Vedanta stock: Q4FY26 PAT up 88.5%, targets reset for 2026

What put Vedanta shares in focus

Vedanta Ltd stayed in the spotlight after a sharp run in the stock and a heavy flow of brokerage commentary around quarterly performance, commodity tailwinds, and the company’s planned corporate restructuring. The stock extended its uptrend for an 11th straight session and touched a new all-time high of ₹787.85 on the NSE, according to the details cited.

At the same time, multiple research notes highlighted different valuation views and target prices. Motilal Oswal Financial Services (MOSL) features prominently in the updates, with one section stating a “Neutral” rating while raising the target price to ₹800 from ₹750 after a strong Q4FY26 performance. Another valuation reference in the same compilation mentions a post-demerger sum-of-the-parts (SOTP) target price (TP) of ₹350, built on stated EV/EBITDA multiples.

Q4FY26 performance snapshot

As per the brokerage commentary cited, Vedanta reported an 88.5% year-on-year (YoY) jump in profit after tax (PAT) to ₹9,352 crore in Q4FY26. The drivers listed include higher sales volumes, supportive global metal prices, and currency tailwinds.

MOSL also noted that earnings were “largely in line,” supported by favourable London Metal Exchange (LME) pricing and better volumes. Separately, ahead of the results scheduled for 30 April, analysts expected a strong March-quarter showing, with forecasts of a 50-60% YoY rise in EBITDA, backed by favourable commodity prices and improved cost dynamics across key segments.

Motilal Oswal’s view: Neutral, but target price raised

In the brokerage note referenced, MOSL maintained a ‘Neutral’ rating on Vedanta but raised its target price to ₹800 from ₹750 after the Q4FY26 outcome. The stated reasoning points to the strength of the reported quarter and continued support from metal prices and volumes.

Management commentary, as summarised in the provided text, remains optimistic about earnings growth ahead, citing capacity expansions, a push toward increased value-added products, and a supportive pricing environment. The same source notes that MOSL’s view remains neutral despite the higher target, indicating that valuation, execution, or cycle sensitivity may still be key considerations.

A separate SOTP framework cites a post-demerger TP of ₹350

Alongside the ₹800 target reference, the compilation also includes a separate SOTP valuation statement: “Our SOTP valuation (8x FY28E EV/EBITDA for HZL; 5x for the remaining businesses) yields a TP of Rs350; maintain BUY.” It further repeats: “We arrive at a postdemerger TP of Rs350; maintain BUY.”

Taken at face value, this indicates that at least one note in circulation is framing a post-demerger valuation outcome at ₹350 using the cited multiples, and maintains a ‘BUY’ rating within that framework. The text does not clarify whether this ₹350 is for the current listed entity, a specific demerged unit, or a different reference basis, so it is best read as a standalone stated valuation approach in the provided material.

Demerger plan: Vedanta to split into four additional entities

The provided text states that Vedanta Limited will split into four additional entities:

• Vedanta Aluminium Metal Ltd (VAML)
• Talwandi Sabo Power Ltd (TSPL)
• Malco Energy Ltd (MEL)
• Vedanta Iron and Steel Ltd (VISL)

Demerger plans often lead to more granular valuation debate because different businesses can carry different commodity exposure, margins, and capital intensity. In this context, it also explains why target prices and valuation approaches in broker notes may vary widely.

Other brokerage expectations and target prices in circulation

Beyond MOSL, the compilation includes several other brokerage calls and target prices. Kotak Securities is cited as giving a ‘Buy’ rating with a target price of ₹890 per share. The text also mentions a wide 12-18 month estimate band of roughly ₹480 to ₹686, with a midpoint in the ₹565-570 range, reflecting different assumptions on commodity cycles, deleveraging development, and operating performance.

It also lists Nuvama’s ₹686 goal (buy) and references ICICI’s earlier ₹530 target (buy/maintained). In another separate item based on Q3FY25 coverage, the text states MOSL revised Vedanta’s target price to ₹480 from ₹490 and maintained ‘Neutral’, while other brokerages show targets such as ₹663 (Nuvama), ₹575 (Emkay), ₹491 (Antique, Hold), and ₹530 (CLSA, Outperform).

Stock performance details cited in the report

The stock’s price action is described across multiple points in time. One section notes the all-time high at ₹787.85 on the NSE and another Hindi segment states the stock closed at ₹781.10 with a 1.96% gain. A separate example cites a trading day where the stock opened at ₹697.10 and closed at ₹706.95, up 3.33%.

The text also includes broader performance markers: shares were up 19.20% over one month, up 66.77% so far in 2025, and the company’s market capitalisation is stated as ₹2.62 lakh crore.

Key numbers table: results, price action, and targets

Demerger entities mentioned

Market impact: why these updates matter

The provided material links Vedanta’s sharp move and broker re-ratings to a mix of cyclical and company-specific drivers. Supportive global metal prices, favourable LME trends, better volumes, and currency tailwinds are repeatedly cited as key factors for quarterly performance and earnings expectations.

The breadth of target prices and rating stances also indicates that investors and analysts are not working with a single base case. Instead, expectations are being shaped by different views on the commodity cycle, execution of capacity expansions, and the pace of deleveraging. The demerger plan adds another layer, because value attribution across business segments can materially change depending on assumptions and valuation multiples.

Conclusion

Vedanta’s Q4FY26 outcome, highlighted by an 88.5% YoY jump in PAT to ₹9,352 crore, and the stock’s new all-time high of ₹787.85 have triggered fresh brokerage commentary and revised targets. MOSL’s Neutral stance with a higher ₹800 target contrasts with a separate post-demerger SOTP reference that cites a ₹350 TP under stated EV/EBITDA multiples, while other targets in the compilation range from ₹480 to ₹890. The next set of investor focus areas, as indicated in the text, remains the delivery on expansions, value-added product plans, and clarity around the demerger structure and timelines.