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Indian (NIFTY) Metals and Mining Industry Analysis

UpdatedMay 04, 2026
DataAggregated Company Financials
Companies226
  • 7D-6.7%
  • 3M1.6%
  • 1Y34.2%
  • YTD2.5%

Over the last 7 days, the Metals and Mining industry has dropped 6.7%, driven by Vedanta declining 62%. Over the past 12 months, the industry was up 34%. Looking forward, earnings are forecast to grow by 27% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 04 May 2026₹22.6t₹13.4t₹919.6b23.1x24.6x1.7x
Wed, 01 Apr 2026₹21.1t₹14.2t₹988.1b18.7x21.3x1.5x
Fri, 27 Feb 2026₹23.5t₹14.2t₹987.8b20.9x23.8x1.7x
Sun, 25 Jan 2026₹22.4t₹13.9t₹963.2b21.4x23.2x1.6x
Tue, 23 Dec 2025₹20.7t₹13.7t₹931.7b22.3x22.2x1.5x
Thu, 20 Nov 2025₹19.9t₹13.7t₹932.4b22.9x21.3x1.5x
Sat, 18 Oct 2025₹19.7t₹13.3t₹897.3b23.1x22x1.5x
Mon, 15 Sep 2025₹19.1t₹13.2t₹894.3b23.2x21.3x1.4x
Wed, 13 Aug 2025₹17.9t₹13.1t₹877.9b22.8x20.4x1.4x
Fri, 11 Jul 2025₹18.1t₹13.0t₹842.2b23.3x21.5x1.4x
Sun, 08 Jun 2025₹18.2t₹13.0t₹841.1b22.6x21.7x1.4x
Tue, 06 May 2025₹16.6t₹12.9t₹791.9b20.5x20.9x1.3x
Thu, 03 Apr 2025₹17.6t₹12.8t₹775.7b20.5x22.7x1.4x
Sat, 01 Mar 2025₹15.7t₹12.8t₹775.8b19.3x20.2x1.2x
Mon, 27 Jan 2025₹17.0t₹12.6t₹739.3b23.7x23x1.3x
Wed, 25 Dec 2024₹17.7t₹12.6t₹755.4b26x23.4x1.4x
Fri, 22 Nov 2024₹17.3t₹12.7t₹759.6b23.8x22.8x1.4x
Sun, 20 Oct 2024₹18.9t₹12.7t₹643.6b27.1x29.4x1.5x
Tue, 17 Sep 2024₹18.9t₹12.7t₹639.3b26.3x29.6x1.5x
Thu, 15 Aug 2024₹17.6t₹12.7t₹638.8b25x27.6x1.4x
Sat, 13 Jul 2024₹19.1t₹12.6t₹624.6b24.8x30.6x1.5x
Mon, 10 Jun 2024₹18.9t₹12.6t₹636.3b25.1x29.7x1.5x
Wed, 08 May 2024₹16.9t₹12.6t₹665.4b23.7x25.4x1.3x
Fri, 05 Apr 2024₹15.7t₹12.7t₹671.9b24.2x23.3x1.2x
Sun, 03 Mar 2024₹14.9t₹12.7t₹672.0b23.7x22.2x1.2x
Tue, 30 Jan 2024₹14.8t₹12.9t₹647.3b23.9x22.9x1.1x
Thu, 28 Dec 2023₹14.4t₹12.9t₹597.0b22.4x24.2x1.1x
Sat, 25 Nov 2023₹13.1t₹12.9t₹596.3b20.8x21.9x1x
Mon, 23 Oct 2023₹12.6t₹12.8t₹661.0b20.1x19.1x1x
Wed, 20 Sep 2023₹12.8t₹12.8t₹628.5b18.7x20.4x1x
Fri, 18 Aug 2023₹11.9t₹12.8t₹629.9b16.5x18.9x0.9x
Sun, 16 Jul 2023₹11.8t₹12.8t₹727.7b15.7x16.2x0.9x
Tue, 13 Jun 2023₹10.8t₹12.8t₹731.1b15.3x14.8x0.8x
Thu, 11 May 2023₹10.7t₹12.6t₹823.8b15.2x13x0.8x
Price to Earnings Ratio

13x


Total Market Cap: ₹10.7tTotal Earnings: ₹823.8bTotal Revenue: ₹12.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Metals and Mining Industry Price to Earnings3Y Average 22.7x202420252026
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 22.7x.
  • 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 3.7% per year over the last three years.
  • Revenues for these companies have grown 2.0% 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 Market0.39%
Materials-3.01%
Metals and Mining-6.73%
Gold4.25%
Steel1.08%
Copper-1.11%
Aluminum-2.86%
Diversified Metals and Mining-29.86%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 68.4x.
    • Analysts are expecting annual earnings growth of 69.5%, which is higher than its past year's earnings growth of 14.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Copper industry, expecting annual earnings growth of 69% over the next 5 years.
  • This is better than its past earnings growth rate of 14% per year.
  • In contrast, the Aluminum industry is expected to see its earnings grow by 8.0% 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
512455 Lloyds Metals and Energy₹1.76k4.2%
+₹39.8b		47.8%PE40.3x
500188 Hindustan Zinc₹595.501.1%
+₹28.1b		39.0%PE18.2x
SAIL Steel Authority of India₹184.623.5%
+₹25.4b		63.1%PE27.3x
500228 JSW Steel₹1.26k0.7%
+₹22.2b		30.1%PE41.4x
JAINREC Jain Resource Recycling₹458.9511.8%
+₹16.7b		n/aPE46.2x

Latest News

500228
₹1,264.30
JSW Steel
7D
0.7%
1Y
30.1%

500228: Elevated P/E Will Constrain Returns Despite New Joint Venture Initiatives

Analysts now place JSW Steel's fair value at about ₹980, compared with roughly ₹961 earlier. This reflects updated views on discount rate, revenue growth, profit margin and future P/E assumptions.
NATIONALUM
₹399.30
National Aluminium
7D
-8.6%
1Y
149.9%
533758
₹1,903.45
APL Apollo Tubes
7D
-5.0%
1Y
19.0%

533758: Dividend Visibility And Stable Assumptions Will Support A More Constructive Outlook

Analysts have nudged their fair value estimate for APL Apollo Tubes slightly higher to about ₹2,261 per share, up from roughly ₹2,252. This reflects marginal tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E multiples.
SAIL
₹184.62
Steel Authority of India
7D
3.5%
1Y
63.1%

SAIL: Higher P/E Assumptions May Unravel If Sector Sentiment Weakens

Analysts have raised the fair value estimate for Steel Authority of India to ₹105 from ₹90, reflecting updated assumptions for revenue growth, profit margins, and an applied future P/E multiple, while also incorporating a slightly higher discount rate. Analyst Commentary The revised fair value estimate for Steel Authority of India to ₹105 sits against a backdrop where recent Street research on other cyclical and higher risk sectors shows how quickly sentiment can shift when expectations for growth, execution, or valuation come under pressure.
VEDL
₹271.55
Vedanta
7D
-62.3%
1Y
-34.6%
500470
₹211.30
Tata Steel
7D
0.6%
1Y
49.5%

500470: Pending Mining And Tax Disputes Will Limit Future Share Price Upside

Analysts have adjusted their price target for Tata Steel from ₹166.48 to ₹171.25, reflecting updated assumptions for revenue growth, profit margins, discount rate, and future P/E. What's in the News Tata Steel has received multiple demand notices from district mining offices in Jharkhand alleging excess coal extraction at West Bokaro and Jharia collieries, with combined claims of about ₹21.4b.
533286
₹310.65
MOIL
7D
-2.7%
1Y
-8.5%
JINDALSAW
₹222.75
Jindal Saw
7D
-7.1%
1Y
-9.2%
500188
₹595.50
Hindustan Zinc
7D
1.1%
1Y
39.0%

500188: Low Carbon Zinc Alliances And Silver Output Will Support Measured Upside

Analysts have increased their fair value estimate for Hindustan Zinc from ₹644 to ₹652, citing changes in assumed revenue growth, profit margin and the future P/E multiple in their updated models. What's in the News Reported fourth quarter production with silver output of 176 tonnes, 11% higher quarter on quarter, and for the full year mined metal production of 1,114 Kt and refined metal production of 1,048 Kt, with silver at 627 tonnes contributing 45% to overall profitability (Announcement of Operating Results).
512455
₹1,764.55
Lloyds Metals and Energy
7D
4.2%
1Y
47.8%

512455: Capacity Plans New Subsidiaries And Funding Moves Will Shape Outlook

Analysts have kept their fair value estimate for Lloyds Metals and Energy broadly unchanged at around ₹1,723 per share, with only minimal tweaks to inputs such as the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Board meeting scheduled on Apr 29, 2026 to consider issuing Non Convertible Debentures on a private placement basis, which could affect the company’s capital structure and funding mix.
SHYAMMETL
₹873.75
Shyam Metalics and Energy
7D
6.5%
1Y
1.7%
532144
₹1,266.25
Welspun
7D
4.8%
1Y
65.6%

532144: Global Order Book And Renewable Power Shift Will Shape Earnings Visibility

Analysts have revised their fair value estimate for Welspun from ₹1,113.25 to ₹1,209.50, citing updated assumptions related to the discount rate, revenue growth, profit margin and future P/E. What's in the News Welspun Corp.
500440
₹1,037.30
Hindalco Industries
7D
-1.0%
1Y
64.1%

500440: Odisha Aluminium Expansion And Aerospace Partnerships Will Support Balanced Long Term Outlook

Analysts have lifted their price target for Hindalco Industries from ₹953.62 to ₹986.17, reflecting tweaks to assumptions on revenue growth, profit margins, discount rate and future P/E expectations. What's in the News ABB India and Hindalco signed a Master Sales Agreement to streamline domestic business processes and extend collaboration across multiple ABB business areas, pointing to closer alignment with a key industrial partner (Client announcement).
JINDALSTEL
₹1,223.10
Jindal Steel
7D
-2.6%
1Y
36.2%
513599
₹535.05
Hindustan Copper
7D
-1.1%
1Y
151.1%
JAINREC
₹458.95
Jain Resource Recycling
7D
11.8%
1Y
n/a