Sector analysis · India
Metals & Mining sector earnings growth, Q2 FY24
The 20 largest Metals & Mining companies by market cap at the end of Q2 FY24 (30 Sep 2023), compared with Q1 FY24.
The top 20 at Q2 FY24
Q2 FY24 vs Q1 FY24: combined net profit ₹4,265 cr (−73%), median EPS −18% (7 of 19 up), market-cap-weighted price +3%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Adani Enterprises Limited | 21.3% | 5.28 → 1.78 | −66% | −2.7 pp | +1% |
| 2 | JSW Steel | 14.8% | 9.67 → 11.29 | +17% | +2.6 pp | −1% |
| 3 | Tata Steel | 12.2% | 0.52 → −5.07 | to loss one-off | −41.4 pp | +15% |
| 4 | Hindustan Zinc | 10.1% | 4.66 → 4.11 | −12% | −1.4 pp | 0% |
| 5 | Hindalco Industries Limited | 8.6% | 10.92 → 9.77 | −11% | −1.6 pp | +17% |
| 6 | Vedanta | 6.4% | 7.10 → −4.80 | to loss | −26.8 pp | −20% |
| 7 | Jindal Steel Limited | 5.5% | 16.54 → 13.60 | −18% | −1.8 pp | +21% |
| 8 | NMDC Limited | 3.4% | 1.88 → 1.17 | −38% | −3.8 pp | +41% |
| 9 | Jindal Stainless Limited | 3.0% | 8.96 → 9.40 | +5% | +0.2 pp | +44% |
| 10 | S A I L | 3.0% | 0.51 → 3.16 | +520% | +6.6 pp | +10% |
| 11 | Lloyds Metals And Energy Limited | 2.1% | 7.99 → 4.58 | −43% | −1.0 pp | — |
| 12 | Sandur Manganese & Iron Ores Limited | 1.9% | 0.82 → 0.54 | −34% | −0.1 pp | — |
| 13 | KIOCL Limited | 1.4% | −0.95 → −0.35 | loss, smaller | +0.2 pp | +60% |
| 14 | National Aluminium Company Limited | 1.4% | 1.82 → 1.02 | −44% | −0.9 pp | +18% |
| 15 | Hindustan Copper Limited | 1.2% | 0.49 → 0.63 | +29% | +0.1 pp | +40% |
| 16 | NMDC Steel | 1.2% | — → −0.45 | — one source | — | +18% |
| 17 | G M D C | 0.8% | 6.88 → 2.35 | −66% | −0.9 pp | +92% |
| 18 | Sarda Energy & Minerals Limited | 0.6% | 4.85 → 3.99 | −18% | −0.2 pp | −85% |
| 19 | Jai Balaji Industries Limited | 0.5% | 2.19 → 2.51 | +15% | +0.2 pp | +474% |
| 20 | Gravita India Limited | 0.5% | 7.54 → 8.38 | +11% | 0.0 pp | +50% |
| Sector earnings growth | 100% | −72.6 pp |
Who joined and who left
0 joined and 0 left the top 20 since the previous quarter, as market caps moved.
Joined the top 20 since the previous quarter
Left the top 20 since the previous quarter
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% |
| 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% |
| NMDC | −38% | +45% | −2% | +36% | −36% | +53% | −23% | +32% | −14% | +3% | +16% | −1% |
| JSL | +5% | −11% | −28% | +29% | −6% | +7% | −10% | +21% | +13% | +3% | +2% | −9% |
| SAIL | +520% | −68% | +168% | −93% | +985% | −84% | +791% | −41% | −44% | −10% | +388% | −10% |
| LLOYDSME | −43% | +43% | −16% | +101% | −48% | +29% | −48% | +218% | −11% | +77% | +31% | +22% |
| SANDUMA | −34% | −63% | +1,570% | −10% | outside | outside | +10% | outside | −14% | −2% | +82% | outside |
| KIOCL | loss, smaller | turned profitable | to loss | loss, bigger | loss, bigger | loss, smaller | loss, smaller | loss, bigger | loss, smaller | turned profitable | +193% | to loss |
| NATIONALUM | −44% | +151% | +112% | −41% | +78% | +50% | +32% | −49% | +36% | +12% | +8% | +16% |
| HINDCOPPER | +29% | +3% | +98% | −9% | −10% | −38% | +198% | −28% | +37% | −15% | +183% | −21% |
| NSLNISP | — | loss, bigger | loss, bigger | loss, smaller | loss, bigger | loss, bigger | loss, smaller | turned profitable | to loss | loss, bigger | turned profitable | −87% |
| 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% |
| JAIBALAJI | +15% | +16% | +14% | −30% | −29% | −21% | −37% | −7% | −62% | outside | outside | outside |
| GRAVITA | +11% | +4% | +14% | −2% | +7% | +1% | +22% | −2% | +3% | +2% | −6% | +16% |