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Indian (NIFTY) Metals and Mining Industry Analysis

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies220
  • 7D3.3%
  • 3M4.6%
  • 1Y10.2%
  • YTD15.5%

Over the last 7 days, the Metals and Mining industry has risen 3.3%, driven by gains from Hindustan Zinc of 13%. In the last 12 months, the industry was up 10%. As for the next few years, earnings are expected to grow by 25% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Dec 2025₹20.3t₹13.7t₹931.7b21.9x21.8x1.5x
Sat, 15 Nov 2025₹20.2t₹13.6t₹912.8b22.4x22.1x1.5x
Mon, 13 Oct 2025₹19.9t₹13.3t₹897.3b23.4x22.2x1.5x
Wed, 10 Sep 2025₹18.8t₹13.2t₹894.2b23.6x21x1.4x
Fri, 08 Aug 2025₹18.2t₹13.1t₹874.3b22.3x20.8x1.4x
Sun, 06 Jul 2025₹18.4t₹13.0t₹842.2b23.5x21.9x1.4x
Tue, 03 Jun 2025₹17.6t₹13.0t₹840.9b22.2x20.9x1.4x
Thu, 01 May 2025₹16.6t₹12.8t₹785.4b20.8x21.2x1.3x
Sat, 29 Mar 2025₹17.5t₹12.8t₹775.7b20.5x22.6x1.4x
Mon, 24 Feb 2025₹16.7t₹12.8t₹775.8b21.3x21.5x1.3x
Wed, 22 Jan 2025₹17.3t₹12.7t₹756.5b24x22.8x1.4x
Fri, 20 Dec 2024₹18.0t₹12.6t₹755.4b26.4x23.9x1.4x
Sun, 17 Nov 2024₹17.3t₹12.7t₹759.7b24.3x22.7x1.4x
Tue, 15 Oct 2024₹19.2t₹12.7t₹639.5b26.9x30x1.5x
Thu, 12 Sep 2024₹17.7t₹12.7t₹639.4b26.3x27.7x1.4x
Sat, 10 Aug 2024₹17.9t₹12.6t₹628.8b25.6x28.4x1.4x
Mon, 08 Jul 2024₹19.6t₹12.6t₹623.9b25.3x31.4x1.6x
Wed, 05 Jun 2024₹17.3t₹12.6t₹638.6b23.4x27x1.4x
Fri, 03 May 2024₹17.3t₹12.6t₹664.8b24.9x26.1x1.4x
Sun, 31 Mar 2024₹14.6t₹12.7t₹672.0b22.2x21.7x1.2x
Tue, 27 Feb 2024₹14.6t₹12.7t₹672.0b23.8x21.7x1.2x
Thu, 25 Jan 2024₹14.5t₹12.9t₹604.5b23.6x24x1.1x
Sat, 23 Dec 2023₹14.2t₹12.9t₹597.0b22.1x23.7x1.1x
Mon, 20 Nov 2023₹13.0t₹12.9t₹596.6b20.7x21.8x1x
Wed, 18 Oct 2023₹12.8t₹12.8t₹627.9b20.2x20.3x1x
Fri, 15 Sep 2023₹12.9t₹12.8t₹628.5b18.7x20.6x1x
Sun, 13 Aug 2023₹12.2t₹12.8t₹627.8b16.8x19.4x1x
Tue, 11 Jul 2023₹11.6t₹12.8t₹727.7b15.4x15.9x0.9x
Thu, 08 Jun 2023₹10.8t₹12.8t₹731.1b15.3x14.8x0.8x
Sat, 06 May 2023₹10.6t₹12.6t₹823.8b14.8x12.9x0.8x
Mon, 03 Apr 2023₹10.1t₹12.8t₹915.5b13.7x11.1x0.8x
Wed, 01 Mar 2023₹9.9t₹12.8t₹915.9b13.3x10.8x0.8x
Fri, 27 Jan 2023₹11.0t₹12.7t₹1.1t14.7x9.9x0.9x
Sun, 25 Dec 2022₹9.8t₹12.7t₹1.2t13x8.4x0.8x
Price to Earnings Ratio

8.4x


Total Market Cap: ₹9.8tTotal Earnings: ₹1.2tTotal Revenue: ₹12.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Metals and Mining Industry Price to Earnings3Y Average 21.1x202320242025
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 21.1x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 7.3% 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 Market0.40%
Materials1.59%
Metals and Mining3.28%
Diversified Metals and Mining10.08%
Aluminum3.82%
Copper2.43%
Steel0.66%
Gold-3.32%
Industry PE
  • Investors are most optimistic about the Copper industry, which is trading close to its 3-year average PE ratio of 62.8x.
    • 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
500188 Hindustan Zinc₹592.1513.3%
+₹294.5b		23.6%PE23.7x
VEDL Vedanta₹579.159.5%
+₹195.7b		17.6%PE18.8x
500440 Hindalco Industries₹857.103.9%
+₹72.3b		36.2%PE10.7x
513599 Hindustan Copper₹387.508.6%
+₹29.5b		38.6%PE66x
NATIONALUM National Aluminium₹279.255.7%
+₹27.5b		26.4%PE8.4x

Latest News

GALLANTT
₹517.35
Gallantt Ispat
7D
-12.9%
1Y
48.3%

Does Gallantt Ispat (NSE:GALLANTT) Have A Healthy Balance Sheet?

Dec 18
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VEDL
₹579.15
Vedanta
7D
9.5%
1Y
17.6%

VEDL: New Finance Hub And Stable Outlook Will Shape Balanced Future Prospects

Analysts have raised their price target for Vedanta slightly to reflect a modest increase in fair value to ₹564.31. This is supported by marginally stronger long term revenue growth expectations that more than offset a small downward tweak to profit margin assumptions and a higher discount rate.
JINDALSTEL
₹986.00
Jindal Steel
7D
-2.7%
1Y
6.9%
533758
₹1,795.70
APL Apollo Tubes
7D
4.1%
1Y
13.4%

533758: Upcoming Board Meeting And Dividend Will Support Bullish Outlook

Analysts have modestly maintained their price target on APL Apollo Tubes at ₹1,955.47, with the unchanged fair value reflecting their view that slightly higher discount and earnings multiples are still justified by the company’s resilient growth and stable profitability outlook. What's in the News Board meeting scheduled for October 29, 2025, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing).
500188
₹592.15
Hindustan Zinc
7D
13.3%
1Y
23.6%

500188: Rising Output Guidance Will Likely Fail To Justify Current Downside Risk

Analysts have marginally raised their fair value estimate for Hindustan Zinc from ₹489.46 to ₹498.07 per share, reflecting slightly higher assumed revenue growth, profit margins and future earnings multiples, even after incorporating a modest uptick in the discount rate. What's in the News Board meeting scheduled for October 17, 2025 to review unaudited consolidated and standalone financial results for Q2 and H1 FY 2025, along with other matters (company filing) Production results for Q2 FY 2026 show marginally higher mined metal at 258,000 MT versus 256,000 MT a year earlier, but lower total refined metal at 246,000 MT versus 262,000 MT and reduced silver output at 144 MT versus 184 MT (company announcement) For the first half of FY 2026, mined metal production rose slightly to 523,000 MT versus 519,000 MT, while total refined metal declined to 496,000 MT from 524,000 MT and silver output fell to 293 MT from 350 MT (company announcement) Revised FY 2026 guidance sets mined metal production at 1,125 (±10) kt, refined metal at 1,075 (±10) kt and saleable silver at 680 (±10) MT.
SAIL
₹127.27
Steel Authority of India
7D
-1.8%
1Y
7.0%

SAIL: Future Earnings Multiple Will Likely Compress From Cyclical Steel Headwinds

Analysts have nudged their price target on Steel Authority of India higher, lifting fair value by ₹5 to ₹90 as they grow more optimistic about a return to positive revenue growth, stronger profit margins, and a more reasonable future earnings multiple, despite a slightly higher discount rate. Analyst Commentary While the latest target price increase signals improving confidence in Steel Authority of India, not all market participants are convinced that the current trajectory justifies a sustained re-rating.
RKFORGE
₹478.35
Ramkrishna Forgings
7D
-7.9%
1Y
-47.2%

RKFORGE: Upcoming Warrant Issue Will Drive Bullish Long Term Upside

Analysts have nudged their price target on Ramkrishna Forgings higher to ₹696.33 per share, reflecting slightly stronger long term earnings visibility and a marginally higher justified valuation multiple based on updated discount rate and profitability assumptions. What's in the News Board meeting on November 12, 2025 to review unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to evaluate fund raising via equity shares, warrants, convertible debentures, or other equity linked instruments (Key Developments).
500470
₹168.15
Tata Steel
7D
1.1%
1Y
17.3%

500470: Future Results Will Reflect Pellet Expansion Amid Ongoing Sukinda Regulatory Dispute

Analysts have slightly reduced their price target for Tata Steel to INR 185.77 from INR 186.10, citing a marginal uptick in the assumed discount rate and only modest improvements in long term growth and valuation multiples, which are largely offset by slightly lower profit margin expectations. What's in the News Board to review acquisition of a 50.01 percent equity stake in Thriveni Pellets Private Limited at its December 10, 2025 meeting, potentially strengthening raw material security and pellet capacity (Board Meeting) High Court of Orissa extends interim protection for Tata Steel against coercive action related to a large demand on alleged chrome ore dispatch shortfall at the Sukinda Chromite Block, with the next hearing scheduled for December 12, 2025 (Regulatory Authority – Enforcement Actions) Company contests a demand of about INR 2,410.89 crore tied to chrome ore dispatch obligations at Sukinda, seeking quashing of the demand letter through a writ petition naming state and central authorities (Regulatory Authority – Enforcement Actions) Upcoming November 12, 2025 board meeting to consider audited standalone and unaudited consolidated financial results and a proposed acquisition of a 50 percent stake in Tata BlueScope Steel Private Limited (Board Meeting) Provisional Indian crude steel production rises 8 percent quarter on quarter to 5.67 million tons in Q2 FY2026, supported by normalised operations post blast furnace relining, with first half output up 3 percent year on year to 10.90 million tons (Announcement of Operating Results) Tata Steel and Tata Steel Nederland sign a non binding joint letter of intent with the Dutch government to progress a major decarbonisation and health focused transition at IJmuiden, including plans for DRI and EAF capacity and extensive dust and emissions reduction measures (Strategic Alliances) Valuation Changes Fair Value: Revised down slightly to ₹185.77 from ₹186.10 per share, reflecting marginally lower earnings expectations.
520111
₹2,316.50
Ratnamani Metals & Tubes
7D
-4.4%
1Y
-30.2%

520111: Upcoming Board Meeting Will Support Continued Share Price Upside

Analysts have nudged their price target for Ratnamani Metals & Tubes slightly higher to ₹3,001.5, reflecting expectations of a modestly stronger profit margin and sustained growth, even as they factor in a marginally higher discount rate and a slightly lower future P E multiple. What's in the News Board meeting scheduled on November 7, 2025, at 11:50 IST to review and approve unaudited financial results for the quarter and half year ended September 30, 2025 (company board filing).
NATIONALUM
₹279.25
National Aluminium
7D
5.7%
1Y
26.4%

NATIONALUM: Record Output And Dividend Policy Will Support Balanced Returns Ahead

Analysts have raised their price target on National Aluminium to ₹269.82 from ₹268.27, a modest upward revision reflecting slightly stronger expectations for revenue growth and profit margins, despite a marginally higher discount rate and essentially unchanged future valuation multiples. What's in the News Company reports record alumina hydrate production of 1,153,000 MT and aluminium cast metal output of 234,148 MT for the first half of FY 2025-26, marking its highest ever operational performance (company announcement of operating results) Board meeting scheduled for November 07, 2025 to review unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to consider an interim dividend for FY 2025-26 (board meeting notice) Board meeting held on September 25, 2025, indicating ongoing board level review of strategy and performance (board meeting notice) Shareholders approve a final dividend of INR 2.50 per equity share, equivalent to 50 percent of the face value of INR 5, for FY 2024-25 at the AGM on September 26, 2025 (dividend increase announcement) Valuation Changes The fair value estimate has risen slightly from ₹268.27 to ₹269.82 per share, implying a modestly higher intrinsic value.
500440
₹857.10
Hindalco Industries
7D
3.9%
1Y
36.2%

500440: Fair Value Will Be Sustained Amid Slightly Firmer Long Term Outlook

Analysts have raised their price target for Hindalco Industries slightly, reflecting a modest uptick in fair value to approximately ₹837 from about ₹832 as they factor in marginally stronger long term revenue growth and valuation multiples, despite a largely stable profit margin outlook. What's in the News A board meeting is scheduled for November 7, 2025, to review and approve unaudited standalone and consolidated financial results for the quarter and half year ending September 30, 2025 (company filing).
JSL
₹798.10
Jindal Stainless
7D
2.6%
1Y
8.0%

JSL: Wet Milling Expansion And Metro Supply Will Support Steady Outlook

Analysts have raised their price target for Jindal Stainless from ₹815.46 to ₹815.46, reflecting a stable valuation supported by steady assumptions on revenue growth, profit margins, and future earnings multiples despite a slightly higher discount rate. What's in the News Board approves creation of a wholly owned subsidiary to serve as a centralized shared services entity, reflecting expanding operations and rising business complexity (Board meeting resolution, Nov 10, 2025).
500228
₹1,081.80
JSW Steel
7D
-2.1%
1Y
16.9%

500228: Reorganization And Potential Asset Sale Will Shape Balanced Outlook

Analysts have nudged their price target for JSW Steel slightly higher to reflect an updated fair value of ₹1,178 per share from about ₹1,170, citing a modest improvement in long term profit margin expectations and a slightly richer forward PE multiple that more than offset slightly lower revenue growth assumptions and a marginally higher discount rate. What's in the News The board will consider amalgamating Piombino Steel Limited with JSW Steel on December 3, 2025, under Sections 230 to 232 of the Companies Act, 2013, a move that could simplify the domestic corporate structure (company filing).
532144
₹784.45
Welspun
7D
-1.5%
1Y
1.1%

532144: US And Middle East Orders Will Drive Long Term Earnings Visibility

Analysts have modestly raised their price target on Welspun, citing a slightly higher assumed discount rate and future valuation multiple while keeping fair value broadly unchanged at ₹1,113.25 per share. What's in the News The Board approved the incorporation of two wholly owned subsidiaries in the United Arab Emirates: one as a global investment holding company at Dubai International Financial Centre and another to handle international marketing and trading activities, both subject to local regulatory approvals (Board meeting, Oct 30, 2025).
513599
₹387.50
Hindustan Copper
7D
8.6%
1Y
38.6%
539006
₹16,908.60
PTC Industries
7D
-7.1%
1Y
44.5%