Vedanta's demerger has officially progressed past the record date of May 1, 2026, allowing shareholders to receive shares in four newly formed entities: Vedanta Aluminium Metal Ltd, Vedanta Power Ltd, Vedanta Oil and Gas Ltd, and Vedanta Iron and Steel Ltd. The residual Vedanta entity will continue to operate key businesses, including Hindustan Zinc and copper operations. Analysts, including Khushi Mistry from Bonanza Portfolio Ltd, expect Vedanta to remain in the Nifty Next 50 index while the new entities will initially be classified as 'dummy constituents' until their formal listings. Market experts believe that the aluminium business is likely to be the frontrunner for index inclusion due to its anticipated market capitalisation and liquidity. Index inclusion could occur by September 2026, depending on the listing timelines. This inclusion is expected to enhance passive fund inflows and improve liquidity, marking a significant phase in the valuation of the newly independent entities. The demerger, initially announced in September 2023, aims to streamline Vedanta's corporate structure and unlock value across its diverse operations.