By: Mr. Vikram Kasat, Head – Advisory, PL Capital.

“+ve Silver prices on a rise, beneficial for Hz and Vedl- prefer to play via vedl

We have assumed USD35/ounce silver price in FY26/27 (CMP: USD35.7/ounce)

Sensitivity: Every USD 5/ounce change in silver prices change HZ Ebitda and value by 5.2%/5.6% and Vedanta Ebitda and value by 2%/2.3%

Our current TP of hz is 403 (CMP: 490) and Vedanta TP is INR611(CMP: 440). Risk reward greatly in favor of Vedanta.”