• Operating margin outlook: Aluminum EBITDA margins of 38% and Zinc margins of 56% are projected to sustain and rise further, driven by volume expansion, cost cuts, positive commodity pricing, and rupee depreciation tailwinds.
• Demerger listing timeline: Following the May 1 record date, regulatory listing applications will be submitted in early May, with all four demerged entities expected to list and commence trading between June 15 and June 30.
• Debt allocation strategy: Net debt-to-EBITDA ratios across the demerged entities will be distributed between 0.45 and 1.45—improving group-level leverage from 0.95 to 0.65 in the coming year—to ensure each business can fully service debt from internal EBITDA.
• VRL debt reduction: Vedanta Resources Limited reduced its debt from $9 billion to approximately $5 billion over the past three years, with a target to further lower it to $3 billion over the next three years.
• Asset sale stance: Management clarified that the group does not plan to sell assets or reduce stakes in any business unit to retire debt, maintaining that the demerger's sole purpose is pure-play value creation.