Vedanta Aluminium share price targets: Buy VAML stock, says Citi, Investec, Nuvama, MOFSL, Emkay post Q1 results
Vedanta Aluminium shares: Citi has suggested 'Buy' on VAML with a with a target of Rs 525 per share. Investec finds the stock worthy of Rs 585 apiece.
- Jul 31, 2026,
- Updated Jul 31, 2026 8:18 AM IST
Vedanta Aluminium Metal Ltd (VAML) has received at least five 'Buy' recommendations from brokerages including Citi, Investec, Nuvama Institutional Equities, MOFSL and Emkay Global, as the demerged entity of Vedanta reported robust Q1 earnings, led by favourable LME and better volume. Analysts said India offers a compelling long-term opportunity as domestic aluminum demand is expected to rise at 8-9 per cent annually and reach 8-8.5MT by FY30. This, they said, should aid VAML's growth.
Emkay Global said VAML delivered a strong June quarter, reporting record-high Ebitda of nearly Rs 10,500 crore, broadly in line with its estimates, driven by firmer aluminium prices and sustained cost discipline. Ebitda per ton expanded to $1,797, VAML said as hot metal cost declined 3 per cent sequentially to $1,698 per ton. The management reiterated its FY27 cost guidance of $1,650-1,700 per ton.
Emkay Global said the medium-term cost reduction story is intact, supported by higher captive alumina integration, commencement of captive bauxite and coal mines, and the BALCO expansion, which should drive margin expansion.
"Q2 earnings are likely to soften sequentially due to cost-related headwinds, the lower Al prices, and the impact of hedges—these should be partly offset by higher BALCO volumes. We maintain BUY and target of Rs550," Emkay said.
Nuvama said the start of captive bauxite and coal mine in H2FY27 is likely to reduce its hot metal CoP below $1,600 per ton in FY28. "We value VAML at 6.5x FY28E EV/Ebitda (trading at attributable 5.6 times FY28E EV/Ebitda at CMP) with a target of Rs 540. CMP factors in average aluminium price of $2,800 per ton. Reiterate ‘BUY’," it said.
Citi has suggested 'Buy' on VAML with a with a target of Rs 525. Investec finds the stock worthy of Rs 585.
MOFSL said VAML's ongoing backward integration, rising contribution from value added products, and robust domestic demand outlook provide strong visibility on earnings growth and cash flow generation over the medium term.
"We forecast its consolidated revenue, Ebitda and PAT to grow at 11 per cent, 18 per cent and 23 per cent CAGR over FY26-28, aided by volume growth, margin expansion, and increasing downstream contribution," it said.
Vedanta Aluminium Metal Ltd (VAML) has received at least five 'Buy' recommendations from brokerages including Citi, Investec, Nuvama Institutional Equities, MOFSL and Emkay Global, as the demerged entity of Vedanta reported robust Q1 earnings, led by favourable LME and better volume. Analysts said India offers a compelling long-term opportunity as domestic aluminum demand is expected to rise at 8-9 per cent annually and reach 8-8.5MT by FY30. This, they said, should aid VAML's growth.
Emkay Global said VAML delivered a strong June quarter, reporting record-high Ebitda of nearly Rs 10,500 crore, broadly in line with its estimates, driven by firmer aluminium prices and sustained cost discipline. Ebitda per ton expanded to $1,797, VAML said as hot metal cost declined 3 per cent sequentially to $1,698 per ton. The management reiterated its FY27 cost guidance of $1,650-1,700 per ton.
Emkay Global said the medium-term cost reduction story is intact, supported by higher captive alumina integration, commencement of captive bauxite and coal mines, and the BALCO expansion, which should drive margin expansion.
"Q2 earnings are likely to soften sequentially due to cost-related headwinds, the lower Al prices, and the impact of hedges—these should be partly offset by higher BALCO volumes. We maintain BUY and target of Rs550," Emkay said.
Nuvama said the start of captive bauxite and coal mine in H2FY27 is likely to reduce its hot metal CoP below $1,600 per ton in FY28. "We value VAML at 6.5x FY28E EV/Ebitda (trading at attributable 5.6 times FY28E EV/Ebitda at CMP) with a target of Rs 540. CMP factors in average aluminium price of $2,800 per ton. Reiterate ‘BUY’," it said.
Citi has suggested 'Buy' on VAML with a with a target of Rs 525. Investec finds the stock worthy of Rs 585.
MOFSL said VAML's ongoing backward integration, rising contribution from value added products, and robust domestic demand outlook provide strong visibility on earnings growth and cash flow generation over the medium term.
"We forecast its consolidated revenue, Ebitda and PAT to grow at 11 per cent, 18 per cent and 23 per cent CAGR over FY26-28, aided by volume growth, margin expansion, and increasing downstream contribution," it said.