Four new entities, one big debut. On Monday, June 15, 2026, four of the five entities born from the Vedanta demerger made their stock market debut on the BSE and NSE after a special pre-open price discovery session, with Vedanta Aluminium Metal setting the pace at ₹522 per share on the NSE and ₹527 on the BSE.
The other three opened more quietly. Vedanta Power listed at ₹41.80 on the NSE, Vedanta Oil and Gas at ₹38, and Vedanta Iron and Steel at ₹20, while the first trading day closed with a split verdict that put the conglomerate-discount thesis under the market’s microscope for the first time.
Vedanta Aluminium Lists at ₹522 as Four Demerged Entities Debut
Vedanta Aluminium Metal opened at ₹522 per share on the NSE, clearing the top of broker estimates of ₹398 to ₹489. The BSE pre-open set a higher opening of ₹527. It briefly hit ₹538 intraday. On the NSE, Vedanta Oil and Gas listed at ₹38, Vedanta Power at ₹41.80, and Vedanta Iron and Steel at ₹20, with all four stocks going through a special pre-open session that ran from 9:00 am to 10:00 am before regular trading opened under the BSE notice on the June 15 aluminium demerger listing rules.
Estimates were wide. Kotak Institutional Equities had pegged the aluminium listing near ₹475 and Nuvama at ₹477, while ICICI Securities estimated ₹398 and SBI Securities set a ₹489 fair value. Brokerages had for months described the aluminium business as the group’s crown jewel on the back of operating scale and tight global supply, and the opening print cleared the top of that range.
Day one ended on a mixed note. Vedanta Aluminium closed at ₹495.90 against its ₹522 listing price, hitting the 5% lower circuit on the BSE. Vedanta Oil and Gas ended at ₹36.10 from ₹38. Vedanta Iron and Steel traded in the red for most of the day before recovering to ₹21.06 from ₹20. Vedanta Power was the only gainer at close, ending at ₹41.90 after scaling to a 5% upper circuit at ₹43.35 on the BSE, while three of the four entities, aluminium, oil and gas, and iron and steel, touched the 5% lower circuit intraday as investors booked listing-day profits.
| Entity | NSE open (₹) | BSE open (₹) | Day-one close (₹) |
|---|---|---|---|
| Vedanta Aluminium Metal | 522 | 527 | 495.90 |
| Vedanta Oil and Gas | 38 | 39 | 36.10 |
| Vedanta Power | 41.80 | 41.30 | 41.90 |
| Vedanta Iron and Steel | 20 | 21 | 21.06 |
The Demerger Path From NCLT Order to June 15
The NCLT cleared the scheme in December 2025, the NSE filing on the December 2025 NCLT order shows. Months of work had led to that ruling. Shareholder, creditor, and stock-exchange approvals had all come through before the tribunal hearing, and Vedanta had been working through the demerger conditions for more than a year before the June 15 debut.
Vedanta Limited’s board approved implementation on April 20, 2026, setting May 1, 2026 as both the effective date and the record date. May 1 was a Maharashtra Day market holiday. The stock went ex-demerger on April 30 in a special pre-open session that reset the share price to ₹289.5 from its previous close of ₹773.6. Under the 1:1 entitlement, each shareholder received one share in each of the four demerged companies for every Vedanta share held. The four entities emerged from their former names: Talwandi Sabo Power became Vedanta Power, Malco Energy became Vedanta Oil and Gas, and the aluminium and iron and steel undertakings were housed in Vedanta Aluminium Metal and Vedanta Iron and Steel respectively. Trading opened on June 15 after a fresh pre-open price discovery window for newly listed securities that ran from 9:00 am to 10:00 am.
Aluminium Sets the Pace at a Premium to Estimates
The NSE open cleared the top of the broker range. Expectations had run high, with brokerages treating the upper end of their published range as the realistic ceiling for opening-day demand, and the print cleared it on the first trade.
Vedanta Aluminium Metal is India’s largest aluminium producer, with FY25 output of 2.42 million tonnes, more than half of the country’s aluminium production, the company said. The business operates the world’s largest aluminium plant at Jharsuguda, Odisha at 1.85 MTPA capacity, supported by a 5 MTPA alumina refinery at Lanjigarh that gives it upstream integration. The crown-jewel framing on brokerage desks rested on that scale and on the global aluminium supply picture. The listing print settled the demand question.
Estimates were wide. SBI Securities placed fair value at ₹489, Nuvama at ₹477, Kotak Institutional Equities at ₹475, and ICICI Securities at ₹398. The actual print came in above the highest of those marks, a signal that listing-day demand was stronger than brokerages had modelled.
each vertical has the potential to become a USD 100 billion opportunity over time as the group scales up operations in metals, mining, oil and gas, power and critical minerals
Anil Agarwal, Chairman of the Vedanta Group, made the remark during media interactions on June 15, 2026, as reported by Livemint. He also hinted at a possible overseas relisting of parent Vedanta Resources within three years.
How Power, Oil and Gas, and Iron and Steel Fared on Day One
Vedanta Power was the day’s only meaningful gainer. The stock opened at ₹41.80 on the NSE, climbed to a 5% upper circuit at ₹43.35 on the BSE, and closed at ₹41.90. The company operates a 4.2 GW thermal generation portfolio and is targeting nearly 12 GW by FY33 under management projections cited by brokerage reports. In FY26 the power business reported EBITDA of approximately ₹1,600 crore, according to company disclosures.
The other two did not hold their listing prices. Vedanta Oil and Gas closed at ₹36.10 against a ₹38 listing, while Vedanta Iron and Steel managed a small gain to ₹21.06 from ₹20, and the broader context for the oil and gas business is covered in our earlier write-up on Vedanta’s earlier 20-well exploration plan in Andhra, which laid the groundwork for the onshore push that the demerged entity is now built around. All four stocks have been placed in the Trade-to-Trade segment for the first 10 trading sessions, which removes intraday squaring-off and forces delivery on every trade.
- Vedanta Aluminium Metal market capitalisation: ₹1,95,773.58 crore (BSE)
- Vedanta Power market capitalisation: ₹16,736.46 crore (BSE)
- Vedanta Oil and Gas market capitalisation: ₹14,487.99 crore (BSE)
- Vedanta Iron and Steel market capitalisation: ₹8,231.37 crore (BSE)
The Sum of the Parts Tops the Pre-Demerger Parent
All five together crossed ₹3.65 lakh crore. The five listed Vedanta entities ended listing day with a combined market capitalisation of approximately ₹3.65 lakh crore, up from over ₹3.02 lakh crore at the pre-demerger ex-date of April 29, 2026.
Per share, the value ran ₹933 to ₹943.5. Moneycontrol, using the debut prices and Vedanta Ltd’s prevailing market value, put the figure at about ₹933, around 20.6 percent above the pre-demerger close of ₹773.6 on April 29. Livemint put the same implied value at about ₹943.5, around 18 percent above the ₹773.25 pre-demerger close. The ex-demerger price reset on April 30, when a special pre-open session moved the share price to ₹289.5 from ₹773.6, reflected the value carved out into the new entities, not a destruction of shareholder wealth.
The thesis is now being tested. Emkay Global described the demerger as a “pure-play transition,” saying individual businesses could attract dedicated investor interest and benefit from sharper capital allocation. Nuvama Institutional Equities added that debt allocation across the entities appeared balanced, a point analysts had flagged as a key risk ahead of the listings.
Vedanta Ltd closed up 1.6 percent at ₹311.2. The residual holding company, anchored by its stake in Hindustan Zinc and other assets, has its structure set out in Vedanta’s own intimation of the NCLT order. Agarwal framed the demerger as a structural shift designed to create globally competitive, sector-focused businesses with sharper strategic clarity. The aggregate value unlocked has been put at over ₹60,000 crore in shareholder value by Livemint. The June 15 prints now provide the first market-priced reference for that thesis, with the aluminium arm carrying the bulk of the gain.
Capacity Expansion and the $100 Billion Aspiration
Agarwal sees $100 billion per entity. Chairman Anil Agarwal has said each of the five Vedanta entities has the potential to become a $100 billion opportunity over time, and the board has laid out a multi-vertical capex programme that begins with each new listed company pursuing an independent growth roadmap. The June 15 listings put an opening price on the first chapter of that programme.
The targets are large. Aluminium capacity is targeted to double from about 3 million tonnes to 6 million tonnes within three to three-and-a-half years, with a longer-term ambition of 10 million tonnes within five years. Oil and Gas has earmarked approximately $5 billion over three to five years to scale production to 500,000 barrels per day at globally competitive costs. Iron and Steel plans to scale from about 4 million tonnes annually to 15 million tonnes per annum, while Power could rise from 4.2 GW today to nearly 12 GW by FY33.
- $100 billion per-entity opportunity target over time, per Chairman Anil Agarwal
- 2.42 million tonnes of aluminium output in FY25, more than half of India’s production (Vedanta Aluminium Metal)
- 6 million tonnes aluminium capacity target within 3 to 3.5 years, roughly double the current 3 million tonnes (Chairman Anil Agarwal)
- Approximately $5 billion Oil and Gas investment over 3 to 5 years, aimed at scaling to 500,000 barrels per day (Vedanta Oil and Gas)
- 15 million tonnes per annum Iron and Steel target, up from about 4 million tonnes today (Vedanta Iron and Steel)
Frequently Asked Questions
What is the Vedanta demerger and what happened on June 15, 2026?
The Vedanta demerger split Vedanta Limited into five listed entities, with the four new entities beginning trading on the BSE and NSE on June 15, 2026. The National Company Law Tribunal cleared the scheme in December 2025, the board approved implementation on April 20, 2026, and the record date was set at May 1, 2026.
How did each of the four Vedanta entities perform on listing day?
Vedanta Aluminium Metal listed at ₹522 on the NSE, above brokerage estimates of ₹398 to ₹489, before ending at ₹495.90. Vedanta Power hit a 5% upper circuit intraday and closed at ₹41.90. Vedanta Oil and Gas slipped to ₹36.10 from ₹38, while Vedanta Iron and Steel ended at ₹21.06 against a ₹20 listing price.
What is the combined market value of the five Vedanta entities after the listing?
The five entities together held a combined market capitalisation of approximately ₹3.65 lakh crore, against over ₹3.02 lakh crore at the pre-demerger ex-date of April 29. The implied per-share value worked out to roughly ₹933 to ₹943.5, around 18 to 20.6 percent above the pre-demerger close of ₹773.6 to ₹773.25.
How does the Trade-to-Trade segment affect the new Vedanta listings?
All four new entities have been placed in the Trade-to-Trade (T2T) segment for the first 10 trading sessions. T2T rules require delivery on every transaction, with intraday trading and same-day squaring-off both disallowed, a structure that can dampen speculative turnover in early sessions.
What is Vedanta Aluminium’s growth roadmap after the listing?
Agarwal has his sights on 6 million tonnes. Chairman Anil Agarwal has said Vedanta Aluminium’s production capacity will double from about 3 million tonnes to 6 million tonnes within three to three-and-a-half years, with a longer-term ambition of 10 million tonnes within five years, and has called each of the five entities a potential $100 billion opportunity over time.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. The prices, valuations and analyst estimates cited reflect data available as of June 15-16, 2026, and are subject to change. Securities mentioned are subject to market risk; investors should consult a qualified financial advisor before making investment decisions. Past performance is not indicative of future results.
