The demerger is a 12-18 month process, not a one-day event: ✅ Phase 1 (Done): Announcement - stock rallied 40-50% ✅ Phase 2 (Done): Regulatory approvals ⏳ Phase 3 (Q2 FY26): Actual split, shares credited ⏳ Phase 4 (Q2-Q3 FY26): Individual listings - This is where real re-rating happens ⏳ Phase 5 (Next 12 months): Standalone performance proves out We're between Phase 2 and 3. The big moves (Phases 4-5) are still ahead. Historical precedent: ITC Hotels demerger saw 15-20% combined value increase within 6 months post-split. **Fundamentals that support future growth –** \- PE Ratio: VEDL is at 20 vs Sector PE of 25, still scope for PE expansion and price movement \- EPS: Earnings Per Share is estimated to increase from 38 in FY25 to 65 by FY27, according to ICICI Direct \- Commodity Supercycle: Silver, Copper, Aluminium are at their yearly and all-time highs, which also make a significant part of Vedanta’s portfolio
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