Sustained business performance and responsible operations are two sides of the same commitment. In FY 2025-26, we conducted our Double Materiality Assessment through an independently facilitated process, engaging approximately 1,600 internal and external stakeholders across surveys, interviews, focussed group discussions, and 14 site visits. The assessment examined 26 material topics through two lenses:
Financial materiality: Considering how sustainability issues affect our business performance and capital.
Impact materiality: Considering how our operations affect people, ecosystems, and economies.
The results directly shape how we allocate resources, set targets, and strengthen disclosures across our Transforming for Good framework. A clearer understanding of which topics carry the highest financial and impact significance enables us to manage emerging risks proactively, respond to evolving stakeholder expectations, and pursue opportunities that create lasting value for our business and the communities we serve.
We conduct a detailed materiality assessment every two years, with an annual management review, to identify and prioritise the topics that matter most to our stakeholders and our business. Our previous assessment was conducted in FY 2022-23, guided by GRI Standards 2021. Building on that foundation, our FY 2025-26 exercise was independently facilitated and aligned with the principles of the EU Corporate Sustainability Reporting Directive (CSRD) and leading sector standards, including GRI, ICMM, and SASB, and evaluated positive and negative impacts, risks, and opportunities associated with each of our 26 material topics. The findings inform how we set targets, allocate resources, and strengthen disclosures across the Vedanta Group. Additionally, the key KPIs for our material topics are aligned with annual independent assurance and audit requirements, ensuring we consistently meet our own standards and relevant industry benchmarks. The findings enable us to align our reporting with evolving stakeholder expectations, integrate material ESG risks into our enterprise risk management processes, and reinforce our commitment to long-term value creation and responsible business performance across the Vedanta Group.
Our approach to materiality determination examines each topic through the lens of strategy, risk, capital, and global sustainability priorities to ensure that what we disclose and manage genuinely what matters most. By integrating these elements, we aim to deliver long-term value for our stakeholders while contributing to broader societal and environmental goals and ensuring alignment with the UN Sustainable Development Goals. For each of our 26 material topics, we ensured that our sustainability commitments remain focussed, resilient, and accountable across the Vedanta Group.
Our Double Materiality Assessment followed a structured methodology, independently facilitated and informed by leading international frameworks. We analysed both dimensions of materiality, systematically examining how sustainability issues affect our business and how our business affects the world around it across the full breadth of our operations and stakeholder universe.
Identify potential material topics by analysing company disclosures and benchmarking against peer reports, global standards (including GRI 11, GRI 14, ICMM, and SASB), rating methodologies, and expert inputs, followed by consolidation of these insights to develop a mutually exclusive and collectively exhaustive list of ESG topics.
Identify and map positive and negative impacts, and financial risks and opportunities for each material topic using internal sources (risk registers, human rights and community assessments) and external inputs (peer reports, media, GRI, SASB, and rating methodologies). This resulted in 250+ IROs, with key risks further assessed for potential financial impact.
Engage key internal and external stakeholders through surveys, interviews, and focussed discussions to validate and prioritise IROs. Over 1,625 internal and external stakeholders were consulted, and inputs were scored to assess impact significance (scope, scale, likelihood, irremediability) and financial risks and opportunities (magnitude and likelihood).
Score material topics based on stakeholder inputs and apply weightings for stakeholder influence and interest, along with revenue-based weightages to derive group-level prioritisation, resulting in a consolidated materiality matrix across financial and impact dimensions.
Review and validate the materiality outcomes with senior leadership, followed by final approval from the Board-level ESG Committee. The overall process and results were also subjected to independent third-party assurance to ensure transparency and credibility.
The priorities identified through this assessment directly shape Vedanta’s Transforming for Good framework: its three pillars, nine Aims, and the KPIs that track progress against each. Where the assessment has surfaced new or elevated material topics, additional KPIs are being developed and mapped, informed by stakeholder inputs.
Additionally, the key KPIs for our material topics are aligned with annual independent assurance and audit requirements, ensuring we consistently meet our own standards and relevant industry benchmarks. The findings enable us to align our reporting with evolving stakeholder expectations, integrate material ESG risks into our enterprise risk management processes, and reinforce our commitment to long-term value creation and responsible business performance across the Vedanta Group.
Ensuring a secure and productive environment for employees, minimising risks and promoting overall organisational success
Reducing environmental impacts and maintaining air quality while ensuring compliance with regulations, and safeguarding public health
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Reducing carbon footprints through renewable power adoption, complying with regulations, and positioning us as a leader in sustainability
Conserving water resources, preventing contamination, and supporting sustainable operations in water scarce regions
Fostering trust, transparency, and accountability are essential for maintaining stakeholder confidence and long-term business integrity
Ensuring responsible mining practices that reduce ecological harm and mitigate long-term liabilities
Ensuring a secure and productive environment for employees, minimising risks and promoting overall organisational success
