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Indian (NIFTY) Metals and Mining Industry Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies222
  • 7D-3.4%
  • 3M7.2%
  • 1Y25.3%
  • YTD-1.9%

Over the last 7 days, the Metals and Mining industry has dropped 3.4%, driven by Hindustan Zinc declining 3.4%. In contrast, National Aluminium has gained 5.4%. This takes the industry's 12 month performance to a gain of 25%. Earnings are forecast to grow by 26% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 12 Jan 2026₹21.5t₹13.7t₹929.8b22.4x23.1x1.6x
Wed, 10 Dec 2025₹19.5t₹13.7t₹931.8b21.5x20.9x1.4x
Fri, 07 Nov 2025₹19.8t₹13.5t₹891.6b22.5x22.2x1.5x
Sun, 05 Oct 2025₹20.0t₹13.3t₹897.0b24.2x22.3x1.5x
Tue, 02 Sep 2025₹18.0t₹13.2t₹894.5b23.4x20.2x1.4x
Thu, 31 Jul 2025₹18.2t₹13.1t₹864.8b22.4x21.1x1.4x
Sat, 28 Jun 2025₹18.4t₹13.0t₹841.2b23.1x21.9x1.4x
Mon, 26 May 2025₹17.8t₹13.0t₹833.2b21.9x21.3x1.4x
Wed, 23 Apr 2025₹17.0t₹12.8t₹775.6b20.9x21.9x1.3x
Fri, 21 Mar 2025₹17.7t₹12.8t₹775.7b20.5x22.8x1.4x
Sun, 16 Feb 2025₹16.0t₹12.8t₹775.9b20.7x20.6x1.2x
Tue, 14 Jan 2025₹16.3t₹12.7t₹758.3b23.4x21.5x1.3x
Thu, 12 Dec 2024₹19.0t₹12.6t₹755.4b27.3x25.1x1.5x
Sat, 09 Nov 2024₹18.2t₹12.6t₹679.5b25.9x26.8x1.4x
Mon, 07 Oct 2024₹19.5t₹12.7t₹639.8b26.6x30.5x1.5x
Wed, 04 Sep 2024₹18.1t₹12.7t₹641.2b26.1x28.3x1.4x
Fri, 02 Aug 2024₹18.9t₹12.6t₹614.1b25.2x30.8x1.5x
Sun, 30 Jun 2024₹19.0t₹12.6t₹623.2b25.7x30.5x1.5x
Tue, 28 May 2024₹19.0t₹12.6t₹651.6b23.5x29.1x1.5x
Thu, 25 Apr 2024₹17.0t₹12.6t₹666.4b24.6x25.5x1.3x
Sat, 23 Mar 2024₹14.5t₹12.7t₹672.0b22.3x21.5x1.1x
Mon, 19 Feb 2024₹14.6t₹12.6t₹671.6b23.7x21.8x1.2x
Wed, 17 Jan 2024₹14.8t₹12.9t₹596.7b24.5x24.8x1.1x
Fri, 15 Dec 2023₹14.0t₹12.9t₹596.9b22.1x23.4x1.1x
Sun, 12 Nov 2023₹12.6t₹12.9t₹592.6b20.1x21.3x1x
Tue, 10 Oct 2023₹12.3t₹12.8t₹628.6b19.3x19.6x1x
Thu, 07 Sep 2023₹12.9t₹12.8t₹628.2b18.8x20.5x1x
Sat, 05 Aug 2023₹12.1t₹12.8t₹644.2b16.8x18.8x0.9x
Mon, 03 Jul 2023₹11.2t₹12.8t₹727.2b15.1x15.3x0.9x
Wed, 31 May 2023₹10.5t₹12.8t₹731.6b14.8x14.4x0.8x
Fri, 28 Apr 2023₹10.5t₹12.7t₹929.9b14.6x11.3x0.8x
Sun, 26 Mar 2023₹10.1t₹12.8t₹915.5b13.5x11x0.8x
Tue, 21 Feb 2023₹10.6t₹12.8t₹915.9b14x11.5x0.8x
Thu, 19 Jan 2023₹11.2t₹12.7t₹1.2t15x9.6x0.9x
Price to Earnings Ratio

9.6x


Total Market Cap: ₹11.2tTotal Earnings: ₹1.2tTotal Revenue: ₹12.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Metals and Mining Industry Price to Earnings3Y Average 21.5x202420252026
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 21.5x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 7.4% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.5% 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 Market-2.80%
Materials-2.50%
Metals and Mining-3.44%
Gold12.83%
Aluminum-0.93%
Diversified Metals and Mining-2.74%
Copper-3.90%
Steel-4.25%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 63.9x.
    • Analysts are expecting annual earnings growth of 55.1%, which is higher than its past year's earnings growth of 18.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Copper industry, expecting annual earnings growth of 55% over the next 5 years.
  • This is better than its past earnings growth rate of 18% per year.
  • In contrast, the Aluminum industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
NATIONALUM National Aluminium₹348.055.4%
+₹32.6b		72.1%PE10.5x
GALLANTT Gallantt Ispat₹578.004.6%
+₹6.2b		74.1%PE28.3x
512068 Deccan Gold Mines₹106.6612.8%
+₹2.4b		-1.3%PS2339.3x
530655 Goodluck India₹1.10k2.4%
+₹869.2m		23.6%PE22.1x
539151 Arfin India₹79.225.8%
+₹728.9m		142.9%PE188.3x

Latest News

JSL
₹772.15
Jindal Stainless
7D
-9.7%
1Y
23.4%
512455
₹1,267.25
Lloyds Metals and Energy
7D
-6.1%
1Y
-12.7%

512455: Upcoming Tata Steel Decision And Land Expansion Will Drive Future Upside

Analysts have maintained their fair value estimate for Lloyds Metals and Energy at ₹1,692, citing only minor adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions that do not materially change their overall price target view. What's in the News A board meeting is scheduled for Dec 31, 2025 to approve the allotment of equity shares under the Lloyds Metals and Energy Limited Employee Stock Option Plan 2017, approve equity shares upon conversion of preferentially issued convertible warrants to promoter and non promoter groups, and consider other matters (company filing).
539045
₹38.42
Manaksia Aluminium
7D
29.9%
1Y
26.8%
526371
₹80.55
NMDC
7D
-4.7%
1Y
27.8%

526371: Overseas Resource Expansion And Dividend Decisions Will Shape 2025 Outlook

Analysts have modestly adjusted their price expectations for NMDC, keeping the fair value view broadly unchanged at ₹77.12 while fine tuning assumptions around discount rate, revenue growth, profit margin and future P/E to reflect updated risk and earnings profiles. What's in the News NMDC is exploring acquisitions and investments in Africa, the Middle East, Latin America and Southeast Asia, including both operating mines and virgin mineral blocks where pre feasibility work supports commercial viability (Key Developments).
JINDALSTEL
₹1,010.30
Jindal Steel
7D
-6.5%
1Y
10.1%

JINDALSTEL: Capacity Expansion Plans Will Elevate Execution And Governance Risks

Analysts have raised their price target for Jindal Steel to ₹840 from about ₹774, citing updates to their models that reflect revised assumptions on the discount rate, revenue growth, profit margin, and future P/E. What's in the News Jindal Steel plans to double structural steel capacity at its Raigarh facility from 1.2 million tonnes per annum to 2.4 million tonnes per annum by mid 2028, supported by a new structural steel mill and technology upgrades to expand its product range into heavier and more complex sections (Key Developments).
500228
₹1,159.35
JSW Steel
7D
-1.8%
1Y
28.7%

500228: Reorganization And Output Trends Will Shape A Balanced Outlook

Analysts have nudged their fair value estimate for JSW Steel slightly higher from ₹1,178.42 to ₹1,182.24, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News A board meeting is scheduled for January 23, 2026, to consider the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
540082
₹310.00
Riddhi Steel and Tube
7D
19.2%
1Y
136.2%
500470
₹178.30
Tata Steel
7D
-2.5%
1Y
40.0%

500470: Future Results Will Reflect Pellet Expansion And Contested Tax And Sukinda Obligations

Analysts have nudged their fair value estimate for Tata Steel from ₹185.77 to ₹188.77 per share, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E that modestly refine their outlook on the company. What's in the News Tata Steel reported provisional production for Q3 FY2026, with Tata Steel India at 6.34 million tons, Tata Steel Netherlands at 1.68 million tons and Tata Steel Thailand at 0.31 million tons, alongside nine month production of 17.23 million tons, 5.05 million tons and 1.01 million tons respectively (company announcement of operating results).
NATIONALUM
₹348.05
National Aluminium
7D
5.4%
1Y
72.1%

NATIONALUM: Record Output Will Contrast With Cautious Return Expectations Going Forward

Analysts have raised their fair value estimate for National Aluminium from ₹269.82 to ₹283.91, citing updated assumptions around revenue growth, profit margins, and a slightly higher forward P/E multiple. What's in the News A board meeting is scheduled on December 9, 2025, with National Aluminium Company Limited set to convene for corporate matters (company announcement).
500440
₹901.55
Hindalco Industries
7D
-2.6%
1Y
56.9%

500440: Future Returns Will Likely Lag Slightly Improved Fundamentals

Analysts have raised their fair value estimate for Hindalco Industries from ₹838.29 to ₹850.14 as they account for updated assumptions around revenue growth, profit margins and future P/E expectations, along with a slightly lower discount rate. What's in the News A board meeting is scheduled for February 12, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter ending December 31, 2025.
512068
₹106.66
Deccan Gold Mines
7D
12.8%
1Y
-1.3%
500188
₹606.95
Hindustan Zinc
7D
-3.4%
1Y
40.1%

500188: Future Margins And Production Volumes Are Expected To Shape Outlook

Analysts have raised their price target on Hindustan Zinc from ₹564.00 to about ₹688.38 per share, citing expectations of stronger revenue growth, improved profit margins, and a more attractive future valuation multiple. What's in the News Board meeting scheduled for October 17, 2025, to review unaudited consolidated and standalone financial results for the second quarter and half year ended September 30, 2025, along with other matters (Board Meeting).
GALLANTT
₹578.00
Gallantt Ispat
7D
4.6%
1Y
74.1%

Should You Be Adding Gallantt Ispat (NSE:GALLANTT) To Your Watchlist Today?

Jan 05
Should You Be Adding Gallantt Ispat (NSE:GALLANTT) To Your Watchlist Today?
539151
₹79.22
Arfin India
7D
5.8%
1Y
142.9%
530655
₹1,100.75
Goodluck India
7D
2.4%
1Y
23.6%
SHAH
₹5.41
Shah Metacorp
7D
8.0%
1Y
29.7%