Vedanta · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Bought-out alumina prices have increased significantly. While management expects Lanjigarh ramp-up and power cost savings to offset, Q3-Q4 aluminum cost guidance execution remains contingent on successful operational ramp-up.
Kurloi and Radhikapur coal blocks expected operational by Q1 FY26 with ramp-up by Q3 FY26. Election-related process delays and further approvals (FC2 for Radhikapur) could push timelines beyond current guidance.
Global bauxite market tightness from Guinea affecting supply. Vedanta has ~10-15% exposure through EGA long-term contracts and is monitoring situation; Sijimali mine start in Q1 FY26 will partially de-risk supply.
While NCLT hearing completed and shareholders/creditors meetings planned, the March 2025 deadline for demerger completion remains subject to regulatory approvals. Management stated scheme is flexible to accommodate staggered listing.
