External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Vedanta’s demerger scheme crossed one major milestone after the approval by the company’s Equity Shareholders, Secured Creditors, and Unsecured Creditors on 18th Feb’25.</li><li>To assess the impact of the demerger, we present our valuation scenarios pre- and post-demerger in this note.</li><li>We continue to see value unlocking post demerger (refer to exhibits 1 and 2), especially from the Aluminium business. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vedanta’s demerger scheme crossed one major milestone after the approval by the company’s Equity Shareholders, Secured Creditors, and Unsecured Creditors on 18th Feb’25.To assess the impact of the demerger, we present our valuation scenarios pre- and post-demerger in this note.We continue to see value unlocking post demerger (refer to exhibits 1 and 2), especially from the Aluminium business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vedanta Limited - Company Update - Demerger (Not Rated)

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We resume coverage on Vedanta (VEDL) with a BUY rating.</li><li>We see VEDL weaving its growth story around two ‘Vs’ and one ‘C’ viz. volume, value, and cost reduction–across segments, especially in its aluminium (Al) and Zinc-India (Zn-India) divisions.</li><li>Key points: 1) Significant volume growth aspirations for all divisions</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We resume coverage on Vedanta (VEDL) with a BUY rating.We see VEDL weaving its growth story around two ‘Vs’ and one ‘C’ viz. volume, value, and cost reduction–across segments, especially in its aluminium (Al) and Zinc-India (Zn-India) divisions.Key points: 1) Significant volume growth aspirations for all divisionsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vedanta -  2Vs and 1C Lend the Base Punch

<ul><li>We visited Vedanta Ltd’s world-class assets in Odisha and Rajasthan and saw operations of its i) Aluminium smelter which is the world’s largest single-location smelter located at Jharsuguda, Odisha placed at 1st quartile of the cost curve,</li><li>ii) SK Mine at Dariba, Rajasthan, which is one of the largest zinc-lead producing assets globally and world’s second-largest silver producing mine, and lastly</li><li>iii) Its Oil &amp; Gas operations at Cairn India, which included Mangala well pads, Central polymer facility, and Mangala processing terminal visit.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited Vedanta Ltd’s world-class assets in Odisha and Rajasthan and saw operations of its i) Aluminium smelter which is the world’s largest single-location smelter located at Jharsuguda, Odisha placed at 1st quartile of the cost curve,ii) SK Mine at Dariba, Rajasthan, which is one of the largest zinc-lead producing assets globally and world’s second-largest silver producing mine, and lastlyiii) Its Oil &amp; Gas operations at Cairn India, which included Mangala well pads, Central polymer facility, and Mangala processing terminal visit.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vedanta - Vedanta Ltd – Deleveraging + Project Execution Focus

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Restructuring business adds to uncertainties at peak LME Vedanta reported all-time high EBITDA at INR107b (YoY up 38%, QoQ up 4%) driven by record-high LME. However, it was short of our estimate of INR121b due to a 47% QoQ rise in power and fuel costs. The sharp rise in aluminum CoP explains the large part of the EBITDA miss; it also highlights the cost reduction in the Aluminum business was not entirely structural but also driven by lower coal prices.<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Restructuring business adds to uncertainties at peak LME Vedanta reported all-time high EBITDA at INR107b (YoY up 38%, QoQ up 4%) driven by record-high LME. However, it was short of our estimate of INR121b due to a 47% QoQ rise in power and fuel costs. The sharp rise in aluminum CoP explains the large part of the EBITDA miss; it also highlights the cost reduction in the Aluminum business was not entirely structural but also driven by lower coal prices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Vedanta Limited is a leading global producer of metals, critical minerals, oil and gas, and technology. The company explores, extracts, and processes a diversified portfolio of resources including zinc, aluminum, copper, iron ore, and oil and gas. Vedanta Limited is headquartered in Mumbai, India, and was founded in 1979.

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Vedanta (VEDL US)

Vedanta Limited - Company Update - Demerger (Not Rated)

Vedanta’s demerger scheme crossed one major milestone after the approval by the company’s Equity Shareholders, Secured Creditors, and Unsecured...

Axis Direct

Vedanta - 2Vs and 1C Lend the Base Punch

We see VEDL weaving its growth story around two ‘Vs’ and one ‘C’ viz. volume, value, and cost reduction–across segments, especially in its...

ICICI Securities Limited

Vedanta - Vedanta Ltd – Deleveraging + Project Execution Focus

As a rule of thumb, 1 tonne of steel plant should fetch $1 Bn in valuation. Valuation: On a 12MF consensus basis, Vedanta Ltd is trading at 5.0x EV...

Axis Direct

EBITDA miss driven by rising input costs

Restructuring business adds to uncertainties at peak LME Vedanta reported all-time high EBITDA at INR107b (YoY up 38%, QoQ up 4%) driven by record...

Motilal Oswal

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