Non Ferrous Metals · VAML
Aluminium
from 438 today
Vedanta Aluminium delivered a strong performance driven by the BALCO smelter ramp-up, record value-added product output, and improved captive alumina utilisation. We assign a BUY rating on the stock with a target price of Rs. 498, based on 5.2x FY28E EV/EBITDA.
We initiate coverage on Vedanta Aluminium Metal Ltd with a BUY rating and a target price of Rs 598/share, based on 6.5x FY28E EV/EBITDA. VAML is India’s largest primary aluminium producer and the world’s third-largest producer (excluding China), with ongoing backward integration expected to structurally reduce production costs.
Vedanta Aluminium Metal reported in-line EBITDA, driven by improved volume and realisation. We maintain BUY and our SoTP-based TP of INR 520, valuing the stock at 7x FY28E EV/EBITDA.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.