Mumbai, May 6, 2026, 01:34 IST
Vedanta Ltd plans to seek listing approval on the stock exchanges for four spun-off units next week, CEO Deshnee Naidoo of Vedanta Resources said following the company’s quarterly results. Trading for the new companies could kick off by mid-June, she added. The group’s demerger—splitting the miner into separate businesses—has now cleared its May 1 record date, so investors are waiting for the new shares to hit the market.
That timing makes a difference: Vedanta’s remaining shares are already changing hands, but the aluminium, power, oil and gas, and iron-and-steel businesses are still sidelined. Until those new entities start trading on the BSE and NSE, shareholders are left holding value they can see on paper, but can’t price in the open market just yet.
The delay has dragged index mechanics into the spotlight. Khushi Mistry, research analyst at Bonanza Portfolio, pointed out that Vedanta is likely to stay in the Nifty Next 50 for now, while the four new units will show up as “dummy constituents” until they’re officially listed—a setup that can force passive funds to make adjustments and lead to short-term price inefficiencies; passive funds track an index instead of picking stocks. Business Standard
Shareholders will receive one share each in Vedanta Aluminium Metal Ltd, Vedanta Power Ltd, Vedanta Oil and Gas Ltd, and Vedanta Iron and Steel Ltd for every Vedanta share they currently hold, under the approved demerger plan. The remaining Vedanta entity retains operations in Zinc India, Zinc International, copper, and ferro chrome, according to Business Standard.
Vedanta closed out Tuesday at 303.90 rupees on the NSE, up 3.14%, after touching an intraday peak of 305.90 rupees. The steep drop showing on April 30 was simply a technical move, reflecting the stock’s first trade without the four businesses it spun off.
Foreign institutional investors bumped up their stake in Vedanta to 13.93% in the March quarter, according to DSIJ, using figures from the newest shareholding pattern. That’s up from 12.15% at the end of December. Promoters kept their grip steady at 56.38%. Domestic institutional investors, for their part, were at 13.43%.
Credit signals remain under scrutiny. CRISIL Ratings left Vedanta’s long-term rating unchanged for its bank facilities and non-convertible debentures—debt that trades like bonds—and kept the short-term rating at A1+. Ratings on debentures totaling 6,089 crore rupees were pulled, as those are slated for transfer to Vedanta Aluminium Metal Ltd after the company’s split.
CRISIL left its long-term rating at “Watch Developing,” holding off until more details come in. The agency flagged a lack of information on how rated debt facilities will be split, and also wants to know how Vedanta Resources’ debt will be backed—whether through dividends, brand fees, or management fees from the newly formed Indian companies. Crisil Ratings
Things have picked up compared to last year. Vedanta reported a fourth-quarter profit after tax of 9,352 crore rupees, up 89% year on year. Revenue landed at 51,524 crore rupees, a 29% jump, while EBITDA climbed 59% to 18,447 crore rupees. The company’s net debt-to-EBITDA ratio improved, coming down to 0.95 times from 1.22 times.
Anil Agarwal, the chairman, described May 1—Vedanta’s effective demerger date—as “the most awaited milestone” for the company in his letter to shareholders, adding that every business now “emerges as a ‘Vedanta’ in its own right.” Expansion is on the agenda, too: aluminium capacity is set at 60 lakh tonnes annually, oil and gas output could reach 300,000 to 500,000 barrels per day, and the group is developing 12 GW of power capacity. The Economic Times
The split is expected to sharpen peer comparisons. According to Business Standard, Hindalco Industries and Nalco line up as national rivals for the aluminium unit, while analysts point to ONGC and Oil India as better matches for the oil and gas arm. The demerger puts each business under its own lens—capital requirements, earnings cycle, market multiple, all to be weighed separately by investors.
Still, nothing’s guaranteed yet. If the listing drags, capital could be tied up for longer than planned, and how debt gets split between the entities could end up driving valuations. Mistry pointed out that if things slip past June, the new firms might not make it into the September Nifty rebalance—so passive flows could get pushed back. CRISIL flagged that debt arrangements and ongoing support are still key factors in its ratings decision.
Nuvama Institutional Equities has pegged Vedanta’s residual value at 336 rupees per share, breaking out indicative numbers at 477 rupees for aluminium, 47 for oil and gas, 30 for steel and iron ore, and 47 for power, according to the Economic Times. Over at SBI Securities, Sunny Agrawal, who leads fundamental research, sees Vedanta’s medium- to long-term fair value in the 320-330 rupee range, pointing to the zinc business and silver as key contributors. Still, analyst price targets aren’t a sure thing.
