Vedanta demerger 2026: ex-date cut and Q4FY26 surge

What changed for Vedanta shareholders on the ex-date

Vedanta Ltd’s share price adjusted sharply on the ex-demerger date after the exchange discovered a new price through a special pre-open session. The stock had closed at ₹773.60 on April 29 and was discovered at ₹289.50 post adjustment, a drop of as much as 63% during the session. The move reflected the separation of value for four business verticals that are being spun off into separate listed entities. In practical terms, the traded price of Vedanta from the ex-date represents only the residual business that remains in the listed parent. The value of the demerged businesses is expected to show up as separate shareholdings once the new entities are credited and listed. The adjustment created confusion for some investors because, on the ex-date, only the residual Vedanta share is visible for trading while the new shares are not yet listed.

Demerger structure: four new companies plus the residual Vedanta

Under the demerger plan described in the article, Vedanta will carve out four businesses into separate listed companies. These are Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, and Vedanta Iron & Steel. Another description in the same material also refers to aluminium, power, oil and gas, and steel being separated, and mentions a Vedanta Oil & Gas entity in the share-allocation list. The common thread is that shareholders as of the record date receive one share in each of four resulting firms for every one share held in Vedanta, while continuing to hold the residual Vedanta share. This effectively splits the earlier single-company holding into five holdings once the new listings take effect. The exchange filing also said continuing Vedanta largely comprises zinc and silver.

Key dates: ex-date, record date, and the market holiday

The article states that Vedanta traded ex-date on April 30, with a record date fixed as May 1. It also notes that May 1 was a market holiday due to Maharashtra Day, which is why the effective trading adjustment happened on April 30. One portion of the text refers to the record date as May 1, 2025, while another report line is dated April 30, 2026 and discusses the May 1 record date in that context. What is consistent across the article is the investor eligibility rule: investors who purchased Vedanta shares on or before April 29 are eligible for the demerger entitlements, while those buying from April 30 onwards are not. The exchange also conducted a special pre-open session between 9:15 am and 9:45 am to determine the ex-demerger price discovery.

Value split disclosed in the filing: 52.34% and 47.66%

Vedanta disclosed a split of value across the existing company and the businesses being spun off. As per the filing cited, 52.34% of value was attributed to the existing Vedanta Ltd, which “mostly comprises” its zinc and silver business. The remaining 47.66% was attributed to the other companies including Vedanta Aluminium Metal, Malco Energy, Vedanta Iron & Steel and Talwandi Sabo Power. Using the pre ex-date close of ₹773.60, the article calculates an implied fair value of ₹404.90 per share for the residual Vedanta (52.35% of ₹773.60). After the adjustment, Vedanta began trading around ₹289.50, and later rose about 17% from those levels to around ₹338 on Thursday. The article notes that, even after that rise, the traded price appeared about 20% below the filing-implied fair value.

Cost of acquisition split: what investors need for tax records

The article also provides a cost of acquisition split for shareholders across the post-demerger holdings. It states: Vedanta at ₹250 per share, and each new company at ₹62.50 per share. Across all five holdings, the combined cost is still ₹500 per share. The material adds that once Vedanta announces the final ratio, demat accounts of shareholders will get updated automatically. This cost split matters for investors mainly for record-keeping and potential capital gains calculations later, because the historical cost is allocated across the residual company and the newly listed entities.

Q4FY26 numbers: profit up 89%, revenue up 29%

After the demerger and Q4 earnings, Vedanta reported strong year-on-year growth for the quarter ended March 31, 2026. Net profit rose 89% YoY to ₹9,352 crore. Revenue increased 29% YoY to ₹51,524 crore. EBITDA rose 59% YoY to ₹18,447 crore, while margins improved by 915 basis points to 44% for the quarter. These figures were cited alongside commentary that the post-demerger continuing operations form a more focused zinc-silver-copper business.

Brokerage view cited: BP Equities stays ‘buy’, target ₹387

BP Equities, as cited, said Vedanta’s continuing operations now form a focused zinc-silver-copper business, with profitability visibility improving after the demerger. It highlighted integrated operations, including captive mines and smelters, as supportive for earnings when metal realisations improve. The brokerage expects silver, zinc and copper prices to stay supportive on demand from electrification, renewable energy, infrastructure and EVs, but said the FY26 rally is unlikely to repeat at the same pace, keeping FY27-FY29 growth moderate. It also cited a lower conglomerate discount and strong internal cash generation. BP Equities retained a buy rating and a target price of ₹387.

Market impact: why the price fell and why it may look worse in portfolios

The article stresses that the ex-date fall is a mechanical price adjustment, not an immediate destruction of investor wealth. The decline reflects that value is being moved out of the listed Vedanta share into four separate entities that will list later. On the ex-date, investors see only the residual Vedanta share actively traded, while the demerged entities are not yet listed or, in some descriptions, not yet credited immediately. The material says investors may start seeing these shares in their portfolios over the next couple of months, and also mentions an expected credit timeline of about 45 days, alongside another estimate of four to eight weeks for listing. This gap between price adjustment and listing can temporarily make a portfolio appear sharply lower.

Snapshot table: prices, value split, and financials

How Vedanta describes the business after the split

The article describes the demerger as a shift from a diversified structure to five focused, sector-leading businesses. It also states that Vedanta operates across zinc, silver, copper, ferrochrome and critical minerals, supplying sectors from infrastructure to electronics and defence. India contributes 65% of revenue, with the rest from international operations and exports. The core business is described as the 61% stake in Hindustan Zinc. It adds that brokerages are awaiting clarity on the stock after the spin-off.

What to watch next

The article notes that the listing dates for the four new entities have not been disclosed yet. Investors will likely track when the new shares are credited, when the resulting companies list, and how the market values each business once they trade independently. Another key variable mentioned in the material is clarity on net debt allocation across the five entities, which some analysts say can influence valuation outcomes. For now, the key operational data point in the public domain is Vedanta’s Q4FY26 performance and the exchange-filed value split and cost allocation.