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Investment Case Investment Case
Investment Case

Growth in motion ACROSS MULTIPLE ENGINES

India’s natural resources sector is central to economic growth, industrial resilience and the global commodity landscape. As India’s largest diversified natural resources company, we are positioned to support this transition through scale, integration and disciplined execution.

Strategic investments, strong government partnerships and a focus on sustainable, inclusive development continue to unlock long-term value across our portfolio.

Delivering Sustainable Value Through

World-class natural resources powerhouse with low cost, long-life and diversified asset base

Well-placed to contribute to and capitalise on India’s growth with an attractive commodity mix

Proven track record operational excellence with high productivity and fast-growing portfolio of high-quality assets

Focussed on digitalisation and innovation to drive efficiency and resilience

Disciplined capital allocation framework with emphasis on superior and consistent shareholder returns

Robust financial profile with strong ROCE, increasing EBITDA and a stronger balance sheet

Committed to ESG leadership in the natural resources sector

World-class natural resources powerhouse with low cost, long-life and diversified asset base

Our portfolio reflects scale, depth and structural resilience. A diversified presence across commodities, backed by long reserve lives and cost-focussed operations, supports consistent performance across cycles.

  • Strengthening their cost leadership in first decile and first quartile respectively, both Zinc India and Aluminium businesses achieved lowest cost of production in last 5 years
  • Continued its strong growth momentum and witnessed steady volume performance across all businesses, with aluminium and Zinc, Steel, Iron Ore, Pig Iron, Ferrochrome businesses delivering record performance

Asset base

Aluminium

1.85 MTPA

Jharsuguda Smelter

0.6 MTPA

BALCO Smelter

5 MTPA

Lanjigarh Refinery

4.6 GW

Captive Power

2.6 MTPA

Coal Mines

Zinc-Lead-Silver
HZL

1.14 MTPA

Smelters

17 MTPA

Captive mines

654 MW

Captive Power

Zinc International

325 KTPA MIC

BMM and Gamsberg Mine

Iron and Steel

15 MTPA

Iron Ore Mines

  • Karnataka Mines
  • Goa Mines
  • Odisha Mines

1.2 MTPA

Pig Iron Capacity

1.6 MTPA

Hot Metal Capacity

Power

1,980 MW

TSPL

1,200 MW

Athena

1,000 MW

Meenakshi

600 MW

JSG IPP

Oil and Gas
Total acres

Footprint > 44,000 square km

R&R

Gross 2P reserves and 2C resources of 1,321 mmboe

Primary Oil fields

Mangala, Ravva, Cambay, KG- On/Offshore

Copper

216 KTPA

Silvassa Refinery

400 KTPA

Tuticorin

Facor

145 KTPA

FACOR capacity

Well-placed to capitalise on India’s growth with an attractive commodity mix

India’s growth continues to be anchored in strong domestic demand, providing a stable backdrop for core industries. The economy sustained momentum through 2025-26, navigating external volatility with resilience, reflected in real GDP growth of 7.3% and and is expected to grow 6.8% in the current financial year (S&P Global; February 2026 estimate). Urbanisation and industrialisation, supported by government initiatives on infrastructure and housing, as well as increase in capital outlay announced in the Union Budget 2025-26 will continue to drive strong economic growth and generate demand for natural resources.

Key advantages

  • Championing India’s natural resources: Operating a wide and scalable commodities portfolio that supports the nation’s growth
  • Strong market leadership: India’s largest base metals producer and largest private sector oil producer
  • Proven execution capability: Experienced operating team with a strong track record of project delivery and growth in India
Demand 2024-2030 CAGR by commodity, Global vs India
Aluminium consumption (kg/capita)
Copper consumption (kg/capita)
Zinc consumption (kg/capita)
Oil consumption (boe/capita)

Source: Wood Mackenzie, IHS Markit, OPEC World Oil Outlook 2025
Note: All commodities demand correspond to primary demand; figures are for 2025

India Growth Potential

GDP (Real) US$ billion, 2025 to 2030
Population (billion), 2025 to 2030
Per capita income (Real) US$, 2025 to 2030
Urbanisation (%), 2025 to 2030

Source: IMF

India mineral reserves ranking globally

5th Zinc

Reserves:

10.0 million tonnes

7th Iron ore

Reserves:

5.5 billion tonnes

Oil

Reserves:

4.9 billion barrels

9th bauxite

Reserves:

650 million tonnes

Source: USGS Mineral Commodity Summaries 2026, OPEC Annual Statistical Bulletin 2025

Proven track record of operational excellence with a fast-growing portfolio

Our management team brings diverse sectoral and global experience, enabling efficient, responsible and disciplined operations across the portfolio. This depth of expertise has supported steady production growth, backed by a continued focus on efficiency, cost optimisation and project execution. Since our listing in 2004, our assets have delivered significant production growth, reflecting the strength of our operating model and long-term development approach.

Total production copper equivalent (kt)

Total production copper equivalent (kt) from FY 2004 to FY 2026 by commodity, 11% CAGR

* All commodity and power capacities rebased to copper equivalent capacity (defined as production x commodity price / copper price) using average commodity prices for FY 2025-26. Power rebased using FY 2025-26 realisations, Copper custom smelting production rebased at TC/RC for FY 2025-26, Iron ore volumes refer to sales with prices rebased at realised prices for FY 2025-26

Disciplined capital allocation with a focus on shareholder returns

We have introduced a structured capital allocation policy focussed on growth and shareholder returns. It aligns capital expenditure, dividend policy and selective inorganic growth through disciplined and balanced capital deployment, while maintaining balance sheet strength, optimal leverage and long-term shareholder value.

Capital Allocation
Capital allocation across Capital, Dividend, and Mergers & Acquisitions

Robust financial profile with a strengthened balance sheet

Strong earnings growth, improving capital efficiency and consistent deleveraging underpin Vedanta’s financial resilience.

  • Revenues of ₹ 1,74,075 crore and EBITDA of ₹ 55,976 crore
  • Strong ROCE of ~32%
  • Committed towards Deleveraging, achieved ND/EBITDA ratio of 0.95x
  • Strong and robust FCF (Post Capex) of ₹ 11,095 crore
  • Cash and liquid investments of ₹ 28,485 crore
  • A strong balance sheet, with respect to Net Debt/EBITDA and gearing, compared with our global diversified peers
  • Dividend of ₹ 13,296 crore declared in FY 2025-26

Committed to ESG leadership in the natural resources sector

We are embedding sustainability into the way we grow, operate and create value. Our focus is on being a sustainable and lowest-cost producer, while advancing safer workplaces, stronger communities, inclusive growth and responsible resource use. Guided by our Group objective of ‘zero harm, zero waste and zero discharge’, we continue to adopt global best practices across our operations and strengthen transparency through disclosures aligned with international frameworks.

  • Adopting global best practices across communities, planet and workplaces, aligned with ‘zero harm, zero waste and zero discharge’
  • Implementing critical risk management across the business to improve workplace safety
  • Promoting diversity to build an inclusive workplace culture
  • Targeting Net Carbon Neutrality by 2050 and a 25% reduction in absolute emissions by 2030 from the 2021 baseline
  • Advancing decarbonisation through 2.5 GW RE RTC by 2030, operational efficiency, fuel mix transition, 100% LMV fleet decarbonisation by 2030 and 75% mining fleet decarbonisation by 2035
  • Exploring greener business opportunities and developing a low-carbon product portfolio
  • Targeting water efficiency and net water positivity by 2030
  • Keeping community welfare central to decision-making and strengthening our position as a developer of choice
  • Positively impacting 100 million women and children through upskilling, education, nutrition and healthcare
  • Strengthening transparency and completeness of disclosures in line with global frameworks such as GRI and TCFD

Focussed on digitalisation and innovation to drive efficiency and resilience

Vedanta is leading digital transformation in the natural resources sector with a digital-first culture that drives innovation and workforce digital literacy. We continue to invest in Industry 4.0 technologies – such as Digital Twin and Advanced Process Control – to boost operational efficiency. Our advanced digital deployments, including remote mine operations, set us apart in safety and productivity. Strategic collaborations with startups and partners have further supported volume growth, cost optimisation and EBITDA improvement.