Vedanta Demerger Complete : Aluminum, Oil & Gas, Power, Iron & Steel Units List on NSE/BSE

The long-awaited demerger of Vedanta Ltd reached its final milestone on Monday, June 15, 2026, as all four newly carved-out entities began trading on the BSE and NSE following a special pre-open price discovery session. With this listing, the restructuring of one of India’s largest diversified natural resources conglomerates is now complete.

The newly listed companies are Vedanta Oil and Gas Limited (formerly Malco Energy Limited), Vedanta Power Limited (formerly Talwandi Sabo Power Limited), Vedanta Aluminium Metal Limited, and Vedanta Iron and Steel Limited. Vedanta Aluminium Metal — widely seen as the most valuable of the four — made its debut at a premium to Street expectations before slipping into negative territory.

Listing Day Snapshot: How the Four New Entities Performed

Here’s a quick look at how each of the newly demerged Vedanta entities performed on their first day of trading on the NSE:

Note: “Change” reflects movement from the listing/discovery price to the last traded price on the day of listing, not from a previous close.

Residual Entity — Vedanta Ltd

The original Vedanta Ltd (now the residual entity post-demerger, retaining the core zinc, oil & gas exploration, and other businesses) was trading at ₹308.15 on the NSE, down 0.48% on the day.

Vedanta Aluminium Metal: The Headline Listing

Vedanta Aluminium Metal made its market debut at ₹522 per share on the NSE and ₹527 per share on the BSE following the price discovery process — a premium to the ₹475–477 range that several analysts had pegged ahead of listing.

Market commentary has consistently flagged Vedanta Aluminium as the crown jewel of the demerger, citing its large production capacity, low-cost operating base, and strong positioning within India’s aluminium sector as key drivers of long-term value creation.

However, the initial premium did not hold. After listing at ₹522, the stock slipped into the red, last trading 5% lower at ₹495.90 on the NSE. On the BSE, the stock hit its lower circuit limit of 5% at ₹500.65 — a pattern consistent with profit-booking and portfolio-rebalancing activity that is common on demerger listing days.

Vedanta Oil and Gas

Vedanta Oil and Gas (formerly Malco Energy Limited) listed at ₹38 on the NSE and was last trading at ₹36.10, down 5% from its discovery price — also hitting the lower circuit on listing day.

Vedanta Power

Vedanta Power (formerly Talwandi Sabo Power Limited) listed at ₹41.80 on the NSE and was last seen trading at ₹43.69, up 4.52% over its discovery price — one of the two entities to post gains on debut.

Vedanta Iron and Steel

Vedanta Iron and Steel listed at ₹20 on the NSE and was last trading at ₹21.06, a gain of 5.30% from its discovery price, making it the best performer among the four new listings on debut day.

Why Did Vedanta Demerge?

Vedanta Resources Chairman Anil Agarwal described the demerger as a structural shift designed to create independent, sector-focused businesses with sharper strategic clarity and distinct growth pathways.

According to Agarwal, the move is intended to unlock shareholder value by separating Vedanta’s sprawling conglomerate structure into globally competitive, standalone companies — each with its own capital allocation framework and ability to pursue sector-specific growth opportunities without being constrained by the group’s broader balance sheet.

Demerger Timeline

Vedanta Ltd completed the price discovery process for the residual company on April 30, 2026. The demerger became effective the following day (May 1, 2026), creating multiple sector-focused entities. The final listing of all four demerged entities on the BSE and NSE was completed on June 15, 2026, following NCLT approval received in December 2025.

Vedanta’s FY26 Financial Performance: The Backdrop

In a letter to shareholders in May 2026, Agarwal highlighted that Vedanta delivered its highest-ever profit after tax of ₹25,096 crore on revenue of ₹1.74 lakh crore in FY26, supported by operational improvements across its business verticals.

• Highest-ever PAT: ₹25,096 crore on revenue of ₹1.74 lakh crore in FY26
• Total shareholder return of around 50% for the year, outperforming sector benchmarks
• Dividend of ₹34 per share paid to shareholders during the year
• Net debt-to-EBITDA ratio improved to 0.95x, strengthening the balance sheet and enhancing financial flexibility

This strong financial backdrop appears to have given the group confidence to proceed with the demerger, positioning each of the new entities with a relatively healthier starting balance sheet compared to a more leveraged scenario.

What This Means for Investors

• Existing Vedanta Ltd shareholders as of the record date now hold shares in all five entities — the residual Vedanta Ltd plus the four newly listed companies — based on the approved demerger swap ratios.
• Each entity now trades independently, allowing investors to take focused exposure to specific sectors (aluminium, oil & gas, power, or iron & steel) rather than a blended conglomerate valuation.
• Sharp first-day moves — both the 5% lower circuits in Vedanta Aluminium and Vedanta Oil & Gas, and the gains in Vedanta Power and Vedanta Iron and Steel — are typical of demerger listings, where price discovery can take several sessions to stabilise.
• Analysts had valued Vedanta Aluminium Metal in the ₹475–477 range; its listing at ₹522 followed by a pullback to around ₹496 illustrates the volatility that often accompanies newly listed demerger entities.
• Investors should track each entity’s standalone financials, debt allocation, and sector-specific dynamics going forward, as these will now diverge significantly from the erstwhile combined Vedanta Ltd structure.