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Indian (NIFTY) Metals and Mining Industry Analysis

UpdatedMar 06, 2026
DataAggregated Company Financials
Companies226
  • 7D-3.2%
  • 3M13.7%
  • 1Y31.7%
  • YTD3.3%

Over the last 7 days, the Metals and Mining industry has dropped 3.2%, driven by Tata Steel declining 6.9%. On the other hand National Aluminium is actually up 9.6%. Over the past 12 months, the industry was up 32%. 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
Fri, 06 Mar 2026₹22.8t₹14.2t₹987.7b20.4x23.1x1.6x
Sun, 01 Feb 2026₹22.8t₹14.0t₹972.4b21.2x23.4x1.6x
Tue, 30 Dec 2025₹21.1t₹13.7t₹929.8b23.3x22.7x1.5x
Thu, 27 Nov 2025₹19.7t₹13.7t₹931.8b22.4x21.1x1.4x
Sat, 25 Oct 2025₹19.9t₹13.3t₹910.9b23.3x21.9x1.5x
Mon, 22 Sep 2025₹19.2t₹13.2t₹894.5b23.2x21.5x1.5x
Wed, 20 Aug 2025₹18.3t₹13.2t₹895.5b23x20.5x1.4x
Fri, 18 Jul 2025₹18.2t₹13.0t₹841.8b23.6x21.6x1.4x
Sun, 15 Jun 2025₹18.1t₹13.0t₹841.1b23x21.5x1.4x
Tue, 13 May 2025₹17.1t₹12.9t₹794.8b20.1x21.5x1.3x
Thu, 10 Apr 2025₹15.3t₹12.8t₹775.7b19.3x19.7x1.2x
Sat, 08 Mar 2025₹17.1t₹12.8t₹775.7b21x22x1.3x
Mon, 03 Feb 2025₹16.6t₹12.7t₹748.9b23.3x22.2x1.3x
Wed, 01 Jan 2025₹17.4t₹12.7t₹757.9b25.8x22.9x1.4x
Fri, 29 Nov 2024₹17.8t₹12.6t₹755.4b25.1x23.6x1.4x
Sun, 27 Oct 2024₹17.6t₹12.7t₹622.2b24.9x28.3x1.4x
Tue, 24 Sep 2024₹18.5t₹12.7t₹639.3b26.5x28.9x1.5x
Thu, 22 Aug 2024₹18.1t₹12.7t₹641.2b25.8x28.2x1.4x
Sat, 20 Jul 2024₹18.4t₹12.6t₹624.7b24.6x29.5x1.5x
Mon, 17 Jun 2024₹19.1t₹12.6t₹621.0b25.4x30.8x1.5x
Wed, 15 May 2024₹17.8t₹12.6t₹667.3b24.1x26.7x1.4x
Fri, 12 Apr 2024₹16.5t₹12.7t₹671.9b24.3x24.5x1.3x
Sun, 10 Mar 2024₹15.1t₹12.7t₹672.0b23x22.4x1.2x
Tue, 06 Feb 2024₹14.8t₹12.6t₹650.9b24.8x22.7x1.2x
Thu, 04 Jan 2024₹14.6t₹12.9t₹597.0b22.8x24.4x1.1x
Sat, 02 Dec 2023₹13.3t₹12.9t₹596.3b21.1x22.4x1x
Mon, 30 Oct 2023₹12.1t₹12.9t₹665.8b19.1x18.2x0.9x
Wed, 27 Sep 2023₹12.5t₹12.8t₹628.5b18.7x19.9x1x
Fri, 25 Aug 2023₹12.1t₹12.8t₹629.7b17x19.2x0.9x
Sun, 23 Jul 2023₹11.8t₹12.8t₹713.7b15.8x16.5x0.9x
Tue, 20 Jun 2023₹11.2t₹12.8t₹731.5b15.2x15.2x0.9x
Thu, 18 May 2023₹10.4t₹12.6t₹776.6b14.8x13.4x0.8x
Sat, 15 Apr 2023₹10.5t₹12.8t₹915.6b14.7x11.5x0.8x
Mon, 13 Mar 2023₹10.3t₹12.8t₹915.5b13.6x11.3x0.8x
Price to Earnings Ratio

11.3x


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 22.1x202420252026
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 22.1x.
  • The 3-year average PS ratio of 1.3x 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 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-3.41%
Materials-3.76%
Metals and Mining-3.15%
Aluminum3.24%
Diversified Metals and Mining-2.81%
Copper-4.41%
Steel-4.50%
Gold-12.91%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 66.5x.
    • Analysts are expecting annual earnings growth of 69.8%, 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 70% 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 8.8% 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
NATIONALUM National Aluminium₹395.959.6%
+₹63.6b		105.4%PE11.8x
500440 Hindalco Industries₹954.801.5%
+₹30.6b		40.0%PE13.2x
JAINREC Jain Resource Recycling₹415.307.2%
+₹9.6b		n/aPE41.8x
504614 Sarda Energy & Minerals₹542.454.6%
+₹8.5b		14.1%PE18.1x
RKFORGE Ramkrishna Forgings₹554.401.6%
+₹1.6b		-20.3%PE46.8x

Latest News

SAIL
₹156.15
Steel Authority of India
7D
-5.7%
1Y
39.5%

SAIL: Higher Revenue Visibility And Margins Will Support Rerated Earnings Power

Narrative Update on Steel Authority of India Analysts have revised their fair value estimate for Steel Authority of India from about ₹155 to roughly ₹197. This reflects updated assumptions on revenue growth, profit margins, discount rate and a lower future P/E multiple.
VEDL
₹711.25
Vedanta
7D
-3.6%
1Y
60.6%

VEDL: Upcoming Board Meetings And Higher Fair Value Will Support Bullish Repricing

Analysts have lifted their price target on Vedanta from ₹781.08 to ₹808.77, citing updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E as key drivers of the change. What's in the News Vedanta has scheduled a board meeting on January 19, 2026, at 12:30 Indian Standard Time to consider the unaudited consolidated and standalone financial results for the third quarter and nine months ended December 31, 2025 (company filing).
500470
₹200.60
Tata Steel
7D
-6.9%
1Y
33.4%
500188
₹595.75
Hindustan Zinc
7D
-2.3%
1Y
39.8%

500188: Future Metal Output And Silver Mix Will Support Positive Outlook

Analysts have kept their Hindustan Zinc fair value target steady at ₹750. Modest tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions reflect updated views on the company’s risk profile and earnings quality rather than a change in headline valuation.
RKFORGE
₹554.40
Ramkrishna Forgings
7D
1.6%
1Y
-20.3%

RKFORGE: Stable Outlook And Capital Access Will Support Long Term Upside

Analysts have kept their fair value estimate for Ramkrishna Forgings broadly unchanged around ₹684 per share, with only a slight tweak to the discount rate and future P/E assumptions guiding their updated price target view. What's in the News Board meeting scheduled on January 27, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
NATIONALUM
₹395.95
National Aluminium
7D
9.6%
1Y
105.4%

NATIONALUM: Steady Energy Projects And Dividends Will Support Fairly Valued Outlook

Analysts have kept their price target for National Aluminium broadly unchanged at around ₹349, reflecting only minor adjustments to assumptions on discount rate, profit margin and future P/E, rather than any change in their overall view on the stock. What's in the News NLC India and National Aluminium signed an MoU to work together on developing thermal and renewable energy projects, with the option to set up a joint venture company for future projects (company announcement).
520111
₹2,380.00
Ratnamani Metals & Tubes
7D
0.7%
1Y
-9.5%

520111: Upcoming Results Meeting Will Shape Expectations For Fairly Valued Shares

Analysts have reduced their price target on Ratnamani Metals & Tubes from ₹2,916.50 to ₹2,746.80, reflecting the application of a lower future P/E multiple along with slightly revised assumptions for revenue growth, profit margins and the discount rate. What's in the News A board meeting is scheduled on February 6, 2026, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
JSL
₹768.95
Jindal Stainless
7D
-5.0%
1Y
18.0%

JSL: Shared Services Platform Will Support Margin Resilience With Balanced Near-Term Outlook

Analysts have kept their fair value estimate for Jindal Stainless steady at ₹876 per share, citing only marginal tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E that were not large enough to shift their overall price target view. What's in the News A board meeting is scheduled for January 21, 2026 to consider unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and a possible interim dividend for FY 2025-26 (Board Meeting).
526371
₹78.42
NMDC
7D
-5.0%
1Y
17.1%

526371: Overseas Expansion Moves And Dividend Policy Will Shape 2026 Outlook

Analysts have nudged their fair value estimate for NMDC up from about ₹77.12 to roughly ₹81.41, citing updated assumptions around revenue growth, discount rate and forward P/E that modestly shift their valuation framework. What's in the News The board approved a first interim dividend of ₹2.50 per equity share of face value ₹1 for the 2025-26 financial year, with shareholders on record as of 13 February 2026 eligible to receive the payout within the timelines set under the Companies Act, 2013 (company filing).
500440
₹954.80
Hindalco Industries
7D
1.5%
1Y
40.0%

500440: Future Returns Will Reflect Odisha Aluminium Capex And Margin Trade Off

Analysts have lifted their price target on Hindalco Industries by about ₹39, reflecting updated assumptions that include a higher revenue growth outlook, a slightly higher discount rate, a lower profit margin and a reduced future P/E multiple. What's in the News Hindalco Industries announced a major expansion of its aluminium operations in Odisha, including a ₹210b, 3.6 million-tonne-per-annum smelter expansion at the Aditya Aluminium complex in Sambalpur.
JINDALSTEL
₹1,184.00
Jindal Steel
7D
-6.1%
1Y
29.5%

JINDALSTEL: Raigarh Expansion And Production Gains Will Support Measured Future Potential

Analysts have nudged their fair value estimate for Jindal Steel up from about ₹1,136 to roughly ₹1,179. This reflects updated assumptions around discount rate, revenue growth, profit margins and future P/E.
500228
₹1,249.20
JSW Steel
7D
-2.5%
1Y
23.6%

500228: Reorganization Moves And Steady Output Will Shape A Balanced Outlook

Analysts have raised their JSW Steel price target from ₹1,183.06 to ₹1,214.94 after updating assumptions on discount rate, revenue growth, profit margin and future P/E, reflecting a refreshed view of the company’s valuation inputs. What's in the News Reported consolidated crude steel production of 2.475 million tons for January 2026 compared with 2.518 million tons in January 2025, giving investors a fresh monthly read on operating activity (Announcement of Operating Results).
KIRLOSIND
₹2,901.20
Kirloskar Industries
7D
2.9%
1Y
-15.4%
JAINREC
₹415.30
Jain Resource Recycling
7D
7.2%
1Y
n/a
504614
₹542.45
Sarda Energy & Minerals
7D
4.6%
1Y
14.1%
MANAKCOAT
₹125.70
Manaksia Coated Metals & Industries
7D
9.5%
1Y
50.8%