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Indian (NIFTY) Metals and Mining Industry Analysis

UpdatedSep 13, 2025
DataAggregated Company Financials
Companies206
  • 7D2.1%
  • 3M5.1%
  • 1Y3.3%
  • YTD9.5%

In the last week, the Metals and Mining industry is up 2.1%, with Hindustan Zinc up 5.2%. In the last 12 months, the industry was up 3.3%. As for the next few years, earnings are expected to grow by 23% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Sep 2025₹19.1t₹13.2t₹894.3b23.2x21.3x1.4x
Mon, 11 Aug 2025₹17.9t₹13.1t₹877.7b22.8x20.4x1.4x
Wed, 09 Jul 2025₹18.3t₹13.0t₹842.2b23.5x21.7x1.4x
Fri, 06 Jun 2025₹18.0t₹13.0t₹841.1b22.3x21.4x1.4x
Sun, 04 May 2025₹16.5t₹12.9t₹791.6b20.8x20.8x1.3x
Tue, 01 Apr 2025₹17.5t₹12.8t₹775.7b20.5x22.6x1.4x
Thu, 27 Feb 2025₹16.0t₹12.8t₹775.8b20.4x20.7x1.3x
Sat, 25 Jan 2025₹17.0t₹12.7t₹756.4b23.7x22.5x1.3x
Mon, 23 Dec 2024₹17.7t₹12.6t₹755.4b25.6x23.4x1.4x
Wed, 20 Nov 2024₹17.4t₹12.7t₹759.8b23.9x22.9x1.4x
Fri, 18 Oct 2024₹18.7t₹12.7t₹637.9b27.1x29.3x1.5x
Sun, 15 Sep 2024₹18.4t₹12.7t₹639.3b26.6x28.8x1.4x
Tue, 13 Aug 2024₹18.1t₹12.7t₹628.3b25.5x28.8x1.4x
Thu, 11 Jul 2024₹19.1t₹12.6t₹624.5b24.6x30.6x1.5x
Sat, 08 Jun 2024₹18.9t₹12.6t₹636.3b24.8x29.6x1.5x
Mon, 06 May 2024₹17.5t₹12.6t₹665.3b24.9x26.3x1.4x
Wed, 03 Apr 2024₹15.5t₹12.7t₹671.9b22.8x23x1.2x
Fri, 01 Mar 2024₹14.5t₹12.7t₹672.0b23.6x21.5x1.1x
Sun, 28 Jan 2024₹14.6t₹12.9t₹647.3b24.3x22.6x1.1x
Tue, 26 Dec 2023₹14.2t₹12.9t₹597.0b22.1x23.7x1.1x
Thu, 23 Nov 2023₹13.6t₹12.9t₹596.3b20.9x22.8x1.1x
Sat, 21 Oct 2023₹12.6t₹12.8t₹634.5b20.4x19.9x1x
Mon, 18 Sep 2023₹12.9t₹12.8t₹628.5b18.6x20.6x1x
Wed, 16 Aug 2023₹12.0t₹12.8t₹629.9b16.5x19x0.9x
Fri, 14 Jul 2023₹11.7t₹12.8t₹727.7b15.6x16x0.9x
Sun, 11 Jun 2023₹10.8t₹12.8t₹731.1b15.7x14.7x0.8x
Tue, 09 May 2023₹10.7t₹12.6t₹823.8b14.9x13x0.8x
Thu, 06 Apr 2023₹10.2t₹12.8t₹915.5b14.7x11.1x0.8x
Sat, 04 Mar 2023₹10.3t₹12.8t₹915.5b13.8x11.3x0.8x
Mon, 30 Jan 2023₹10.9t₹12.7t₹1.1t13.9x9.9x0.9x
Wed, 28 Dec 2022₹10.5t₹12.7t₹1.2t13.7x8.9x0.8x
Fri, 25 Nov 2022₹10.0t₹12.7t₹1.2t13.4x8.5x0.8x
Sun, 23 Oct 2022₹9.2t₹12.5t₹1.4t13x6.5x0.7x
Tue, 20 Sep 2022₹9.4t₹12.4t₹1.5t13.5x6.3x0.8x
Price to Earnings Ratio

6.3x


Total Market Cap: ₹9.4tTotal Earnings: ₹1.5tTotal Revenue: ₹12.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Metals and Mining Industry Price to Earnings3Y Average 19.9x202320242025
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 19.9x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 16% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.2% 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 industry?

IN Market1.60%
Materials0.66%
Metals and Mining2.12%
Copper14.53%
Diversified Metals and Mining3.14%
Aluminum2.04%
Steel1.59%
Gold-0.97%
Industry PE
  • Investors are most optimistic about the Copper industry, which is trading close to its 3-year average PE ratio of 60.1x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Steel industry, expecting annual earnings growth of 32% over the next 5 years.
  • This is better than its past earnings decline of 3.4% per year.
  • In contrast, the Aluminum industry is expected to see its earnings decline by 2.8% 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
513599 Hindustan Copper₹280.2014.7%
+₹34.8b		-11.0%PE55.8x
500440 Hindalco Industries₹758.001.8%
+₹30.1b		12.6%PE9.9x
500470 Tata Steel₹169.801.3%
+₹26.8b		10.7%PE46.7x

Latest News

JAIBALAJI
₹100.48
Jai Balaji Industries
7D
-1.5%
1Y
-51.4%

Jai Balaji Industries Limited's (NSE:JAIBALAJI) CEO Looks Due For A Compensation Raise

Sep 12
Jai Balaji Industries Limited's (NSE:JAIBALAJI) CEO Looks Due For A Compensation Raise
530655
₹1,066.35
Goodluck India
7D
-13.5%
1Y
-13.4%
VEDL
₹450.90
Vedanta
7D
1.2%
1Y
-0.7%
520111
₹2,377.60
Ratnamani Metals & Tubes
7D
-1.0%
1Y
-37.3%
GRAVITA
₹1,656.50
Gravita India
7D
-2.2%
1Y
-35.2%
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.
500404
₹263.20
Sunflag Iron and Steel
7D
-2.1%
1Y
24.0%
SHYAMMETL
₹917.75
Shyam Metalics and Energy
7D
-1.2%
1Y
5.3%

India Infrastructure Expansion And New Capacity Will Drive Metals Demand

With both the Future P/E and Discount Rate remaining virtually unchanged, analysts have maintained their fair value estimate for Shyam Metalics and Energy at ₹1059. What's in the News Approved final dividend of INR 2.25 per equity share for FY ended 31 March 2025.
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.
526371
₹76.52
NMDC
7D
2.7%
1Y
4.0%

Production Capacity Will Reach 100 Million Tonnes, Increasing Steel Outputs

As both NMDC's future P/E ratio and consensus revenue growth forecasts remained essentially unchanged, analysts have left their fair value estimate steady at ₹75.18. What's in the News NMDC approved a final dividend of INR 1.00 per equity share for FY 2024-25.
513599
₹280.20
Hindustan Copper
7D
14.7%
1Y
-11.0%
BANSALWIRE
₹353.35
Bansal Wire Industries
7D
-2.4%
1Y
-20.0%

Indian Capacity Expansion And Backward Integration Will Create Future Success

Key Takeaways Expansion into high-margin specialty wires and backward integration is set to improve profitability and strengthen competitive positioning as new capacities become operational. Enhanced working capital management and favorable industry dynamics are expected to support sustainable free cash flow and long-term growth prospects.
SAIL
₹132.26
Steel Authority of India
7D
2.3%
1Y
0.05%
500440
₹758.00
Hindalco Industries
7D
1.8%
1Y
12.6%