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Indian (NIFTY) Metals and Mining Industry Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies226
  • 7D0.05%
  • 3M-4.1%
  • 1Y18.1%
  • YTD-4.8%

The Metals and Mining is pretty flat in the last 7 days, but Hindalco Industries has stood out, gaining 4.2%. The past year has been better, since the industry has gained 18% in that time. Earnings are forecast to grow by 30% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Apr 2026₹21.1t₹14.2t₹988.1b18.7x21.3x1.5x
Sat, 28 Feb 2026₹23.2t₹14.2t₹987.8b20.9x23.5x1.6x
Mon, 26 Jan 2026₹22.4t₹13.9t₹963.2b21.4x23.2x1.6x
Wed, 24 Dec 2025₹20.9t₹13.7t₹930.1b23x22.5x1.5x
Fri, 21 Nov 2025₹19.8t₹13.7t₹931.9b22.6x21.3x1.5x
Sun, 19 Oct 2025₹19.7t₹13.3t₹910.3b23.1x21.7x1.5x
Tue, 16 Sep 2025₹19.1t₹13.2t₹894.3b23.6x21.4x1.5x
Thu, 14 Aug 2025₹18.2t₹13.2t₹889.3b23.3x20.4x1.4x
Sat, 12 Jul 2025₹18.1t₹13.0t₹842.2b23.3x21.5x1.4x
Mon, 09 Jun 2025₹18.2t₹13.0t₹841.1b22.6x21.7x1.4x
Wed, 07 May 2025₹16.3t₹12.9t₹791.9b20.1x20.6x1.3x
Fri, 04 Apr 2025₹17.5t₹12.8t₹775.7b20.7x22.5x1.4x
Sun, 02 Mar 2025₹15.7t₹12.8t₹775.8b19.3x20.2x1.2x
Tue, 28 Jan 2025₹16.5t₹12.6t₹739.3b22.9x22.3x1.3x
Thu, 26 Dec 2024₹17.7t₹12.6t₹755.4b26x23.4x1.4x
Sat, 23 Nov 2024₹17.6t₹12.7t₹759.7b24.2x23.2x1.4x
Mon, 21 Oct 2024₹18.9t₹12.7t₹643.6b27.1x29.4x1.5x
Wed, 18 Sep 2024₹18.5t₹12.7t₹639.3b26.4x28.9x1.5x
Fri, 16 Aug 2024₹17.6t₹12.7t₹660.9b25x26.6x1.4x
Sun, 14 Jul 2024₹19.1t₹12.6t₹624.5b24.8x30.6x1.5x
Tue, 11 Jun 2024₹18.9t₹12.6t₹636.4b25.4x29.7x1.5x
Thu, 09 May 2024₹17.2t₹12.6t₹666.9b23.8x25.7x1.4x
Sat, 06 Apr 2024₹15.7t₹12.7t₹671.9b24.3x23.4x1.2x
Mon, 04 Mar 2024₹15.1t₹12.7t₹672.0b23.9x22.5x1.2x
Wed, 31 Jan 2024₹14.8t₹12.9t₹647.7b23.6x22.9x1.1x
Fri, 29 Dec 2023₹14.6t₹12.9t₹597.0b22.7x24.4x1.1x
Sun, 26 Nov 2023₹13.1t₹12.9t₹596.3b20.8x21.9x1x
Tue, 24 Oct 2023₹12.2t₹12.8t₹661.0b19.2x18.4x0.9x
Thu, 21 Sep 2023₹12.6t₹12.8t₹628.5b18.6x20.1x1x
Sat, 19 Aug 2023₹11.8t₹12.8t₹629.9b16.6x18.8x0.9x
Mon, 17 Jul 2023₹11.8t₹12.8t₹727.7b15.7x16.2x0.9x
Wed, 14 Jun 2023₹11.0t₹12.8t₹731.4b15.4x15x0.9x
Fri, 12 May 2023₹10.6t₹12.6t₹824.6b15.2x12.9x0.8x
Sun, 09 Apr 2023₹10.3t₹12.8t₹915.5b14.7x11.2x0.8x
Price to Earnings Ratio

11.2x


Total Market Cap: ₹10.3tTotal Earnings: ₹915.5bTotal Revenue: ₹12.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Metals and Mining Industry Price to Earnings3Y Average 22.4x202420252026
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 22.4x.
  • The 3-year average PS ratio of 1.3x 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 grown 2.6% per year over the last three years.
  • Revenues for these companies have grown 3.6% 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 Market-2.63%
Materials-1.31%
Metals and Mining0.054%
Aluminum4.55%
Diversified Metals and Mining0.49%
Steel-0.94%
Copper-2.03%
Gold-10.25%
Industry PE
  • Investors are most optimistic about the Copper industry, which is trading close to its 3-year average PE ratio of 67.3x.
    • 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 8.9% 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
500440 Hindalco Industries₹904.604.2%
+₹80.2b		36.8%PE12.5x
NATIONALUM National Aluminium₹399.458.8%
+₹59.0b		129.3%PE11.9x
500188 Hindustan Zinc₹524.351.4%
+₹29.6b		14.0%PE18.8x
VEDL Vedanta₹677.201.1%
+₹29.5b		48.0%PE19.5x
512455 Lloyds Metals and Energy₹1.35k3.2%
+₹23.2b		1.6%PE30.8x

Latest News

500188
₹524.35
Hindustan Zinc
7D
1.4%
1Y
14.0%

500188: Low Carbon Alloys And Record Output Will Support Future Upside

Analysts have nudged their fair value estimate for Hindustan Zinc slightly lower, with the price target moving from about ₹645.25 to ₹644.00, reflecting updated assumptions around discount rate, revenue growth, profit margins and future P/E multiples. What's in the News Hindustan Zinc expanded its long-running relationship with Tata Steel to integrate EcoZen, a low carbon zinc solution produced using renewable energy, into steel manufacturing.
500470
₹194.70
Tata Steel
7D
-1.0%
1Y
25.9%
GRAVITA
₹1,318.30
Gravita India
7D
-7.0%
1Y
-25.5%

GRAVITA: Planned Rashtriya Metal Acquisition Will Support Recycling Expansion Confidence

Analysts have trimmed their price target on Gravita India from ₹2,644.04 to ₹2,400.00, citing updated assumptions around the discount rate, revenue growth, profit margin, and future P/E. What's in the News Gravita India increased lead recycling capacity at its Mundra, Gujarat unit by 80,300 MTPA, taking total lead recycling capacity at this unit to 145,100 MTPA, funded through INR 49.00 million of internal accruals (company filing).
520111
₹2,253.80
Ratnamani Metals & Tubes
7D
-2.8%
1Y
-13.8%

520111: Upcoming Results Meeting Will Support Confidence In Attractive Long Term Prospects

Analysts have maintained their fair value estimate for Ratnamani Metals & Tubes at ₹2,746.80. The only changes are minor adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions, reflecting fine tuning of their valuation model rather than a change in outlook.
500228
₹1,140.30
JSW Steel
7D
-1.4%
1Y
7.9%
512455
₹1,348.15
Lloyds Metals and Energy
7D
3.2%
1Y
1.6%

512455: Capacity Expansion And New Subsidiaries Will Support Future Upside

Analysts have kept the price target for Lloyds Metals and Energy steady at ₹1,703, indicating only minor tweaks in the discount rate, revenue growth, profit margin assumptions and future P/E expectations, rather than a change in the overall valuation view. What's in the News A board meeting is scheduled on Mar 13, 2026 to consider the allotment of equity shares upon conversion of preferentially issued convertible warrants to non-promoters and the potential acquisition of an equity stake in a Cayman Islands entity through wholly owned subsidiary Lloyds Global Resources FZCO (company filing).
NATIONALUM
₹399.45
National Aluminium
7D
8.8%
1Y
129.3%

NATIONALUM: Energy Partnership And Alloy Expansion Will Shape Balanced Forward Outlook

Analysts have slightly raised their price target on National Aluminium from ₹351.82 to ₹353.45, reflecting minor adjustments to fair value, discount rate and assumed future P/E, while keeping revenue growth and profit margin expectations broadly in line with earlier views. What's in the News A board meeting is scheduled on Mar 06, 2026, to consider a fine levied by the stock exchanges.
JSL
₹704.85
Jindal Stainless
7D
-2.7%
1Y
19.5%

JSL: Rail Salt Containers And Shared Services Platform Will Support Future Margins

Analysts have kept the price target for Jindal Stainless broadly steady at about ₹879, with only marginal tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News A special shareholders meeting is scheduled for Mar 25, 2026 via postal ballot in India to consider reappointing three independent directors, Ms. Shruti Shrivastava, Dr. Aarti Gupta and Mr. Ajay Mankotia, each for a second three year term (company filing).
500440
₹904.60
Hindalco Industries
7D
4.2%
1Y
36.8%

500440: Odisha Aluminium Expansion Will Drive Future Returns And Margin Resilience

Analysts have nudged their price target for Hindalco Industries slightly higher, from ₹940.18 to ₹945.00. They cited refreshed assumptions on discount rate, revenue growth, profit margin and future P/E multiples.
JINDALSTEL
₹1,137.40
Jindal Steel
7D
-0.5%
1Y
25.1%

JINDALSTEL: Raigarh Capacity Expansion Will Support Stronger Long Term Prospects

The analyst price target for Jindal Steel has shifted from ₹1,250 to ₹1,393 as analysts factor in updated assumptions around revenue growth, profit margins and a revised forward P/E framework. What's in the News Jindal Steel & Power Limited reported consolidated steel production of 2.51 MT for the third quarter ended December 31, 2025, compared with 1.99 MT a year earlier, and 6.60 MT for the nine months, compared with 6.01 MT a year earlier (company announcement of operating results).
KIOCL
₹344.50
KIOCL
7D
3.5%
1Y
39.8%
VEDL
₹677.20
Vedanta
7D
1.1%
1Y
48.0%

VEDL: Upcoming Board Actions And Bidding Interest Will Support Bullish Repricing

Analysts have maintained their fair value estimate for Vedanta at ₹808.77 per share, with only marginal adjustments to inputs such as the discount rate, profit margin and future P/E assumptions driving this latest price target confirmation. What's in the News A board meeting is scheduled on January 19, 2026 to consider unaudited consolidated and standalone financial results for the third quarter and nine months ended December 31, 2025 (company filing).
SAIL
₹155.82
Steel Authority of India
7D
2.7%
1Y
31.3%

SAIL: Higher Discount Rate And Lower Future P E Multiple May Constrain Returns

Analysts have kept their ₹90 price target for Steel Authority of India unchanged, reflecting slightly higher assumed revenue growth and profit margins. These are offset by a modestly higher discount rate and a marginally lower future P/E multiple.
533758
₹1,933.90
APL Apollo Tubes
7D
-3.3%
1Y
23.8%

533758: Upcoming Board Results Will Support A Steady And Undervalued Outlook

The analyst price target for APL Apollo Tubes has inched up by about ₹5 to ₹2,279.82, with analysts pointing to largely unchanged assumptions on revenue growth, profit margins and future P/E that still support a similar valuation profile. What's in the News Board meeting scheduled for January 22, 2026, at 12:30 Indian Standard Time to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
513599
₹495.85
Hindustan Copper
7D
3.2%
1Y
118.8%
539006
₹15,062.55
PTC Industries
7D
-8.3%
1Y
6.1%