Vedanta Limited has filed the transcript of its earnings conference call regarding the unaudited financial results for the first quarter ended June 30, 2026, with the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE). The disclosure, made on August 4, 2026, follows the company’s announcement of a consolidated profit after tax (PAT) of ₹5,294 crore, marking a 152% year-on-year surge driven by record operational output and favorable London Metal Exchange (LME) prices. This filing ensures transparency for investors reviewing the detailed management commentary behind the financial performance.

The submission was made pursuant to Regulation 30 and Regulation 46(2)(oa) read with Schedule III Part A Para A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transcript is available on the company’s official website, www.vedantalimited.com . Prerna Halwasiya, Company Secretary and Compliance Officer, signed the letter addressed to the exchanges, confirming the availability of the document. This procedural step complements the earlier release of the unaudited consolidated financial results approved by the Board of Directors on July 30, 2026.

Financial Context

The earnings call discussed the robust performance that led to an all-time high consolidated EBITDA of ₹8,469 crore, up 98% year-on-year. Consolidated revenue from operations stood at ₹23,456 crore, reflecting a 51% increase compared to the same period last year. Key operational highlights included Zinc India’s record mined metal production of 268 kt and FACOR’s record ore production of 153 kt. Despite these gains, Copper India faced supply chain disruptions due to the closure of the Strait of Hormuz, which impacted rod sales.

Balance Sheet Strength

Management highlighted significant balance sheet improvements during the quarter. Net debt was reduced by ₹2,223 crore, bringing the net debt-to-EBITDA ratio to a best-in-class 0.30x. This deleveraging effort prompted credit rating upgrades from ICRA and CRISIL to AA+/Stable for Vedanta Limited. Additionally, Vedanta Resources Limited secured rating upgrades from S&P, Fitch, and Moody’s after raising $1.75 billion in international bonds at an average coupon rate of 7.4%. The parent entity ended the quarter with cash and cash equivalents of ₹19,992 crore against gross debt of ₹28,291 crore.

What the Numbers Show

The filing of the earnings call transcript provides investors with deeper insight into the drivers behind Vedanta’s margin expansion. The divergence between a slight 1% quarter-on-quarter revenue decline and a 24% surge in PAT indicates strong operating leverage. Cost efficiencies, particularly in the zinc segment where production costs fell to $851 per tonne, disproportionately benefited the bottom line. The strategic focus on deleveraging, evidenced by the reduction in net debt and improved credit ratings, enhances the company’s financial resilience while maintaining growth capex of ₹1,148 crore.

Vedanta Limited’s Board of Directors, meeting on July 30, 2026, approved the re-appointment of Non-Executive Independent Director Prasun Kumar Mukherjee and Executive Director Arun Misra, while also designating four new Senior Management Personnel (SMPs) and launching two new employee equity incentive schemes. These governance and human capital decisions aim to stabilize leadership continuity and align employee interests with long-term value creation, subject to shareholder approval. The moves follow the declaration of the company’s Q1FY27 results earlier in the same meeting.

Board-Level Re-appointments

Acting on the recommendation of the Nomination and Remuneration Committee (NRC), the Board approved the following re-appointments under Regulation 30 of the SEBI Listing Regulations:

Mr. Prasun Kumar Mukherjee (DIN: 00015999), aged 70, brings nearly four decades of experience in finance and general management. He previously served as Executive Director of Sesa Goa Limited and the Vedanta Group’s Iron Ore Business from 2006 to 2014. Mr. Arun Misra (DIN: 01835605), who has been an Executive Director since August 2023, will continue as CEO & Key Managerial Personnel. He previously served as CEO of Hindustan Zinc Limited (HZL) until July 31, 2026.

New Senior Management Personnel

The Board designated four executives as SMPs of Vedanta Limited:

• Mr. Amarendu Prakash: Appointed CEO – HZL and SMP effective August 01, 2026, till July 31, 2029. He joins from SAIL, where he served as Chairman & Managing Director. Mr. Prakash aims to achieve 2.0 MTPA of zinc and 1.5 KT of silver production at HZL.
• Mr. Puneet Khurana: Appointed CEO – Copper Business and SMP with immediate effect. He has been associated with Vedanta since 2006 and currently leads Copper and Nickel Operations.
• Mr. Vijay Kumar: Appointed CEO – Zinc International and SMP with immediate effect. He leads Vedanta Zinc International (VZI), targeting integrated production growth from 210 ktpa to 550 ktpa in the medium term.
• Mr. Manoj Kumar Keshari: Appointed CEO – FACOR and SMP with immediate effect. He joined Vedanta in 2008 and was appointed CEO of FACOR in June 2026.

Employee Equity Schemes

The Board approved the Vedanta Limited Employee Stock Option Plan 2026 (VEDL ESOP 2026) and the Vedanta Limited Employee Share Purchase Plan 2026 (VEDL ESPP 2026), superseding the 2016 scheme. Both plans are implemented via secondary acquisition through the VEDL Trust, compliant with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

No grants or offers have been made under either scheme as of July 30, 2026. The total shares held by the Trust under all outstanding schemes shall not exceed 5% of the paid-up equity share capital.