Vedanta Aluminium Shines On Debut As Group's Four Demerged Firms Hit The Market

Shares of the four demerged businesses of Vedanta commenced trading on the stock exchanges on Monday, completing the final phase of billionaire Anil Agarwal-led Vedanta's restructuring exercise.

Of the four newly listed entities, Vedanta Aluminium Metal (VAML) emerged as the standout performer, while Vedanta Oil & Gas and Vedanta Iron & Steel witnessed sharp declines after listing.

The four companies — Vedanta Aluminium, Vedanta Power, Vedanta Oil & Gas and Vedanta Iron & Steel — were listed following a special pre-open session on both the NSE and BSE.

Aluminium Emerges As Investor Favourite

Vedanta Aluminium debuted at ₹522 on the NSE and ₹527 on the BSE, significantly outperforming the other demerged entities. However, profit-booking soon emerged, with the stock hitting its 5% lower circuit at ₹495.90 on the NSE.

Despite the decline from listing levels, the aluminium business remained the strongest performer among the four entities, reflecting investor confidence in its earnings profile and growth prospects.

Vedanta Power listed at ₹41.80 on the NSE and ₹41.30 on the BSE. The stock later traded around 2.4% higher at ₹42.79.

In contrast, Vedanta Oil & Gas debuted at ₹38 on the NSE and ₹39 on the BSE, significantly below its discovered price of ₹67.64.

Vedanta Iron & Steel listed at ₹20 and ₹21 on the NSE and BSE, respectively, and soon hit its lower circuit limit as investors booked profits.

The weak performance of the Oil & Gas and Iron & Steel businesses contrasted sharply with the strong reception for the aluminium business.

Combined Value Surpasses Pre-Demerger Levels

Despite mixed listing performances, the market assigned a higher aggregate valuation to the demerged structure than it did to the conglomerate.

Based on debut prices and Vedanta's prevailing market value, the combined implied value of the five listed entities stood at around ₹933-944 per original Vedanta share.

This represents a premium of roughly 18-21% over Vedanta's pre-demerger closing price of about ₹773 on April 29.

The valuation uplift suggests investors see greater value in the standalone businesses than in the earlier conglomerate structure.

Demerger Aimed At Unlocking Value

Following the listing of the demerged entities, Vedanta shares surrendered part of their earlier gains and touched an intraday low of ₹304.70 on the BSE.

However, the stock continued to trade above its ex-demerger adjusted price of ₹291. On Friday, Vedanta shares had closed 1.46% higher at ₹309.50.

Vedanta has said the restructuring will simplify its corporate structure and create sector-focused businesses capable of attracting dedicated investors.

The demerger was approved by the National Company Law Tribunal (NCLT) in December 2025.

Under the approved 1:1 share entitlement ratio, shareholders received one share of each demerged company for every share held in Vedanta.

The company believes the new structure will provide global investors, sovereign wealth funds and retail shareholders direct exposure to individual businesses spanning aluminium, power, oil & gas and steel.