Citi names Vedanta Aluminium its top Indian metal pick, sees 20% upside. Here's why

Citi has named Vedanta Aluminium as its top Indian metal pick, implying more than 20 percent upside from the previous close of Rs 465.36 on NSE. Key drivers include a positive aluminium outlook, Balco expansion, debottlenecking, higher captive alumina and domestic bauxite use, and improving leverage, with a net cash position expected by FY28. Citi's commodities team expects an aluminium market deficit to drive prices up 15-20 percent to $4,000 per ton over the next 3-6 months.