Vedanta Aluminium, Hindalco, NALCO shares to crash up to 40%? Why InCred is screaming sell on all aluminium stocks

Brokerage InCred has issued a sell call on the entire aluminium sector, flagging 30-40% downside risk in NALCO, Vedanta Aluminium, and Hindalco Industries. The firm argues that the bull case ignores around 1.5 billion tonnes of above-ground recyclable aluminium, with secondary supply from scrap filling perceived primary deficits, as seen in China's rise to 13.35 mt of secondary aluminium consumption in 2025. Middle East supply disruption of 2.2 mtpa is seen as temporary, with LME aluminium prices expected to correct by around $800/ton from stretched valuations.