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Indian (NIFTY) Materials Sector Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies793
  • 7D-4.2%
  • 3M-10.4%
  • 1Y-1.9%
  • YTD-12.0%

The Materials is pretty flat in the last 7 days, but Lloyds Metals and Energy has stood out, gaining 5.5%. The past year has been better, since the industry has gained 3.4% in that time. Earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026₹45.8t₹27.0t₹1.8t19.2x25.1x1.7x
Thu, 19 Feb 2026₹52.2t₹27.0t₹1.8t21.6x28.8x1.9x
Sat, 17 Jan 2026₹52.5t₹26.4t₹1.7t22.2x30.2x2x
Mon, 15 Dec 2025₹50.3t₹26.3t₹1.7t22.5x29x1.9x
Wed, 12 Nov 2025₹51.2t₹26.1t₹1.7t23.3x30.3x2x
Fri, 10 Oct 2025₹51.4t₹25.5t₹1.6t24.4x32x2x
Sun, 07 Sep 2025₹50.8t₹25.4t₹1.6t24.7x31.6x2x
Tue, 05 Aug 2025₹50.6t₹25.1t₹1.6t25.8x31.9x2x
Thu, 03 Jul 2025₹51.3t₹24.9t₹1.5t26.9x33.6x2.1x
Sat, 31 May 2025₹48.5t₹24.8t₹1.5t25.2x31.6x2x
Mon, 28 Apr 2025₹46.6t₹24.4t₹1.4t23.7x32.3x1.9x
Wed, 26 Mar 2025₹45.9t₹24.3t₹1.4t23.4x32x1.9x
Fri, 21 Feb 2025₹44.2t₹24.3t₹1.4t24.2x31x1.8x
Sun, 19 Jan 2025₹46.0t₹24.0t₹1.4t28.1x33.4x1.9x
Tue, 17 Dec 2024₹50.1t₹24.0t₹1.4t30.9x36.3x2.1x
Thu, 14 Nov 2024₹46.6t₹23.9t₹1.4t29.1x33.7x1.9x
Sat, 12 Oct 2024₹51.5t₹24.0t₹1.3t31x39.5x2.1x
Mon, 09 Sep 2024₹50.6t₹24.0t₹1.3t30.4x39x2.1x
Wed, 07 Aug 2024₹48.9t₹23.9t₹1.3t29.3x38x2x
Fri, 05 Jul 2024₹51.4t₹23.8t₹1.3t30.2x39.2x2.2x
Sun, 02 Jun 2024₹46.6t₹23.9t₹1.3t26.5x35.2x2x
Tue, 30 Apr 2024₹45.9t₹23.9t₹1.4t28x33.3x1.9x
Thu, 28 Mar 2024₹41.3t₹24.0t₹1.4t24x29.8x1.7x
Sat, 24 Feb 2024₹42.5t₹24.0t₹1.4t27x30.4x1.8x
Mon, 22 Jan 2024₹42.4t₹24.4t₹1.4t27.3x30.6x1.7x
Wed, 20 Dec 2023₹42.0t₹24.4t₹1.4t25.2x30.7x1.7x
Fri, 17 Nov 2023₹38.6t₹24.3t₹1.4t24.5x28.3x1.6x
Sun, 15 Oct 2023₹38.4t₹24.4t₹1.4t24.1x27.5x1.6x
Tue, 12 Sep 2023₹39.2t₹24.4t₹1.4t24.3x28.1x1.6x
Thu, 10 Aug 2023₹37.0t₹24.4t₹1.4t21.4x25.7x1.5x
Sat, 08 Jul 2023₹35.7t₹24.5t₹1.6t19.7x23x1.5x
Mon, 05 Jun 2023₹34.3t₹24.5t₹1.6t18.9x22.1x1.4x
Wed, 03 May 2023₹33.4t₹24.2t₹1.8t17x18.4x1.4x
Fri, 31 Mar 2023₹31.6t₹24.2t₹1.8t15.4x17.4x1.3x
Price to Earnings Ratio

17.4x


Total Market Cap: ₹31.6tTotal Earnings: ₹1.8tTotal Revenue: ₹24.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Materials Sector Price to Earnings3Y Average 30.7x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Materials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 26.3x which is lower than its 3-year average PE of 30.7x.
  • 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 remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 3.7% 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 and as a result, profits have held steady.

Industry Trends

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

IN Market-3.57%
Materials-4.17%
Paper and Forestry Products-1.22%
Metals and Mining-3.84%
Chemicals-3.98%
Packaging-4.14%
Basic Materials-5.39%
Industry PE
  • Investors are most optimistic about the Basic Materials industry even though it's trading below its 3-year average PE ratio of 42.7x.
    • Analysts are expecting annual earnings growth of 13.0%, which is lower than the prior year's growth of 33.3% per year.
  • Investors are most pessimistic about the Packaging industry, which is trading below its 3-year average of 25.2x.
Forecasted Growth
  • Analysts are most optimistic on the Paper and Forestry Products industry, expecting annual earnings growth of 51% over the next 5 years.
  • This is better than its past earnings decline of 9.5% per year.
  • In contrast, the Basic Materials industry is expected to see its earnings grow by 13% 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
FLUOROCHEM Gujarat Fluorochemicals₹3.20k6.9%
+₹22.8b		-19.7%PE53.6x
GUJALKALI Gujarat Alkalies and Chemicals₹625.9551.1%
+₹15.6b		7.4%PS1.1x
512455 Lloyds Metals and Energy₹1.26k1.8%
+₹12.7b		-1.3%PE28.8x
JAINREC Jain Resource Recycling₹455.606.7%
+₹9.8b		n/aPE45.9x
KIOCL KIOCL₹330.404.9%
+₹9.5b		34.3%PS31.4x

Latest News

GUJALKALI
₹625.95
Gujarat Alkalies and Chemicals
7D
51.1%
1Y
7.4%
500440
₹854.55
Hindalco Industries
7D
-8.8%
1Y
23.2%

500440: Odisha Aluminium Expansion Will Drive Future Returns And Margin Resilience

Analysts have nudged their price target for Hindalco Industries slightly higher, from ₹940.18 to ₹945.00. They cited refreshed assumptions on discount rate, revenue growth, profit margin and future P/E multiples.
KIOCL
₹330.40
KIOCL
7D
4.9%
1Y
34.3%
500228
₹1,133.60
JSW Steel
7D
-2.9%
1Y
6.8%

500228: Backward Integration Coal Project Will Reshape Asset Base And Support Bullish Outlook

Analysts have kept their price target for JSW Steel steady at ₹1,420, pointing to revised assumptions for discount rate, revenue growth, profit margin and future P/E as the key drivers behind this unchanged view. What's in the News JSW Steel announced the Minas de Revuboè coking coal mining project in Mozambique, giving the company access to premium hard coking coal reserves of 850 mt with potential to produce 250 mt of usable coking coal, as part of its backward integration for a key steelmaking input.
FLUOROCHEM
₹3,199.10
Gujarat Fluorochemicals
7D
6.9%
1Y
-19.7%

FLUOROCHEM: Upcoming Governance Decisions Will Support Long Term Upside

Analysts have trimmed their price target for Gujarat Fluorochemicals from about ₹3,905 to roughly ₹3,669, reflecting slightly lower assumptions on revenue growth, profit margins and future P/E multiples in their refreshed models. What's in the News Board meeting scheduled for Feb 12, 2026, to consider, approve and record unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (Key Developments).
VEDL
₹651.60
Vedanta
7D
-6.8%
1Y
41.1%

VEDL: Upcoming Board Actions And Bidding Interest Will Support Bullish Repricing

Analysts have maintained their fair value estimate for Vedanta at ₹808.77 per share, with only marginal adjustments to inputs such as the discount rate, profit margin and future P/E assumptions driving this latest price target confirmation. What's in the News A board meeting is scheduled on January 19, 2026 to consider unaudited consolidated and standalone financial results for the third quarter and nine months ended December 31, 2025 (company filing).
NATIONALUM
₹354.65
National Aluminium
7D
-10.2%
1Y
96.3%
500188
₹497.05
Hindustan Zinc
7D
-9.0%
1Y
11.9%

500188: New Zinc Park And Silver Recovery Initiatives Will Support Upside Outlook

Analysts keep their price target for Hindustan Zinc steady at ₹750, pointing to only minor tweaks in discount rate, revenue growth and profit margin assumptions, along with a slightly adjusted future P/E multiple, rather than a material shift in their view. What's in the News Hindustan Zinc has set a Special and Extraordinary Shareholders Meeting via postal ballot in India for Apr 10, 2026, signaling upcoming matters for investor approval (company filing).
506767
₹1,414.15
Alkyl Amines Chemicals
7D
10.7%
1Y
-18.8%
SOLARINDS
₹12,554.00
Solar Industries India
7D
-10.5%
1Y
16.5%

SOLARINDS: Defence Export Orders Will Drive Multi Year Upside Potential

Analysts have kept their fair value estimate for Solar Industries India steady at ₹16,696.67 per share, with only small tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions supporting the unchanged price target. What's in the News Solar Industries India and its subsidiary received export orders worth ₹8,300 million for defence products, with execution scheduled over four years under international contracts with significant terms and conditions for defence supplies to overseas clients (Key Developments).
512455
₹1,259.00
Lloyds Metals and Energy
7D
1.8%
1Y
-1.3%

512455: New Subsidiary And Capacity Expansion Will Support Future Upside

Analysts have kept their price target for Lloyds Metals and Energy steady at around ₹1,703, with only small tweaks to assumptions such as a slightly higher discount rate and future P/E. This reflects a largely unchanged view on the company’s valuation drivers.
ULTRACEMCO
₹10,764.00
UltraTech Cement
7D
-3.2%
1Y
-5.8%

ULTRACEMCO: Capacity Expansion Will Drive Future Upside Despite Ongoing GST Disputes

Analysts have inched up their fair value estimate for UltraTech Cement to ₹14,090.92 from ₹14,084.45. This reflects small tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E rather than any major shift in the underlying view.
500405
₹691.75
Supreme Petrochem
7D
5.1%
1Y
3.3%

500405: Upcoming Board Meeting Will Reinforce Confidence In Future Share Performance

Analysts have kept their fair value estimate for Supreme Petrochem steady at ₹790, with small adjustments to assumptions around discount rate, revenue growth, profit margin and future P/E, now at 25.28x, shaping the refined price target view. What's in the News Board meeting scheduled for Jan 20, 2026, at 15:30 Indian Standard Time to consider and approve unaudited financial results for the third quarter and nine months ended Dec 31, 2025 (Key Developments).
GRASIM
₹2,549.40
Grasim Industries
7D
-5.0%
1Y
-0.8%

GRASIM: Subsidiary Capital Infusion Will Support Future Earnings Resilience

Analysts have maintained their price target for Grasim Industries at about ₹3,403 per share, with only marginal tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Board meeting on Dec 09, 2025 to consider an INR 5,000 million equity infusion in wholly owned subsidiary Aditya Birla Renewables Limited through a preferential issue to Essel Mining & Industries Limited within the 2026 financial year to meet urgent business needs (Key Developments).
523457
₹7,398.90
Linde India
7D
1.1%
1Y
16.9%
JAINREC
₹455.60
Jain Resource Recycling
7D
6.7%
1Y
n/a