Shares of the newly-demerged Vedanta entities i.e. Vedanta Aluminium, Vedanta Oil & Gas and Vedanta Power fell up to 5% on Tuesday, a day after listing on the exchanges. The Vedanta demerger marked one of the largest corporate restructurings undertaken in India's metals and mining sector.Vedanta Aluminium shares were locked in the 5% lower circuit at Rs 475.65, while Vedanta Oil & Gas hit its 5% lower circuit limit at Rs 35.20. Vedanta Power also opened 5% lower but quickly recovered some ground and was trading only marginally lower.With the dust beginning to settle after the landmark restructuring, investors are now grappling with a key question: where does the biggest long-term opportunity lie?Also Read | HCL Tech shares jump 3% after buying stake in Sarvam AI for Rs 1,427 croreAmong the four newly listed entities, Vedanta Aluminium has clearly emerged as the heavyweight. The company debuted with a market capitalization of around Rs 2.06 lakh crore, making it by far the largest company in the demerged Vedanta universe.What should investors do?Among the four demerged companies, Kaustubh Rane of Ashika Capital believes Vedanta Aluminium stands out."Vedanta Aluminium stands out as the most compelling investment opportunity owing to its scale, integrated operations, strong cash generation and exposure to long-term structural demand drivers," he said.The numbers support that view. Vedanta Aluminium listed at Rs 527 per share and is already among India's largest metals companies by market value. The company plans to double its aluminium production capacity to 60 lakh tonnes per annum over time and has outlined investments of Rs 13,226 crore to further expand capacity by FY28.ICICI Securities shares a similar view, describing aluminium as the group's "crown jewel". The brokerage remains most bullish on the aluminium business, noting that the ongoing war could result in a larger-than-expected aluminium supply deficit. Combined with improved coal integration, this could create upside risks to estimates."Furthermore, we expect debt to maintain a downward trajectory, despite projected annual group-level capex of $1.8-2.0bn," the brokerage said.Also Read | M-Cap of Vedanta's split cos jumps 67% to Rs 3.5 lakh croreCase for Vedanta Oil & GasAccording to Sunny Agrawal, Head of Fundamental Research at SBI Securities, Vedanta Oil & Gas commands a fair value of Rs 42 per share.Vedanta Oil & Gas, which houses Cairn Oil & Gas, claims to be India's leading private-sector upstream player and is targeting production of 300,000 to 500,000 barrels per day through a planned investment of $5 billion."A little over a decade ago, Cairn was valued at $14.5 billion. When we acquired Cairn, its market capitalisation was half of the asset value. Today, Cairn has grown manifold, adding more reserves as well as a natural gas portfolio," the company had said in a press release earlier this year.Vedanta said in May that its average gross operated production for the full year stood at 87.2 kboepd.Vedanta PowerBrokerages remain divided on valuations for Vedanta Power. Domestic brokerage Emkay estimates a value of around Rs 51.7 per share, while Kotak Institutional Equities pegs it at Rs 60 per share. Nuvama's valuation implies a value of around Rs 47 per share, while CLSA's estimate corresponds to roughly Rs 35 per share.The company owns more than 4 GW of installed power generation capacity across Punjab, Andhra Pradesh, Chhattisgarh and Odisha. Its portfolio includes the Talwandi Sabo Thermal Plant, Meenakshi Energy, Sakti Power and the Jharsuguda Thermal Plant.Management has outlined plans to become one of India's top three private thermal power producers by FY33 through capacity expansion and asset turnarounds. The business also benefits from several long-term and medium-term power purchase agreements with state utilities, providing a degree of revenue visibility.However, analysts believe the business offers fewer growth triggers than aluminium. "Vedanta Power may suit tactical or income-oriented investors, but as a growth bet, aluminium wins decisively," said Vinit Bolinjkar, Head of Research at Ventura Securities.All four stocks have been placed in the Trade-to-Trade (T2T) segment, where every transaction results in compulsory delivery.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)