Sector analysis · India
Metals & Mining sector earnings growth, Q1 FY27
The 20 largest Metals & Mining companies by market cap at the end of Q1 FY27 (30 Jun 2026), compared with Q4 FY26.
The top 20 at Q1 FY27
Q1 FY27 vs Q4 FY26: combined net profit ₹38,657 cr (−12%), median EPS −10% (7 of 19 up), market-cap-weighted price +7%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Adani Enterprises Limited | 17.3% | −1.71 → −8.91 | loss, bigger one source one-off | −2.1 pp | +93% |
| 2 | JSW Steel | 13.2% | 66.94 → 19.02 | −72% | −26.6 pp | +9% |
| 3 | Tata Steel | 10.3% | 2.34 → 1.86 | −21% | −1.4 pp | −2% |
| 4 | Hindustan Zinc | 9.9% | 11.83 → 12.84 | +9% one source | +1.0 pp | +6% |
| 5 | Hindalco Industries Limited | 9.4% | 11.56 → 31.21 | +170% | +10.0 pp | +8% |
| 6 | VAML | 7.7% | 0.00 → 11.87 | turned profitable one source | +10.5 pp | — |
| 7 | Vedanta | 4.8% | 17.13 → 14.00 | −18% one source | −2.8 pp | −57% |
| 8 | Jindal Steel Limited | 4.7% | 10.24 → 8.28 | −19% | −0.5 pp | −5% |
| 9 | Lloyds Metals And Energy Limited | 4.5% | 25.22 → 30.67 | +22% one source | +0.7 pp | +47% |
| 10 | NMDC Limited | 3.3% | 2.30 → 2.28 | −1% | 0.0 pp | +12% |
| 11 | S A I L | 3.1% | 4.44 → 3.98 | −10% one source | −0.4 pp | +15% |
| 12 | National Aluminium Company Limited | 2.7% | 9.38 → 10.91 | +16% | +0.6 pp | −12% |
| 13 | Jindal Stainless Limited | 2.5% | 10.23 → 9.33 | −9% one source | −0.2 pp | −3% |
| 14 | Hindustan Copper Limited | 2.1% | 4.59 → 3.64 | −21% one source | −0.2 pp | +10% |
| 15 | KIOCL Limited | 1.0% | 0.88 → −0.25 | to loss | −0.2 pp | +23% |
| 16 | G M D C | 0.8% | 6.10 → 5.14 | −16% one source | −0.1 pp | +3% |
| 17 | Sarda Energy & Minerals Limited | 0.8% | 4.48 → 13.00 | +190% | +0.7 pp | −3% |
| 18 | VISL | 0.6% | — → 0.47 | sources disagree | — | — |
| 19 | NMDC Steel | 0.6% | 1.34 → 0.17 | −87% | −0.8 pp | +29% |
| 20 | Gravita India Limited | 0.5% | 12.45 → 14.41 | +16% | 0.0 pp | +24% |
| Sector earnings growth | 100% | −11.6 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q4 FY26, as market caps moved.
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth quarter on quarter, every quarter it was in the top 20.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | −66% | +731% | −76% | +223% | +20% | −97% | +6,509% | −81% | +336% | +76% | to loss | loss, bigger |
| JSWSTEEL | +17% | −12% | −46% | −35% | −48% | +63% | +110% | +45% | −26% | +32% | +665% | −72% |
| TATASTEEL | to loss | turned profitable | +17% | +57% | −13% | −61% | +300% | +60% | +49% | −13% | +9% | −21% |
| HINDZINC | −12% | +17% | 0% | +16% | −3% | +15% | +12% | −26% | +19% | +47% | +29% | +9% |
| HINDALCO | −11% | +6% | +36% | −3% | +27% | −4% | +41% | −24% | +18% | −57% | +27% | +170% |
| VAML | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | turned profitable |
| VEDL | to loss | turned profitable | −32% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | −43% | +217% | +17% | −18% |
| JINDALSTEL | −18% | +39% | −51% | +43% | −36% | +10% | to loss | turned profitable | −57% | −70% | +448% | −19% |
| LLOYDSME | −43% | +43% | −16% | +101% | −48% | +29% | −48% | +218% | −11% | +77% | +31% | +22% |
| NMDC | −38% | +45% | −2% | +36% | −36% | +53% | −23% | +32% | −14% | +3% | +16% | −1% |
| SAIL | +520% | −68% | +168% | −93% | +985% | −84% | +791% | −41% | −44% | −10% | +388% | −10% |
| NATIONALUM | −44% | +151% | +112% | −41% | +78% | +50% | +32% | −49% | +36% | +12% | +8% | +16% |
| JSL | +5% | −11% | −28% | +29% | −6% | +7% | −10% | +21% | +13% | +3% | +2% | −9% |
| HINDCOPPER | +29% | +3% | +98% | −9% | −10% | −38% | +198% | −28% | +37% | −15% | +183% | −21% |
| KIOCL | loss, smaller | turned profitable | to loss | loss, bigger | loss, bigger | loss, smaller | loss, smaller | loss, bigger | loss, smaller | turned profitable | +193% | to loss |
| GMDCLTD | −66% | +56% | +77% | −11% | −31% | +15% | +53% | −28% | +184% | −71% | +46% | −16% |
| SARDAEN | −18% | −17% | −19% | outside | −2% | +1% | −45% | +302% | −26% | −41% | −17% | +190% |
| VISL | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | sources disagree |
| NSLNISP | — | loss, bigger | loss, bigger | loss, smaller | loss, bigger | loss, bigger | loss, smaller | turned profitable | to loss | loss, bigger | turned profitable | −87% |
| GRAVITA | +11% | +4% | +14% | −2% | +7% | +1% | +22% | −2% | +3% | +2% | −6% | +16% |