Vedanta Limited reported record refined zinc production of 524 thousand tonnes (kt) for the first half of FY27, marking a 6% year-on-year increase. The metals major also achieved its highest-ever chrome ore output during the period, driven by operational improvements and capacity expansions.

The company’s Zinc India segment recorded its highest-ever second-quarter and first-half refined metal production. Mined metal production stood at 539 kt, up 3% YoY, supported by higher ore production. Refined lead production grew 6% YoY to 99 kt, while silver production expanded 10% YoY to 321 tonnes.

Zinc International and FACOR Performance

Zinc International’s total mined metal production declined 13% YoY to 102 kt in the first half. However, the Gamsberg mine saw a 1% quarter-on-quarter increase in Q2FY27, with Phase 2 commissioned during the quarter. Saleable production from Phase 2 is expected to commence from October 2026. BMM plant operations stabilised, contributing to a 9% QoQ rise in overall ZI production in Q2.

FACOR achieved record ore production of 202 kt in H1FY27, a 31% YoY jump, largely due to the restart of Kalarangiatta Mines. Ferrochrome production increased 13% YoY to 53 kt, with Q2 output rising 26% YoY to 24 kt.

Copper and Ports Business Updates

Copper India sales volumes grew 9% YoY to 105 kt in the first half, with Q2 sales rising 16% YoY to 52 kt. Conversely, Copper International sales fell sharply by 64% YoY to 16 kt in H1FY27. The decline was attributed to adverse impacts on Fujairah copper rod sales due to the closure of the Strait of Hormuz.

The ports business delivered strong performance, handling a record 4,185 kt of discharge volume in H1FY27, up 32% YoY. Dispatch volumes increased 18% YoY to 3,391 kt. In Q2FY27, dispatch volumes hit a quarterly record of 1,739 kt, reflecting improved operational efficiency and cargo flow.

What the Numbers Show

A divergence is evident between domestic and international operations. While Zinc India and FACOR posted robust growth with double-digit increases in key metrics, Copper International suffered a severe contraction. The 64% drop in international copper sales contrasts sharply with the 9% growth in domestic copper sales, highlighting significant geopolitical or logistical disruptions affecting overseas supply chains compared to stable domestic operations.

Vedanta Limited shareholders have approved ten resolutions via postal ballot, including the introduction of the Employee Stock Option Scheme 2026 and the re-appointment of Arun Misra as Chief Executive Officer.

The voting results, declared on October 1, 2026, confirm that all special and ordinary resolutions passed with requisite majorities. The postal ballot process, conducted through remote e-voting, concluded on September 30, 2026. The approvals cover the implementation of new employee benefit plans through a trust route and governance appointments.

Key Resolutions Approved

The shareholder approval encompasses two primary employee benefit frameworks: the Employee Stock Option Scheme 2026 (ESOS 2026) and the Employee Share Purchase Plan 2026 (ESPP 2026). Both schemes will be implemented through an existing irrevocable employee welfare trust, the Vedanta Limited ESOS Trust.

Key components of the approved schemes include:

• ESOS 2026: Authorization to grant up to 16,62,04,184 equity shares, representing 4.25% of the total paid-up share capital as of March 31, 2026.
• ESPP 2026: Authorization for the acquisition of up to 2,93,30,150 equity shares, representing 0.75% of the paid-up share capital.
• Trust Funding: Approval for the company to provide interest-free loans to the trust, capped at 5% of the aggregate paid-up share capital and free reserves, to facilitate secondary acquisition of shares.
• Scope Extension: Both schemes are extended to eligible employees of the holding company and subsidiary companies.

Governance Appointments

The postal ballot also addressed critical leadership continuity. Shareholders approved the re-appointment of two key directors:

1. Arun Misra: Re-appointed as Executive Director and Chief Executive Officer for a one-year term effective August 1, 2026, to July 31, 2027.
2. Prasun Kumar Mukherjee: Re-appointed as Non-Executive Independent Director for a second and final term of one year, effective August 11, 2026, to August 10, 2027.

Voting Trends and Institutional Sentiment

The voting data reveals distinct patterns in shareholder support across different categories. While promoter group support was unanimous across all resolutions, institutional investors showed varying degrees of dissent, particularly on governance matters.

What the Numbers Show

A clear divergence exists between institutional and non-institutional investor sentiment regarding executive compensation and equity dilution. For the ESOS 2026 resolution, institutional investors voted against at a rate of 37.2%, whereas non-institutional retail investors supported it at 99.67%. This suggests that large institutional holders may have concerns regarding the scale of equity dilution or the valuation mechanics of the trust route, which were not shared by the broader retail base. Conversely, the re-appointment of CEO Arun Misra received near-unanimous institutional support (96.3%), indicating strong confidence in operational leadership despite reservations about specific compensation structures.