5447802026-07-012026-09-305447802026-09-305447802026-03-315447802026-04-012026-09-305447802026-07-012026-09-30in-capmkt:OtherExpenses1Member5447802026-07-012026-09-30in-capmkt:OtherExpenses2Member5447802026-04-012026-09-30in-capmkt:OtherExpenses1Member5447802026-04-012026-09-30in-capmkt:OtherExpenses2Member5447802026-09-30OtherNoncurrentFinancialAssetsDomain15447802026-09-30OtherNoncurrentFinancialAssetsDomain25447802026-09-30OtherNoncurrentAssetsDomain15447802026-09-30OtherCurrentFinancialAssetsDomain15447802026-09-30OtherCurrentFinancialAssetsDomain25447802026-09-30OtherCurrentAssetsDomain15447802026-09-30OtherNoncurrentFinancialLiabilitiesDomain15447802026-09-30OtherNoncurrentFinancialLiabilitiesDomain25447802026-09-30OtherNoncurrentFinancialLiabilitiesDomain35447802026-09-30OtherCurrentFinancialLiabilitiesDomain15447802026-09-30OtherCurrentFinancialLiabilitiesDomain25447802026-09-30OtherCurrentFinancialLiabilitiesDomain35447802026-09-30OtherCurrentFinancialLiabilitiesDomain45447802026-09-30OtherCurrentLiabilitiesDomain15447802026-07-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15447802026-04-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15447802026-07-012026-09-30ItemsThatWillBeReclassifiedToProfitAndLoss15447802026-04-012026-09-30ItemsThatWillBeReclassifiedToProfitAndLoss15447802026-07-012026-09-30AuditorDomain1iso4217:INRxbrli:pureiso4217:INRxbrli:shares544780VAMLNOTLISTEDINE1CDF01017VEDANTA ALUMINIUM METAL LIMITEDMain BoardEquity2026-04-012027-03-312026-10-282026-10-22INRCroresQuarterlySecond quarterSingle segmentAluminium2026-10-2814:10:002026-10-2815:12:00trueCash Flow IndirectDeclaration of unmodified opinion2026-07-012026-09-30UnauditedConsolidated2232395000003470000000226709500000653487000000-57253000003338000000910760000080227000005914620000013923790000087471600000-4847600000826240000001955910000011900000002074910000006187490000000006187490000013105000006318540000051669800000102042000005335000000098272000003910600000113.2113.210013.2113.210.00970.01190.1394Notes: <br /> 1. The above consolidated financial results of Vedanta Aluminium Metal Limited ("the Company") and its subsidiary (collectively referred to as "the Group") for the quarter and half year ended 30 September 2026 have been reviewed by the Audit and Risk Management Committee and approved by the Board of Directors at their respective meetings held on 28 October 2026. <br /> The statutory auditors of the Group have carried out a limited review of the aforesaid consolidated financial results in accordance with the applicable requirements and issued an unmodified conclusion thereon. <br /> <br /> 2. These Consolidated financial 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, and in compliance with Regulation 33 and 52 of the Listing Regulations. <br /> <br /> 3. The Hon'ble National Company Law Tribunal, Mumbai Bench, vide its Order dated 16 December 2025, approved the Scheme of Arrangement inter-alia amongst Vedanta Limited, the Company 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 Aluminium Division of Vedanta Limited ("Demerged Undertaking") into the Company on a going concern basis. <br /> The Scheme became effective on 1 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 Company and has been accounted for in accordance with the accounting treatment prescribed under the Scheme and the applicable provisions of Ind AS. <br /> Pursuant to the Scheme, the Company 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 on 4 May 2026, and the Company ceased to be a subsidiary of Vedanta Limited. <br /> The Company is also in the process of obtaining regulatory approvals relating to the transfer and/or change of name of certain mining and other assets transferred pursuant to the Scheme [Refer note 7(b)]. <br /> <br /> In accordance with the accounting treatment prescribed under the Scheme and the applicable provisions of Ind AS, the comparative financial results and other financial information of the Group for the quarter and half year ended 30 September 2025 and year ended 31 March 2026 includes unaudited interim financial results and other financial information of Aluminium Undertaking transferred to the Group pursuant to the Scheme as extracted from the books of account underlying the financial results of Vedanta Limited (the "the Demerged company") for those respective periods, which were subjected to limited review / audit by the auditors of Vedanta Limited to give impact of the Scheme. <br /> Further, "adjustment pursuant to the Scheme" appearing in the Statement of Consolidated Cash flows represents the aggregate impact of accounting adjustments arising from the demerger, including consequential realignment of assets, liabilities, income and expenses in accordance with the provisions of the Scheme. <br /> <br /> 4. Finance costs have been allocated between the business divisions of Vedanta Limited based on the actual debt allocation as at 30 April 2026. Accordingly, finance costs for the comparative quarter and half year ended 30 September 2025, and for the year ended 31 March 2026, have been presented based on the aforesaid debt allocation. <br /> <br /> 5. Earnings per share, basic and diluted, have 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). <br /> <br /> 6. The Group is primarily engaged in the aluminium business 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. <br /> <br /> 7. Exceptional items (net of tax): <br /> (Rs. in Crore) <br /> <br /> Particulars <br /> <br /> (Unaudited) Quarter ended 30.09.2026 <br /> (Unaudited) (Refer Note 3) Quarter ended 30.06.2026 <br /> (Unaudited) (Refer Note 3) Quarter ended 30.09.2025 <br /> (Unaudited) (Refer Note 3) half year ended 30.09.2026 <br /> (Unaudited) (Refer Note 3) half year ended 30.09.2025 <br /> (Unaudited) (Refer Note 3) Year ended 31.03.2026 <br /> <br /> OMC bauxite matter a (400) - - (400) - - <br /> Stamp duty and other charges on transfer of land and mining rights b (85) - - (85) - - <br /> Capital work-in-progress ("CWIP") written off - - - - - (349) <br /> Statutory impact of new Labour Codes - - - - - (44) <br /> Exceptional items (485) - - (485) - (393) <br /> Current tax benefit on above 101 - - 101 - 99 <br /> Deferred tax benefit on above 21 - - 21 - - <br /> Exceptional Items (net of tax ) (363) - - (363) - (294) <br /> Less: Non-controlling interest on above - - - - - (1) <br /> Exceptional items, net of tax and non-controlling interest (363) - - (363) - (293) <br /> a) This represents an additional provision recognised for bauxite supplied by Odisha Mining Corporation Limited under the Long-Term Linkage arrangement (Refer Note 12). <br /> b) This represents the estimated stamp duty and other charges payable to the various authorities to effect the transfer and registration of the land and mining rights acquired under the Scheme of demerger (Refer note 3 above). <br /> <br /> 8. The Company entered into a Share Purchase Agreement dated 30 April 2026 with Vedanta Limited ("VEDL") to acquire a 51% equity stake in Bharat Aluminium Company Limited ("BALCO") from VEDL for a consideration of Rs.22,180 crores, discharged through the issuance of 22,18,00,000 (Twenty-Two Crore Eighteen Lakh) 0.1 % Compulsorily Convertible Debentures of face value Rs.1,000 each. Consequently, BALCO, which was previously a subsidiary of VEDL, became a subsidiary of the Company with effect from 30 April 2026. The remaining 49% equity stake in BALCO continues to be held by the Government of India. <br /> As the aforesaid transaction represents a business combination involving entities under common control, it has been accounted for in accordance with Appendix C, Business Combinations of Entities under Common Control, to Ind AS 103, Business Combinations, using the pooling of interests method. <br /> Accordingly, the consolidated financial results for the quarter and half year ended 30 September 2025, for the quarter ended 30 June 2026 and year ended 31 March 2026 have been re-presented / re-computed to include the financial information of BALCO as if the acquisition had occurred from 1 April 2025, being the beginning of the earliest period presented. <br /> <br /> <br /> 9. 'Additional disclosures as per Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015: <br /> <br /> Particulars <br /> (Unaudited) Quarter ended 30.09.2026 <br /> (Unaudited) (Refer Note 3) Quarter ended 30.06.2026 <br /> (Unaudited) (Refer Note 3) Quarter ended 30.09.2025 <br /> (Unaudited) (Refer Note 3) half year ended 30.09.2026 <br /> (Unaudited) (Refer Note 3) half year ended 30.09.2025 <br /> (Unaudited) (Refer Note 3) Year ended 31.03.2026 <br /> <br /> Debt-Equity Ratio (in times)# 0.97 1.17 2.23 0.97 2.23 1.72 <br /> Debt Service Coverage Ratio (in times)* 1.19 1.33 1.69 1.27 1.70 1.66 <br /> Interest Service Coverage Ratio (in times)* 13.94 10.49 7.23 13.72 6.51 6.53 <br /> Current Ratio (in times) 1.49 1.18 0.89 1.49 0.89 0.85 <br /> Long term debt to working capital Ratio (in times) 5.18 11.07 ** 5.18 ** ** <br /> Bad debts to Account receivable Ratio (in times)* - - - - - - <br /> Current liability Ratio (in times) 0.23 0.28 0.26 0.23 0.26 0.29 <br /> Total debts to total assets Ratio (in times) 0.37 0.39 0.46 0.37 0.46 0.44 <br /> Debtors Turnover Ratio (in times)* 8.13 7.98 12.04 16.65 22.64 34.69 <br /> Inventory Turnover Ratio (in times)* 1.49 1.44 1.58 3.11 3.21 6.43 <br /> Operating-Profit Margin (%)* 42% 45% 31% 44% 28% 34% <br /> Net-Profit Margin (%)*29% 31% 19% 30% 17% 22% <br /> Capital Redemption Reserve (Rs. in Crore)- - - - - - <br /> Net Worth (Total Equity) (Rs. in Crore)# 33,656 30,441 17,530, 33,656, 17,530 21,849 <br /> * Not annualised, except for the year ended 31 March 2026. <br /> ** Net working capital is negative. <br /> <br /> Formulae for computation of ratios are as follows: <br /> Debt-Equity Ratio Total Debt / Total Equity <br /> 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 <br /> Interest Service Coverage Ratio Income available for debt service / interest expense <br /> Current Ratio Current Assets / Current Liabilities (excluding current maturities of long term borrowing) <br /> 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 <br /> long term borrowing) <br /> Bad debts to Account receivable Ratio Bad Debts written off / Average Trade Receivables <br /> Current liability Ratio Current Liabilities (excluding current maturities of long term borrowing) / Total Liabilities <br /> Total debts to total assets Ratio Total Debt/ Total Assets <br /> Debtors Turnover Ratio Total revenue from operations / Average Trade Receivables <br /> Inventory Turnover Ratio (Total revenue from operations less EBITDA) / Average Inventory <br /> Operating-Profit Margin (%) (EBITDA - Depreciation, depletion and amortization expense) / Total revenue from operations <br /> Net-Profit Margin (%) Net profit after tax before exceptional items (net of tax) / Total revenue from operations <br /> Capital Redemption Reserve includes Preference Share Redemption Reserve created on redemption of preference shares. <br /> <br /> <br /> 10.As at 30 September 2026, the Group has Listed Non-Convertible Debentures ("NCDs") outstanding with a carrying amount of Rs.8,689 crores, of which Rs.6,089 crores comprised listed secured NCDs. These listed secured NCDs are secured by way of a first pari passu mortgage/charge over certain movable fixed assets and freehold land of the Group. The Group has maintained an asset cover exceeding 125% against the face value of the listed secured NCDs of Rs.6,089 crores, in compliance with the applicable regulatory requirements. <br /> <br /> 11. EBITDA has been presented as a supplementary measure to enhance an understanding of the Group’s underlying operating performance. It is calculated from profit before exceptional items and tax, after excluding other non-operating income and expenses, and adding back net finance costs/income and depreciation, depletion and amortisation expenses. Exchange fluctuations pertaining to operational activities forms part of EBITDA. <br /> <br /> 12. The Company has an ongoing dispute with Odisha Mining Corporation Limited (“OMC”) relating to pricing of bauxite supplied under the Long-Term Linkage arrangement (“LTL”). The Hon’ble High Court of Odisha, vide its order dated 1 October 2026, dismissed the Company’s writ petition and vacated the interim stay. The Company is pursuing appropriate legal remedies against the said order and has challenged the judgment before the Hon’ble Supreme Court of India and sought a stay on OMC’s consequential demand dated October 03, 2026 for Rs.3,539 crore plus interest and GST thereon. <br /> <br /> Based on management assessment and considering the independent legal opinion obtained, the management continues to believe that the Company has strong grounds on merits on the pricing of bauxite under the LTL arrangement and other related matters and accordingly maintains that the impugned High Court judgement being susceptible to a successful challenge. <br /> <br /> 13. The total dividend declared for FY 2026-27 stands at Rs.8/- per equity share of face value Rs.1/- each. <br /> <br /> <br /> By Order of the Board <br /> Place: Jharsuguda <br /> Rajesh Kumar <br /> Date: 28 October 2026 <br /> Whole-Time Director & CEO <br /> <br /> Cash flow Notes: <br /> a. The figures in parentheses indicate outflow. <br /> b. The above cash flow has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows. <br /> c. Other inflow/(outflow) of cash" in the XBRL Cash Flow Statement (Financing activity) represents adjustments arising pursuant to the Demerger Scheme. (Please refer Note 3 above). <br /> <br /> <br /> <br /> <br /> <br /> 2026-04-012026-09-30UnauditedConsolidated43716950000065600000004437295000001200513000000-864790000066804000001911860000015768800000114966500000267937700000175791800000-484760000017094420000040033900000306800000043101900000012784230000000001278423000003160210000015944440000010795820000019881800000136988200000224472000003910600000127.6127.610027.6127.610.00970.01270.1372Power and fuel charges37497100000Other expenses21649100000Power and fuel charges72876400000Other expenses42090100000550591400000863118000000890680000017495900000849050000011677000000747330000017131500000236514000007040888000007932000000035780000000257500000002582500000252648000001010000061993000009558670000018416100000193322800000897411600000391070000022665180000023056250000010600000000033656250000027038860000012074000002715960000002986500000669600000003207000000037361250000057210200000182400000045599800000474238000005379340000015842740000017396600000231060000079797000001122300000187236600000560849100000897411600000Derivatives2393400000Other financial assets5079900000Other non-current assets23651400000Derivatives4983000000Other financial assets1216300000Other current assets18416100000Lease liabilities687400000Derivatives520000000Other financial liabilities0Lease liabilities196700000Operational buyers' credit / suppliers' credit26489800000Derivatives683100000Other financial liabilities26423800000Other current liabilities17396600000The Company is primarily engaged in the business of Aluminium and operates in a single reportable segment. Accordingly, the Company has only one operating segment in terms of Ind AS 108 – Operating Segments, and no separate segment information is required to be disclosed.19121000000-11736700000121030000000000092000000000015770000000000-138400000000111000000003420000000310000000-6300000000-1500000000-100000000085646000001795088000000003314000000001463688000000029077330000031622470000000005650000024765900000000000000000000000312080000000-470400000000000000012070000000017118000000011000000031240000000192900000000-10370000000-111490000000-121612000000-12161200000147405000002579300000Item that will not be reclassified to profit or loss8770000087700000Item that will not be reclassified to profit or loss66900000669000001980000020800000Item that will be reclassified to profit or loss16525000001652500000Item that will be reclassified to profit or loss421611000004216110000040990000010605100000131050000031602100000UnauditedtrueS R B C & CO LLP, Chartered Accountantstrue2029-02-28