Shares of Vedanta extended their strong rally on Thursday, hitting a fresh record high of ₹759.30 on the BSE during intra-day trade, even as broader markets remained subdued.
At around 12:32 PM, the BSE Sensex was down 0.17% at 82,206, while Vedanta’s stock was trading higher for the sixth consecutive session, rising nearly 13% during this period.
Strong momentum across time frames
Over the past one month, Vedanta’s share price has surged 28%, while in the last six months, the stock has jumped 72%, sharply outperforming the Sensex, which has gained just 1% during the same period.
The sharp rally has pushed Vedanta’s market capitalisation close to the ₹3 trillion mark. During Thursday’s intra-day trade, the company’s market cap touched ₹2.97 trillion, just 1% short of the milestone.
Balance sheet strength supports rally
According to a note by ICICI Securities, the stock’s strong performance comes despite controlled leverage on Vedanta’s balance sheet.
The brokerage highlighted that Vedanta’s net debt-to-EBITDA stood at around 1.4x as of September 2025, with a target to reduce it to nearly 1x by FY27, supported by healthy organic growth across its aluminium and zinc businesses.
Cash flow visibility, dividend expectations
Vedanta is also expected to generate strong cash flows in the near term, aided by a recent uptick in base metal prices, particularly aluminium.
ICICI Securities noted that the promoter stake in Hindustan Zinc will decline from 61.84% to 60.25% following the announced offer-for-sale (OFS). If the proceeds from the OFS are utilised to retire debt at Vedanta’s parent entity, it could potentially pave the way for a dividend announcement in the near future.
Metal stocks near ₹3 trillion club
Currently, 27 listed companies in India have a market capitalisation exceeding ₹3 trillion. Within the metals space, Hindustan Zinc and JSW Steel are already part of this elite group, with Vedanta now close to joining them.
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