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Today's prices ask more of Vedanta than of Hindalco.
At current prices, buyers of Hindalco are assuming about 0% growth against 12% in its own record; for Vedanta it is 5% against 0%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: Hindalco is worth about 2.0 times Vedanta on the stock market.
- Record: Hindalco has grown revenue faster: Hindalco compounded at about 11% a year (FY2018–FY2026) and Vedanta at about 7% (FY2018–FY2025).
- What to watch: aluminium prices at Hindalco; commodity prices at Vedanta.
| Hindalco | Vedanta | |
|---|---|---|
| Price | ₹944 | ₹260 |
| Market cap | ₹2.09L Cr | ₹1.02L Cr |
| P/E | 10.9 | 4.7 |
| P/B | 1.53 | 2.04 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
An aluminium giant on two continents
Hindalco Industries, the Aditya Birla group's metals company, is one of the world's largest aluminium producers. In India it mines bauxite, refines alumina and smelts aluminium using its own power, and also runs a copper smelter and refinery at Dahej.
A resources conglomerate
Vedanta, controlled by Anil Agarwal's UK-based Vedanta Resources, produces aluminium, zinc, silver, oil and gas, iron ore, copper and power. It owns a majority of Hindustan Zinc, one of the world's largest zinc miners, and Cairn India's oil fields in Rajasthan.
02The records side by side
Hindalco has grown revenue faster: Hindalco compounded at about 11% a year (FY2018–FY2026) and Vedanta at about 7% (FY2018–FY2025). By revenue, Hindalco is about 1.8 times the size of Vedanta. Hindalco kept 4.9% of revenue as net profit in FY2026; Vedanta kept 13.4% of revenue as net profit in FY2025. Hindalco was profitable in every year shown; Vedanta reported a net loss in FY2020.
Full ten-year tables and charts are on each company's page: Hindalco · Vedanta.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
05What could go wrong
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Hindalco or Vedanta better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Hindalco trades at 10.9 times earnings and 1.53 times book value, and Vedanta at 4.7 times earnings and 2.04 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Hindalco and Vedanta?
Hindalco Industries, the Aditya Birla group's metals company, is one of the world's largest aluminium producers. Vedanta, controlled by Anil Agarwal's UK-based Vedanta Resources, produces aluminium, zinc, silver, oil and gas, iron ore, copper and power.
Are Hindalco and Vedanta valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Hindalco and Vedanta?
Worked backwards from the share price, Hindalco needs about 0% growth and Vedanta about 5% growth, against 12% and 0% in their own records.