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Indian (NIFTY) Metals and Mining Industry Analysis

UpdatedJun 18, 2026
DataAggregated Company Financials
Companies229
  • 7D1.8%
  • 3M5.2%
  • 1Y23.7%
  • YTD0.9%

The Metals and Mining industry is up 1.8% in the last week, with Hindustan Zinc up 4.6%. This means that the industry has gained 24% over the past year. Earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

Has the Indian Metals and Mining Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Jun 2026₹24.4t₹14.0t₹1.1t21.7x21.8x1.7x
Sat, 16 May 2026₹23.3t₹13.6t₹1.1t22.3x21.3x1.7x
Mon, 13 Apr 2026₹23.4t₹14.2t₹988.1b21.8x23.7x1.7x
Wed, 11 Mar 2026₹22.5t₹14.2t₹987.7b20.7x22.8x1.6x
Fri, 06 Feb 2026₹22.9t₹14.0t₹978.6b22.2x23.3x1.6x
Sun, 04 Jan 2026₹22.2t₹13.7t₹929.8b23.6x23.9x1.6x
Tue, 02 Dec 2025₹19.9t₹13.7t₹931.8b22.5x21.4x1.5x
Thu, 30 Oct 2025₹20.6t₹13.4t₹908.9b23.9x22.6x1.5x
Sat, 27 Sep 2025₹19.0t₹13.2t₹894.7b22.9x21.2x1.4x
Mon, 25 Aug 2025₹18.2t₹13.2t₹895.5b23.9x20.4x1.4x
Wed, 23 Jul 2025₹18.4t₹13.0t₹856.5b23.1x21.5x1.4x
Fri, 20 Jun 2025₹17.4t₹13.0t₹841.2b22.2x20.7x1.3x
Sun, 18 May 2025₹17.7t₹12.9t₹800.0b22.2x22.1x1.4x
Tue, 15 Apr 2025₹15.9t₹12.8t₹775.7b19.5x20.5x1.2x
Thu, 13 Mar 2025₹16.8t₹12.8t₹775.7b20.1x21.7x1.3x
Sat, 08 Feb 2025₹17.0t₹12.7t₹754.8b23.2x22.5x1.3x
Mon, 06 Jan 2025₹17.8t₹12.7t₹757.9b25.8x23.5x1.4x
Wed, 04 Dec 2024₹18.4t₹12.6t₹755.5b26.3x24.4x1.5x
Fri, 01 Nov 2024₹18.2t₹12.7t₹617.4b25.2x29.6x1.4x
Sun, 29 Sep 2024₹19.4t₹12.6t₹637.6b27.6x30.5x1.5x
Tue, 27 Aug 2024₹18.6t₹12.7t₹641.2b26.9x29x1.5x
Thu, 25 Jul 2024₹18.4t₹12.7t₹610.0b25.6x30.2x1.5x
Sat, 22 Jun 2024₹19.3t₹12.6t₹623.0b25.8x31x1.5x
Mon, 20 May 2024₹18.6t₹12.6t₹643.5b24.4x28.8x1.5x
Wed, 17 Apr 2024₹16.3t₹12.7t₹671.8b23.7x24.3x1.3x
Fri, 15 Mar 2024₹13.9t₹12.7t₹672.0b21x20.8x1.1x
Sun, 11 Feb 2024₹14.8t₹12.7t₹653.7b23.9x22.6x1.2x
Tue, 09 Jan 2024₹14.4t₹12.9t₹597.0b22.5x24.2x1.1x
Thu, 07 Dec 2023₹13.7t₹12.9t₹596.4b21.7x22.9x1.1x
Sat, 04 Nov 2023₹12.3t₹12.8t₹604.1b19.3x20.3x1x
Mon, 02 Oct 2023₹12.6t₹12.8t₹628.5b18.7x20.1x1x
Wed, 30 Aug 2023₹12.2t₹12.8t₹628.0b17.2x19.4x0.9x
Fri, 28 Jul 2023₹12.0t₹12.8t₹645.5b16x18.6x0.9x
Sun, 25 Jun 2023₹10.9t₹12.8t₹727.2b14.8x15x0.9x
Price to Earnings Ratio

15x


Total Market Cap: ₹10.9tTotal Earnings: ₹727.2bTotal Revenue: ₹12.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Metals and Mining Industry Price to Earnings3Y Average 23x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Metals and Mining 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 23.0x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.7x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 15% per year over the last three years.
  • Revenues for these companies have grown 3.0% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

IN Market3.77%
Materials2.57%
Metals and Mining1.77%
Gold24.02%
Diversified Metals and Mining4.17%
Steel2.01%
Copper0.95%
Aluminum-2.44%
Industry PE
  • Investors are most optimistic about the Copper industry even though it's trading below its 3-year average PE ratio of 69.5x.
    • Analysts are expecting annual earnings growth of 33.1%, which is higher than its past year's earnings growth of 7.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Copper industry, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings growth rate of 7.3% per year.
  • In contrast, the Diversified Metals and Mining 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₹572.504.6%
+₹105.4b		26.4%PE17.5x
JSL Jindal Stainless₹727.9010.0%
+₹54.4b		8.5%PE18.8x
500228 JSW Steel₹1.29k1.4%
+₹43.1b		30.5%PE14.1x
VEDL Vedanta₹306.502.4%
+₹28.1b		-32.9%PE25.1x
512455 Lloyds Metals and Energy₹1.75k2.8%
+₹27.1b		16.7%PE26.8x

Latest News

SHYAMMETL
₹955.55
Shyam Metalics and Energy
7D
-1.4%
1Y
15.4%
Narrative Update • Jun 16

SHYAMMETL: Expansion Capex And Dividend Policy Will Shape Steady Outlook

Analysts have lifted the fair value estimate for Shyam Metalics and Energy to ₹884 from ₹855, citing updated assumptions around discount rates, revenue growth, profit margins, and a higher future P/E multiple. What’s in the News for Shyam Metalics and Energy Recommended final dividend of ₹2.70 per equity share, equal to 27% of the ₹10 face value, for the financial year ended 31 March 2026, subject to shareholder approval at the upcoming AGM.
JSL
₹727.90
Jindal Stainless
7D
10.0%
1Y
8.5%
Narrative Update • Jun 13

JSL: Renewable Power Expansion Will Support Future Margin Resilience

Analysts have maintained their fair value estimate for Jindal Stainless at ₹869.93 per share, with updated assumptions around discount rate, revenue growth, profit margin and future P/E now reflected in the price target rationale. What's in the News The Board of Directors has recommended a final dividend of ₹3 per share for FY26, taking the total dividend to ₹4 per share, equal to 200% on an equity share with a face value of ₹2, subject to shareholder approval.
533758
₹1,854.25
APL Apollo Tubes
7D
5.2%
1Y
3.1%
543590
₹28.41
Rhetan TMT
7D
-7.8%
1Y
51.9%
500228
₹1,287.10
JSW Steel
7D
1.4%
1Y
30.5%
Narrative Update • Jun 08

500228: Elevated P/E Will Limit Returns Despite Mozambique Coking Coal Expansion

Analysts have lifted their JSW Steel fair value estimate from ₹979.76 to ₹1,101.68, citing updated assumptions around the discount rate, revenue growth, profit margin, and future P/E as key drivers of the change. What's in the News On May 14, 2026, the board recommended a final dividend of ₹7.10 per equity share of face value ₹1 for FY 2026, subject to shareholder approval at the 32nd AGM.
SAIL
₹179.58
Steel Authority of India
7D
-1.2%
1Y
41.4%
Narrative Update • Jun 08

SAIL: Higher P/E Assumptions Will Struggle If Profit Margins Disappoint

Analysts have raised their fair value estimate for Steel Authority of India to ₹125 from ₹105, reflecting updated assumptions that include higher projected revenue growth, a slightly lower discount rate and a higher future P/E multiple, partially offset by a more cautious view on profit margins. Analyst Commentary For Steel Authority of India, the recent fair value increase to ₹125 reflects a more optimistic set of assumptions from analysts, particularly around revenue potential, the discount rate and the P/E multiple applied to future earnings.
500440
₹1,007.95
Hindalco Industries
7D
-3.0%
1Y
56.2%
Narrative Update • Jun 07

500440: ABB Partnership And Aerospace Collaborations Will Support Balanced Long Term Outlook

Analysts have raised their fair value estimate for Hindalco Industries from about ₹1,003 to roughly ₹1,129, pointing to updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations as key drivers of the change. What's in the News Hindalco Industries and ABB India signed a Master Sales Agreement aimed at streamlining domestic business processes and reinforcing their existing partnership across multiple ABB business areas.
539006
₹17,759.05
PTC Industries
7D
-4.6%
1Y
20.6%
512455
₹1,753.10
Lloyds Metals and Energy
7D
2.8%
1Y
16.7%
Narrative Update • Jun 06

512455: Planned Debt Raise And Governance Moves Will Support Bullish Outlook

Analysts have lifted their price target for Lloyds Metals and Energy from ₹1,892.86 to ₹2,008.33, citing updated assumptions around higher revenue growth, a lower profit margin profile and a higher future P/E multiple. What's in the News A board meeting is scheduled for May 05, 2026, to review audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, to consider a final dividend for that period, and to review a proposal to raise up to ₹2,500 crores via Non Convertible Debentures on a private placement basis.
VEDL
₹306.50
Vedanta
7D
2.4%
1Y
-32.9%
New Narrative • Jun 06

VEDANTA LTD (POST-DEMERGER) THE BULL CASE

June 2026 What happened: On May 1, 2026, Vedanta demerged into 5 independent entities. Aluminium, Oil & Gas, Power, and Steel are now separate listed companies.
JINDALSAW
₹258.48
Jindal Saw
7D
14.8%
1Y
9.5%
Narrative Update • Jun 06

JINDALSAW: Upcoming Results Meeting Will Highlight Strength Of Undervalued Bullish Case

Analysts have raised the indicative fair value for Jindal Saw from ₹262.50 to ₹314.00, pointing to updated assumptions for revenue growth, profit margins, discount rate and future P/E as the main drivers of this change. What's in the News A board meeting is scheduled for Apr 27, 2026, to review and approve audited standalone and consolidated financial results for the quarter and year ended Mar 31, 2026.
500188
₹572.50
Hindustan Zinc
7D
4.6%
1Y
26.4%
526371
₹88.00
NMDC
7D
-0.4%
1Y
28.4%
Narrative Update • Jun 05

526371: Rare Earth Partnership And Dividend Outlook Will Support Future Upside Potential

Narrative Update: NMDC Price Target Change The analyst price target for NMDC has been raised from ₹95 to ₹106, with analysts pointing to updated assumptions around revenue growth, profit margins and a higher future P/E multiple as key drivers of the new valuation. What's in the News GMDC and NMDC signed a Memorandum of Understanding to explore collaboration in the Rare Earth Elements sector, focusing on building an integrated value chain in Gujarat, including exploration, mining, beneficiation, processing and downstream applications.
NATIONALUM
₹370.00
National Aluminium
7D
-1.6%
1Y
98.7%
Narrative Update • Jun 03

NATIONALUM: Production Metrics And Dividend Outlook Will Support Balanced Near Term View

Analysts have nudged their price target on National Aluminium higher to ₹404.64 from ₹383.58, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that together support a modestly richer valuation framework. What's in the News A board meeting is scheduled for March 6, 2026, to consider the fine levied by the exchanges, according to company disclosures.
GPIL
₹272.10
Godawari Power & Ispat
7D
-1.8%
1Y
50.8%
Narrative Update • Jun 02

GPIL: New Steel Plant And Energy Storage Plans Will Support Steady Outlook

Analysts have lifted their price target for Godawari Power & Ispat from ₹275 to ₹300, citing updated assumptions around revenue, profit margins and future P/E multiples. What's in the News A board meeting is scheduled for May 19, 2026 to review audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, approve annual financial statements, and consider recommending a final dividend on equity shares.
GALLANTT
₹713.20
Gallantt Ispat
7D
11.3%
1Y
58.1%
Analysis Article • Jun 01

Here's Why We Think Gallantt Ispat (NSE:GALLANTT) Might Deserve Your Attention Today

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...