Vedanta's much-anticipated demerger is set to complete tomorrow, 30 April, with the company conducting a special price discovery session from 9:15 to 9:45 AM before normal trading commences at 10:00 AM at the ex-demerged price. According to reports from Mint, while Vedanta's demerger record date was set as 1 May, the special discovery session takes place today as both BSE and NSE are closed on Friday for Maharashtra Day. This makes today the last day to purchase Vedanta shares to enjoy demerger benefits, as the company will separate four businesses that will be listed as separate entities.
Analysts predict the demerged price for Vedanta shares could be around ₹300 apiece, with the residual Vedanta Ltd expected to open in the ₹300–325 band, anchored largely by its 63.4% stake in Hindustan Zinc, copper, ferro chrome and the emerging displays venture. As reported by Mint, Harshal Dasani, Business Head at INVasset PMS, expects the remaining roughly ₹400–475 of pre-demerger value to transfer into the four spun-off entities — Aluminium, Power, Oil & Gas, and Iron & Steel — that shareholders will hold as 1:1 entitlements pending listing over the next four to eight weeks. Vedanta shares closed at ₹773.60 on the NSE today, but the stock has surged 4.7% to around ₹774 on April 29, 2026, nearing a 52-week high of ₹794.90, outperforming the BSE Sensex which rose 1.2%.
Sunny Agrawal, Head of Fundamental Research at SBI Securities, expects the fair value for Vedanta shares to be ₹291, with specific estimates for the demerged entities showing Vedanta Aluminium Metal at ₹489, Vedanta Power at ₹44, Vedanta Oil and Gas at ₹42, and Vedanta Iron and Steel at ₹19. According to Mint, this suggests a higher total fair value of ₹885 for the metals company. Dasani highlighted that aluminium is clearly the crown jewel for Vedanta, with a 2.8 MTPA capacity, expanding EBITDA per tonne, and tight global supply, making it the most likely beneficiary of pure-play re-rating.
A key concern is Vedanta's substantial debt, estimated at approximately ₹81,000 crore gross and ₹60,600 crore net, with ICICI Securities analysts highlighting a stark risk: the stock price could adjust drastically to ₹300-325 post-demerger from its current price of ~₹720. This projection is contingent on the complex allocation of net debt across the five resulting entities, none of which will be debt-free. The aluminium business, being the largest and most capital-intensive, is anticipated to bear the heaviest debt allocation, potentially limiting its pure-play valuation premium. Despite this near-term risk, ICICI Securities maintains a longer-term sum-of-the-parts (SoTP) valuation of ₹820 per share, while the consensus analyst rating remains 'Strong Buy' with an average 12-month price target of ₹859.77.
