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Vedanta Oil and Gas Limited

Main Board

Equity

2026-04-01

2027-03-31

2026-07-29

2026-07-24

INR

Crores

Quarterly

First quarter

Single segment

Oil & Gas

2026-07-29

15:00:00

2026-07-29

15:38:00

Declaration of unmodified opinion

2026-04-01

2026-06-30

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Notes:- 1 The above consolidated results of Vedanta Oil and Gas Limited (formerly known as MALCO Energy Limited) ("the Company") and its subsidiary ("the Group") for the quarter ended 30th June 2026 have been reviewed by the Audit and Risk Management Committee at its meeting and approved by the Board of Directors in its meeting held on 29th July 2026 respectively. The statutory auditors have carried out a limited review of these results and issued an unmodified conclusion. 2 These results have been prepared in accordance with the Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. The figures for the quarter ended 31st March 2026 are the balancing figures between audited figures for the full financial year ended 31st March 2026 and unaudited figures for the nine months ended 31st December 2025 (also refer note 3). 3 "The Hon'ble National Company Law Tribunal, Mumbai Bench, vide its Order dated 16th December 2025, approved the Scheme of Arrangement inter-alia amongst Vedanta Limited, the Group and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (""Scheme""), providing for the demerger of the Oil and Gas Undertaking of Vedanta Limited (""Demerged Undertaking"") into the Group on a going concern basis. The Scheme became effective on 1st May 2026 (""effective date""), which is also the Appointed Date of the Scheme. Consequent to the scheme becoming effective, the Demerged Undertaking was transferred to and vested in the Group and has been accounted for in accordance with the accounting treatment prescribed under the Scheme and the applicable provisions of Ind AS. The assets, liabilities and reserves pertaining to the Demerged Undertaking have been recognised in the books of the Group with effect from the effective date. Pursuant to the Scheme on 4th May 2026, the Group approved allotment of 391,03,88,057 equity shares of face value of Rs.1 each to the eligible shareholders of Vedanta Limited in accordance with the Share Entitlement Ratio and the Group ceased to be a subsidiary of Vedanta Limited. The difference between the book value of net assets and reserves in the books of the Group and the consideration has been credited to the capital reserve. Further, the existing share capital as on the effective date has been cancelled pursuant to the Scheme and the resultant impact has been adjusted in capital reserve thereto. In terms of the provisions of the Scheme, credit balance remaining in the capital reserve of the Group on the Effective Date has been transferred to the Securities Premium of the Group. The figures for the comparative periods have been presented as if the Scheme has become effective from 1st April 2025, in accordance with the accounting treatment prescribed under the Scheme and the applicable provisions of Ind AS. Accordingly, the comparative financial results and other financial information of the Group includes unaudited interim financial results and other financial information of Oil and Gas Undertaking transferred to the Group pursuant to the Scheme of demerger, for the quarter ended 30th June 2025, audited interim financial results for the quarter ended 31st March 2026 and for the year ended 31st March 2026 as extracted from the books of account underlying the financial results of Vedanta Limited (the ""Demerged Company"") for those respective periods, which were subjected to limited review / audit by the auditors of Vedanta Limited. " 4 "Pursuant to the Business Transfer Agreements dated 30th April 2026, the Group transferred its Power and Nicomet Business to Vedanta Limited and its Coke Business to Vedanta Iron and Steel Limited on a slump sale basis as a going concern, for an aggregate consideration of Rs.504 crore. Prior to the above transfers, the Group transferred its investment in Fujairah Gold FZC to Vedanta Limited for a nominal consideration of Rs.1 and Cairn India Holdings Limited transferred its investment in AvanStrate Inc. to THL Zinc Limited for a nominal consideration of US$1. Accordingly, the above businesses and investments have been presented as discontinued operations in accordance with Ind AS 105. Comparative figures have been re-presented to conform to the current period presentation. The net carrying value of the businesses transferred as at 30th April 2026 was Rs. (552) crore. Accordingly, the excess of the consideration over the carrying value of Rs. 1,056 crore has been recognised as an exceptional gain in the Statement of Profit and Loss." 5 Brief particulars of the discontinued operations are given as under: (Rs. in crores) Particulars Quarter ended Year ended "30.06.2026 (Unaudited) (Refer note 3)" "31.03.2026 (Audited) (Refer note 3)" "30.06.2025 (Unaudited) (Refer note 3)" "31.03.2026 (Audited) (Refer note 3)" Total Income 326 2,314 1,954 9,126 Total expenses 285 2,532 2,043 9,503 Profit/(loss) before exceptional items and tax 41 (218) (89) (377) Net exceptional gain (refer note 6) 1,056 - - - Tax expense - 1 - - Profit/(loss) from discontinued operations 1,097 (219) (89) (377) 6 Net exceptional gain/ (loss): (Rs. in crores) Particulars Quarter ended Year ended "30.06.2026 (Unaudited) (Refer note 3)" "31.03.2026 (Audited) (Refer note 3)" "30.06.2025 (Unaudited) (Refer note 3)" "31.03.2026 (Audited) (Refer note 3)" Continuing operations: Statutory impact of new labour codes (refer note 7) - - - (26) Provision for impairment (refer note 8) (379) - - - Demerger related cost (62) - - - Net exceptional (loss) from continuing operations (441) - - (26) Net deferred tax benefit/(expense) on above 95 - - (7) Net exceptional (loss) (net of tax) from continuing operations (345) - - (33) Discontinued operations: Gain on slump sale of business (refer note 4) 1,056 - - - Net exceptional gain/ (loss) from discontinued operations 1,056 - - - Net exceptional gain/ (loss) (net of tax) from discontinued operations 1,056 - - - Net exceptional gain/ (loss) (net of tax) 711 - - (33) ) 7 On 21st 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. 26 crore has been disclosed as "Statutory impact of new Labour Codes" under Exceptional Items in the audited consolidated financial results for the year ended 31st March 2026. 8 "The Group's Production Sharing Contract (PSC) for the Cambay Block (CB-OS/2) expired on 29th June 2023. Prior to expiry, the Group and its joint venture partners had applied for extension of the PSC on 28th June 2021 under the Government of India's 2017 Extension Policy. Subsequently, the Ministry of Petroleum and Natural Gas (MoPNG), vide its letter dated 19th September 2025, declined the Group's application for extension of the PSC and directed handover of operations of the block to ONGC. The Group challenged the said decision before the Hon'ble Delhi High Court through a writ petition. During the proceedings, interim relief was granted on 06th June 2026, and status quo was directed to be maintained. However, vide order dated 22nd July 2026, the Single Judge Bench of the Hon'ble Delhi High Court upheld the Government's decision in line with the aforesaid communication. Considering the recent judicial developments, the absence of a valid PSC and the resulting uncertainty regarding recoverability of assets and receivables relating to the block, the Group reassessed the carrying value of the related balances. Accordingly, the Group has recognised an impairment charge of approximately Rs. 379 Crore during the period. The matter remains subject to further legal remedies and regulatory developments. Management has recognised the impairment charge based on facts and circumstances and the best information available as at the reporting date. The ultimate outcome of the litigation and its consequential impact, if any, cannot presently be determined." 9 Pursuant to the Scheme of Arrangement (“Scheme”), the Oil & Gas business undertaking of Vedanta Limited (“VEDL” or “Demerged Undertaking”) held within VEDL as well as its direct subsidiary (Cairn Energy Hydrocarbons Limited - “CEHL”) (together referred as “Cairn”), was demerged into Vedanta Oil & Gas Limited (“VOGL” or the “Group”) as a going concern with effect from 1st May 2026 (the 'Appointed Date”), as further detailed in Note 3. Subsequent to the quarter ended 30th June 2026, the Ministry of Petroleum and Natural Gas (MoPNG) has accorded its approval for the aforesaid demerger on 24th July 2026. In accordance with Clause 34 of the Scheme, pending receipt of the consent of the MoPNG for the transfer of participating interests under the relevant production sharing contracts and revenue sharing contracts, VEDL held the relevant letters of intent, participating interests, production sharing contracts, revenue sharing contracts and joint operating agreements together with related assets, rights, interests, liabilities and obligations, both present and future, and conducted the related business and operations, in trust for and on behalf of the Group from the Appointed Date. Nonetheless, the economic interest and obligations in such arrangements vested in the Group from the Appointed Date. Accordingly, the financial results for the two months (1st May 2026 to 30th June 2026) representing operations of the Cairn that are included in these financials results for the quarter ended 30th June 2026 - are summarized in the table below. Particulars Amount (Rs. in crores) Revenue from Operations 1,664 (Loss) before tax (498) 10 Earnings per share (basic and diluted) has been computed after giving effect to the equity shares issued pursuant to the Scheme, as if such shares had been issued at the beginning of the earliest period presented (refer note 3 above). 11 The Group is primarily engaged in the business of Oil & Gas and operates in a single reportable segment. Accordingly, the Group has only one operating segment in terms of Ind AS 108 – Operating Segments and no separate segment information is required to be disclosed. By Order of the Board Place: Barmer Jim Johnny Gast Date: 29th July 2026 Whole-Time Director

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Walker Chandiok & Co LLP

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2028-05-31