Vedanta Aluminium vs Vedanta Power: Which can give investors better wealth in Rs 2 lakh crore demerger play

Vedanta's Rs 2 lakh crore demerger has created four listed entities — Vedanta Aluminium, Vedanta Power, Vedanta Oil & Gas, and Vedanta Iron & Steel — with existing shareholders receiving one share of each per Vedanta share held. Analysts are overwhelmingly favoring Vedanta Aluminium, citing its scale, integrated operations, first-quartile global cost positioning, plans to double capacity to 60 lakh tonnes, and Rs 13,226 crore capex by FY28. Vedanta Aluminium listed at Rs 527 per share with a comfortable net debt-to-EBITDA ratio of ~1.3x, while Vedanta Power, though backed by 4+ GW of capacity, has fewer near-term growth triggers.