Nuvama Institutional Equities initiated coverage on shares of Vedanta Aluminium Metal with a 'Buy' rating and a target price of Rs 540 per share, implying an upside potential of nearly 22% from the stock’s previous closing price.
The brokerage highlighted that Vedanta Aluminium Metal is the fastest-expanding primary aluminium company in India, with its EBITDA likely to compound at 29% over FY26–28. Nuvama believes aluminium prices are likely to remain firm until FY28 as supply tightness is likely to loosen in the second half of that year.
