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Indian (NIFTY) Materials Sector Analysis

UpdatedDec 21, 2025
DataAggregated Company Financials
Companies785
  • 7D-0.3%
  • 3M-2.9%
  • 1Y4.2%
  • YTD5.2%

Over the last 7 days, the Materials industry has remained flat, although notably Vedanta gained 7.0%. The past year has been better, since the industry has gained 4.2% in that time. Looking forward, 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
Sun, 21 Dec 2025₹50.2t₹26.3t₹1.7t22.3x29x1.9x
Tue, 18 Nov 2025₹51.2t₹26.3t₹1.7t23.7x29.6x2x
Thu, 16 Oct 2025₹51.2t₹25.5t₹1.6t24.3x31.8x2x
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
Price to Earnings Ratio

16.3x


Total Market Cap: ₹33.8tTotal Earnings: ₹2.1tTotal Revenue: ₹23.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Materials Sector Price to Earnings3Y Average 29.7x202320242025
Current Industry PE
  • Investors are relatively neutral on the Indian Materials industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 29.7x.
  • The industry is trading close to its 3-year average PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 5.8% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.6% 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 Market-0.11%
Materials-0.34%
Metals and Mining0.17%
Chemicals-0.17%
Packaging-0.84%
Basic Materials-1.57%
Paper and Forestry Products-1.71%
Industry PE
  • Investors are most optimistic about the Basic Materials industry, which is trading close to its 3-year average PE ratio of 42.1x.
    • Analysts are expecting annual earnings growth of 11.8%, which is higher than its past year's earnings growth of 7.0% per year.
  • Investors are most pessimistic about the Packaging industry, which is trading below its 3-year average of 24.8x.
Forecasted Growth
  • Analysts are most optimistic on the Paper and Forestry Products industry, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings decline of 18% per year.
  • In contrast, the Basic Materials industry is expected to see its earnings grow by 12% 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
VEDL Vedanta₹581.607.0%
+₹148.4b		21.9%PE18.9x
500188 Hindustan Zinc₹588.904.9%
+₹116.4b		25.5%PE23.6x
ASIANPAINT Asian Paints₹2.80k1.3%
+₹33.7b		22.7%PE68.9x
FACT Fertilisers and Chemicals Travancore₹863.054.3%
+₹23.3b		-9.0%PE537.7x
533758 APL Apollo Tubes₹1.82k4.6%
+₹22.4b		16.7%PE48.2x

Latest News

JINDALSTEL
₹992.60
Jindal Steel
7D
-3.6%
1Y
9.3%

JINDALSTEL: Angul Capacity Expansion Will Drive Future Upside Potential

Analysts have slightly lifted their price target for Jindal Steel to ₹1,134.77, citing modest tweaks to the discount rate and valuation assumptions while keeping growth and margin forecasts broadly unchanged. What's in the News Jindal Steel has successfully commissioned a 250 MT Basic Oxygen Furnace at its Angul integrated steel plant, adding 3 MTPA of crude steelmaking capacity and lifting Angul capacity from 6 MTPA to 9 MTPA, with a target of 12 MTPA within the current financial year (Business Expansions).
VEDL
₹581.60
Vedanta
7D
7.0%
1Y
21.9%

VEDL: New Finance Hub And Stable Outlook Will Shape Balanced Future Prospects

Analysts have raised their price target for Vedanta slightly to reflect a modest increase in fair value to ₹564.31. This is supported by marginally stronger long term revenue growth expectations that more than offset a small downward tweak to profit margin assumptions and a higher discount rate.
506401
₹1,666.40
Deepak Nitrite
7D
9.0%
1Y
-35.8%

506401: Upcoming Board Review Will Reinforce Confidence In Stable Margins

Analysts have modestly trimmed their price target on Deepak Nitrite by recalibrating the discount rate and long term valuation assumptions. This has resulted in a slightly lower fair value estimate in rupee terms, while growth and margin expectations remain broadly unchanged.
533758
₹1,820.65
APL Apollo Tubes
7D
4.6%
1Y
16.7%

533758: Upcoming Board Meeting And Dividend Will Support Bullish Outlook

Analysts have modestly maintained their price target on APL Apollo Tubes at ₹1,955.47, with the unchanged fair value reflecting their view that slightly higher discount and earnings multiples are still justified by the company’s resilient growth and stable profitability outlook. What's in the News Board meeting scheduled for October 29, 2025, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing).
500188
₹588.90
Hindustan Zinc
7D
4.9%
1Y
25.5%

500188: Rising Output Guidance Will Likely Fail To Justify Current Downside Risk

Analysts have marginally raised their fair value estimate for Hindustan Zinc from ₹489.46 to ₹498.07 per share, reflecting slightly higher assumed revenue growth, profit margins and future earnings multiples, even after incorporating a modest uptick in the discount rate. What's in the News Board meeting scheduled for October 17, 2025 to review unaudited consolidated and standalone financial results for Q2 and H1 FY 2025, along with other matters (company filing) Production results for Q2 FY 2026 show marginally higher mined metal at 258,000 MT versus 256,000 MT a year earlier, but lower total refined metal at 246,000 MT versus 262,000 MT and reduced silver output at 144 MT versus 184 MT (company announcement) For the first half of FY 2026, mined metal production rose slightly to 523,000 MT versus 519,000 MT, while total refined metal declined to 496,000 MT from 524,000 MT and silver output fell to 293 MT from 350 MT (company announcement) Revised FY 2026 guidance sets mined metal production at 1,125 (±10) kt, refined metal at 1,075 (±10) kt and saleable silver at 680 (±10) MT.
SOLARINDS
₹11,911.00
Solar Industries India
7D
-3.2%
1Y
21.7%

SOLARINDS: Export Wins And Defence Orders Will Drive Multi Year Upside

Analysts have marginally raised their price target on Solar Industries India by maintaining a fair value estimate of ₹17,146.29, while fine tuning assumptions on discount rate, revenue growth, profit margin, and future P/E to reflect a slightly improved long term risk reward profile. What's in the News Secured export orders worth INR 14,000 million for defence products from international clients, to be executed over four years (Key Developments) Received a major domestic order of INR 4,830 million for supply of bulk explosives to SECL, a subsidiary of Coal India Limited, with a two-year delivery schedule (Key Developments) Scheduled a board meeting on November 10, 2025, to review unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to approve a postal ballot notice (Key Developments) Plans to seek shareholder approval via postal ballot for appointing Smt.
SAIL
₹125.91
Steel Authority of India
7D
-4.5%
1Y
8.4%

SAIL: Future Earnings Multiple Will Likely Compress From Cyclical Steel Headwinds

Analysts have nudged their price target on Steel Authority of India higher, lifting fair value by ₹5 to ₹90 as they grow more optimistic about a return to positive revenue growth, stronger profit margins, and a more reasonable future earnings multiple, despite a slightly higher discount rate. Analyst Commentary While the latest target price increase signals improving confidence in Steel Authority of India, not all market participants are convinced that the current trajectory justifies a sustained re-rating.
SHREECEM
₹25,600.00
Shree Cement
7D
-2.6%
1Y
-5.4%

SHREECEM: Interim Dividend And Governance Moves Will Shape Balanced Outlook

Analysts have modestly raised their price target for Shree Cement to ₹24,469 from ₹23,230, citing expectations of slightly higher long term profitability and a lower future price to earnings multiple, despite trimming revenue growth assumptions and applying a higher discount rate. What's in the News Board meeting scheduled on October 28, 2025, to approve unaudited standalone and consolidated financial results for the quarter and half year ending September 30, 2025, and to consider an interim dividend of INR 80 per equity share for FY 2025 to 2026 (company filing) Record date for the proposed interim dividend set as Monday, November 3, 2025, determining shareholder eligibility for the INR 80 per share payout (company filing) Special or extraordinary shareholders meeting on December 12, 2025, via postal ballot in India, to consider the appointment of Mr. Chandra Kumar Dhanuka as a non executive independent director (company filing) Valuation Changes Fair Value: Raised slightly to ₹24,469 from ₹23,230, reflecting a modestly more optimistic view on long term earnings.
ULTRACEMCO
₹11,496.00
UltraTech Cement
7D
-1.9%
1Y
0.6%

Should You Be Adding UltraTech Cement (NSE:ULTRACEMCO) To Your Watchlist Today?

Dec 13
Should You Be Adding UltraTech Cement (NSE:ULTRACEMCO) To Your Watchlist Today?
503806
₹3,090.15
SRF
7D
2.2%
1Y
35.7%

503806: Lower Discount Rate May Support Stronger Long Term Profitability

Analysts have raised their fair value estimate for SRF by approximately $191 to $3,841 per share, citing a modestly lower discount rate and slightly higher long term profit margin expectations that more than offset a small reduction in projected revenue growth. What's in the News Chief Financial Officer Rahul Jain will step down from his role at the close of business on 12 December 2025.
ASIANPAINT
₹2,799.90
Asian Paints
7D
1.3%
1Y
22.7%

ASIANPAINT: Dividend Plans And Earnings Will Shape A Balanced Near-Term Outlook

Analysts have modestly raised their fair value estimate for Asian Paints to ₹2,803 from ₹2,746, citing a slightly lower discount rate, broadly stable long term growth and margin assumptions, and a marginally higher future P E multiple. What's in the News The Board of Directors approved an interim dividend of INR 4.50 per equity share of face value INR 1 for the financial year ending 31 March 2026, with a record date of 18 November 2025 and payment on or after 27 November 2025 (company filing).
500470
₹168.65
Tata Steel
7D
-1.9%
1Y
19.7%

500470: Future Results Will Reflect Pellet Expansion Amid Ongoing Sukinda Regulatory Dispute

Analysts have slightly reduced their price target for Tata Steel to INR 185.77 from INR 186.10, citing a marginal uptick in the assumed discount rate and only modest improvements in long term growth and valuation multiples, which are largely offset by slightly lower profit margin expectations. What's in the News Board to review acquisition of a 50.01 percent equity stake in Thriveni Pellets Private Limited at its December 10, 2025 meeting, potentially strengthening raw material security and pellet capacity (Board Meeting) High Court of Orissa extends interim protection for Tata Steel against coercive action related to a large demand on alleged chrome ore dispatch shortfall at the Sukinda Chromite Block, with the next hearing scheduled for December 12, 2025 (Regulatory Authority – Enforcement Actions) Company contests a demand of about INR 2,410.89 crore tied to chrome ore dispatch obligations at Sukinda, seeking quashing of the demand letter through a writ petition naming state and central authorities (Regulatory Authority – Enforcement Actions) Upcoming November 12, 2025 board meeting to consider audited standalone and unaudited consolidated financial results and a proposed acquisition of a 50 percent stake in Tata BlueScope Steel Private Limited (Board Meeting) Provisional Indian crude steel production rises 8 percent quarter on quarter to 5.67 million tons in Q2 FY2026, supported by normalised operations post blast furnace relining, with first half output up 3 percent year on year to 10.90 million tons (Announcement of Operating Results) Tata Steel and Tata Steel Nederland sign a non binding joint letter of intent with the Dutch government to progress a major decarbonisation and health focused transition at IJmuiden, including plans for DRI and EAF capacity and extensive dust and emissions reduction measures (Strategic Alliances) Valuation Changes Fair Value: Revised down slightly to ₹185.77 from ₹186.10 per share, reflecting marginally lower earnings expectations.
SUPREMEIND
₹3,368.10
Supreme Industries
7D
4.6%
1Y
-30.4%

SUPREMEIND: Interim Dividend And Stable Outlook Will Support Future Shareholder Returns

Narrative Update on Supreme Industries Analysts have maintained their price target for Supreme Industries at ₹4,263.86, citing only marginal refinements to discount rate, revenue growth, profit margin, and future P E assumptions that did not warrant a change in fair value. What's in the News Board approves an interim dividend of INR 11 per share (550 percent on face value of INR 2) for FY 2025-26, with a record date of 3 November 2025 and payment to eligible shareholders thereafter (company board resolution).
500228
₹1,079.50
JSW Steel
7D
-4.0%
1Y
17.5%

500228: Reorganization And Potential Asset Sale Will Shape Balanced Outlook

Analysts have nudged their price target for JSW Steel slightly higher to reflect an updated fair value of ₹1,178 per share from about ₹1,170, citing a modest improvement in long term profit margin expectations and a slightly richer forward PE multiple that more than offset slightly lower revenue growth assumptions and a marginally higher discount rate. What's in the News The board will consider amalgamating Piombino Steel Limited with JSW Steel on December 3, 2025, under Sections 230 to 232 of the Companies Act, 2013, a move that could simplify the domestic corporate structure (company filing).
532644
₹5,422.85
J.K. Cement
7D
-5.3%
1Y
20.1%

532644: Index Inclusion Will Drive Future Upside

Analysts have nudged their fair value estimate for J.K. Cement slightly higher to approximately ₹6,619 from about ₹6,610, citing marginally stronger long term revenue growth assumptions that more than offset a modest increase in the discount rate and a slightly lower projected profit margin. What's in the News J.K. Cement has scheduled a special and extraordinary shareholders meeting on December 10, 2025, to be conducted via postal ballot in India (company announcement).
FACT
₹863.05
Fertilisers and Chemicals Travancore
7D
4.3%
1Y
-9.0%

Fertilisers and Chemicals Travancore (NSE:FACT) Has A Pretty Healthy Balance Sheet

Nov 20
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