. If you would have noticed, even the last year, the trends were similar. And this year also, we will follow the same trajectory. And we will meet the estimate which we have given of 4 million to 4.1 million tons of alumina production from Lanjigarh.

Sure. Secondly, on purchased alumina cost, on sequential basis, alumina COP going up and alumina integration going down, your alumina cost in aluminum has gone down. So, what has been the delta in purchased alumina cost in this quarter? What you have booked in P&L.

Indrajit, on a broad level note, as you have rightly said, alumina cost has come down 3% quarter- on-quarter. And if you would recall, even in the last earnings call, we very clearly articulated that -- but for the higher LME and the higher API -- as we go into the quarter -- as we go into the second quarter of this financial year now, we will start seeing alumina costs closer to $750. Okay, now $780 is what we reported in quarter 1. Now with increased mix -- and you would have seen that we have done around 70%, 72% in quarter 1. And with the same captive mix in quarter 2 and lower API, we are in route to that 750 number, what we talked.

Yes, I can tell you, see, the further reduction will again come as we ramp up Lanjigarh production because going forward, our captive mix will keep going up and the bought -out alumina will keep coming down. So, any reduction from here towards 700, we will have to look at Lanjigarh ramping up. And of course, some of our captive bauxite coming into the play.

Sure. And in 1Q, what was the hedging volume and price at which we had hedged?

Quarter 1, we had hedged around 293 kt and a strike price was 2813.

Sure. One last question to Ajay, if I may. Given the high capex or the growth projects at Vedanta demerged entity, can we assume that most of the dividend would now be from Vedanta Aluminum of the 5 entities in terms of quantum, let's say, rupees crore or dollars kind of tons?

So, the way to look at, Indrajit, I mean, if you look at historically, Vedanta’s dividend yield has been quite high, in fact, double digit, 12%, 13%. And over the last couple of years, down to 6%, 7% points. Our last commitment was to go down to normalized yield of almost 5% to 6%. That on the combined market capitalization may be 1.5 odd billion payout on a consol basis of all the 5 business units. Now you will appreciate, Indrajit, that will be a Board matter. But one way to model this, look at the combined market capitalization of each business and look at 3% to 5% dividend yield. So you are right, Vedanta Aluminum, being almost at about 18 billion , 20 billion out of 35. Practically, one may also assume, half the dividend will come from Vedanta Aluminum going forward.

Your next question comes from the line of Sumangal Nevatia with Kotak Securities.

First question is to Ajay, on the overall capital allocation. So, one is at the VR L level, can we assume that a large part of deleveraging is behind now given that we've refinanced? And going forward, the focus would be more on growth? Or we're expecting further deleveraging from $4.5 billion debt? So when is that? And then at VAML, just want to understand what sort of debt or leverage we are comfortable beyond which we will consider paying dividends? And the Chairman has spoken about expansion plans. At what stage do we start spending towards the next phase of expan sion, by which we should expect some lower dividends and deleveraging?

Sure, Sumangal. I'll start with the first part first. You're right that at VR L, the deleveraging has been accomplished to a large extent. And over the last 3 odd years, debt 10 billion down to 5 billion as of June 30. Going forward, what is the path forward? What we have last time committed that the VRL debt has come down from 5 billion down to 3 billion. We also committed that Vedanta India on a combined basis pre- merger, our leverage of 0.9x as of March will be coming down to 0.7 as of coming March on a consol basis.

Now when we look at the capital allocation policy, the central theme is allocation and not capital necessarily. We don't provide guidance in terms of EBITDA. I think one has to model looking at the current run rate. With the current volume, cost and proportionality and our macro tailwinds in terms of currency and the pricing, the outlook for the EBITDA for Vedanta India on a consol basis is at about 9.5 billion to 10 billion. Our EBITDA to cash conversion is typically 50%. That means we'll be having total free cash flow of roughly 5 billion 45,000 crores at Vedanta India on a consol basis. So, we don't have to make choices between growth and deleveraging. Going forward, what we are looking at, we will be investing for the group in the current year at about INR20,000 crores EBITDA capex across the 5 entities. We're looking at deleveraging at VRL level roughly 2 billion, 2.5 billion again INR20,000 crores. At the same time, we'll also be rewarding shareholders through dividend. Eventually, both deleveraging and rewarding shareholders should lead to TSR. So, in short is, Sumangal, we don't have to make choices between investing for the grow th or deleveraging, both in the current year can coexist given robust free cash flows.

Also, Ajay, I think Sumangal, can add, last 3 years of deleveraging has not caused, unlike other companies, any postponement of a declared capex or any intentional slowdown of a capex project that has been announced in the market. Rather, in last 3 years o f deleveraging, we have initiated much bigger projects without -- things like expansion of 1 million ton expansion in zinc, aluminum - completing the Balco project, ESL Bokaro, completing that 2 million ton expansion project or keep on working on 2 million ton expansion projects, VZI Phase 2- all this happened in the last 3 years. So, these 2 are as Ajay has correctly said, it is not one or the other, it is one and the other.

That's very clear. If you can just share some more thoughts on the VAML balance sheet and debt levels which we are comfortable and some expansion plan going forward?

I refer to Mr. Anup Agarwal.

See, if you look at our financials as at end of June, the net debt in our books is around 29,500 crores, okay. Now for the growth that we've undertaken or we are invested in, we have a capex left of around INR7,000 crores - INR8,000 crores, which will be spending in, say, 18 to 24 months. That includes BALCO, some left over Lanjigarh augmentation and the mine project. Now coming to the new expansion 3 MTPA, presently, we explained last time also, as of now, we are on a drawing board. We are in the process of land acquisition, finalizing the technology partners and the packages. And as and when we will have details, we will come to the board. But today, if you ask me, the net debt stands at INR29,500 crores. The leftover capex to be spent on the growth already announced is around INR7,000 crores to INR8,000 crores, including BALCO. And that's it.

And what would be the -- I mean, total capex for '27 and '28, so INR7,000, INR8,000 and plus some maintenance, right?

Understood. So is it safe to assume that the next phase of growth, at least, since the plans are not yet firmed up, will start towards the end of '28 capex or maybe in '29 only?

As I said, maybe in a quarter or so, we will come back to the market with further details.

Understood. I have a couple of more questions. One on VISL, I just want to understand what are the next key hurdles and milestones we are looking at for starting or completing the expansion of Bokaro Phase 2?

Navin, Pankaj, over to you.

So for ESL, I will say that in this quarter, we have received the Stage 1 forest clearance. And we are in the process of getting Stage 2, and we are expecting, by end of quarter 2, we will be completing that clearance. And by end of this financial year, we will be a ble to complete the expansion project.

Understood. Understood. And just one last question on aluminum again, sorry. What is the difference of delivered price of bought -out alumina versus captive? And with Sijimali coming in, what sort of cost savings do we expect purely from the bought out bauxite mine?

See, broadly at today's API and assuming that this Middle East prices will normally bottom out or will even out, the difference will be to the tune of $50, $60 when you look at the captive alumina versus the bought out alumina. Now this captive alumina also has 50% of the imported bauxite. And to address your question that once Sijimali starts ramping up, we can expect, say, another $40 to $50 per ton reduction. And it will all depend on what percentage of Sijimali we will be able to ramp up and how soon we will be able to ramp up. The idea is to start it after monsoon. This year, we're expecting 1 million to 2 million tons. And the next year, it can be between 6 million to 7 million tons.

Okay. Got it. So $40 to $50 at the alumina level, right?

Yes, numbers I spoke was on the alumina.

Understood. Sir, but I mean, we've just got Stage 2 forest clearance and EC. So I think mining lease and then consent to operate all these approvals can come within the next couple of months and we can start production by fourth quarter. Is that a realistic expectation?

Given the current scenario, yes, we have made good progress in the last qua rter in terms of getting up to FC2. No the efforts are on. We are working very closely with the government. And this is how we look very positive. The government is also very positive in terms of investments in the state. So we are quite hopeful that this is what will happen.

So the transfer is at arms -length and we are governed by that. As regards transfer from the Lanjigarh to BALCO is concerned. Just to clarify. Now when you're talking about the mines, BALCO also has one mine by the name of Bar ra. So the coal will come from there. Rest of mines are with VAML, which will be used for VAML's own use. And coming to bauxite, then the idea is to take it to Lanjigarh what Rajesh ji said that any alumina from Lanjigarh to BALCO is today also at arms length basis.

Sumangal, thank you. We have a very long queue of people who are waiting in the queue for questions.

Your next question comes from Sabri with Emkay Global.

Just one question. So if I look into your oil and gas numbers. So my oil prices have gone up by around 30%. My production is down by around 4% to 5%. But still, my revenue has remained flat Q-o-Q. And my EBITDA is also up INR 200 crores only because of this increase in stock, whereas my opex etcetera everything has remained same. So can you just give an explanation for this? Why it has remained largely flat Q-o-Q?

This is Arpit here. I'm the CFO for the Oil & Gas business. If you see quarter-on-quarter, given the cyclic nature of our sales pattern, you note about 85% is the volumes that we have sold. And post-monsoon, this will get liquidated as a typical sales patt ern that we have. Does this clarify your question or anything else?

So if the production and sales number has got a deviation due to which the numbers are like this. Yes, okay, got it. Thank you so much.

The next question comes from the line of Amit Murarka with Axis Capital.

So just on the hot metal cost. This quarter, I think it's gone down a bit. So just wanted to understand, like, I mean given the inflation that we were seeing, generally speaking, on fuel cost and power cost in the quarter, what are the factors that have reduced the hot metal cost for you? And secondly, what was the outlook for the cost going ahead?

Anup?

Yes. Thank you, A mit. So see, I already covered . For the quarter 2, we expect the cost to be marginally higher, and we said that because of the planned shutdowns, and you would recall that during the monsoon period, there are normally some power plants shut down. So the cost will be marginal. Now coming to the quarter -on-quarter, see the cost has come down due to increased captive consumption of alumina, the lower coal price per se and of course, because we are talking dollar, you can also say that a little bit of a rupee cost divided by dollar is also there. Why I'm saying this is because as you would recall, last quarter also, we said that post this Middle East disruptions, we have been hit by the carbon cost and the furn ace oil cost. So on a net-to-net basis, if you look at our guidance, what did we say? 1,6 50 to 1,700 and additional

USD50 to USD100 for the Middle East disruption. So we are very much there in the target. And as I stated in my commentary also, that we will be within our guidance of 1,6 50 to 1,700 as we complete the year.

Sure. Understood. And just a comment that you could give on the lower sales volume, while production, as you mentioned, is the highest ever. The sales volume has not inched up in the quarter. So why was this inventory build up there in Q1?

See, what happens, normally at the fourth quarter or the end quarter, there is a tendency to clean up the stock. So to that extent, we will see, some 7 -8 kt has been added. Otherwise, there has been no addition to the inventory. Because normally in the quarter, in the year end, there is a tendency that we wipe off the inventory lying at the stock and everywhere.

Okay. Understood. That's it from me.

The next question comes from the line of Pinakin with HSBC.

Can you walk us through the Sijimali bauxite mine process? So there was a stage 2 forest clearance. What are the approvals from here? What are the time lines you're expecting? To get us an idea of when can we actually start mining? And where are the approvals required at national, state and other agency levels?

So we finally have to get the consent to operate. So we are getting that, in the process of getting that. And we expect that to happen in this quarter. And as mentioned, after this quarter monsoon and rain, we plan to start the mine.

Okay. So just to be clear, the consent to operate is the only approval required. And after that, you can start mining?

Yes.

Understood. And taking forward the process from a regulatory to actual mining, right, what are the activities on the ground you would -- because I assume this is a virgin mine, you would have to overburden removal, the preparation of roads and everything. So how long a process do you see of work on the ground before you can scale up to, let's say, 4 million to 5 million tons of bauxite mining?

So compared to coal, bauxite is slightly easier to mine and very little overburden and these things are required. And in addition to that, we operate through MDO partners who develop and to do the mining for us and deliver the ore. So we have already appointed the MDO partner for Sijimali. And so we are ready. In fact, the preparation was done at the beginning of the year itself for, as far as the mining activity is concerned. So as soon as we get the approval, the mining can start.

Got it. And my last question is on coal. Given that the mining operation permission has been obtained at the Kuraloi coal mine, what is the mine volumes that you expect in F '28 and '29?

And secondly, if you were to draw a similar parallel for the Ghogharpalli mine, what kind of coal production can we expect over the next 2 years, '28 and '29?

So we expect from Kuraloi this financial year to mine up to 2 million to ns. And Ghogharpalli, we are just evaluating. But this year, I think we will wait when we start the work to estimate.

And Kuraloi can increase to how much from 2 to next year?

8 million tons.

It can, you are confident that you can go to 8 million tons next year if you start this year?

Yes, this year 2 and next year, 8 million tons is our current plan.

Okay, got it. Thank you very much sir.

The next question comes from the line of Ritesh Shah with Investec.

Hi, sir. Thanks for the opportunity. First question on aluminum. Can you help us with the hedges for the balance 3 quarters by volume and price by quarter, if possible?

See, Ritesh, as I said, for the balance 3 quarters, -- so we are hedged about 28% at an average price of 3062 $/t. And if you are specifically asking about Q2, then we are hedged about 270 kt and the strike price is 2830 $/t.

270 kt at INR2830, right?

Yes.

Hello, yes, that helps. Sir, second, I just wanted to check on Saudi assets. Have we firmed up the capex because I think you did indicate that exploration partner has been finalized. How should we look at the incremental progress over there and the time lines?

So as of now, we are on the exploration partner finalization. And post after that, only we'll come back and inform you regarding the capex approval for that.

Sure. My third question was on bauxite mix, going back to aluminium. It has reduced from 66% to 46%. I just wanted to understand, on an absolute tonnage standpoint, how much are we procuring from OMC right now? What is the corresponding price? And outside of OMC, what's the average price that we are looking at? Just trying to do the math that once Sijimali comes through, how the economics can change?

See, Ritesh, I will give you some broad numbers, okay? Now domestic, as you rightly said, we are doing about 46% to 50% of the alumina that we produce. Now if you look at the alumina cost from the domestic bauxite because OMC or broadly, the other bauxite also that we pick up are more or less at the same price. So we make the alumina at a cost of around $300. Sijimali also when we begin, we expect that the cost will be at a similar level.

All right. So would it be possible for you to quantify how much is the procurement rate from OMC right now? And has this number changed over the last three, four years?

Ritesh, you are aware that this matter is sub judice, that is where I did not want to indicate the number because you are aware that we are getting this under the court order as of now.

Okay. Fair enough. And last question, I think probably Ajay ji can look at. Any particular reason why we are not indicating payout policy for all the companies? So you have indicated a pretty good commentary at, for all the five entities together. Any time lines over there? And secondly, there is an ICD of INR960 crores at VISL. How should we look into that?

So Ritesh, in terms of the payout, I assume we mean the dividend payout, isn't it?

That's right.

You may have seen in the last, the Board meeting post demerger, and all the new four companies also have adopted their own policy on dividends. The key change remains, in the past, our policy was slightly more directive. It was prescriptive, for example, a payout of 30% of the PAT or passing on dividend within some time frame. Post demerger, the key change remains, the policy has changed from being a prescriptive to more descriptive. And in that case, basically, all the four companies' Board will have a far bigger flexibility. So depending upon need for the capex in terms of pro fits claw back and the payout, they can decide. Having said that, all the four companies are also cut from the same growth. So the Vedanta overall group philosophy continues. What we earlier committed that for the parent company, debt will go down from current $5 billion down to $3 billion over two year s. And overall, Vedanta India leverage from 0.9x will go down to 0.7x. So in summary, overall, one can safely model that 4% to 5% dividend on each company's market capitalization is a number what we are targeting for the group.

Sure. And sir, on ICD?

Ritesh, can you repeat the question?

Sir, VISL has an ICD of INR960 crores. Just wanted to understand where is it heading to? And what was the interest cost over there? So this number was INR9434 crores, March '26. I think it would be because of the demerger, and that number is reduced to INR960 crores.

Yes, that's right. Navin, can you take this?

Sir, thanks. So Ritesh, as a part of demerger restructuring, there was a waiver of intercompany loans and related interest to the tune of close to INR13,000 crores. And this is the amount which is there in the VISL books after the entire restructuring, which was completed.

So out of INR13,000 crores, total INR14,000 crores, INR13,000 crores had been waived off the intercompany loan and INR960 crores stands in the books, which is payable as a part of the restructuring.

And this is to VRL?

This is to Vedanta Limited.

This is to Vedanta Limited. Okay, fair. And lastly, would you like to comment on the real estate value unlocking? The PPT mentioned about INR30,000 -plus crores. How should one understand, appreciate this?

At a thematic level, Ritesh, we’re just at the beginning, right? I mean, not the conclusion. And in fact, the demerger lead to many more restructuring possible. What we're trying to do. And right now, we're looking at multiple assets on Vedanta's balance s heet. And they are industrial lands at the same time, properties at the posh location. In Vedanta alone, as in Vedanta Limited loan, we got more than 2,000 acres of land. The intention is to demerge those real estate into a pure -play company, and that can again lead to significant value unlock. The number of INR30,000 crores or $3 billion right now is more aspirational. The whole demerger, if you also look at in Vedanta's experience, so Vedanta's demerger, it was far more complex. It took us two years time. Particularly in the Indian NCLT parlance, anything between nine to twelve months timeframe. So the entire demerger of real estate also will undergo the same kind of rhythm. It is almost a year from now. But our intention remains across the group, entire real estate, which is additional not required for the business will be demerged into a company, and we intend to foray in that business. If you look around really large indust rial house and you can even find them, are on the same path.

Sure. This is helpful. Thank you very much. All the very best.

Thanks Ritesh.

Thank you. Your next question comes from the line of Abhishek Poddar with Citadel International Equities.

Thank you for taking my question. This is regarding Vedanta Power. If you can give us some understanding regarding the regulatory approvals required for the restart of Sakti Energy Plant, in terms of what are the bottlenecks there? And also if the contractors are already working for the site or the work is dependent upon the regulatory approvals getting received?

So if I could understand your question right, the plant is already under revival. The contractor is already working from almost a month on the revival, and 26% of the revival has already been completed. We are expecting to start the units by end of Septemb er or first week of October, that's the plan. So I said, there is no hurdle we are seeing at this moment.

Okay. And do you need any statutory approval sir, for this? The district magistrate or any such approvals?

So we have already intimated all the authority before start of work. And the major approval generally is required from the boiler inspector and the factory inspector. All have been intimated before start of work, and they are also coming and doing the in-state inspection. Finally, once the boiler is ready for starting, there will be a natural visit by the Boiler Inspector for certifying the fitness and then the plant is started. So as said, there is no hurdle.

Understood. And for the Unit 2, also if you can give us some more colour in terms of what percentage of completion was to be done and how the work is progressing there?

So it is going as per plan. We want to complete all the activity related to Unit 2 by end of this year, and that's where we are as of now. We are not seeing any issue further.

Understand. And for the PPAs, for what has been left out in terms of capacity, so any understanding there, what is available and how are you approaching them?

So, we commissioned 700-megawatt at Meenakshi and 600-megawatt last year at Athena, right? And out of these 1,600 megawatts, we already have tied up 500 -megawatt with Tamil Nadu. And recently, we have also got 1 -year contract with Kerala, which is taking the total capacity tied up to 600 out of these 2 these plants. We are not very much behind blocking PPA at any rate. If you look at what we tied up with Tamil Nadu for 5 years or one of the best rates available among all the PPAs which was tied up last year. And now when we are tying up for Kerala , 1 year, that also is at a respective rate of INR5.96 - INR5.97. So, we are very picky and choosy because Indian power demand is growing and so the market rates are. If you look the difference between last year DAM rate versus this year DAM rate, we're already seeing a difference of around INR1 average. So, I think it's a good opportunity for us, but we are only looking at all the opportunity very carefully because we want to tie up at respectable rate only. So, I'm very hopeful that eventually this year also, we should tie up some capacity, which is remaining at a right rate.

The next question comes from the line of Jashandeep Singh with Nomura. Please go ahead.

My first question is for Vedanta Aluminum. Sir, want your view on listening on the long term. Firstly, you have given guidance on how second quarter and this couple of quarters will be. But going ahead for the next couple of years, what are the key cost savings and operational efficiency measures that you are taking? And if you can just quantify how much value accretive, they will be, that would be great, sir.

Jashandeep, sir, we request you to self-mute your line when the management is speaking.

My line is on mute only.

Okay. No problem. So, what -- so I was saying that in, say, 3, 4 quarters now, when you look at the costs, say from $1,700 today, we expect a reduction of $175 to $200. And the areas from where the savings will come, one, as and when the Lanjigarh ramps up . Today, we are doing about 70%, 72%. And with Lanjigarh ramping up to 5 million tons, we will be closer to 90%. So that's one. Second, we spoke about Sijimali and the captive bauxite, how -- once it ramps up and the cost benefit. The third is once you have Ghogharpalli coming into the play, we will start getting the advantages out of it. So, if I were to specify your numbers, say, on $175 savings, 70% of it will be alumina plus bauxite and the balance will be the coal. And we expect in, say, 3 to 4 quarters, we should start realizing those savings.

So, my second question, again, a little long term in nature. BALCO has already become net cash. And given your run rate of EBITDA, there is massive deleveraging potential at Vedanta Aluminum as well. In line with that, sir, I know you have answered it on a group level, but what is the capital allocation policies that you will be following at Vedanta Aluminum? And if you can just quantify what will be this year and next year capex at both with Vedanta Aluminum and BALCO separately?

Yes, you're right. See, Ajay actually elaborated it in detail, so I'll not get into that because you mentioned it. Now coming to the capex, as I said, for the year as a whole, FY27, okay, we expect the capex to be around INR5,000 crores for this year. INR2,000 to INR2,500 crore will be BALCO and the rest will be VAML. And next year also, maybe the capex can be around INR3,500 to INR4,000 crore because BALCO will be done, and we will be left with only the mines capex.

So, sir, is it safe to say that for the next couple of years that...

We have not included what is on the drawing board. That is the growth...

As and when the 3 MTPA comes on, 3 MTPA also, see, Ajay said no, with a leverage below 1, okay? I don't think the money will come in the way of growth and sale. So, I said when we announced, they will also come with the details on the funding plans. But robust earnings and the leverage below 1, I think we're very comfortable even with that 3 MTP A expansion as and when we announce it.

So just to give you an idea, see, per ton, setting up an aluminum facility, I can give the numbers for BALCO has been around $2,500 per ton. So, if you set up a 3 million unit, you can easily calculate what will be the capex required. But having said that, the capex is also phased. And initially, the first 2 years, you are just ordering. So only 10% or whatever is the order cost, that is the money which flows out.

The maximum capex would happen in the third year after you start the project. So that is how the capex outflow will be there for the growth. And we are very confident, given the earnings which we are having currently, and Arunji also alluded to that. See, BALCO has invested INR10,800 crores on the growth. And even while it has not reached the full capacity, it is debt free. So, you can see very easily how much internal accruals can generate. I hope I have tried to answer your question.

Just one last question, a little operation one, sir.

Sorry to interrupt. Mr. Singh, sorry to interrupt, we request you to return -- several participants please waiting for their turn. We have our next question coming from the line of Shubham Jain with Nippon India Mutual Fund.

Congratulations for the very good result. I just had one question. Given that CRISIL and ICRA have already upgraded Vedanta Limited, while in the ratings continue to maintain an AA - with rating watch. So, has management received any specific feedback from the ratings on additional conditions or any milestone required for rating upgrades? Can you talk about the rating agency?

So, Shubham, it is only a question of time. You may have seen the entire rating upgrade that began with ICRA a couple of months ago. And now CRISIL has followed the path. There is no reason why India Ratings has to be different. Typically, from a rating company's a viewpoint, it is a function of the numerical, which is a hard fact. And the second is a perception. I think on both accounts, we do foresee that India rating soon will approach rating committee, and even that will become AA+. So, it is only a process and a question of time. That work within the weeks, not even months.

Our next question comes from the line of Ashish Kejriwal with Nuvama Institutional Equities. Please go ahead.

Two quick questions on BALCO only. One, where we are at the po rt ramp-up at BALCO and how we are seeing the trend going ahead? And when we can reach the full capacity at BALCO? Second thing is, as BALCO has become net cash -- and for this 3-million-ton capacity also which we are talking about, that I'm assuming that we are talking about that with Vedanta Aluminum standalone level, and BALCO participating in that. So, what we are going to do with the cash, which is being generated by BALCO? Can it be given a dividend to Vedanta Aluminum and then it can be passed on to Vedanta shareholders or what's the thought process on that front?

Yes. So as regards BALCO ramp -up is concerned, against a plan of 22 kt in Q1, BALCO produced 24 kt from the new potline. As we speak, the rest of the 25% capacity -- and this is with the 25% capacity being commissioned. And as we speak, the rest, 25% is be ing commissioned. And this year, we will get a volume close to around 260 or 270 kt from BALCO. But having said that, the entire facility will be commissioned or in full production as we exit this year. So next year also, we will get another 190 kt from BALCO so that we realize our total

volume of 435 kt from BALCO expansion. The next question was about what will BALCO do with the. So one is that BALCO has some plans to start the Barra mine. And there also government has given some very early -stage initiatives for coal gasification. So we are exploring all that. All that is on the drawing board. Nothing particular as such as regards the commitment. But these are the options for BALCO to grow. I n addition, it can grow in the power assets also. We are looking at it. And also the capital restructure or how the cash will be managed, we will take the decision as and when we have that scenario quarter -on-quarter. Anupji, if you can add.

Ashish I'll only add see both because you mentioned 3 MTP A, you mentioned dividends. I'm saying, yes, they are prerogative of the Board. But I can only tell you, all the options are on the table. And why not BALCO capital structure and since we are on the drawing board, BALCO can even participate in 3 MTPA. All options are there on the table.

Okay, that's great. Thank you and all the best.

The next question comes from Raashi with Citi.

My first question is on VRL, with the whole deleveraging refinancing that you've done, what is the outflow expected for this year and next year?

Okay. So as on June end, we have a debt at about 5 billion. And for the remainder of the year, we need to pay only interest of 0.3, and we also have to fund K CM obligation 0.1. So in summary, in the remainder of the 9 months, we need roughly 400 million out of the Vedanta resources. How that can be funded? You may have seen in the current fiscal, none of the Vedanta companies has paid dividend. Vedanta Aluminum just declared a dividend. Out of the current quantum with 8 per share, that leads to almost 175 million at Vedanta Resources. So in summary, in the remainder of the year, the need for cash at VRL is about 0.4 billion. It will be met mostly through dividends. If I look at next year, FY '28, right now, we got to 1 billion of bridge financing. It is a temporary arrangement. If I leave that aside, that will be refinanced very soon. We need again almost 1 billion at Vedanta Resources. This number in FY '29, the nex t year, at about 730 million. So a billion next year, 730 million in FY '29. Again, it is a combination of the brand fee, almost 400 million to 450 million, and the balance 550 million to 600 million, again will be dividend. So in summary, through a contractual brand fee and a routine, 2% to 4% dividend VRL will be self-managed.

Sorry, you mentioned in FY '2 7 -- sorry, this year to 300 million of interest. And what was the other 100 million?

KCM funding is at about 100 million.

Roughly, it is equally. So the loan repayment at about 330 million. Interest, again, 350 million. And KCM, again, 350 million obviously combined or 1/3 each is almost 1 billion.

And brand fee percentage is fixed until when?

It's a long-term contract that our brand fee agreement is valued in the 2038. All the 5 companies Board has again now done a revised benchmarking in an unbundled format. So practically across 3 businesses, this rate 3%. And only in case of power and copper, it is 0.75. So net -net for the next 3 years, rate remains unchanged.

When you say 3 years, FY '30?

'27, 8 and '29. So until March '29, it is fixed.

Okay. Then just on the Zinc international business, what kind of cost and volume expectations should one have for the remaining year run going forward?

Volume expectation is the immediate goal is to get 300 kt mark and then go to 500 kt mark. So the Phase 2 expansion and finally finish at 750 kt mark. So if you look at current 250 kt of concentrator getting commissioned, if you add that to 200 kt, we see in a year surely touching 450 kt mark in VZI. And when it touches 450 kt mark, the costs would come down to USD1,200 - the target that we are talking.

But this year, in FY '27, what should we think about volumes and costs?

There is some shortfall in the beginning, but yes, we'll try to be close to the guidance.

On the cost as well as the cost appears to be quite high from there to what you guided?

No, but we are surely working towards reducing costs. So we will see if we have to revise, we'll do it in H2, not now.

Understood.

Rashi, if you have seen, yes, Arunji in his commentary has explained on the restructured contract at BMM, which is aimed at bringing down the costs. So you can see the slide, where we've explained that BMM was having a fixed cost model. Now it has been brought down to variable cost model. So quarter-on-quarter, you will see a cost reduction. And that's how we are trying to achieve the guidance which has been given for the current financial year.

And just one last question for me for Vedanta Limited. You've given the capex expenditure both on growth as well as sales talents for the quarter. What is the target for FY '27?

Can you repeat your question?

So I'll have the number. So in terms of Vedanta Limited, which consists of Zinc India, Zinc International, Copper and couple of others. For the growth capex, the number is almost INR7,000 crores. So INR5,000 crore for Zinc India and INR2,000 crores for the remainder businesses. INR7,000 crores growth capital at Vedanta Limited. The maintenance capex is almost INR4,000 crores, and out of which a significant portion, almost 70%, again at Zinc India and balance at Zinc International. So INR7,000 crores and INR4,000 crores

Got it. Okay, thank you.

Your next question comes from the line of Indrajit Agarwal with CLSA.

Ajay, you mentioned a few times to look at it as a group entity, but still there are 5 different listed entities and the cash flows will clearly be different. So is it fair to assume that at no point in time, we will see any kind of intercompany transactions among these 5 entities?

Routine RPTs, I think, is a norm for any large conglomerate. And I can't think of any example in the country where one large company, which has margin businesses, don't have RPTs. Of course, within the RPT compliances and following all the gover nance requirement. If you're leaning towards any intercorporate loans and deposits, then the answer is no. So across all the 5 companies, 6 of them actually in Vedanta India. And from Indian entities to Vedanta Resources, we are not forcing any kind of inter-corporate loans.

That is comforting. Thank you so much.

Ladies and gentlemen, we will take that as the last question for today. I now hand the conference over to the management for closing comments.

Thank you, Sagar, and thank you, everyone, for joining us today and for your continued interest in Vedanta group of companies. We appreciate your time and your engagement and the thoughtful questions. In case there are any further questions, any query is not answered on the call, please feel free to reach out to the IR team. With that, we are concluding today's call, and we look forward to speaking with you again at the end of October, which is our Q2 numbers. Thank you, and have a good day.

Thank you, members of the management. On behalf of Vedanta Limited, that concludes this conference. Thank you, everyone, for joining us, and you may now disconnect your lines. Thank you.

1Q FY27

This is a revised version of the Earnings Call Presentation uploaded on July 29, 2026. Changes have been made to slide 2 ESG and slide 6 Financial Highlights.

ESG

0.1 0.03 0.12 0.13 0.22 0.38 0.83 0.65 FY24 FY25 FY26 Q1 FY27 LTIFR TRIFR Our commitment to excellence – our path to leadership

Safety Performance

ESG Highlights

Renewable power sourcing of 40+ million units (or MM kWh), 124 ktCO2e/annum emission avoidance ~12 kbbls waste & sludge processing done OUR PLANET OUR COMMUNITIES OUR WORKPLACE Outreach to ~ 0.6 Mn beneficiaries across our engagement programs ~ 1k students supported through career counselling & vocational training Critical risk management trainings conducted across sites Awarded India’s Best Workplaces, Oil & Gas 2026 by GPWI Re-affirming our commitment to Health and Safety Developing a Safety mindset across our employees and partners alike

OUR COMMITMENT

• Continued disruptions in global oil production and supply chains with swinging status of opening of Strait of Hormuz, with Red Sea conflict further disrupting it • Offtake of Middle Eastern oil production has seen maximum disruptions with global supply chains still adapting to a new normal • Supply glut during brief open periods of Strait of Hormuz sharply drove down oil prices inducing even more variability into pricing • Damages to Qatar’s gas processing facilities expected to impact global gas trade balances for the foreseeable future

Conflicts continue to affect market dynamics Source for Graph: Reuters Monthly Poll FY24 FY25 FY26 Q1 FY27 Dated Brent crude prices in $ per barrel $ 83 / bbl $ 79 / bbl $ 70 / bbl $ 98 / bbl Conflict Impact

Production Highlights

Resilient Operations across Assets effectively managing reservoir decline 63.066.1 74.4 14.7 15.4 18.9 77.7 81.5 93.2 1QFY274QFY261QFY26 63.167.1 74.6 1QFY274QFY261QFY26 11.611.2 15.2 1QFY274QFY261QFY26 3.13.1 3.5 1QFY274QFY261QFY26 Rajasthan Offshore* OALP Blocks Oil Gas in kboepd terms • Partial shift to low-pressure operations improving well deliverability • Successes from targeted well intervention activities Continuing stable operations across Jaya and Hazarigaon • Successful well productivity improvement interventions in Mangala • Targeted well recovery in satellite operations • CapEx: 3 wells online; 5 drilled

Gross operated volumes reported in kboepd; *Includes Cambay; *Cambay matter is sub-judice and under dispute

FY24 FY25 FY26 FY27 Step change in cost profile delivered, a leading performance among tertiary recovery fields • Optimized commodity consumption by focusing on injection patterns • Maximizing well gains by targeted rigless interventions • On-boarding end-to-end Surface O&M as well as Chemicals partners in Rajasthan, allowing for further cost synergies

Plot for Direct Operating Costs (pre-ASP)

Q1 FY27 Financial Highlights

EBITDA REVENUE EBITDA Margin PAT Before Exceptional ROCE* Net Debt** Liquid Investments incl Cash & Cash Equivalent Credit Rating ₹ 2,507 crore  3% q-o-q ₹ 1,232 crore  16% q-o-q

49%

 20% q-o-q ₹ 194 crore (from continuing Operations) 7.04% Near Zero ₹ 2,859 crore AA+ *ROCE is EBIT (TTM) divided by average capital employed. Average Capital Employed pertains to continuing operations and includes Equity and Net Debt. **Net Debt is Gross Debt net off Liquid Investments incl Cash and Cash Equivalents

EBITDA Bridge (Q1 FY27 vs. Q4 FY26)

(In ₹ crore) 1,057 368 1,425 (216) 50 (28) 1,232 Q4 FY26 Price Re-based Q4 FY26 Volume Cost Others Q1 FY27

+16% QoQ

EBITDA Bridge (Q1 FY27 vs. Q1 FY26)

(In ₹ crore) 1,272 410 1,682 (266) 44 (228) 1,232 Q1 FY26 Price Re-based Q1 FY26 Volume Cost Others Q1 FY27

Summary of Income Statement

(In ₹ crore)

Particulars Q1 FY27 Q4 FY26 Q1FY26 QoQ (%) YoY (%) FY26

Revenue 2,507 2,584 2,303 (3%) 9% 9,582 EBITDA 1,232 1,057 1,272 16% (3%) 4,340 Depreciation & Amortisation 741 1,037 664 (29%) 12% 3,043 Exploration cost written off 426 161 757 >100% (44%) 1,252

- Finance Cost 110 150 167 (27%) (34%) 650

- Investment Revenue 151 184 320 (18%) (53%) 958 Other Gains/(losses) (8) 14 10 148 PBT before exceptional items 114 (120) (6) 206 Tax Expense (80) 140 9 289 PAT before Exceptional items 194 (260) (15) (83) Exceptional Items (Net of tax) (345) (0) 0 (33) PAT (152) (260) (15) (116) Discontinued Operations 1,097 (219) (89) (377) PAT incl Discontinued Operation 945 (479) (104) (493) 1. Revenue is higher by 9% YoY supported by higher Brent (54%). It is lower by 3% QoQ due to lower production (5%) 2. Exploration cost written off in Q1 FY27 towards 4 OALP blocks. 3. Tax Expense is after taking into account MEL’s losses. 4. Exceptional items for Q1 FY27 consists of demerger expenses and provision for Cambay impairment 5. PAT from Discontinued Operations consist of MEL’s slump sale net off April’26 loss in MEL and profit in ASI

Block-wise Summary

Particulars (in kboepd) Quarter FY

1QFY27 1QFY26 % YoY 4QFY26 FY26

Average Daily Gross Operated Production (kboepd) 77.7 93.2 -17% 81.5 87.2 Rajasthan 63.1 74.6 -15% 67.1 70.4 Ravva 7 8.4 -17% 7.4 8.1 Cambay* 4.6 6.8 -32% 3.8 5.3 OALP 3.1 3.5 -12% 3.1 3.4 Average Daily Working Interest Production (kboepd) 51.1 60.8 -16% 53.9 57.2 Rajasthan 44.2 52.2 -15% 47 49.3 Ravva 1.6 1.9 -17% 1.7 1.8 Cambay* 1.8 2.7 -32% 1.5 2.1 KG-ONN 2003/1 0.5 0.5 0% 0.5 0.5 OALP 3.1 3.5 -12% 3.1 3.4

Total Oil and Gas (million boe)

Oil & Gas- Gross operated 7.1 8.5 -17% 7.3 31.8 Oil & Gas-Working Interest 4.7 5.5 -16% 4.8 20.9 Financials (In ₹ crore, except as stated) Revenue 2,507 2,303 9% 2,584 9,582 EBITDA 1,232 1,272 -3% 1,057 4,340 Average Oil Price Realization ($/bbl) 99.7 65.6 52% 79.4 68.3 Brent Price ($ / bbl) 104.5 67.8 54% 81.1 70.5 *Cambay matter is sub-judice and under dispute

Block-wise Summary

Particulars (kboepd) Quarter FY

1QFY27 1QFY26 % YoY 4QFY26 FY26

Gross operated 77.7 93.2 -17% 81.5 87.2 Oil 63 74.4 -15% 66.1 70.2 Gas (Mmscfd) 88 113 -22% 92 102 Non-operated- Working interest 0.5 0.5 0% 0.5 0.5 Working Interest 51.1 60.8 -16% 53.9 57.2

Rajasthan (Block RJ-ON-90/1)

Gross operated 63.1 74.6 -15% 67.1 70.4 Oil 52 60.7 -14% 55.3 57.9 Gas (Mmscfd) 66 83 -21% 71 75 Gross DA 1 52.3 64.3 -19% 57.2 60.5 Gross DA 2 10.8 10.2 6% 9.9 9.8 Gross DA 3 0 0.1 -58% 0.1 0.1 Working Interest 44.2 52.2 -15% 47 49.3

Ravva (Block PKGM-1)

Gross operated 7 8.4 -17% 7.4 8.1 Oil 6.8 8 -15% 7.1 7.7 Gas (Mmscfd) 1 3 -49% 2 2 Working Interest 1.6 1.9 -17% 1.7 1.8

Cambay (Block CB/OS-2)*

Gross operated 4.6 6.8 -32% 3.8 5.3 Oil 3.6 5.1 -29% 3 3.9 Gas (Mmscfd) 6 10 -42% 5 9 Working Interest 1.8 2.7 -32% 1.5 2.1

OALP

Gross operated 3.1 3.5 -12% 3.1 3.4 Oil 0.6 0.6 -5% 0.6 0.7 Gas (Mmscfd) 15 17 -13% 15 17 Working Interest 3.1 3.5 -12% 3.1 3.4

Cairn Total (US$/boe) 102.5 69.7 47% 77.5 70.5 Oil (US$/bbl) 99.7 65.6 52% 79.4 68.3 Gas (US$/mmscf) 18.5 13.7 35% 11.6 13 *Cambay matter is sub-judice and under dispute

Disclaimer

This press release 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 behaviour 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.