Highlights

• Emkay Global Financial Services and Investec Bank (UK) Plc have issued Buy ratings on Vedanta with target prices of ₹625 and ₹635, respectively.
• The ratings follow the National Company Law Tribunal’s approval of Vedanta’s proposed corporate demerger.
• The demerger will result in multiple independently listed, sector-focused companies, subject to further approvals.

Vedanta Limited (NSE:VEDL) has received Buy ratings from Emkay Global Financial Services Ltd and Investec Bank (UK) Plc, with analysts assigning target prices of ₹625 and ₹635, respectively. The ratings come shortly after the Mumbai Bench of the National Company Law Tribunal approved Vedanta’s proposed demerger, a development that marks a key step in the company’s ongoing corporate restructuring.

NCLT Approval Advances Demerger Process

On 16 December 2025, Vedanta announced that the Mumbai Bench of the National Company Law Tribunal had sanctioned the Scheme of Arrangement for the demerger of the company into independent, pure-play businesses. The approval enables Vedanta to move into the execution phase of the transaction, subject to additional regulatory and stakeholder clearances.

Once completed, the demerger is expected to result in five separately listed companies, including Vedanta Limited as the parent entity. The revised structure is intended to simplify the corporate framework and provide clearer separation of business operations.

Structure of the Proposed Independent Entities

Under the approved scheme, Vedanta’s businesses will operate as standalone, sector-specific companies. These include Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Iron & Steel, and Vedanta Power, alongside Vedanta Limited, which will continue to hold its stake in Hindustan Zinc Limited and house future-facing businesses.

Shareholders of Vedanta are expected to receive proportional shareholdings in the newly listed entities, maintaining continuity of ownership while enabling direct exposure to individual business segments.

Execution Phase and Regulatory Pathway

With the NCLT approval in place, Vedanta will now seek the remaining government, regulatory, and stakeholder approvals required to complete the demerger. The company has indicated that the process will involve multiple regulatory steps before the new entities are listed and operational as independent companies.

The transaction is positioned as a significant corporate restructuring initiative aimed at aligning each business with its specific market and capital requirements.

Market Context

Vedanta’s shares have remained in focus following the NCLT approval and subsequent analyst ratings. The Buy ratings from Emkay Global Financial Services and Investec Bank (UK) Plc place Vedanta among actively covered stocks within the Indian metals and resources sector, with price targets ranging between ₹625 and ₹635.

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