Vedanta Aluminium shares rally over 3% as Emkay starts coverage with Buy call. 3 reasons why

Emkay initiated coverage on Vedanta Aluminium with a Buy call, sending shares up over 3 percent. The brokerage cited three drivers: a structurally tight global aluminium market likely to remain in deficit through CY28 due to Indonesia's execution bottlenecks and China's effective 45mt production cap, cost curve improvements from deeper backward integration across bauxite, alumina, captive coal and power, and a favourable risk-reward at 6x FY28E EV/EBITDA. Vedanta Aluminium produced 2.42 million tonnes in FY25, over half of India's aluminium output.