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Indian (NIFTY) Metals and Mining Industry Analysis

UpdatedApr 04, 2026
DataAggregated Company Financials
Companies226
  • 7D2.7%
  • 3M-2.9%
  • 1Y29.6%
  • YTD-1.5%

In the last week, the Metals and Mining industry is up 2.7%, with Vedanta up 5.9%. In the last 12 months, the industry was up 30%. As for the next few years, earnings are expected to grow by 30% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 04 Apr 2026₹21.8t₹14.2t₹988.1b20.4x22x1.5x
Mon, 02 Mar 2026₹23.2t₹14.2t₹987.7b21x23.5x1.6x
Wed, 28 Jan 2026₹23.0t₹13.9t₹963.2b21.4x23.8x1.7x
Fri, 26 Dec 2025₹21.0t₹13.7t₹929.8b22.8x22.6x1.5x
Sun, 23 Nov 2025₹19.4t₹13.7t₹931.9b22.3x20.8x1.4x
Tue, 21 Oct 2025₹19.7t₹13.3t₹910.5b23.3x21.7x1.5x
Thu, 18 Sep 2025₹19.2t₹13.2t₹894.5b23.4x21.5x1.5x
Sat, 16 Aug 2025₹17.9t₹13.2t₹896.1b23x20x1.4x
Mon, 14 Jul 2025₹18.1t₹13.0t₹842.2b23x21.5x1.4x
Wed, 11 Jun 2025₹18.5t₹13.0t₹841.1b23.1x22.1x1.4x
Fri, 09 May 2025₹16.2t₹12.9t₹793.3b20.1x20.4x1.3x
Sun, 06 Apr 2025₹16.4t₹12.8t₹775.7b20.3x21.1x1.3x
Tue, 04 Mar 2025₹15.7t₹12.8t₹775.7b19.5x20.3x1.2x
Thu, 30 Jan 2025₹16.6t₹12.6t₹745.2b22.6x22.3x1.3x
Sat, 28 Dec 2024₹17.6t₹12.7t₹757.9b25.8x23.2x1.4x
Mon, 25 Nov 2024₹17.6t₹12.6t₹755.5b24.2x23.3x1.4x
Wed, 23 Oct 2024₹18.1t₹12.7t₹643.8b26x28.1x1.4x
Fri, 20 Sep 2024₹18.2t₹12.7t₹639.3b26.3x28.4x1.4x
Sun, 18 Aug 2024₹17.6t₹12.7t₹640.3b24.6x27.5x1.4x
Tue, 16 Jul 2024₹19.1t₹12.6t₹624.6b25x30.6x1.5x
Thu, 13 Jun 2024₹18.9t₹12.6t₹621.0b25.3x30.5x1.5x
Sat, 11 May 2024₹17.2t₹12.6t₹667.0b23.6x25.7x1.4x
Mon, 08 Apr 2024₹15.7t₹12.7t₹671.9b24.3x23.4x1.2x
Wed, 06 Mar 2024₹15.0t₹12.7t₹672.0b23.2x22.3x1.2x
Fri, 02 Feb 2024₹14.8t₹12.9t₹664.5b24.4x22.3x1.1x
Sun, 31 Dec 2023₹14.7t₹12.9t₹597.0b22.4x24.6x1.1x
Tue, 28 Nov 2023₹13.1t₹12.9t₹596.3b20.8x21.9x1x
Thu, 26 Oct 2023₹12.2t₹12.8t₹661.9b18.8x18.4x0.9x
Sat, 23 Sep 2023₹12.5t₹12.8t₹628.5b18.5x19.9x1x
Mon, 21 Aug 2023₹11.9t₹12.8t₹629.9b16.6x18.8x0.9x
Wed, 19 Jul 2023₹11.7t₹12.8t₹726.9b15.9x16.2x0.9x
Fri, 16 Jun 2023₹11.1t₹12.8t₹731.5b15.3x15.1x0.9x
Sun, 14 May 2023₹10.5t₹12.7t₹786.2b15.1x13.3x0.8x
Tue, 11 Apr 2023₹10.3t₹12.8t₹915.5b14.6x11.2x0.8x
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 Market0.0059%
Materials1.30%
Metals and Mining2.67%
Gold7.85%
Aluminum6.26%
Diversified Metals and Mining3.34%
Steel1.73%
Copper0.57%
Industry PE
  • Investors are most optimistic about the Copper industry, which is trading close to its 3-year average PE ratio of 67.4x.
    • 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 8.9% 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
VEDL Vedanta₹687.655.9%
+₹149.4b		71.3%PE19.8x
500440 Hindalco Industries₹917.205.8%
+₹111.8b		52.9%PE12.7x
512455 Lloyds Metals and Energy₹1.39k8.7%
+₹62.6b		12.1%PE31.8x
NATIONALUM National Aluminium₹401.808.3%
+₹56.6b		154.8%PE12x
SAIL Steel Authority of India₹155.165.9%
+₹35.9b		37.8%PE23x

Latest News

500470
₹194.05
Tata Steel
7D
0.4%
1Y
38.2%

500470: Ongoing Tax And Regulatory Disputes Will Constrain Future Upside Potential

Analysts have trimmed Tata Steel's price target slightly from about ₹166.91 to roughly ₹166.48. This reflects updated assumptions for discount rate, revenue growth, profit margin and future P/E that modestly adjust their valuation view.
SAIL
₹155.16
Steel Authority of India
7D
5.9%
1Y
37.8%

SAIL: Lower Discount Rate Will Support Margins While Multiple Pressure Persists

Analysts have raised their fair value estimate for Steel Authority of India from ₹130.88 to ₹142.78. They cite updated assumptions that reflect slightly higher revenue growth and profit margin expectations, a lower discount rate, and a modestly reduced future P/E multiple.
VEDL
₹687.65
Vedanta
7D
5.9%
1Y
71.3%

VEDL: Dividend Payouts And Gupta Power Bid Will Support Bullish Repricing

Analysts have kept Vedanta's fair value estimate steady at ₹808.77, with only marginal tweaks to assumptions such as discount rate, growth, margins, and future P/E. These changes feed into a broadly unchanged price target narrative.
533758
₹1,895.65
APL Apollo Tubes
7D
-4.5%
1Y
24.8%

533758: Upcoming Results And Steady Assumptions Will Support An Undervalued Outlook

Analysts have kept their fair value estimate for APL Apollo Tubes steady at about ₹2,280 per share, with only minor tweaks to assumptions such as the discount rate, revenue growth and future P/E that do not materially change their overall view. What's in the News A board meeting is scheduled for January 22, 2026, at 12:30 Indian Standard Time to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
500188
₹515.60
Hindustan Zinc
7D
1.2%
1Y
20.7%

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.
GRAVITA
₹1,295.10
Gravita India
7D
-7.7%
1Y
-24.9%

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).
500228
₹1,140.75
JSW Steel
7D
0.9%
1Y
13.3%
512455
₹1,390.05
Lloyds Metals and Energy
7D
8.7%
1Y
12.1%

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
₹401.80
National Aluminium
7D
8.3%
1Y
154.8%

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.
RAMASTEEL
₹4.13
Rama Steel Tubes
7D
-3.5%
1Y
-57.1%
513307
₹1,559.30
Belding India
7D
-8.6%
1Y
529.8%
500440
₹917.20
Hindalco Industries
7D
5.8%
1Y
52.9%

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.
OWAIS
₹109.50
Owais Metal and Mineral Processing
7D
-12.5%
1Y
-81.6%
539006
₹14,739.00
PTC Industries
7D
-5.6%
1Y
6.8%
513554
₹937.50
Mahamaya Steel Industries
7D
-4.8%
1Y
275.5%
517146
₹405.45
Usha Martin
7D
-0.6%
1Y
25.4%