Whalesbook
So, huwa kya ki Vedanta ne FY26 mein apne metals business mein full kamaal kar diya, bhai! Aluminium aur Hindustan Zinc mein output record par pahunch gaya. Lanjigarh refinery ki efficiency badhi, jisse Alumina ka annual production 29.16 lakh tonnes tak pahunch gaya, jo pichhle saal se 48% up hai! Aluminium output bhi 24.56 lakh tonnes ke all-time high par. Aur Hindustan Zinc ka mined metal production bhi 2% badh kar 11.14 lakh tonnes ho gaya.
Baki segments bhi peeche nahi rahe: Pig iron 10% up (8.95 lakh tonnes), Copper cathode 15% up (1.70 lakh tonnes), Ferro chrome 21% tak bhaga (1.01 lakh tonnes). Power sales bhi 14% badh kar 18,571 million units tak pahunch gaye. Matlab metals mein toh full speed ahead!
Lekin haan, ek taraf jahan metals jhoom rahe hain, wahan Oil & Gas production mein 16% ki badi girawat aayi hai, jo 87.2 kboepd ho gaya. Ye mainly purane fields mein natural depletion ki wajah se hua. So, ek side josh mein, doosri side thoda dheema.
Ab stock ki baat karein toh ₹688 ke aas paas trade ho raha hai aur company ka market cap ₹2.69 trillion ke paas hai. Peers se compare karein toh Hindalco ka P/E around 11-13x hai, jabki JSW Steel ka 21.5x se 43x tak hai. Analyst log bhi mostly 'Buy' rating de rahe hain aur average price targets ₹735.50 se ₹838.15 tak de rahe hain, matlab thoda upside expecting hain.
Sector ki baat karein toh metals ki demand energy transition ki wajah se badhne wali hai, jisse Vedanta ko fayda mil sakta hai. Par bhai, inflation, energy costs aur declining ore grades bhi challenges hain jinpar nazar rakhni hogi. Supreme Court ne mining ke liye concessional diesel rates deny kar diye, jisse operating costs badh sakte hain. Aur company ke demerger plans bhi ek major point hain jise market watch kar raha hai.
Aage chal kar analysts positive hain, par yeh dekhna important hoga ki Vedanta oil & gas mein kaise manage karta hai, rising costs ko kaise control karta hai, aur apne demerger plans ko successfully kaise execute karta hai. Upcoming results mein dikhega ki margins improve ho rahe hain ya nahi aur diversification strategies kaam kar rahi hain ya nahi.