Vedanta Power (VEDPOWER) Investor update summary

Demerger and portfolio outlook

• Record-date shareholders received shares in four new entities; listings were expected to conclude in June, followed by trading. Each entity will have its own board and management while retaining group synergies.

• Post-demerger businesses span base metals, aluminium, oil and gas, power, and iron and steel, with consolidated EBITDA targeted above $9 billion in FY 2027.

Base metals

• Consolidated EBITDA is projected to rise from $2.65 billion in FY 2026 to $5 billion by FY 2030, an 18% CAGR; growth plans span zinc, silver, copper, ferrochrome, nickel, and critical minerals.

• Hindustan Zinc targets 1.4 million tonnes of refined metal capacity and $4.2 billion EBITDA by FY 2030 at current spot-price assumptions; Debari smelter expansion is targeted for Q2 FY 2029.

• Vedanta Zinc International targets ~800,000 tonnes of annual metal-in-concentrate output within three years and EBITDA above $1 billion by FY 2030, from $288 million in FY 2027, at conservative price assumptions.

• Copper capacity target is 1 million tonnes per annum across India and the Middle East; volumes are projected above 700,000 tonnes and EBITDA close to $300 million by FY 2030.

• FACOR targets 500,000 tonnes per annum by FY 2029, with EBITDA ~9x FY 2026’s $182 million; nickel capacity targets 60,000 tonnes per annum and EBITDA ~$200 million by FY 2030.

Aluminium

• Capacity is planned to reach 3 million tonnes per annum by FY 2028; targets include top-decile global cost-curve positioning this financial year and 90% value-added products, from 70% currently.

• FY 2026 production was 2.46 million tonnes, up 7% in three years, while cost fell 25% to $1,750 per tonne; hot-metal cost is expected to decline to $1,550–$1,600 per tonne.

• At current pricing, EBITDA is estimated to double to $5.8 billion by FY 2029; nearly 70% of approved expansion CAPEX was spent by FY 2026, with most remaining spend expected in FY 2027 and funded internally.

• Sijimali bauxite capacity targets 9 million tonnes per annum, with potential for a further 3 million tonnes; coal capacity targets 40 MTPA as additional mines are commissioned.