For Vedanta, this is the right moment to transform itself into a natural resources, energy and technology company. Vedanta 2.0 will have a key role in each of the most crucial levers of the economy. 
Total Contribution To The Exchequers
Like every year, I am pleased to report that we have stayed committed to our basic DNA. We have grown. But we have also kept in mind that business is about more than profit, it is about purpose. We always ensure that our communities prosper with us. We remain conscious of our environment and preserving the planet. And while doing all of this, we also deliver maximum returns to our shareholders.
The world around us is moving fast. There are big changes in geopolitics and geoeconomics. Some may view them as a challenge. We view them as opportunities. Tomorrow’s world is going to be shaped by the advancement in technology. Those who lead in technology adoption and innovation will be the winners. The world is also going through an energy transition. Renewables are emerging as a complement to conventional sources of energy. The demand for both is growing. India will demand more energy than any other nation in the years ahead. As is well known, the technologies of this transition whether EVs or renewable energy infrastructure will be underwritten by critical and transition minerals.
For Vedanta, this is the right moment to transform itself into a natural resources, energy and technology company. Vedanta 2.0 will have a key role in each of the most crucial levers of the economy. We are also in the process of demerging our business verticals to create a pure play model, which is nimble and fine-tuned to even faster growth and unlocking of massive value.
To use a term from racing, Vedanta is in pole position as the future unfolds.
Nation building is at the core of what we do. Our minerals, materials and energy are used extensively to build the nation’s infrastructure. Our contribution to the exchequer this past year is a record ₹ 55,349 crores in FY 2024-25.
Every country that has become developed whether the US, UK, Middle East has done so on the back of harnessing their natural resources potential. India has explored only 25% of its geological potential. With new policy regimes in oil and gas and mining, this percentage will increase.
As India’s leading mining, metals and natural resources company, we see ourselves as both beneficiaries and enablers of this new era. Our diverse portfolio of 15 major commodities, oil & gas, and renewable energy – is not only inextricably linked to the growth and development of the Indian economy but also intricately tied to the global goal to embrace a low-carbon future.
Nation building is at the core of what we do. Our minerals, materials and energy are used extensively to build the nation’s infrastructure. 
EBITDA
Revenue
In FY 2024-25, we invested US$ 1.5 billion in capex on projects. We have an additional US$ 1.5-1.7 billion earmarked for FY 2025-26. These investments are not just numbers on a balance sheet – they are the seeds of tomorrow’s prosperity. We are advancing towards expanding our aluminium production to 3.1 MTPA and exploring the addition of 250 KTPA of zinc smelting capacity at Hindustan Zinc. Several landmark projects have been commissioned this year, and many more are nearing completion.
What is also noteworthy is that each of these investments – across our existing growth projects and our proposed transformational projects - has the capacity to create tens of thousands of new jobs, both directly across our operations, and indirectly across the ecosystems that they will support through essential raw materials.
Our commitment to vertical integration and operational excellence ensures that we are not just growing in size, but also in strength and resilience.
Leverage is necessary to grow but any financial strategy must be prudent. Over the past few years, we have demonstrated a strong commitment to financial discipline and capital management. In FY 2024-25, we executed multiple strategic actions to strengthen our balance sheet and enhance shareholder value.
We raised US$ 1 Billion through a Qualified Institutional Placement at Vedanta Limited – one of the largest such transactions in India, oversubscribed nearly three times by marquee global investors. Hindustan Zinc’s Offer-For-Sale raised an additional US$ 0.4 Billion.
At our holding company, Vedanta Resources Limited (VRL), we deleveraged our balance sheet by ~US$ 0.7 billion this year, bringing the total debt reduction to US$ 4 billion over the last three years, surpassing our earlier stated targets. These actions have not gone unnoticed. ICRA and CRISIL upgraded Vedanta’s long-term rating from ‘AA-’ to ‘AA’ with watch with developing implications and S&P Global raised VRL’s rating by three notches to ‘B+’ with stable outlook.
FY 2024-25 stands out as a year of strong performance for Vedanta. We delivered our highest-ever revenue of ₹ 1,50,725 crore, while our EBITDA jumped 19% to ₹ 43,541 crore, delivering industry-leading margins of 34% – all achieved in a challenging environment.
Our aluminium and zinc operations maintained their industry-leading cost positions, ranking in the top quartile and decile, respectively, of the global cost curve. Zinc International, Iron Ore, and Steel businesses also delivered robust improvements, reinforcing Vedanta’s leadership across multiple sectors.
Sustainability is at the heart of our business strategy at Vedanta. Our assets have continued to secure top positions in major global sustainability indices. Hindustan Zinc ranked #1 and Vedanta Aluminium ranked #2 among their peer group in the S&P Global Corporate Sustainability Assessment 2024.
Our most ambitious ESG goal is to achieve net-zero emissions by 2050. In pursuit of this, we have secured 1,906 MW of renewable energy. Hindustan Zinc and Vedanta Aluminium have already begun utilizing renewable energy, and we are committed to expanding this across all our businesses.
We have also made significant progress on other sustainability goals, increasing water recycling to 35% and improving our water positivity ratio to 0.63x. Responsible business practices, transparency, and robust governance will always be fundamental to our ethos.
We live in a world that values focus and agility. Our decision to demerge Vedanta into four independent, sector-focused, globally scaled entities is a strategic move to unlock value and empower each business to pursue its own growth path.
Our demerger proposal has received overwhelming support from both Shareholders and Creditors, with over 99.5% of both stakeholder groups voting in favour of the demerger. This is a remarkable endorsement of our decision. Post-demerger, every Vedanta shareholder will receive one new share in each of the newly demerged companies. We believe this will unlock significant value for our shareholders and position each entity for long-term success.
In FY 2024-25, we invested U $ 1.5 billion in capex on projects. We have an additional US$ 1.5-1.7 billion earmarked for FY 2025-26.
None of our achievements would have been possible without the passion, dedication, and loyalty of our people. From our engineers and miners to our sustainability champions, frontline workers and business partners, every member of the Vedanta family has contributed to our success.
Vedanta doesn’t just produce metals and energy. It is a factory of talent and leadership.
We are committed to building and nurturing a culture of excellence at Vedanta that embraces respect for our colleagues, celebrates the spirit of entrepreneurship, and rests on the core pillars of diversity, inclusion, and continuous learning. We invest in our people as partners in our journey towards a better tomorrow. Their safety, well-being, and professional growth remain our top priorities.
Today, Vedanta stands at the threshold of unparalleled opportunities. India, already a leading consumer in the world, is going to become a strong manufacturing nation. It will require more and more minerals, metals and energy to support its continued rise. Vedanta’s future is closely knitted with India’s. As India’s per capita income rises and gets close to the US$ 5,000 mark, around 66% of the population which is just below the middle class will become middle class. Demand will grow exponentially. So far, we have only seen a small glimpse of our full potential.
We will be razor-sharp in our focus to make the most of the opportunities that are bound to arise. Our strategic priorities for the coming years are clear: timely completion of all capex projects, continued deleveraging and interest cost reduction, and successful completion of the demerger scheme.
I want to take this opportunity to thank all our stakeholders -- the Government of India, shareholders, employees, partners, customers, and communities for their unwavering support and trust.
Together, we will work towards transforming our company and nation.
With warm regards,
Chairman, Vedanta Limited
