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Strategic priorities Strategic priorities
Strategic Priorities

Strengthening the Engines OF FUTURE GROWTH

Our strategy brings together ambition and discipline. We are focussed on expanding our reserves, delivering growth projects, strengthening operational excellence and allocating capital with prudence. These priorities help us build a stronger, more competitive and responsible entity focussed on creating long-term value.

S1
Championing world-class ESG performance

We advance ESG excellence through the principles of zero harm, zero discharge and zero waste. Guided by our ‘Transforming for Good vision’, initiatives across communities, the planet and the workplace create stakeholder value while reducing environmental impact.

S2
Augment Reserves & Resources (R&R) base responsibly

We expand our R&R base through disciplined exploration programmes. Teams focus on safe and responsible discovery of mineral and oil deposits to sustain long-term resource availability.

S3
Delivering on growth opportunities

Our diversified portfolio of long-life, low-cost assets offers strong expansion potential. Brownfield and selective inorganic opportunities are pursued using strict return criteria to support long-term value creation.

S4
Optimise capital allocation and maintain a strong balance sheet

Strong cash flows support investment in high-IRR projects. A disciplined capital allocation framework and proactive liability management strengthen balance sheet resilience and shareholder returns.

S5
Operational excellence and cost leadership

Operational efficiency remains central to performance. Asset debottlenecking, technology adoption and focussed marketing initiatives improve productivity, optimise costs and enhance realisations.

S1

Championing a world-class ESG performance

We embed ESG across all aspects of our business. We strive to deliver measurable impact for stakeholders while advancing towards zero harm, zero discharge, and zero waste.

FY 2025-26 updates
  • Total Nand Ghars in FY 2025-26: 12,769
  • Skill-based training impacting: 1.75 million youths
  • Variation in GHG emissions: ~7% Y-o-Y
  • Water positivity ratio: 0.64
  • HVLT waste utilisation: 98%
  • Fatalities reported: 4
  • LTIFR: 0.44
  • TRIFR: 1.30
  • Women employees: 23%
  • Women in leadership positions: 9%
  • Trees planted: ~4 million
  • Water recycled: 38%
  • Ash utilisation: 101%
  • Legacy waste: 8.74 million tonnes
ESG Pillars
Transforming Communities
  • Aim 1: Keep community welfare as the guiding principle for our business decisions
  • Aim 2: Empower 2.5 million individuals with enhanced skillsets
  • Aim 3: Uplift 100 million women and children via social welfare interventions
Transforming the Planet
  • Aim 4: Net Zero Carbon by 2050 or sooner
  • Aim 5: Achieving net water positivity by 2030
  • Aim 6: Enhance our business model by incorporating innovative green practices
Transforming the Workplace
  • Aim 7: Prioritise the safety and health of our workforce
  • Aim 8: Promote gender parity, diversity, and inclusivity
  • Aim 9: Align with global standards of corporate governance
Objectives for FY 2029-30
  • Total Number of Nand Ghars: 29,000
  • Enhance skillsets of 2.5 million families
  • Positively impact: 10 million women and children through programmes in education, healthcare, nutrition
  • Reduction in absolute GHG emission (vs FY 2020-21 Baseline): 25%
  • Round-the-Clock Renewable Energy in operations
  • Energy in operations: 2.5 GW
  • Investment in energy transition: US$ 5 billion
  • Water positivity ratio: 1x
  • Legacy waste: 23 million metric tonnes
  • To plant 7 million trees as a part of the World Economic Forum’s 1 trillion trees campaign
  • Habitat restoration: 2,500 hectares
  • Zero fatalities
  • LTIFR: 0.37
  • Zero governance issues
KPIs measured to track progress
  • Total Number of Nand Ghars
  • Skillset imparted to families
  • Impact of CSR programmes in education, healthcare, nutrition
  • Absolute GHG emissions
  • RE power in operations
  • Metals and Mining GHG intensity
  • Annual waste utilisation
  • Water positivity ratio
  • Habitat restoration
  • Fatalities
  • LTIFR
  • % of women employees
  • % of women in leadership roles
  • Zero governance-related issues
  • Annual disclosures
Capitals impacted
S1 capitals impacted
UNSDGs linked
S1 linked SDGs
Material matters linked
  • M1
  • M2
  • M3
  • M4
  • M5
  • M6
  • M7
  • M8
  • M9
  • M10
  • M11
  • M14
  • M16
  • M22
  • M23
Related risks
  • R1
  • R4
S2

Augment Reserves & Resources (R&R) base

Expand R&R base through targeted exploration programmes, focussed on safe and responsible discovery to replenish resources and support future growth.

FY 2025-26 initiatives
Hindustan Zinc
  • Increased total ore reserves to 219.1 MnT (net of production 16.6 MnT), as against 189.1 MnT at the end of FY 2024-25; total exclusive mineral resource stood at 249.5 MnT at the end of FY 2025-26
  • Combined R&R stood at 468.6 MnT with 29.2 MnT of zinc-lead metal and 24.2 KT of silver, supporting the vision of 2x production
  • Highest-ever metal reserves since underground transition at c.13.9 MnT and record silver reserves of c.10.9 kt
Iron ore
  • Possess world’s largest iron ore resource bases in Liberia, with an estimated R&R life of over 50 years
  • Secured a 50-year mining licence in Goa and is expanding the Bicholim mine capacity to 4.32 MTPA
  • Received a letter of intent for the Janthakal mine in Karnataka and is operationalising the Cudnem mine in Goa
  • Current JORC R&R: IOG: 57.1 MnT, IOK 60 MnT, IOO 82.8 MnT
Aluminium
  • Operationalising major captive mines, including the Sijimali bauxite mine (+9 MTPA) and several coal blocks like Kuraloi (+8 MTPA) and Ghogharpalli (+20 MTPA) to achieve 100% backward integration
Oil and Gas
  • Gas Discovery in Ambe block, marking first DSF Block to be monetised on India’s West Coast, with Reserve and Resource (R&R) addition of ~13 mmboe
  • Commenced onshore exploration drilling in Rajasthan, with a strategic focus on Deep Gas zones
  • Construction of ASP facility completed for injection and under commissioning in Mangala field
  • Infill wells drilled across PSC blocks to mitigate natural decline
  • Gross proved and probable reserves and resources stands at 1,321 mmboe
FACOR
  • Combined mineral resources and ore reserves are estimated at 36.7 million tonnes for Ostapal chromite mines
  • New ore body containing one million tonnes has been discovered
Zinc International
  • Combined mineral resources and ore reserves estimated at 655 million tonnes, containing 34.3 million tonnes of metal
Power
  • Secured 100% coal requirement for TSPL and JSG IPP
  • Secured 1.15 MnT linkage coal for VLCTPP and 1.64 MnT for MEL
  • Sourced coal for MEL and VSTP through SHAKTI and other domestic channels to support power sold through short-term contracts
  • Consumed ~25% domestic coal at MEL in FY 2025-26
  • Initiated plant-level modifications at MEL to enable higher domestic coal usage
Power
  • Vedanta Power operates Talwandi Sabo Thermal Plant & Jharsuguda Thermal Plant with 100% linkage coal
  • Sakti Thermal Plant (VSTP) and Meenakshi Energy has secured domestic linkage coal of 2.7 MnT and 2.64 MnT respectively
  • Sakti Thermal Plant is located in close proximity to coal mines (SECL & MCL) and plans to maximise SHAKTI coal consumption for cost competitive power generation
Objectives FY 2026-27
Hindustan Zinc
  • Add c.12 MnT mineral resources, upgrade c.45 MnT ore reserves
  • Add metal of c.0.6 MnT from resource addition and c.2.5 MnT from reserve upgradation
  • Active participation in base metal block auctions (focus on zinc and lead)
  • AI/ML-led 3D deposit modelling and advanced geophysical surveys to identify potential target
Iron ore
  • Augmentation of R&R at IOG-Cudnem mine will be carried out through exploratory drilling and other exploration activities with an upside potential of 6.0 MnT
  • Augmentation of R&R and Conversion of reported Resources to Reserves (Reported Resources 12.5 MnT) through exploratory drilling and other exploration activities at Janthakal, with an upside potential of 7.5 MnT
  • Identification of exploration targets in Sasoli iron ore Mine by Geological & structural Mapping, Geochemical sampling & geophysical studies
Zinc International
  • Execution of 52 km of drilling across greenfield and brownfield projects in RSA and Namibia
  • Focus on confidence upgradation to increase metal in reserve class
Objectives FY 2027-28
Hindustan Zinc
  • Add c.10 MnT mineral resources, upgrade c.50 MnT ore reserves to support doubling of capacity
  • Add metal of c.0.5 MnT from resource addition and c.3.0 MnT from reserve upgradation
  • Continue to bid for base metal and critical and strategic mineral blocks
  • Deepen technology-led exploration target generation with advanced geophysical surveys, AI/ML-driven analytics, 3D geological modelling, etc.
FACOR
  • Deploy AI to study geological data and identify high potential mineral zones
  • Optimise the extraction and processing technique to maximise ore production and minimise waste by adopting advanced beneficiation method
Iron Ore
  • Unlocking of the Iron Ore Potentials to the fullest within the Sasoli iron ore block- CL and proving the Ore up to G2 level for conversion to ML through exploratory drilling with +200 MnT of upside potential
Objectives FY 2029-30
Hindustan Zinc
  • Sustain existing leases and acquire new mining leases through auctions
  • Continue leveraging exploration technology
  • Achieve 50 MnT of ore reserves and 25 years+ mine life
Oil and Gas
  • Establish diversified R&R portfolio to support the vision of contributing to India’s 50% of domestic O&G production
FACOR
  • Establish diversified R&R portfolio
  • FACOR Mines will be largest Producer of chrome ore production in Sukinda Valley
Iron Ore
  • Addition of new mining licences
Zinc International
  • Completion of drilling programmes and studies at All Gamsberg deposits
Power
  • Vedanta Power aims to secure 100% domestic linkage coal for all 4 operating units TSTP, MEL, STP, JTP
KPIs tracked
  • Total R&R in Zinc India and Zinc International
  • Total 2P+2C Reserves & Resources in O&G
  • Increase total R&R for FACOR
  • ROM Production of 1.5 MTPA on Sustainable basis in Ostapal mine
  • End-to-end exploration and augmentation of R&R of ongoing and upcoming projects
  • Shakti coal maximisation at Sakti Thermal Plant
  • 100% domestic coal consumption at Meenakshi Energy by FY 2027‑28
Capitals impacted
S2 capitals impacted
UNSDGs linked
S2 linked SDGs
Material matters linked
  • M1
  • M2
  • M3
  • M4
  • M5
  • M8
  • M10
  • M13
  • M11
  • M17
  • M20
  • M22
Related risks
  • R1
  • R2
  • R5
  • R9
S3

Delivering on growth opportunities

Pursue organic and inorganic growth through brownfield opportunities within our diversified, low-cost and long-life asset portfolio, guided by disciplined return criteria and long-term stakeholder value creation.

FY 2025-26 initiatives
Hindustan Zinc
  • Commissioned a new 160 KTPA roaster at Debari, securing continuous feed to the cell houses and enhancing refined zinc production
  • Debottlenecked the hydrometallurgical zinc smelters at Chanderiya Lead Zinc Smelter (CLZS) (Hydro-II) and Dariba Smelting Complex (DSC) with current increment from 200 kA to 212 kA, enhancing refined zinc capacity by 21 kt
  • Initiated Phase-1 projects: Completed groundbreaking for the 250 KTPA integrated zinc smelting complex (ZSC) at Debari and 10 MTPA tailings reprocessing plant at Rampura Agucha Mine (RAM)
  • Technical and drilling partners are locked in for Rajpura Dariba and Zawar for advancing the 2x exploration programme
  • Debottlenecked the shafts at RAM and Sindesar Khurd Mine (SKM)
  • Excavated the box cut of Maa Annapurna portal at Rajpura Dariba Mine (RDM), along with associated surface civil works for further expansion
Iron ore
  • Ductile Iron Pipe Project is progressing towards completion as major equipment is underway. Commissioning is targeted by Q2 FY 2026-27
  • At Karnataka mines, process has been established and piloted through an innovative approach to treat low grade ore
  • Under Project Uday, a trial solar powered auxiliary energy system was commissioned successfully on MV Mogri, reducing ~6.5 tonnes of CO2e emissions and saving ~2,500 litres of diesel, equivalent to planting nearly 300 trees
Aluminium
  • 1st Metal produced from Nation’s 1st ever 525 kA Potline at Balco
  • Balco Commissioned 50 KTPA Wire Rod mill at CH2 and 90 KTPA new PFA line at CH1
  • Commissioned Train-II expansion Project at Lanjigarh taking overall production capacity from 2 to 5 MTPA with an exit run rate of 4 MTPA
  • Commissioned 101 kt Rolled Product facility at Balco
FACOR
  • Engineering work completed for all three projects (UG Mines, Concentrator & Smelter Plant)
  • Main process equipment received at site for Concentrator & Smelter plant
  • Overall project progressing as per plan
Oil and Gas
  • Infill drilling in Mangala, Bhagyam Aishwariya, Tight Oil (ABH) and Tight Gas (RDG) & Saraswati fields, to augment reserves and mitigate natural decline
  • 21 infill wells drilled across all assets
  • Drilled nine exploration wells across our portfolio in OALP and Rajasthan Barmer regions
  • Drilling campaign is underway in North-East region to explore the prospects in the block
Zinc International
  • Gamsberg Phase 2 project includes the mining expansion from 4 MTPA to 8 MTPA and construction of new concentrator plant of 4 MTPA, taking the total capacity to 8 MTPA. MIC production capacity will be 200 KTPA, taking the total South Africa capacity to >500 KTPA. Target date of completion of project is December 2025
  • Black Mountain Iron Ore project – intends to recover iron ore (magnetite) from the BMM tailings. Best in class quality iron ore will be produced from the new plant with Fe grade >68%
  • Finalise Gergarub Feasibility study to enable investment decision
Critical minerals
  • Secured 10 strategic mining blocks for high-value minerals such as nickel, chromium, cobalt, vanadium, manganese, and rare earth elements to support the global energy transition
Power
  • Meenakshi Energy was acquired through NCLT in 2023 and full capacity of 1,000 MW was commissioned in ~2 years
  • MEL increased generation from 160 MU in FY 2024-25 to 1,637 MU in FY 2025-26
  • Meenakshi Energy reported positive EBITDA of ₹ 182 crore in FY 2025-26, showcasing Vedanta Power turnaround capabilities of stressed assets
  • Vedanta Power acquired Sakti Thermal Plant in 2022 through NCLT and commissioned Unit 1 (600 MW) in ~3 years
  • Sakti Thermal Plant delivered EBITDA of ₹ 451 crore in FY 2025-26, driven by strong reliability and low cost of power generation
Objectives FY 2026-27
Hindustan Zinc
  • Commission 510 KTPA fertiliser plant at Chanderiya
  • Commission a hot acid leaching plant to recover an additional c.6 kt of lead and c.27 MT of silver through the zinc route
  • 20% productivity gain across the mines and new mining production centres at RDM and RAM
  • Commence debottlenecking and redesigning work to enhance concentrator capacity from 18 MTPA to 35 MTPA
  • Debottleneck Hydro-I in CLZS to increase current from 200 kA to 212 kA, adding 10 kt refined zinc capacity
  • Commencing construction of a 200 KTPA lead smelter, a 650 TPA silver refinery, and a 400 KTPA zinc smelter (to be integrated into the initial 250 KTPA smelter)
  • Install a packed gas cooling tower in the sinter plant to unload additional feed of 1 TPH
  • Unlock 100% capacity at the Fumer plant to produce 30 MT of additional silver
  • Change from batch to partial continuous operation in Ausmelt phase-1, adding 5 kt of metal and 10 MT of silver annually
Iron ore
  • Entering market with value-added downstream product for value enhancement by commissioning of Ductile Iron Pipe plant
  • Setting up wet modular beneficiation plant at Karnataka mines to treat low grade Silicious ores
  • Establishing dedicated corridor to enhance transportation capacity to cater to higher mining volumes
  • Kick-starting project for setting up integrated pellet plant at Odisha mines
Aluminium
  • Ramp up of metal production at Balco to 435 KTPA capacity
  • VAP expansion to 1.6 MTPA at Jharsuguda and 1.1 MTPA at BALCO
  • Ramp up Alumina production to 4.6 MTPA run rate
  • Operationalise Kurloi North & Ghogharpalli coal blocks
  • Commence initial production from Sijimali Bauxite block
FACOR
  • Achieve 1st tonne production of underground ore & complete commissioning of UG mine infrastructure
  • Commence construction activities for concentrator plant
Oil and Gas
  • Infill wells across the onshore and offshore producing blocks for incremental volumes
  • Commence injection of Alkaline Surfactant Polymer (ASP) project at Mangala through cluster approach to deliver incremental volume
  • Monetisation of discoveries from OALP, DSF and PSC block
  • Establish secondary methods of oil recovery in offshore fields
Zinc International
  • Gamsberg Phase 2 project is 93.6% completed as of March 2026. Focus is on C2 completion by June 2026 end and ore charging by W2-July 2026
  • Full ramp-up of Gamsberg Phase 2 project by H1 FY 2026-27
  • Crusher ore circuit commissioning to Phase-1 completed
  • MV, LV substation charging and Sag mill, Ball mill commissioning trials completed
  • SZRC - Awaiting confirmation on power supply and tariff
  • Black Mountain Iron Ore Project’s overall progress is 86% as on FY 2024-25. The project is shifted to FY 2027-28. BMM is exploring further opportunities with strategic partners for earlier completion of project
  • Gergarub: Feasibility study is progressing, with the final report expected in August 2026
Power
  • Meenakshi Energy is transitioning from import coal dependency to 100% domestic coal by FY 2027-28. In FY 2026-27, Meenakshi Energy plans to consume ~65% domestic coal
  • Sakti Thermal Plant Unit 2 is in project phase and expected to commission by end of FY 2026-27, thereby taking Vedanta Power operating capacity to 4,780 MW
Objectives FY 2027-28
Hindustan Zinc
  • Commission Maa Annapurna portal at RDM and the tailing reprocessing plant at Rampura Agucha
  • Change from batch to continuous operation in Ausmelt phase 2, adding 15 kt of metal and 30 MT of silver annually
  • Commence Bamnia Kalan Mine (BKM) production
Iron ore
  • Increasing iron ore volumes at Karnataka through operationalisation of Jantakal greenfield mines
Aluminium
  • Complete ramp-up of Lanjigarh 3 MTPA expansion, and progress implementation of debottlenecking to 5 MTPA
  • Complete ramp-up of BALCO smelting expansion to 1 MTPA and total sector capacity by 3 MnT
  • Ramp-up all VAP production to full capacity to 2.8 MnT
  • Further ramp-up of all operating mines towards full permitted capacity
FACOR
  • Achieve 1st tonne production from Concentrator & complete commissioning of concentrator plant
  • Achieve 1st tonne of Metal production & commissioning of Smelter Plant
Zinc International
  • Gamsberg underground mining operations detail engineering and start-up, with a plan to increase throughput
  • Complete Gergarub FS and make investment decision. Planned to start in FY 2026-27 and be in production by FY 2027-28
  • SZRC - Commence the mining operations by October 2027
Objectives FY 2029-30
Hindustan Zinc
  • 2x capacity
  • Ramping up the 250 KTPA integrated zinc smelter at Debari
  • Commissioning of 400 KTPA zinc and 200 KTPA lead smelters to scale refined metal capacity to 2,000 KTPA
  • Commissioning of the new 650 TPA silver refinery to scale overall silver refining capacity to 1,500 TPA
  • Enhance concentrator capacity to 35 MTPA along with equivalent total mine capacity enhancement
Iron ore
  • Fully integrated downstream value-added product portfolio including specialty steel at VAB
  • Fully integrated pellet plant at Odisha mines for value enhancement
Aluminium
  • Achieve balanced fully vertically integrated supply chain from mine to metal
  • Sijimali Bauxite mine operating at 12 MPTA
  • Lanjigarh Refinery operating at 5 MTPA
  • Overall, 3+ MTPA operational Hot Metal capacity
  • 100% value-added product portfolio focussed on India domestic market
  • All coal blocks operating at 100% of permitted capacity to enable captive, low-cost supply for captive thermal power plants with Kuraloi & Ghogarpalli supporting JSG and Barra catering to Balco
FACOR
  • Progressive ramp-up of UG mines, Concentrator, and Smelter operations to achieve design capacity
Oil and Gas
  • Full field scale ASP project execution across MBA fields in Rajasthan block to monetise reserves
  • Continuation of monetisation opportunities across asset portfolio (supported by organic and inorganic strategies)
Zinc International
  • Iron Ore Phase 2: Construction of an additional plant to treat 2 MTPA of current tailings storage facility with opportunity to construct a pig iron plant
  • Gamsberg Smelter planned to treat all zinc concentrate from current operation. Planned first production in FY 2029-30. First phase planned to produce 300 KTPA
  • SZRC-Completion of refinery conversion
KPIs tracked
  • Volume
  • Revenue
  • ROCE
  • FCF post-capex
  • Growth capex
  • Operationalisation of Sakti Thermal Plant Unit 2
Capitals impacted
S3 capitals impacted
UNSDGs linked
S3 linked SDGs
Material matters linked
  • M1
  • M3
  • M4
  • M7
  • M8
  • M13
  • M15
  • M16
Related risks
  • R8
  • R9
  • R12
  • Supply delays on account of logistics disruption
  • Business partner contract
Delivering on growth opportunities
S4

Optimise capital allocation and maintain a strong balance sheet

We maintain disciplined capital allocation by prioritising high-IRR investments, strengthening cash flows and actively managing liabilities to sustain a robust balance sheet and long-term shareholder value.

FY 2025-26 updates
  • VEDL Net Debt/EBITDA at 0.95x, lowest in last 14 quarters
  • Interest cost <9% and average maturity at ~3 years
  • Vedanta Resources Limited successfully refinanced US$ 550 million of high-cost debt, reducing its interest rate to below 10% and extended its average debt maturity profile to ~4 years
  • Executing a 17,000-19,000 crore annual growth CAPEX programme focussed on high-IRR projects
  • Maintained healthy liquidity of ₹ 28,485 crore in cash and cash equivalent
Objectives for FY 2029-30
  • Generate healthy free cash flow from our operations
  • Disciplined CAPEX across projects to generate healthy ROCE
  • Improve credit ratings
  • Reduce working capital
KPIs tracked
  • FCF post-capex
  • Net Debt/EBITDA (Consolidated basis)
  • EPS (before exceptional items)
  • Interest cover ratio
  • Dividend
Capitals impacted
S4 capitals impacted
UNSDGs linked
S4 linked SDGs
Material matters linked
  • M6
  • M7
  • M13
  • M21
Related risks
  • R9
  • R10
  • R11
  • R13
Optimise capital allocation and maintain a strong balance sheet
S5

Operational excellence and cost leadership

Pursue all-round operational excellence by debottlenecking assets, enhancing production, strengthening digital and technology capabilities, optimising costs and improving realisations through prudent marketing strategies.

FY 2025-26 initiatives
Hindustan Zinc
  • Achieved a 5-year lowest zinc cost of production (COP) of US$ 959/MT (ex-royalty) through volume enhancement, improved operational and energy cost efficiencies, better grades, higher recoveries, and digital improvements, leading to cost savings of c.US$ 93/MT
  • Reduced energy costs through:
  • Sourcing c.18% RE power, including a 530 MW round-the-clock agreement at cheaper, inflation and exchange-insulated rates
  • Improving efficiency and the percentage of Indian coal in the blend, which reduced power generation costs by 10%
  • Undertook various alternative fuels innovations, thereby pushing operational efficiencies
  • Enhanced minor metal recovery leading to higher by-product credits
  • Reduced equipment cost, increased productivity, and rationalised deployment and improved utilisation of machines underground, leveraging digital tools
Iron ore
  • Saleable Ore Production: 6.5 million DMT with 5% Y-o-Y growth
  • Coastal shipping capacity was expanded to 0.3 MTPA through the addition of three IVSOC (Inland Vessel statement of compliance) compliant barges, up from one vessel earlier — this enables transportation of cargo along the west coast of India, improving logistics flexibility and coastal movement efficiency
Aluminium
  • Record aluminium production at 2,456 kt, up 1% Y-o-Y
  • 4% Y-o-Y increase in Domestic sales (1,217 kt) and 25% Y-o-Y increase in Low Carbon Aluminium sales (~89 kt)
  • Highest-ever Alumina production (2,916 kt) with exit run rate of 4 MTPA
  • Alumina COP down by 9% Y-o-Y due to increased captive production and decreased prices of critical input commodities
  • Aluminium Hot Metal CoP at 1,752 US$/t, down by 4.5% Y-o-Y, due to decrease in commodity prices, coal and carbon cost as well operational improvements
FACOR
  • Ore production of 0.37 million tonnes
  • Recorded production of High Ferro Chrome of 100 kt
  • Maintained cost of production below US$ 900 per tonne with improved operational efficiency
Oil and Gas (Cairn)
  • Average gross operated production of 87 kboepd for FY 2025-26, down 16% Y-o-Y, owing to natural field decline
  • 21 infill wells drilled across all assets
  • Opex optimisation through improved efficiency in polymer injection & maintenance activities, along with a cost-effective chemical spend approach
Zinc International
  • Gamsberg production stood at 185 kt, higher 39%, while total MIC production stood at 225 kt, higher 27% Y-o-Y due to increased ore availability
Power
  • Talwandi Sabo achieved 83% PAF in FY 2025-26 showcasing reliable plant operation
  • 5.21% biomass co-firing was achieved in Talwandi Sabo through operational excellence and robust supply chain
  • Sakti Thermal Plant achieved 68% PLF in FY 2025-26, well above industry benchmark for first year of operation
  • Vedanta Power continued focus commissioning of Sakti Thermal Plant Unit 2 in FY 2026-27 and reliable operational performance
  • Meenakshi Energy achieved 70% PAF in FY 2025-26 - First year of operating full 1,000 MW capacity
  • Meenakshi Energy consumed ~30% domestic coal in FY 2025-26 and aims to achieve ~65% domestic coal consumption in FY 2026-27 thereby enabling cost competitive power generation
Objectives FY 2026-27
Hindustan Zinc
  • BMM achieved production of 40 kt in FY 2025-26 with declining grades at Deeps impacting production
  • Gamsberg production was 185 kt in FY 2025-26. Low production volumes mainly due to availability of GB Phase II and waste stripping backlog and ore availability challenges, equipment availability & breakdowns
  • Skorpion remained under care and maintenance following geotechnical instabilities in the open pit
Oil and Gas
  • Increase production from existing assets using leading-edge technologies, large-scale AIML (artificial intelligence and machine learning enabled base)
  • Operations and Maintenance (O&M) model in partnership with best-in-class partners
  • Continue to operate at a low cost-base and generate free cash flow post-capex
Iron ore
  • Bicholim Mine capacity expansion to 3.6 MTPA
  • Cudnem Mines startup
  • DIP plant commissioning with all safety measures intact
  • OK Mine capacity expansion to 7 MTPA
  • Dedicated Corridor Project – This project aims to enhance the dispatch target more than 3 MTPA
  • Hot Metal production to cross 1 MnT, with over 11% increase from FY 2025-26
FACOR
  • Operations and Maintenance (O&M) model in partnership with best-in-class partners
  • Highest-ever annual production and targeting for 115 kt
  • Improved raw materials (Ore, Coke and Coal) security with ramp-up of owned mines
  • Continuous focus on quality, asset reliability and optimisation, digitalisation, innovation, and R&D
Aluminium
  • Highest-ever production of alumina from refinery (4.1-4.2 million tonnes)
  • Highest-ever annual aluminium production projected at 2,600-2,700 kt
  • Meaningful reduction in aluminium production COP, through unlocking potential in operational & buying efficiency
  • Improved raw material (bauxite & coal) security from local sources with ramp-up of owned mines
  • Reduced power purchase due to higher operational efficiency of captive thermal power plants
  • Increased rail share of domestic overland transport
Zinc International
  • Achieving ~350 kt MIC production from South African operations, with significant ramp-up at the Gamsberg Phase 2 concentrator plant
Power
  • TSPL aims to achieve and maintain 88% PAF
  • MEL will stabilise post plant retrofitting for domestic coal consumption and targets PLF of 69%
Objectives FY 2027-28
Hindustan Zinc
  • Continue FY 2026-27 efforts and sustain zinc COP below US$ 1,000/MT
  • Increase RE power share to 70%
Iron ore
  • Janthakal Mines Startup
FACOR
  • Venturing into diversified VAP products, including Ferro Manganese product
  • Aggressive expansion in domestic and foreign market
Aluminium
  • Lower hot metal cost of production through increased captive Alumina & Coal consumption
  • Further increase in rail share for coal and other bulk commodities driving lower costs
  • Continued focus on quality, asset reliability and optimisation, digitalisation, innovation, and R&D
  • Further ramp-up of VAP production, including introduction of new innovative alloys, to capture increased share of domestic market and realise higher net effective premium
Zinc International
  • Around 490 kt of MIC production expected in FY 2027-28 from South African operations, with significant ramp up at the Gamsberg Phase 2 concentrator plant
Objectives FY 2029-30
Hindustan Zinc
  • Cost leadership at 2x capacity
  • Maintain zinc COP (ex-royalty) at c.US$ 950/MT via proactive cost savings, increased scale of production, and continued operational efficiencies
Iron ore
  • Integrated downstream value-added portfolio at VAB, including specialty steel, driving NSR enhancement, margin expansion, and reduced volatility through product diversification
  • Integrated pellet plant at Odisha mines to enable value uplift from low-grade ore, logistics and cost optimisation, and sustained NSR improvement
Aluminium
  • 100% backward and forward integration: 3+ MTPA Aluminium, 5 MTPA Alumina, 100% VAP, 100% coal & bauxite security (Captive + Linkage)
  • First Decile position on global aluminium cost curve
FACOR
  • Maintain cost of production through efficient operation, higher volume, improved grades and higher productivity
  • Deploy innovation and technology for setting a new benchmark in operation
Oil and Gas
  • Leverage win-win partnership models for operations through global technology leaders to achieve best-in-class operational efficiencies
  • Continue to operate at a low cost-base and generate free cash flow post-capex
Zinc International
  • 1 MTPA production from South Africa at a low cost of production
Power
  • TSPL aims to achieve PAF of 90%
  • VLCTPP targets PLF of 84% post stabilisation of Unit 2
  • MEL targets 69% PLF to maximise PLF instead of increasing volume
KPIs tracked
  • EBITDA
  • Adj. EBITDA margin
  • FCF post-capex
  • ROCE
  • PLF, APC, NSHR
Capitals impacted
S5 capitals impacted
UNSDGs linked
S5 linked SDGs
Material matters linked
  • M4
  • M7
  • M8
  • M11
  • M13
  • M14
  • M15
Related risks
  • R1
  • R3
  • R7
  • R11
Operational excellence and cost leadership
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