Vedanta Demerger, Metals Rally Could Boost Share Price to ₹965: Kotak

• Kotak Institutional Equities maintains 'buy' rating on Vedanta, raising price target to ₹780 from ₹650.
• Vedanta's FY27 estimated EBITDA is 85% derived from Aluminium (50%), Zinc (20%), and Silver (15%).
• Base and precious metals are trading at record or multi-year highs globally, driving Vedanta's prospects.
• Increased capacity across Aluminium, Zinc, and Power segments will further drive stock price in FY27-28.
• Demerger process expected to begin in Q4 FY24 and conclude in Q1 FY27, unlocking value and potentially boosting share price to ₹965 at spot prices.

Why It Matters: Vedanta's demerger and strong metals rally position it for significant share price growth, per Kotak.