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Indian (NIFTY) Metals and Mining Industry Analysis

UpdatedMar 15, 2026
DataAggregated Company Financials
Companies225
  • 7D-5.3%
  • 3M4.6%
  • 1Y25.7%
  • YTD-2.5%

Over the last 7 days, the Metals and Mining industry has dropped 5.3%, driven by a pullback from JSW Steel of 9.3%. Meanwhile, Jindal Saw actually outperformed within the industry, gaining 15% in the last week. Over the past 12 months, the industry was up 26%. As for the next few years, earnings are expected to grow by 29% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Mar 2026₹21.5t₹14.2t₹987.7b19.8x21.8x1.5x
Tue, 10 Feb 2026₹23.2t₹14.1t₹1.0t22.2x23.2x1.7x
Thu, 08 Jan 2026₹22.3t₹13.7t₹929.8b23.6x24x1.6x
Sat, 06 Dec 2025₹19.8t₹13.7t₹931.8b21.8x21.3x1.5x
Mon, 03 Nov 2025₹20.3t₹13.4t₹892.5b23.1x22.7x1.5x
Wed, 01 Oct 2025₹19.3t₹13.2t₹894.9b23.6x21.6x1.5x
Fri, 29 Aug 2025₹17.8t₹13.2t₹894.5b23.1x19.9x1.4x
Sun, 27 Jul 2025₹18.3t₹13.1t₹863.8b22.5x21.1x1.4x
Tue, 24 Jun 2025₹17.7t₹13.0t₹841.2b22.2x21.1x1.4x
Thu, 22 May 2025₹17.7t₹13.0t₹821.0b21.4x21.5x1.4x
Sat, 19 Apr 2025₹16.6t₹12.8t₹775.7b20.4x21.4x1.3x
Mon, 17 Mar 2025₹16.7t₹12.8t₹775.7b19.7x21.6x1.3x
Wed, 12 Feb 2025₹16.1t₹12.7t₹765.6b22.1x21.1x1.3x
Fri, 10 Jan 2025₹17.2t₹12.7t₹757.9b25.1x22.7x1.4x
Sun, 08 Dec 2024₹18.8t₹12.6t₹755.4b27.4x24.8x1.5x
Tue, 05 Nov 2024₹18.1t₹12.7t₹617.4b25.6x29.3x1.4x
Thu, 03 Oct 2024₹19.7t₹12.7t₹639.3b27x30.8x1.6x
Sat, 31 Aug 2024₹18.4t₹12.7t₹641.2b26.9x28.7x1.4x
Mon, 29 Jul 2024₹18.6t₹12.7t₹607.0b25.7x30.6x1.5x
Wed, 26 Jun 2024₹19.1t₹12.6t₹623.2b25.3x30.7x1.5x
Fri, 24 May 2024₹19.3t₹12.6t₹643.5b23.4x30x1.5x
Sun, 21 Apr 2024₹16.4t₹12.7t₹671.8b24x24.5x1.3x
Tue, 19 Mar 2024₹14.2t₹12.7t₹672.0b21.2x21.1x1.1x
Thu, 15 Feb 2024₹14.4t₹12.6t₹663.1b23.7x21.7x1.1x
Sat, 13 Jan 2024₹14.6t₹12.9t₹596.6b24.3x24.5x1.1x
Mon, 11 Dec 2023₹13.7t₹12.9t₹596.9b21.5x22.9x1.1x
Wed, 08 Nov 2023₹12.5t₹12.8t₹568.7b19.9x21.9x1x
Fri, 06 Oct 2023₹12.6t₹12.8t₹628.6b19x20.1x1x
Sun, 03 Sep 2023₹12.7t₹12.8t₹628.3b18x20.2x1x
Tue, 01 Aug 2023₹12.3t₹12.8t₹642.8b16.3x19.1x1x
Thu, 29 Jun 2023₹11.1t₹12.8t₹727.2b14.9x15.3x0.9x
Sat, 27 May 2023₹10.5t₹12.8t₹733.7b14.9x14.3x0.8x
Mon, 24 Apr 2023₹10.5t₹12.8t₹911.4b14.5x11.5x0.8x
Wed, 22 Mar 2023₹10.2t₹12.8t₹915.5b13.5x11.2x0.8x
Price to Earnings Ratio

11.2x


Total Market Cap: ₹10.2tTotal Earnings: ₹915.5bTotal Revenue: ₹12.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Metals and Mining Industry Price to Earnings3Y Average 22.2x202420252026
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 22.2x.
  • 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-4.42%
Materials-5.01%
Metals and Mining-5.30%
Aluminum-4.31%
Diversified Metals and Mining-4.90%
Steel-5.43%
Copper-11.11%
Gold-13.78%
Industry PE
  • Investors are most optimistic about the Copper industry, which is trading close to its 3-year average PE ratio of 66.8x.
    • 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
JINDALSAW Jindal Saw₹191.3314.7%
+₹15.7b		-26.6%PE10.8x
BHARATCOAL Bharat Coking Coal₹36.109.5%
+₹14.6b		n/aPE100.4x
JAINREC Jain Resource Recycling₹428.453.3%
+₹4.7b		n/aPE43.1x
GPIL Godawari Power & Ispat₹251.551.7%
+₹2.8b		45.5%PE22.8x
513554 Mahamaya Steel Industries₹993.3018.6%
+₹2.6b		312.2%PE149.3x

Latest News

JINDALSAW
₹191.33
Jindal Saw
7D
14.7%
1Y
-26.6%
500440
₹909.45
Hindalco Industries
7D
-5.1%
1Y
34.3%

500440: Future Returns Will Balance Odisha Aluminium Capex With Margin Resilience

Analysts have inched up their price target for Hindalco Industries to ₹940 from ₹936, pointing to refreshed assumptions around fair value, discount rate, revenue growth, profit margin and expected future P/E multiples. What's in the News Embraer SA signed a second memorandum of understanding with Hindalco Industries to identify local partners and suppliers, highlighting ongoing engagement between the two companies (Client Announcements).
GPIL
₹251.55
Godawari Power & Ispat
7D
1.7%
1Y
45.5%

GPIL: Logistics Expansion And New Energy Investment Will Support Bullish Outlook

Analysts have kept their price target for Godawari Power & Ispat steady at ₹275, indicating only slight tweaks in assumptions for discount rate, revenue growth, profit margin and future P/E rather than any major shift in their view. What's in the News Board meeting on February 6, 2026, to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and to consider several business proposals including logistics related investments (Board Meeting).
JINDALSTEL
₹1,143.30
Jindal Steel
7D
-3.1%
1Y
28.5%

JINDALSTEL: Capacity Expansion Plans Will Elevate Execution Risks Despite Overvaluation

Analysts now peg Jindal Steel's fair value at about ₹858 per share, versus the prior view of roughly ₹857, citing updated assumptions around revenue growth, profit margins, discount rate and future P/E that slightly reshape their price target framework. What's in the News Reported consolidated steel production of 2.51 MT for the third quarter ended December 31, 2025, compared with 1.99 MT in the same quarter a year earlier, and 6.60 MT for the first nine months of FY 2025-26 compared with 6.01 MT a year earlier (company announcement of operating results).
500228
₹1,119.05
JSW Steel
7D
-9.3%
1Y
11.8%

500228: Cautious Steel Volume Outlook Will Limit Upside Despite Higher P/E

Analysts have lifted their fair value estimate for JSW Steel from ₹884.53 to ₹960.68, citing updated assumptions on discount rates, profit margins and future P/E that support a higher price target while using more conservative revenue growth inputs. What's in the News JSW Steel reported consolidated crude steel production of 2.475 million tons for January 2026, compared with 2.518 million tons in the same month a year earlier (Announcement of Operating Results).
500470
₹183.40
Tata Steel
7D
-7.6%
1Y
21.6%

500470: Future Legal And Mining Developments Will Support Stronger Performance

Analysts have lifted their price target on Tata Steel from ₹215 to ₹240, pointing to updated assumptions that combine a slightly lower discount rate, a modestly higher revenue growth outlook, a revised profit margin profile, and a higher future P/E multiple. What's in the News The Income Tax Appellate Tribunal allowed Tata Steel's claim for interest deduction related to the Corus Group acquisition for FY2008, which the company expects to reduce the related tax exposure from about ₹1,901 crore to about ₹1,686 crore and influence similar cases for FY2009 to FY2015 (Key Developments).
VEDL
₹689.55
Vedanta
7D
-4.4%
1Y
55.7%

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).
533758
₹1,934.05
APL Apollo Tubes
7D
-10.1%
1Y
40.9%

533758: Upcoming Results Will Support A Steady Outlook With Slightly Firmer Assumptions

Analysts have nudged their fair value estimate for APL Apollo Tubes from ₹2,216.59 to ₹2,274.88, citing updated assumptions on the discount rate, revenue growth, profit margins and future P/E multiples. 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).
500188
₹551.85
Hindustan Zinc
7D
-5.9%
1Y
28.4%

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.
AEROFLEX
₹234.19
Aeroflex Industries
7D
6.3%
1Y
43.9%
513554
₹993.30
Mahamaya Steel Industries
7D
18.6%
1Y
312.2%
513307
₹1,827.45
Belding India
7D
6.6%
1Y
669.5%
JAINREC
₹428.45
Jain Resource Recycling
7D
3.3%
1Y
n/a
513599
₹496.20
Hindustan Copper
7D
-11.1%
1Y
129.9%
GALLANTT
₹541.05
Gallantt Ispat
7D
1.1%
1Y
73.1%
BHARATCOAL
₹36.10
Bharat Coking Coal
7D
9.5%
1Y
n/a