VEDANTA IRON & STEEL Q2 CONCALL : MANAGEMENT TARGETS ₹10,000–11,000 STEEL EBITDA/TONNE AFTER EXPANSION; PLANS TO DOUBLE BOKARO HOT METAL CAPACITY TO 3.2 MTPA

• MANAGEMENT TARGETS STEEL EBITDA OF APPROXIMATELY ₹10,000–11,000 PER TONNE FOLLOWING CAPACITY EXPANSION, SUBJECT TO PROJECT COMMISSIONING & COMPARABLE MARKET CONDITIONS • MANAGEMENT EXPECTS STRUCTURAL COST SAVINGS OF UP TO $50 PER TONNE, OR APPROXIMATELY ₹4,500–5,000 PER TONNE, THROUGH LOGISTICS, COKE OVENS & HIGHER CAPACITY UTILISATION • MANAGEMENT PLANS TO DOUBLE BOKARO HOT METAL CAPACITY FROM 1.6 MTPA TO 3.2 MTPA, TAKING COMBINED BOKARO & GOA CAPACITY TO APPROXIMATELY 4.4 MTPA • MANAGEMENT TARGETS LONGER-TERM INTEGRATED VALUE-ADDED STEEL CAPACITY OF APPROXIMATELY 5 MTPA, WITH INDICATIVE PHASE 2 CAPEX OF $400 MILLION • MANAGEMENT EXPECTS PHASE 1 EXPANSION TO REQUIRE 4–5 MONTHS AFTER RECEIVING PENDING FC2 REGULATORY APPROVAL, WITH COST BENEFITS TARGETED FROM EARLY FY28 • MANAGEMENT EXPECTS H2 FY27 TO BE STRONGER THAN H1, SUPPORTED BY POST-MONSOON DEMAND RECOVERY, COMPLETION OF PLANNED SHUTDOWNS & IMPROVED STEEL REALISATIONS • MANAGEMENT TARGETS H2 FY27 IRON ORE VOLUMES OF APPROXIMATELY 2 MILLION TONNES IN GOA & 2–3 MILLION TONNES IN KARNATAKA • Q2 REVENUE REMAINED BROADLY FLAT YOY AT ₹2,788 CR, WHILE EBITDA GREW 56% YOY TO ₹83 CR DESPITE WEAK STEEL PRICES & HIGHER INPUT COSTS • H1 FY27 REVENUE GREW 8% YOY TO ₹6,450 CR, EBITDA SURGED 54% TO ₹598 CR & REPORTED LOSS NARROWED TO ₹203 CR FROM ₹622 CR • Q2 STEEL PRODUCTION GREW APPROXIMATELY 4% YOY TO 532 KT, WHILE STEEL EBITDA STOOD AT ₹1,381 PER TONNE, AFFECTED BY LOWER REALISATIONS & PLANNED SHUTDOWNS • Q2 IRON ORE PRODUCTION DECLINED 13% YOY TO APPROXIMATELY 1.5 MILLION TONNES, WHILE MERCHANT MINING EBITDA FELL TO APPROXIMATELY ₹198 PER TONNE • MANAGEMENT PLANS TO EXPAND BICHOLIM IRON ORE CAPACITY FROM 3 MTPA TO 5 MTPA, WHILE KUDNE & JANTHAKAL MINES ARE EXPECTED TO ADD APPROXIMATELY 0.5 MTPA EACH • MANAGEMENT TARGETS INITIAL LIBERIA IRON ORE PRODUCTION AROUND FY30, WITH PROJECT CAPEX INTENSITY OF $70–80 MILLION PER MTPA & ESTIMATED PAYBACK OF 3–3.5 YEARS AT A $90 IRON ORE INDEX • MANAGEMENT EXPECTS H2 FY27 CAPEX OF ₹600–700 CR, IMPLYING TOTAL FY27 CAPEX OF APPROXIMATELY ₹900–1,000 CR; REPORTED NET DEBT/EBITDA STOOD AT 1.3X • MANAGEMENT REMAINS POSITIVE ON CAPACITY EXPANSION & COST REDUCTION, BUT PENDING FC2 APPROVAL, HIGHER COKING COAL PRICES, WEAK IRON ORE REALISATIONS & PROJECT EXECUTION REMAIN KEY RISKS

VEDANTA IRON AND STEEL L

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