The four companies that spun out from Vedanta’s mega demerger are set to list on stock exchanges on Monday (June 15). For investors who have missed out on the mega restructuring, analysts commented on which stock may provide better returns once they debut on stock markets.The Anil Agarwal-led conglomerate in April had announced that each of its eligible shareholders will get one share of Vedanta Aluminium Metal (VAML), one share of Talwandi Sabo Power (now renamed to Vedanta Power), one share of Malco Energy (now renamed to Vedanta Oil and Gas) and one share of Vedanta Iron and Steel, for every share held in Vedanta, marking one of the biggest corporate restructuring in India’s metals and mining space.Vedanta had set May 1 as the record date for the much-awaited demerger. While the eligible shareholders can continue trading Vedanta stock, the value attributable to these new entities is currently in price-discovery limbo—from the record date until their listings—since investors cannot trade them yet, even as Vedanta’s share price has already adjusted lower post-demerger.According to exchange notices, Vedanta Oil & Gas, Vedanta Power, Vedanta Aluminium Metal and Vedanta Iron & Steel make their much-awaited market debut on Monday and will be initially placed in the Trade-to-Trade (T2T) segment, where every transaction results in compulsory delivery.While eligible investors will be awarded with the shares of the four new companies automatically once they list, analysts suggested what investors, who missed the record date and are planning to buy some of the new stocks once they list, should do.Also read: At what price will each of the four new Vedanta companies list? Check cost of acquisitionWhich stock should you buy?Sunny Agrawal, Head of Fundamental Research at SBI Securities, said an investor can look to buy the shares of Vedanta Aluminium Metal on the back of robust capacity expansion of aluminium and strong LME Aluminium prices.He said that the fair value of Vedanta Aluminium Metal stands at Rs 489 apiece, while that of Vedanta Power stands at Rs 44 per share. Vedanta Oil & Gas commands a fair value of Rs 42 per share, while the same of Vedanta Iron & Steel stands at Rs 19 per share, according to the analyst.“Notably, among the demerged businesses, Vedanta Aluminium stands out as the most attractive entity, with an expected listing valuation of Rs 400+ per share. This is supported by its strong contribution to group revenues and margins, along with favourable industry dynamics such as tight global supply, elevated aluminium prices, and ongoing capacity expansions driving volume growth,” said ICICI Direct in a report.Also read: How will Vedanta demerger impact dividend payouts for shareholders?Nuvama in its report had said that Vedanta and Vedanta Aluminium will likely remain large-cap, while those of Vedanta Power, Vedanta Oil & Gas and Vedanta Steel & Iron ore will list at small-cap stocks. It had highlighted that mutual fund flows will likely be skewed towards the two large caps, while the small cap demerger entities will see limited participation.ICRA recently removed the long-term rating of Vedanta Aluminium Limited (VAML) from watch with developing implications, following greater clarity on the allocation of assets and liabilities under the ongoing demerger scheme of Vedanta Limited as well as the support framework across group entities. ICRA has also upgraded the rating and assigned a Stable outlook to the long-term rating. “The rating action factors in ICRA’s expectation that VAML’s financial profile will strengthen further in FY2027, following the strong improvement seen in FY2026 owing to a sharp increase in aluminium prices globally. On the London Metal Exchange (LME), aluminum prices remained firm during FY2026 with an average of $2,771/tonne, around 10% higher compared to the previous fiscal. The prices have continued to be elevated in the current fiscal so far and are expected to remain firm in the near term, given the global supply-side constraints and the ongoing geopolitical situation. The elevated prices are expected to support VAML’s credit profile,” the ratings agency further said, while highlighting steady cost structure, solid sales expectations and strong business profile.Vedanta Aluminium currently has an installed capacity of around 2.4 million tonnes per annum and is targeting 3 million tonnes per annum by FY28, with an additional 3 MTPA greenfield expansion under evaluation. The company operates the world's largest single-location aluminium smelter and exports products to nearly 70 countries.For Vedanta Power, Emkay estimates a share price of around Rs 51.7 per share. Kotak Institutional Equities see the stock at Rs 60 per share, while Nuvama's valuation implies a value of around Rs 47 per share. CLSA's estimate corresponds to roughly Rs 35 per share.Also read: Analysts expect 7-8% returns for retail investors from Wipro's Rs 15,000 crore buyback. Here's how(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)