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Indian (NIFTY) Materials Sector Analysis

UpdatedSep 13, 2025
DataAggregated Company Financials
Companies764
  • 7D0.7%
  • 3M2.9%
  • 1Y-2.2%
  • YTD7.1%

The Materials is pretty flat in the last 7 days, but Hindustan Zinc has stood out, gaining 5.2%. Furthermore, the industry has been flat for the past year as well. Earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

Has the Indian Materials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Sep 2025₹51.2t₹25.4t₹1.6t24.9x31.9x2x
Mon, 11 Aug 2025₹49.6t₹25.2t₹1.6t24.8x30.9x2x
Wed, 09 Jul 2025₹51.0t₹24.9t₹1.5t26.7x33.3x2x
Fri, 06 Jun 2025₹49.2t₹24.8t₹1.5t25.8x32.1x2x
Sun, 04 May 2025₹46.0t₹24.5t₹1.4t23x31.8x1.9x
Tue, 01 Apr 2025₹46.0t₹24.3t₹1.4t22.1x32.1x1.9x
Thu, 27 Feb 2025₹43.1t₹24.3t₹1.4t23.7x30x1.8x
Sat, 25 Jan 2025₹45.7t₹24.0t₹1.4t27x33.3x1.9x
Mon, 23 Dec 2024₹47.7t₹24.0t₹1.4t30.7x34.6x2x
Wed, 20 Nov 2024₹46.9t₹24.0t₹1.4t29.3x33.9x2x
Fri, 18 Oct 2024₹50.7t₹24.0t₹1.3t30.9x38.9x2.1x
Sun, 15 Sep 2024₹51.7t₹24.0t₹1.3t30.9x39.6x2.2x
Tue, 13 Aug 2024₹49.7t₹23.9t₹1.3t30.3x38.5x2.1x
Thu, 11 Jul 2024₹51.1t₹23.8t₹1.3t29.9x38.9x2.1x
Sat, 08 Jun 2024₹47.9t₹23.8t₹1.3t27.2x36.5x2x
Mon, 06 May 2024₹46.2t₹23.9t₹1.4t27.5x33.6x1.9x
Wed, 03 Apr 2024₹43.3t₹24.0t₹1.4t25.3x31.3x1.8x
Fri, 01 Mar 2024₹41.7t₹24.0t₹1.4t26.5x30.1x1.7x
Sun, 28 Jan 2024₹42.1t₹24.4t₹1.4t26.9x29.3x1.7x
Tue, 26 Dec 2023₹41.8t₹24.4t₹1.4t24.9x30.6x1.7x
Thu, 23 Nov 2023₹39.3t₹24.3t₹1.4t23.9x28.8x1.6x
Sat, 21 Oct 2023₹38.2t₹24.4t₹1.4t24.5x27.1x1.6x
Mon, 18 Sep 2023₹38.8t₹24.4t₹1.4t23.7x27.8x1.6x
Wed, 16 Aug 2023₹36.3t₹24.4t₹1.4t21.7x25.7x1.5x
Fri, 14 Jul 2023₹35.8t₹24.5t₹1.6t19.2x23.1x1.5x
Sun, 11 Jun 2023₹34.6t₹24.4t₹1.6t19x22.3x1.4x
Tue, 09 May 2023₹34.0t₹24.1t₹1.7t17.7x19.7x1.4x
Thu, 06 Apr 2023₹32.1t₹24.2t₹1.8t16.3x17.7x1.3x
Sat, 04 Mar 2023₹32.3t₹24.2t₹1.8t16.2x17.8x1.3x
Mon, 30 Jan 2023₹32.3t₹23.8t₹2.0t16.7x16.3x1.4x
Wed, 28 Dec 2022₹33.8t₹23.6t₹2.1t17x16.3x1.4x
Fri, 25 Nov 2022₹33.5t₹23.6t₹2.1t16.5x16.2x1.4x
Sun, 23 Oct 2022₹32.4t₹22.8t₹2.3t16.6x14x1.4x
Tue, 20 Sep 2022₹33.9t₹22.6t₹2.4t17.3x14.1x1.5x
Price to Earnings Ratio

14.1x


Total Market Cap: ₹33.9tTotal Earnings: ₹2.4tTotal Revenue: ₹22.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Materials Sector Price to Earnings3Y Average 28.3x202320242025
Current Industry PE
  • Investors are optimistic on the Indian Materials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 31.9x which is higher than its 3-year average PE of 28.3x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 13% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.9% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Indian Materials sector?

IN Market1.60%
Materials0.66%
Metals and Mining2.12%
Paper and Forestry Products1.23%
Chemicals0.39%
Packaging-0.81%
Basic Materials-1.27%
Industry PE
  • Investors are most optimistic about the Basic Materials industry which is trading above its 3-year average PE ratio of 40.7x.
    • Analysts are expecting annual earnings growth of 13.7%, which is higher than its past year's earnings decline of 3.6% per year.
  • Investors are most pessimistic about the Packaging industry, which is trading below its 3-year average of 24.2x.
Forecasted Growth
  • Analysts are most optimistic on the Paper and Forestry Products industry, expecting annual earnings growth of 62% over the next 5 years.
  • This is better than its past earnings decline of 23% per year.
  • In contrast, the Basic Materials industry is expected to see its earnings grow by 14% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
500188 Hindustan Zinc₹463.055.2%
+₹96.3b		-6.7%PE19.1x
500228 JSW Steel₹1.10k2.4%
+₹64.1b		15.2%PE55.4x
SOLARINDS Solar Industries India₹14.40k3.5%
+₹44.2b		29.7%PE103.3x
FLUOROCHEM Gujarat Fluorochemicals₹3.72k10.8%
+₹39.8b		-15.4%PE65.6x
503806 SRF₹2.97k4.2%
+₹35.3b		20.4%PE61.6x

Latest News

NUVOCO
₹428.65
Nuvoco Vistas
7D
-7.6%
1Y
21.5%

Returns At Nuvoco Vistas (NSE:NUVOCO) Appear To Be Weighed Down

Sep 11
Returns At Nuvoco Vistas (NSE:NUVOCO) Appear To Be Weighed Down
PARADEEP
₹170.66
Paradeep Phosphates
7D
-15.1%
1Y
100.0%
500425
₹560.45
Ambuja Cements
7D
-1.1%
1Y
-10.9%
FLUOROCHEM
₹3,715.70
Gujarat Fluorochemicals
7D
10.8%
1Y
-15.4%
500188
₹463.05
Hindustan Zinc
7D
5.2%
1Y
-6.7%

Expanding Metal Capacity And Renewables Will Define India's Mining Future

Hindustan Zinc’s fair value estimate was revised down slightly as consensus revenue growth projections edged lower from 7.5% to 7.3% per annum. What's in the News Board approved establishment of India's first zinc tailings reprocessing plant at Rampura Agucha with a 10 Mtpa capacity, investing up to INR 3,823 crore to extract residual metals from waste, supporting resource efficiency and the circular economy.
500470
₹169.80
Tata Steel
7D
1.3%
1Y
10.7%

Kalinganagar, Ludhiana And Decarbonization Will Unlock New Opportunities

Despite slightly lower revenue growth expectations and a modest uptick in future P/E, analysts have left Tata Steel’s fair value largely unchanged, with the price target nudging up marginally to ₹169.43. What's in the News Tata Steel faces multiple regulatory actions, including a INR 19.0 billion demand for alleged shortfall in mineral dispatch from the Sukinda Chromite Block, which the company is contesting in the Orissa High Court; authorities are currently restrained from taking coercive steps.
503806
₹2,971.35
SRF
7D
4.2%
1Y
20.4%

Sustainability And Capacity Upgrades Will Transform Specialty Chemicals

With no meaningful change in either the discount rate or forward P/E multiple, analysts have maintained SRF's fair value estimate at ₹3105. What's in the News SRF Limited has entered into strategic agreements with The Chemours Company to strengthen Chemours' global supply chain for fluoropolymers and fluoroelastomers, leveraging SRF's manufacturing capabilities.
JSL
₹740.95
Jindal Stainless
7D
-2.0%
1Y
-2.9%

Domestic Demand And ESG Efforts Will Support Stainless Steel

Jindal Stainless saw negligible changes in its discount rate (up slightly to 13.87%) and future P/E (nudging to 20.39x), resulting in the consensus analyst price target remaining unchanged at ₹765.54. What's in the News Board approved appointment of Mr. Tarun Kumar Khulbe as Chief Financial Officer, in addition to his current roles as CEO and Whole-time Director.
500228
₹1,099.20
JSW Steel
7D
2.4%
1Y
15.2%

Government Spending And Capacity Expansion Will Fuel Steel Consumption

With both the discount rate and future P/E for JSW Steel remaining effectively unchanged, there has been no material revision in the fair value, with the consensus analyst price target stable at ₹1056. What's in the News JSW Steel finalized a joint venture with Andhra Pradesh Mineral Development Corporation to develop the Konijedu Marlapadu Integrated Iron Ore Project, aiming to mine and beneficiate low-grade iron ore (1.3 million tons/annum) and reduce imported ore dependence; project cost INR 10.75 billion, with JSW holding 89% equity.
ULTRACEMCO
₹12,370.00
UltraTech Cement
7D
-1.8%
1Y
5.6%

Robust Indian Infrastructure Will Unlock Cement Opportunity

With no change in UltraTech Cement’s discount rate or future P/E multiple, analysts’ consensus price target has remained steady at ₹13,630. What's in the News Board meeting scheduled to consider and approve unaudited financial results for the quarter and half-year ending September 2025.
SHREECEM
₹29,580.00
Shree Cement
7D
-1.5%
1Y
14.3%

Focusing On Value And Sustainability Initiatives Will Reduce Costs And Improve Reputation

Given that there is no analyst reasoning provided, Shree Cement’s consensus analyst price target and key valuation metrics such as discount rate and future P/E ratio have remained effectively unchanged, with the fair value staying stable at ₹30,904. What's in the News Board meeting scheduled to consider and approve un-audited standalone and consolidated financial results for the quarter ending June 30, 2025.
SOLARINDS
₹14,403.00
Solar Industries India
7D
3.5%
1Y
29.7%

International Expansion Will Reshape Global Defense Manufacturing

With no new analyst reasoning provided, both the discount rate (13.46%) and revenue growth forecast (28.1% per annum) for Solar Industries India remained steady, resulting in a consensus analyst price target that is unchanged at ₹16,884. What's in the News Board meeting scheduled to consider and approve Q1 FY26 unaudited standalone and consolidated financial results.
ASIANPAINT
₹2,546.30
Asian Paints
7D
-1.3%
1Y
-24.2%

India Urbanization And Affordable Housing Will Open New Opportunities

With no significant changes in either Future P/E or consensus revenue growth forecasts, the analyst fair value estimate for Asian Paints remains effectively unchanged at ₹2431. What's in the News PPG Industries and Asian Paints extended their joint venture agreements in India for 15 years, continuing collaboration in coatings across various sectors; each company retains management control of respective JV entities.
513599
₹280.20
Hindustan Copper
7D
14.7%
1Y
-11.0%
RAMCOCEM
₹1,030.90
Ramco Cements
7D
-3.6%
1Y
21.3%
500440
₹758.00
Hindalco Industries
7D
1.8%
1Y
12.6%