The Anil Agarwal-led Vedanta Group is entering a crucial phase as four of its major businesses are set to be listed separately on the stock market. This development comes after the group completed one of the largest corporate restructuring moves in India’s metals and mining sector. Investors are now closely monitoring how the market values ​​each of these newly formed companies.
Following the demerger, the four independent entities will begin trading as separate companies: Vedanta Aluminium, Vedanta Power, Vedanta Oil & Gas, and Vedanta Iron & Steel. On listing day, these stocks will initially be placed in the trade-to-trade segment, meaning each transaction must involve actual delivery of shares. Therefore, intraday trading will not be permitted initially.
This listing will provide a clearer picture of how investors view each business unit, which was previously part of a single entity.
The group previously announced in April that eligible shareholders would receive shares in the four new companies. For every one share held in Vedanta, investors would receive one share in each of the four newly formed firms. For example, if someone previously held 100 shares, they would now receive 100 shares in each of the four companies.
The record date for this distribution was set for May 1, and since then, market participants have been awaiting the listing to understand the true value of each business.
Of all the new companies, Vedanta Aluminum is expected to attract the most investor interest. Market experts estimate its potential market value at approximately ₹1.74 lakh crore, which could exceed the current valuation of its parent entity.
Different brokerage firms have provided varying price estimates for the stock. Some analysts believe the fair value could be around ₹489 per share, while others have suggested a range closer to ₹398 per share. This makes it one of the group’s most promising entities.
The strength of this business comes from its large production capacity. The company claims to have produced 2.42 million tonnes of aluminum in fiscal year 2025, representing more than half of India’s total production. It also operates a 5-MTPA alumina refinery in Odisha and one of the world’s largest aluminum plants with a capacity of 1.85 MTPA.
According to analyst estimates, Vedanta Power’s market capitalization is expected to be around ₹17,466 crore. The fair value of its shares is estimated to be between ₹35 and ₹60, depending on the brokerage.
The company operates power assets in several states, including Punjab, Andhra Pradesh, Chhattisgarh, and Odisha, with a total installed capacity of over 4 gigawatts. It also has long-term and medium-term agreements with various power distribution companies, providing stable revenue visibility.
The oil and gas business is another important segment for the group. Analysts estimate its market value at approximately ₹15,824 crore, with a fair share price of approximately ₹42.
The company is one of the largest private sector upstream companies in India and has a major plan to increase production from 300,000 barrels per day to 500,000 barrels per day. To achieve this, it is planning an investment of approximately $5 billion.
Of the four entities, Vedanta Iron & Steel is expected to have the lowest market value, estimated at approximately ₹8,680 crore. The fair value of its shares is seen to be around ₹19.
Experts believe that due to stiff competition from established players in the steel industry, investor interest in this segment may remain low. However, the company’s portfolio is diversified, encompassing mining, processing, and the production of various metal products such as TMT bars, pig iron, and ductile iron pipes.
Before the listing of the new entities, Vedanta’s stock had already undergone adjustments. On April 30, the share price fell by approximately 63 percent due to the demerger, opening at ₹289.50 on the exchange.
However, the stock recovered significantly in the following weeks, rising by approximately 24 percent to approximately ₹360 in 20 trading sessions. Later, some profit booking was observed, and the stock closed at ₹309.65 on Friday. Despite this correction, it is still trading above its post-demerger adjusted levels.
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