Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Vedanta reported 10% revenue growth and 37% EBITDA growth in FY25, supported by volume expansion across aluminium and zinc businesses.</li>
<li>Major capex projects, including Gamsberg Phase 2 and captive bauxite and coal mines, are expected to drive volume growth through FY27, with steady operational guidance.</li>
<li>Vedanta Resources standalone net debt reduced from $8.9 billion to $4.9 billion over three years, easing refinancing risks and improving financial flexibility.</li>
</ul>


Vedanta reported 10% revenue growth and 37% EBITDA growth in FY25, supported by volume expansion across aluminium and zinc businesses.
Major capex projects, including Gamsberg Phase 2 and captive bauxite and coal mines, are expected to drive volume growth through FY27, with steady operational guidance.
Vedanta Resources standalone net debt reduced from $8.9 billion to $4.9 billion over three years, easing refinancing risks and improving financial flexibility.


Vedanta’s Volume-Led Growth and Deleveraging Journey

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>The start of 2025 has been particularly turbulent for Indian equities as broader market sentiment soured due to elevated valuations, foreign institutional investor (FII) outflows, and global macro uncertainty. </li>
<li>However, amid this volatility, one signal stood out: insider trading activity.</li>
<li>In this report, we deep-dive into insider buying and selling trends from January 1 to March 3, 2025, to uncover where company promoters and top executives are placing their bets</li>
</ul>


The start of 2025 has been particularly turbulent for Indian equities as broader market sentiment soured due to elevated valuations, foreign institutional investor (FII) outflows, and global macro uncertainty. 
However, amid this volatility, one signal stood out: insider trading activity.
In this report, we deep-dive into insider buying and selling trends from January 1 to March 3, 2025, to uncover where company promoters and top executives are placing their bets


Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hindustan-zinc-ltd" target="_blank" data-smartkarma-citation="entities:8688:1" rel="noopener">Hindustan Zinc (HZ IN)</a> is set to see significant earnings upgrades driven surge in silver prices (40% EBITDA share), local currency weakness and benign costs.</li>
<li>Planning for major US$2-2.5b growth expenditure to double output over next 3=5 years.</li>
<li>Valuations: Entering a strong earnings upgrades cycle. Stock can re-rate despite trading at slight premium to historic averages. Stake sales by key holders is a risk.</li>
</ul>



Hindustan Zinc (HZ IN) is set to see significant earnings upgrades driven surge in silver prices (40% EBITDA share), local currency weakness and benign costs.
Planning for major US$2-2.5b growth expenditure to double output over next 3=5 years.
Valuations: Entering a strong earnings upgrades cycle. Stock can re-rate despite trading at slight premium to historic averages. Stake sales by key holders is a risk.


Hindustan Zinc (HZ IN) Silver Rally Is a Sweetener

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.</li>
<li>The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.</li>
</ul>



Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.


Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

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.

<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><p><em>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.</em></p>

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)

India

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

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Vedanta Ltd (VEDL IN)

Vedanta’s Volume-Led Growth and Deleveraging Journey

Vedanta sees strong revenue and EBITDA growth in FY25, driven by volume expansion in aluminium and zinc. Major capex projects and debt reduction...

Rahul Jain

Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.

Nimish Maheshwari

Hindustan Zinc (HZ IN) Silver Rally Is a Sweetener

Hindustan Zinc poised for earnings upgrades with silver price surge, growth plans, and potential stock re-rating despite valuation concerns. Stake...

Rahul Jain

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vedanta’s Volume-Led Growth and Deleveraging Journey

​Vedanta sees strong revenue and EBITDA growth in FY25, driven by volume expansion in aluminium and zinc. Major capex projects and debt reduction...

Rahul Jain

Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

​Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.

Nimish Maheshwari

Hindustan Zinc (HZ IN) Silver Rally Is a Sweetener

​Hindustan Zinc poised for earnings upgrades with silver price surge, growth plans, and potential stock re-rating despite valuation concerns. Stake...

Rahul Jain

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

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 sees strong revenue and EBITDA growth in FY25, driven by volume expansion in aluminium and zinc. Major capex projects and debt reduction...

Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.

Hindustan Zinc poised for earnings upgrades with silver price surge, growth plans, and potential stock re-rating despite valuation concerns. Stake...