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Vedanta Limited

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2025-04-01

2026-03-31

2026-01-29

2026-01-23

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2026-01-29

14:10:00

2026-01-29

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Notes:- 1 The above results of Vedanta Limited ("the Company"), for the quarter and nine months ended 31 December 2025 have been reviewed by the Audit and Risk Management Committee and approved by the Board of Directors at its meeting held on 29 January 2026. The statutory auditors have carried out a limited review on these results and issued an unmodified conclusion. 2 These results have been prepared in accordance with the Indian Accounting Standards ("Ind AS") notified under the Companies (Indian Accounting Standards) Rules, 2015. 3 The total dividend declared for FY 2025-26 currently stands at Rs. 23/- per equity share of Rs. 1/- each. 4 Net exceptional gain/ (loss): (Rs. in Crore) Particulars Quarter ended Nine months ended Year ended "31.12.2025 (Unaudited)" "30.09.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.12.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.03.2025 (Audited)" Continuing Operations: Profit on stake sale of subsidiary - - - 1,936 2,106 2,106 Statutory impact of new Labour Codes a (5) - - (5) - - Net exceptional (loss)/ gain from continuing operations: (5) - - 1,931 2,106 2,106 Net deferred tax benefit on above 1 - - 1 - - Net exceptional (loss)/ gain (net of tax) from continuing operations: (4) - - 1,932 2,106 2,106 Discontinued Operations: Property, plant and equipment ("PPE"), exploration intangible assets under development, capital work-in-progress ("CWIP"), investments and other assets (impaired)/ reversal or (written off)/ written back in: - Oil and Gas - - - - 1,113 1,113 - Iron ore - - - - - (217) Statutory impact of new Labour Codes a (75) - - (75) - - Transport cess in Iron ore segment - - - - (97) (97) Net exceptional (loss)/ gain from discontinued operations: (75) - - (75) 1,016 799 Current tax benefit on above - - - - 25 25 Net deferred tax benefit/ (expense) on above 19 - - 19 (229) (174) Net exceptional (loss)/ gain (net of tax) from discontinued operations: (56) - - (56) 812 650 Net exceptional (loss)/ gain (net of tax) (60) - - 1,876 2,918 2,756 ) a) On 21 November 2025, the Government of India notified four Labour Codes—Code on Wages, 2019; Industrial Relations Code, 2020; Code on Social Security, 2020; and Occupational Safety, Health and Working Conditions Code, 2020—consolidating 29 existing labour laws. The Ministry of Labour & Employment has published draft Central Rules and FAQs to facilitate assessment of financial impact due to changes in regulations. The Company has assessed and accounted for the incremental impact of these changes with the best information available, and guidance from the Institute of Chartered Accountants of India, considering the impact is non-recurring in nature and is driven by regulatory changes, the incremental impact of Rs.80 crore has been disclosed as “Statutory impact of new Labour Codes” under Exceptional Items in the standalone financial results for the quarter and period ended 31 December 2025. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect as and when such clarifications are issued/ rules are notified. 5 The Government of India ("GoI"), acting through the Directorate General of Hydrocarbons ("DGH"), had raised a demand up to 14 May 2020 for Government’s additional share of Profit Oil based on its computation of disallowance of cost incurred over retrospective re-allocation of certain common costs between Development Areas (DAs) of Rajasthan Block; recovery of exploration costs incurred after the Exploration phase; and certain other matters aggregating to Rs. 9,545 Crore (US$ 1,162 million) and applicable interest thereon representing share of Vedanta Limited and its subsidiary. The Company had disputed the aforesaid demand and invoked arbitration as per the provisions of the Production Sharing Contract. The Company had received the Final Partial Award dated 22 August 2023 from the Arbitration Tribunal (‘the Tribunal') as amended by orders dated 15 November 2023 and 8 December 2023 (“the Award”), dismissing the Government’s contention of additional Profit Petroleum in relation to allocation of common development costs across Development Areas and certain other matters in accordance with terms of the Production Sharing Contract for Rajasthan Block, while allowing some aspects of the audit objections raised. Further, the Tribunal had decided that the Company was allowed to claim cost recovery of exploration cost as per terms of the Production Sharing Contract. Pursuant to the Award, the Company had recognised a benefit of Rs. 2,381 Crore (US$ 289 million) in revenue from operations in financial year ended 31 March 2024. The Company has adjusted the profit petroleum liability against the aforesaid benefit. "GoI filed interim relief application to the Tribunal on 3 February 2024 stating that the Company has unilaterally enforced the Award although the quantification of the same is pending. The matter was heard and the Tribunal vide its order dated 29 April 2024 denied GoI's interim relief application. GoI has filed an appeal before the Delhi High Court (“Section 37 Appeal”) challenging Tribunal’s order dated 29 April 2024. On 11 July 2025, the Delhi High Court dismissed GOI’s Section 37 Appeal in Company’s favour. GOI has filed a SLP before the Supreme Court challenging Delhi High Court’s order dated 11 July 2025. The matter is listed for hearing on maintainability of the SLP on 9 February 2026 . Without prejudice to its rights under the proceedings, the Company has paid a sum of Rs. 257 Crore (US$ 28 million) in the quarter ended 31 December 2025. In the interim, Quantum Proceedings have commenced. The Company has filed its claim for US$ 256 million before the Tribunal and GOI, while disputing the claim of the Company, has filed a claim of US$ 105 million to the Tribunal. As Vedanta’s claim of US$ 256 million is largely on account of disintegration of the Virtual Development Area (""DA"") (that were created on account of Office Memorandum 13 & 19) into the main DA, the management believes it has a good case on merits. GOI’s claim of US$ 105 million is based largely on the argument that the Work Program & Budget (""WP&B"") was not reviewed by GOI. It is Vedanta’s submission that the WP&B were submitted to DGH for review. Hearing in the matter is scheduled in March 2026. " GoI had also filed a challenge against the Award on 7 March 2024 in Delhi High Court (“Section 34 Application”) and the matter was first heard on 14 March 2024. Notice has been issued in the matter. Till date, no stay has been granted on the operation of the Award. Next date of hearing is 6 February 2026. The Company believes that the Court may not re-appreciate the evidence in Section 34 Application, as the interpretation by the Tribunal is plausible. 6 "The Company’s Production Sharing Contract (PSC) for the Cambay Block (CB-OS/2) expired on 29 June 2023. The Company, along with its joint venture partners, had submitted an application for extension of the PSC under the Government of India’s 2017 Extension Policy in June 2021. The Company received few temporary short-term extensions in the interim. The carrying value of Property, Plant and equipment/ Capital work-in progress and receivables from other joint venture partner in Cambay block is Rs.474 Crore (US$ 53 million). MoPNG vide its letter dated 19 September 2025 informed that the application for extension of the PSC is not accepted as there were certain delays & procedural non-compliances of PSC such as creation of encumbrance of oil & gas assets as loan security, non- payment of contractual dues, excess cost recovery etc. The Company has challenged the said rejection before the Delhi High Court through a writ petition filed in September 2025, on the grounds that the rejection is arbitrary and did not consider relevant factors under 2017 Extension policy. Pursuant to order of Hon’ble Delhi High Court dated 6 January 2026, notice has been issued in the matter and parties have been directed to maintain status quo. Based on provisions of PSC, and its interpretation of 2017 extension policy, management believes that the Company is in compliance of provisions of PSC and it will be able to regularise exceptions, if any, in due course and the MoPNG should consider its application positively. Accordingly, no adjustments have been made to the standalone financial results for the quarter and nine months ended 31 December 2025." 7 The Board of Directors, in its meeting held on 29 September 2023, had approved a Scheme of Arrangement (“the Original Scheme”) for demerger of various businesses of the Company, namely, demerger of the Company’s Aluminium (represented by the Aluminium segment), Merchant Power (represented by the Power segment), Oil & Gas (represented by the Oil and Gas segment), Base Metals (represented by the Copper segment) and Iron Ore (represented by Iron Ore segment) Undertakings, resulting in 6 separate companies (including Vedanta Limited, being the demerged Company), with a mirrored shareholding and consequent listings at BSE Limited and National Stock Exchange of India Limited ("the Stock Exchanges"). The Stock Exchanges gave their no-objection to the Scheme. A first motion application, in respect of the Original Scheme, was filed by demerged company (i.e., Vedanta Limited) and four resulting companies (i.e., Vedanta Aluminium Metal Limited (“VAML”), Malco Energy Limited (“MEL”), Vedanta Base Metals Limited (“VBML”) and Vedanta Iron and Steel Limited (“VISL”)) before the Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT”) on 06 August 2024 (“VEDL First Motion’’). The Hon’ble NCLT by way of its order dated 21 November 2024 (“VEDL NCLT Order”) inter alia: "a) directed the Company to convene a meeting of its equity shareholders, secured creditors and unsecured creditors within 90 days of the date of receipt of the Order; b) directed MEL to convene a meeting of its secured and unsecured creditors within 90 days of the date of receipt of the Order; c) dispensed with the meeting of equity shareholders of VAML, MEL, VBML and VISL; and d) dispensed with the meeting of secured and unsecured creditors of VAML, VBML and VISL." In December 2024, Vedanta Limited and other five resulting companies decided not to proceed with implementation of Part V of the Original Scheme, i.e., demerger of Base Metal undertaking into VBML, along with making appropriate updates to the Original Scheme (“Updated Scheme”). The non-implementation of the demerger of the Base Metals undertaking shall not affect any other parts of the Original Scheme described above. In compliance with VEDL NCLT Order, the meetings were held on 18 February 2025 and the Updated Scheme (with modification to exclude demerger of Base Metals Undertaking) was approved by the equity shareholders, secured creditors and unsecured creditors of the Company, as well as the secured and unsecured creditors of MEL. "On 5 March 2025, Vedanta Limited along with VAML, MEL and VISL, filed a second motion petition before the Hon’ble NCLT inter alia seeking sanction of the Updated Scheme. After multiple hearings with the Hon’ble NCLT, the Updated Scheme has been approved by the Hon’ble NCLT vide its order dated 16 December 2025. Consequently, the receipt of aforesaid NCLT approval, being substantial approval, meets the highly-probable criteria prescribed in Ind AS 105 ""Non-current Assets Held for Sale and Discontinued Operations"" for presentation of the Updated Scheme as discontinued operations. Hence Aluminium undertaking, Oil and Gas undertaking, Iron Ore undertaking have been disclosed as discontinued operation in Standalone financial results. Accordingly, all previous periods figures in the financial results have also been re-presented/re-computed." "Further, a separate first motion application was filed by Talwandi Sabo Power Limited (“TSPL”), one of the resulting companies, with the Hon’ble NCLT, Mumbai on 22 October 2024 (“TSPL First Motion”) for demerger of Merchant Power Undertaking of the Company, since TSPL’s Registered Office (“RO”) was in the process of being changed from Mansa (Punjab) to Mumbai (Maharashtra) at the time of filing VEDL First Motion. The Hon’ble NCLT, Mumbai by its order dated 4 March 2025, disposed the TSPL First Motion by rejecting the scheme (“TSPL NCLT Order”). In an appeal filed by TSPL, the TSPL NCLT Order has been set aside by the Hon’ble NCLAT, New Delhi vide order dated 15 September 2025 and the matter has been remanded to the Hon’ble NCLT for proceeding with TSPL First Motion. The Hon’ble NCLT by way of its order dated 17 October 2025 inter alia directed (i) dispensation of the meeting of equity shareholders of TSPL; and (ii) TSPL to convene a meeting of its secured creditors and unsecured creditors within 90 days of the date of receipt of the order. The meetings were held on 21 November 2025, and the Updated Scheme was approved by the secured creditors and unsecured creditors of TSPL. On 25 November 2025, TSPL filed a second motion petition before the Hon’ble NCLT inter alia seeking sanction of the Updated Scheme. The Updated Scheme has been approved by the Hon’ble NCLT vide its order dated 9 January 2026. Since regulatory and other substantive approvals are pending as on 31 December 2025, Power segment continues to be presented as part of continuing operations in the standalone financial results for the quarter ended 31 December 2025." Brief particulars of the Discontinued Operations are given below. Oil and Gas Undertaking (Net of inter segment transactions) (Rs. in Crore) Particulars Quarter ended Nine months ended Year ended "31.12.2025 (Unaudited)" "30.09.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.12.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.03.2025 (Audited)" Revenue from operations 1,324 1,348 1,514 4,072 4,747 6,283 Total income 1,359 2,301 1,556 5,106 6,681 8,548 Total expenses 1,363 1,569 1,550 4,883 4,777 6,587 (Loss)/ profit before exceptional items and tax (4) 732 6 223 1,904 1,961 Net exceptional (loss)/ gain (25) - - (25) 1,113 1,113 Tax (benefit)/ expense (67) (16) (182) (80) 300 277 Profit from discontinued operations 38 748 188 278 2,717 2,797 Oil and Gas Undertaking (Gross of inter segment transactions) (Rs. in Crore) Particulars Quarter ended Nine months ended Year ended "31.12.2025 (Unaudited)" "30.09.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.12.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.03.2025 (Audited)" Revenue from operations 1,324 1,348 1,514 4,072 4,747 6,283 Total income 1,388 2,324 1,595 5,191 6,760 8,671 Total expenses 1,327 1,539 1,464 4,720 4,796 6,517 Profit before exceptional items and tax 61 785 131 471 1,964 2,154 Net exceptional (loss)/ gain (25) - - (25) 1,113 1,113 Tax (benefit)/ expense (67) (16) (182) (80) 300 277 Profit from discontinued operations 103 801 313 526 2,777 2,990 Aluminium Undertaking (Net of inter segment transactions) (Rs. in Crore) Particulars Quarter ended Nine months ended Year ended "31.12.2025 (Unaudited)" "30.09.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.12.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.03.2025 (Audited)" Revenue from operations 13,070 12,001 11,616 35,981 32,132 44,233 Total income 13,254 12,084 11,715 36,340 32,371 44,595 Total expenses 9,117 9,589 9,482 27,649 27,011 36,892 Profit before exceptional items and tax 4,137 2,495 2,233 8,691 5,360 7,703 Net exceptional loss (40) - - (40) - - Tax expense 1,282 541 485 2,228 1,270 1,891 Profit from discontinued operations 2,815 1,954 1,748 6,423 4,090 5,812 Aluminium Undertaking (Gross of inter segment transactions) (Rs. in Crore) Particulars Quarter ended Nine months ended Year ended "31.12.2025 (Unaudited)" "30.09.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.12.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.03.2025 (Audited)" Revenue from operations 13,070 12,001 11,616 35,981 32,132 44,233 Total income 13,254 12,084 11,715 36,340 32,605 44,829 Total expenses 9,183 9,709 9,632 27,950 27,337 37,375 Profit before exceptional items and tax 4,071 2,375 2,083 8,390 5,268 7,454 Net exceptional loss (40) - - (40) - - Tax expense 1,282 541 485 2,228 1,270 1,891 Profit from discontinued operations 2,749 1,834 1,598 6,122 3,998 5,563 Iron Ore Undertaking (Net of inter segment transactions) (Rs. in Crore) Particulars Quarter ended Nine months ended Year ended "31.12.2025 (Unaudited)" "30.09.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.12.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.03.2025 (Audited)" Revenue from operations 1,772 1,420 1,702 4,492 4,187 5,636 Total income 1,799 1,450 1,739 4,674 4,296 5,779 Total expenses 1,703 1,432 1,481 4,359 3,825 5,100 Profit before exceptional items and tax 96 18 258 315 471 679 Net exceptional loss (10) - - (10) (97) (314) Tax expense 58 76 106 162 156 182 Profit/ (loss) from discontinued operations 28 (58) 152 143 218 183 Iron Ore Undertaking (Gross of inter segment transactions) (Rs. in Crore) Particulars Quarter ended Nine months ended Year ended "31.12.2025 (Unaudited)" "30.09.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.12.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.03.2025 (Audited)" Revenue from operations 1,772 1,420 1,702 4,492 4,187 5,636 Total income 1,926 1,571 1,858 5,037 4,647 6,249 Total expenses 1,703 1,432 1,513 4,359 3,922 5,197 Profit before exceptional items and tax 223 139 345 678 725 1,052 Net exceptional loss (10) - - (10) (97) (314) Tax expense 58 76 106 162 156 182 Profit from discontinued operations 155 63 239 506 472 556 Total expense includes finance cost which has been allocated between continuing and discontinued operations based on best estimate of debt allocation between business divisions of Vedanta Limited as at 31 December 2025. 8 "Other income of continuing operations includes dividend income from subsidiaries of Nil, Nil, Nil, Rs. 2,680 crore, 7,834 Crore and Rs. 7,834 Crore for the quarters ended 31 December 2025, 30 September 2025, 31 December 2024, nine months ended 31 December 2025, 31 December 2024 and year ended 31 March 2025, respectively. Other income of discontinuing operations includes dividend income from subsidiaries of Nil, Rs. 908 Crore, Nil, Rs. 908 crore, 1,831 Crore and Rs. 2,109 Crore for the quarters ended 31 December 2025, 30 September 2025, 31 December 2024, nine months ended 31 December 2025, 31 December 2024 and year ended 31 March 2025, respectively." 9 "Incab Industries limited (""Incab"") is a private limited company located at Kolkata. NCLT vide its order dated 3 December 2025 has granted its approval for the Resolution Plan as submitted by the Company for acquisition of Incab under Corporate Insolvency Resolution Process in accordance with the provisions of Insolvency and Bankruptcy Code (IBC), 2016 for total consideration of Rs. 585 Crore. The Company has made the payment of upfront consideration of Rs. 585 Crore for the implementation of approved Resolution Plan. Pursuant to approval of the Resolution Plan and on payment of consideration, management has assessed that Control in terms of Ind AS 110 has been acquired on 3 December 2025. The acquisition meets the criterion of asset acquisition under Ind AS 103 - Business Combinations. " 10 Additional disclosures as per Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015: Particulars Quarter ended Nine months ended Year ended "31.12.2025 (Unaudited)" "30.09.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.12.2025 (Unaudited)" "31.12.2024 (Unaudited)" "31.03.2025 (Audited)" a) Debt-Equity Ratio (in times)** 0.68 0.70 0.57 0.68 0.57 0.57 b) Debt Service Coverage Ratio (in times)** 1.29 1.26 1.12 1.10 1.54 1.40 c) Interest Service Coverage Ratio (in times)** 4.39 3.51 3.07 4.16 4.84 4.35 d) Current Ratio (in times)** 0.83 0.88 0.90 0.83 0.90 0.79 e) Long term debt to working capital Ratio (in times)** *** *** *** *** *** *** f) Bad debts to Account receivable Ratio (in times)** 0.00 - 0.00 0.00 0.00 0.13 g) Current liability Ratio (in times)** 0.41 0.39 0.43 0.41 0.43 0.41 h) Total debts to total assets Ratio (in times)** 0.30 0.30 0.26 0.30 0.26 0.27 i) Debtors Turnover Ratio (in times)** 7.82 7.94 7.34 20.51 21.84 28.72 j) Inventory Turnover Ratio (in times)** 1.69 1.63 1.80 5.15 5.52 7.56 k) Operating-Profit Margin (%)** 22% 16% 18% 19% 17% 17% l) Net-Profit Margin (%)** 13% 11% 9% 14% 25% 20% m) Capital Redemption Reserve (Rs. in Crore) 3,125 3,125 3,125 3,125 3,125 3,125 n) Net Worth (Total Equity) (Rs. in Crore) 75,880 74,032 73,940 75,880 73,940 75,399 **Not annualised, except for the year ended 31 March 2025 ***Net working capital is negative All above ratios are calculated including amount of discontinued operations under the respective heads. Formulae for computation of ratios are as follows: a) Debt-Equity Ratio Total Debt/ Total Equity b) Debt Service Coverage Ratio "Income available for debt service/ (interest expense + repayments made during the period for long term loans), where income available for debt service = Profit before exceptional items and tax + Depreciation, depletion and amortisation expense + Interest expense" c) Interest Service Coverage Ratio Income available for debt service/ interest expense d) Current Ratio Current Assets/ Current Liabilities (excluding current maturities of long term borrowing) e) Long term debt to working capital Ratio Non-current borrowing (including current maturities of long term borrowing)/ Working capital (WC), where WC = Current Assets - Current Liabilities (excluding current maturities of long term borrowing) f) Bad debts to Account receivable Ratio Bad Debts written off/ Average Trade Receivables g) Current liability Ratio Current Liabilities (excluding current maturities of long term borrowing)/ Total Liabilities h) Total debts to total assets Ratio Total Debt/ Total Assets i) Debtors Turnover Ratio Total revenue from operations / Average Trade Receivables j) Inventory Turnover Ratio (Total revenue from operations less EBITDA)/ Average Inventory k) Operating-Profit Margin (%) (EBITDA - Depreciation, depletion and amortisation expense)/ Total revenue from operations l) Net-Profit Margin (%) Net profit after tax before exceptional items (net of tax)/ Total revenue from operations m) Capital Redemption Reserve includes Preference Share Redemption Reserve created on redemption of preference shares. 11 The NCDs of the Company outstanding as on 31 December 2025 are Rs. 13,659 Crore at carrying amount, of which, listed secured NCDs are Rs. 6,089 Crore. The listed secured NCDs are secured by way of first Pari Passu mortgage/ charge on certain movable fixed assets and freehold land of the Company. The Company has maintained asset cover of more than 125% for NCDs with face value of Rs. 6,089 Crore. 12 "Subsequent to 30 June 2025, a short seller has published reports alleging certain matters against some of the Vedanta Group entities including the Company. Based on management assessment, legal advice obtained, and involvement of external experts, management of the Company continues to believe that these allegations are baseless and that the transactions stated in the allegations have appropriate commercial substance and that the said transactions have been duly approved through necessary processes and the Company remains compliant with contractual obligations and applicable laws and regulations. During and subsequent to the quarter, Company has received requests for information and summons for production of documents from the regulators. These have been duly submitted within the relevant due dates, and no further communication has been received thereafter. Based on the above, management is confident that no adjustments are required to these standalone financial results and financial information of the Company for the quarter and period ended 31 December 2025 or any prior periods with respect to the allegations in the short seller reports published till date." 13 Subsequent to 31 December 2025, Vedanta Limited launched an Offer for Sale (“OFS”) of up to 33.5 million equity shares of Hindustan Zinc Limited (0.79% of the total shares outstanding), with an oversubscription option of up to an additional 33.5 million shares. The non-retail portion of the OFS opened for subscription on 28 January 2026 and, based on the non-retail bids received, the total OFS size for non-retail was revised to up to 42.82 million shares. The retail portion of the OFS opened for subscription on 29 January 2026 for up to 4.76 million shares (0.11% of the total shares outstanding). Full settlement is expected to be completed by 30 January 2026. By Order of Board Place : Bhubaneswar Arun Misra Date : 29 January 2026 "Executive Director (Whole-Time Director)"

2025-04-01

2025-12-31

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30920000000

207460000000

152270000000

2820000000

-5910000000

1160000000

11320000000

1530000000

27760000000

190950000000

16510000000

19310000000

35820000000

-6390000000

2210000000

-4180000000

40000000000

91540000000

23100000000

68440000000

108440000000

-13920000000

94520000000

3910000000

10.23

17.5

27.73

0.0068

0.011

0.0416

Power and fuel charges

4210000000

Other expenses

6200000000

Power and fuel charges

9500000000

Other expenses

18260000000

Oil and Gas

13240000000

Aluminium

127940000000

Copper

62770000000

Iron Ore

17570000000

Power

6240000000

Others

6310000000

Oil and Gas

40600000000

Aluminium

353510000000

Copper

157020000000

Iron Ore

44460000000

Power

11900000000

Others

15480000000

234070000000

622970000000

260000000

980000000

233810000000

621990000000

Oil and Gas

2880000000

Aluminium

47460000000

Copper

-590000000

Iron Ore

1500000000

Power

810000000

Others

Oil and Gas

9360000000

Aluminium

106060000000

Copper

-1450000000

Iron Ore

3210000000

Power

-710000000

Others

52060000000

116470000000

14240000000

41370000000

-1250000000

-52260000000

39070000000

127360000000

Oil and Gas

160670000000

Aluminium

552970000000

Copper

53950000000

Iron Ore

52730000000

Power

58440000000

Others

878760000000

831590000000

1710350000000

Oil and Gas

90740000000

Aluminium

153440000000

Copper

91840000000

Iron Ore

24240000000

Power

6700000000

Others

366960000000

584590000000

951550000000

Additional Notes: 1. We have considered Earnings before interest and tax (EBIT) for segment results. 2. Other unallocable income, net of expenses and net exceptional (loss)/gain are clubbed together and shown under the head "Other unallocable expenditure net off other unallocable income". 3. Others in "Segment Revenue (Income)" includes Other operating income of Rs. 631 Crore for the quarter ended 31 December 2025 and Rs. 1,548 for nine months ended 31 December 2025. i) Earnings before interest, tax, depreciation and amortisation ("EBITDA") is a non-GAAP measure. ii) Includes cost of exploration wells written off in Oil and Gas segment of Rs. 147 Crore , Rs. 187 Crore, Rs. 63 Crore, Rs. 1,091 Crore, Rs. 203 Crore and Rs. 455 Crore for the quarters ended 31 December 2025, 30 September 2025, 31 December 2024, nine months ended 31 December 2025, 31 December 2024 and year ended 31 March 2025, respectively and amortisation of duty benefits relating to assets recognised as government grant. The continuing business segments are: (a) Copper, which consists of manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and blister and manufacturing of sulphuric acid, phosphoric acid; and (b) Power, excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power. The discontinued business segments are: (c) Oil and Gas, which consists of exploration, development and production of oil and gas; (d) Aluminium, which consists of manufacturing of alumina and various aluminium products; and (e) Iron ore, which consists of mining of ore and manufacturing of pig iron and metallurgical coke. The assets and liabilities that cannot be allocated between the segments are shown as unallocated assets and liabilities, respectively.

Items that will not be reclassified to profit or loss

-30000000

Items that will not be reclassified to profit or loss

-80000000

-70000000

Items that will be reclassified to profit or loss

-13950000000

Items that will be reclassified to profit or loss

-20060000000

-3800000000

-6150000000

-10180000000

-13920000000

Unaudited

true

S.R. Batliboi and Co. LLP, Chartered Accountants

true

2027-07-31