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Vedanta Limited

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2025-04-01

2026-03-31

2026-01-29

2026-01-23

INR

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Quarterly

Third quarter

Multi segment

2026-01-29

14:10:00

2026-01-29

15:55:00

Declaration of unmodified opinion

2025-10-01

2025-12-31

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Notes:- 1 The above consolidated results of Vedanta Limited ("the Company") and its subsidiaries ("the Group"), jointly controlled entities, and associates for the quarter and period ended 31 December 2025 have been reviewed by the Audit and Risk Management Committee and approved by the Board of Directors in its meeting held on 29 January 2026. The statutory auditors have caried 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 (loss)/gain : (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: Property, plant and equipment ("PPE"), exploration intangible assets under development, capital work-in-progress ("CWIP") and other assets written back/ (written off) or (impaired)/ reversed: - Others - - - - (268) (268) Impact of state levies: Zinc c 56 - - 56 (83) (83) Power Segment: - Trade receivables written off - (1,407) - (1,407) - - - Late Payment Surchargea (215) - - (215) - - - Capital creditor settlement - (660) - (660) - - Statutory impact of new Labour Codes b (40) - - (40) - - Net exceptional loss (199) (2,067) - (2,266) (351) (351) Current tax (expense)/benefit on above (6) - - (6) 21 21 Net deferred tax benefit on above 58 520 - 578 - - Net exceptional loss (net of tax) from continuing operations (A): (147) (1,547) - (1,694) (330) (330) Discontinued Operations: Property, plant and equipment ("PPE"), exploration intangible assets under development, capital work-in-progress ("CWIP") and other assets written back/ (written off) or (impaired)/ reversed: - Oil & Gas - - - - 2,358 2,358 Impact of state levies: - Iron Ore - - - - (139) (139) Statutory impact of new Labour Codes b (92) - - (92) - - Net exceptional (loss)/gain (92) - - (92) 2,219 2,219 Current tax benefit on above - - - - 29 29 Net deferred tax benefit/(expense) on above 21 - - 21 (782) (782) Net exceptional (loss)/gain (net of tax) from discontinuing operations (B): (71) - - (71) 1,466 1,466 Less: Non-controlling interests on above (C) 5 - - 5 (24) (24) Net exceptional gain, net of tax and non-controlling interests (A+B+C) (223) (1,547) - (1,770) 1,160 1,160 a) Subsequent to the judgement of Hon’ble Supreme Court of India dated 19 August 2025 (the “Order”) in respect of Mega Power benefit matter (the “Mega matter”), Punjab State Power Corporation Limited (“PSPCL”) raised a demand for Late Payment Surcharge (“LPSC”) on 13 November 2025 on certain amounts it had paid to Talwandi Sabo Power Limited (“TSPL”) in financial year 2017 and now deducted post the Order. Accordingly, a provision of Rs. 215 crore has been recorded. PSPCL has also requested TSPL to provide details on actual benefits to determine the impact of change in law. TSPL is in the process of submitting the required information. However, it believes that there is no incremental liability that will arise in addition to amount already recorded in books. b) 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 Group 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.132 crore has been disclosed as “Statutory impact of new Labour Codes” under Exceptional Items in the consolidated financial results for the quarter and period ended 31 December 2025. The Group 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. c) The State of Rajasthan imposed an Environment and Health Cess (EH Cess) in 2008 on major minerals which was rescinded in 2017. In the quarter ended 30 September 2024, the Group had recognized a provision of INR 56 crores and disclosed the same as exceptional item. During the quarter ended 31 December 2025, management has reassessed this and based on its reassessment, supported by an independent legal opinion, the provision is not required and accordingly, the same has been reversed. 5 "The Government of India (""GoI""), acting through the Directorate General of Hydrocarbons (""DGH""), had raised 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 Group had disputed the aforesaid demand and invoked arbitration as per the provisions of the Production Sharing Contract. The Group 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 Group was allowed to claim cost recovery of exploration cost as per terms of the Production Sharing Contract. Pursuant to the Award, the Group had recognized a benefit of Rs. 4,761 Crore (US$ 578 million) in revenue from operations in financial year ended 31 March 2024. The Group 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 Group has unilaterally enforced the Award although the quantification of the same is pending. The Tribunal vide its order dated 29 April 2024 denied GoI's interim relief application. GoI 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 Group’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 Group has paid a sum of Rs. 513 Crore (US$ 58 million) in the quarter ended 31 December 2025. In the interim, Quantum Proceedings have commenced. The Group has filed its claim for US$ 512 million before the Tribunal and GOI, while disputing the claim of the Group, has filed a claim of US$ 210 million to the Tribunal. As Vedanta’s claim of US$ 512 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$ 210 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”). Notice has been issued in the matter. Till date, no stay has been granted on operation of the Award. Next date of hearing is 6 February 2026. The Group believes that the Court may not re-appreciate the evidence in Section 34 Application, as the interpretation by the Tribunal is plausible." 6 "The Group’s Production Sharing Contract (PSC) for the Cambay Block (CB-OS/2) expired on 29 June 2023. The Group, 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 Group 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 Group 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 Group 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 consolidated financial results for the quarter and period 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 Undertaking(represented by the Aluminium segment), Merchant Power Undertaking(represented by the Power segment), Oil & Gas Undertaking(represented by the Oil and Gas segment), Base Metals Undertaking(represented by the Copper and Zinc International segment) and Iron Ore Undertaking (represented by Iron Ore segment and Steel and Cement business) 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" to be considered as discontinued operation, hence Aluminium undertaking, Oil and Gas undertaking, Iron Ore undertaking have been disclosed as discontinued operation in Consolidated financial results. Accordingly, all previous periods figures in the financial results have also been re-presented/ recomputed. "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 consolidated financial results for the quarter ended 31 December 2025. " Brief particulars of the Discontinued Operations are given in note below. Oil and Gas Undertaking (Net of inter segment transactions) (Rs. in Crore) Quarter ended Nine Months ended Year ended Particulars "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 2,366 2,342 2,638 7,018 8,417 11,098 Total Income 2,580 2,549 2,807 7,682 8,991 11,885 Total expenses 2,219 2,387 2,434 7,231 7,576 10,276 Profit before exceptional items and tax 361 162 373 451 1,415 1,609 Net exceptional (loss)/gain (26) - - (26) 2,358 2,358 Net tax expense/(benefit) 43 65 (84) 188 896 924 Profit from discontinued operations 292 97 457 237 2,877 3,043 Oil and Gas Undertaking (Gross of inter segment transactions) (Rs. in Crore) Quarter ended Nine Months ended Year ended Particulars "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 2,366 2,342 2,638 7,018 8,417 11,098 Total Income 2,636 2,597 2,743 7,847 9,160 12,131 Total expenses 2,264 2,437 2,462 7,321 7,868 10,839 Profit before exceptional items and tax 372 160 281 526 1,292 1,292 Net exceptional (loss)/gain (26) - - (26) 2,358 2,358 Net tax expense/(benefit) 43 65 (84) 188 896 924 Profit from discontinued operations 303 95 365 312 2,754 2,726 Aluminium undertaking (Net of inter segment transactions) (Rs. in Crore) Quarter ended Nine Months ended Year ended Particulars "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 17,147 15,922 15,499 47,704 42,966 59,203 Total Income 17,481 16,046 15,656 48,368 43,665 60,093 Total expenses 11,717 11,707 12,515 35,188 35,327 48,564 Profit before exceptional items and tax 5,764 4,339 3,141 13,180 8,338 11,529 Net exceptional (loss)/gain (44) - - (44) - - Net tax expense/(benefit) 1,680 978 721 3,324 2,009 2,830 Profit from discontinued operations 4,040 3,361 2,420 9,812 6,329 8,699 Aluminium undertaking (Gross of inter segment transactions) (Rs. in Crore) Quarter ended Nine Months ended Year ended Particulars "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 17,169 15,943 15,522 47,766 43,023 59,280 Total Income 17,504 16,067 15,672 48,430 43,981 60,429 Total expenses 11,835 11,953 12,682 35,678 35,723 49,126 Profit before exceptional items and tax 5,669 4,114 2,990 12,752 8,258 11,303 Net exceptional (loss)/gain (44) - - (44) - - Net tax expense/(benefit) 1,680 978 721 3,324 2,009 2,830 Profit from discontinued operations 3,945 3,136 2,269 9,384 6,249 8,473 Iron Ore & Steel Undertaking (Net of inter segment transactions) (Rs. in Crore) Quarter ended Nine Months ended Year ended Particulars "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 3,769 2,857 3,915 9,720 10,464 13,910 Total Income 3,802 2,884 3,930 9,899 10,610 14,062 Total expenses 3,862 3,188 3,824 10,188 10,629 13,999 Profit before exceptional items and tax (60) (304) 106 (289) (19) 63 Net exceptional (loss)/gain (22) - - (22) (139) (139) Net tax expense/(benefit) 115 77 120 231 144 245 Profit from discontinued operations (197) (381) (14) (542) (302) (321) Iron Ore & Steel Undertaking (Gross of inter segment transactions) (Rs. in Crore) Quarter ended Nine Months ended Year ended Particulars "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 3,771 2,858 3,961 9,724 10,561 14,021 Total Income 3,933 3,016 4,110 10,288 11,178 14,787 Total expenses 3,917 3,234 3,873 10,332 10,805 14,208 Profit before exceptional items and tax 16 (218) 237 (44) 373 579 Net exceptional (loss)/gain (22) - - (22) (139) (139) Net tax expense/(benefit) 115 77 120 231 144 245 Profit from discontinued operations (121) (295) 117 (297) 90 195 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 "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. " 9 Additional disclosures of financial ratios: 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)** 1.33 1.54 1.61 1.33 1.61 1.37 b) Debt Service Coverage Ratio (in times)** 2.34 1.77 1.98 1.69 1.74 1.25 c) Interest Service Coverage Ratio (in times)** 6.77 4.99 4.49 5.52 4.36 4.42 d) Current Ratio (in times)** 0.95 0.95 0.89 0.95 0.89 0.92 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 0.00 0.06 g) Current liability Ratio (in times)** 0.38 0.38 0.39 0.38 0.39 0.38 h) Total debts to total assets Ratio (in times)** 0.36 0.38 0.38 0.36 0.38 0.36 i) Debtors Turnover Ratio (in times)** 9.27 7.04 6.14 22.03 18.64 25.28 j) Inventory Turnover Ratio (in times)** 1.85 1.70 1.95 5.54 5.88 7.97 k) Operating-Profit Margin (%)** 27% 22% 22% 23% 21% 21% l) Net-Profit Margin (%)** 17% 13% 12% 14% 13% 13% m) Capital Redemption Reserve (Rs. in Crore)** 3,110 3,110 3,110 3,110 3,110 3,110 n) Net Worth (Total Equity) (Rs. in Crore)** 60,747 54,213 48,662 60,747 48,662 53,753 ** 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 amortization 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 - EBITDA)/ Average Inventory k) Operating-Profit Margin (%) (EBITDA - Depreciation, depletion and amortization 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. 10 The Non-Convertible debentures ('NCDs') of the Group outstanding as on 31 December 2025 are Rs. 16,716 Crore, 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 Group. The Group has maintained asset cover of more than 125% for NCDs with face value of Rs. 6,089 Crore. 11 "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 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 Group remains compliant with contractual obligations and applicable laws and regulations. During and subsequent to the quarter, Group 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 Consolidated financial results and financial information of the Group 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." 12 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 the Board Arun Misra Place: Bhubaneswar Executive Director Date: 29 January 2026 (Whole-Time Director)

2025-04-01

2025-12-31

Unaudited

Consolidated

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Zinc,Lead and Silver

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Copper

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Iron Ore

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Power

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Copper

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Zinc,Lead and Silver

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Oil & Gas

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Copper

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Power

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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 gain/(loss) 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. 752 Crore for the quarter ended 31 December 2025 and Rs. 1792 for nine months ended 31 December 2025. i) Earnings before interest, depreciation, tax and exceptional items ('EBITDA') is a non- GAAP measure. ii) Includes cost of exploration wells written off in Oil & Gas segment of Rs. 147 Crore, Rs. 187 Crore, Rs. 63 Crore, Rs. 1091 Crore, Rs. 203 Crore, and Rs. 459 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) Zinc, Lead and Silver - India, which consists of mining of ore, manufacturing of zinc and lead ingots and silver, both from own mining and purchased concentrate. Additional intra segment information of revenues for the Zinc & Lead and Silver segment have been provided to enhance understanding of segment business; (b) Zinc - International, which consists of exploration, mining, treatment and production of zinc, lead, copper and associated mineral concentrates for sale; (c)Copper, which consist of mining of copper concentrate, manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and blister, and manufacturing of precious metal from anode slime, sulphuric acid and phosphoric acid; (d)Power, excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power; and (e) Other business segment under continuing operations comprises port/berth, glass substrate, power cables and ferroy alloys. The discontinued business segments are: (f) Oil & Gas, which consists of exploration, development and production of oil and gas; (g) Aluminium, which consist of mining of bauxite and manufacturing of alumina and various aluminium products; (h) Iron ore, which consists of mining of ore and manufacturing of pig iron and metallurgical coke; (i) Other business segment under discontinued operations comprises steel and cement. 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

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Items that will not be reclassified to profit or loss

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Items that will be reclassified to profit or loss

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Items that will be reclassified to profit or loss

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Unaudited

true

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

true

2027-07-31