Sector analysis · India
Metals & Mining sector earnings growth, Q3 FY24
The 20 largest Metals & Mining companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q2 FY24.
The top 20 at Q3 FY24
Q3 FY24 vs Q2 FY24: combined net profit ₹16,609 cr (+60%), median EPS +11% (14 of 20 up), market-cap-weighted price +18%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Adani Enterprises Limited | 21.3% | 1.78 → 14.79 | +731% | +8.1 pp | +18% |
| 2 | JSW Steel | 14.1% | 11.29 → 9.88 | −12% | −1.7 pp | +13% |
| 3 | Tata Steel | 11.3% | −5.07 → 0.42 | turned profitable | +32.7 pp | +8% |
| 4 | Hindalco Industries Limited | 9.1% | 9.77 → 10.37 | +6% | +0.7 pp | +25% |
| 5 | Hindustan Zinc | 8.8% | 4.11 → 4.82 | +17% | +1.5 pp | +3% |
| 6 | Vedanta | 6.3% | −4.80 → 5.42 | turned profitable | +18.5 pp | +16% |
| 7 | Jindal Steel Limited | 5.0% | 13.60 → 18.90 | +39% | +2.6 pp | +7% |
| 8 | NMDC Limited | 4.0% | 1.17 → 1.70 | +45% | +2.3 pp | +42% |
| 9 | S A I L | 3.4% | 3.16 → 1.02 | −68% | −4.3 pp | +32% |
| 10 | Jindal Stainless Limited | 3.1% | 9.40 → 8.41 | −11% | −0.4 pp | +20% |
| 11 | Sandur Manganese & Iron Ores Limited | 3.1% | 0.54 → 0.20 | −63% | −0.1 pp | +92% |
| 12 | Lloyds Metals And Energy Limited | 2.0% | 4.58 → 6.56 | +43% | +0.5 pp | +12% |
| 13 | Hindustan Copper Limited | 1.7% | 0.63 → 0.65 | +3% | 0.0 pp | +69% |
| 14 | National Aluminium Company Limited | 1.6% | 1.02 → 2.56 | +151% | +1.4 pp | +36% |
| 15 | KIOCL Limited | 1.5% | −0.35 → 0.64 | turned profitable | +0.3 pp | +21% |
| 16 | NMDC Steel | 1.0% | −0.45 → −1.94 | loss, bigger | −2.1 pp | 0% |
| 17 | G M D C | 0.8% | 2.35 → 3.67 | +56% | +0.2 pp | +28% |
| 18 | Jai Balaji Industries Limited | 0.8% | 2.51 → 2.92 | +16% | +0.2 pp | +75% |
| 19 | Sarda Energy & Minerals Limited | 0.6% | 3.99 → 3.32 | −17% | −0.1 pp | +15% |
| 20 | Gravita India Limited | 0.5% | 8.38 → 8.73 | +4% | 0.0 pp | +20% |
| Sector earnings growth | 100% | +60.1 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q2 FY24, as market caps moved.
Joined the top 20 since Q2 FY24
Left the top 20 since Q2 FY24
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% |
| HINDALCO | −11% | +6% | +36% | −3% | +27% | −4% | +41% | −24% | +18% | −57% | +27% | +170% |
| HINDZINC | −12% | +17% | 0% | +16% | −3% | +15% | +12% | −26% | +19% | +47% | +29% | +9% |
| 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% |
| SAIL | +520% | −68% | +168% | −93% | +985% | −84% | +791% | −41% | −44% | −10% | +388% | −10% |
| JSL | +5% | −11% | −28% | +29% | −6% | +7% | −10% | +21% | +13% | +3% | +2% | −9% |
| SANDUMA | −34% | −63% | +1,570% | −10% | outside | outside | +10% | outside | −14% | −2% | +82% | outside |
| LLOYDSME | −43% | +43% | −16% | +101% | −48% | +29% | −48% | +218% | −11% | +77% | +31% | +22% |
| HINDCOPPER | +29% | +3% | +98% | −9% | −10% | −38% | +198% | −28% | +37% | −15% | +183% | −21% |
| NATIONALUM | −44% | +151% | +112% | −41% | +78% | +50% | +32% | −49% | +36% | +12% | +8% | +16% |
| KIOCL | loss, smaller | turned profitable | to loss | loss, bigger | loss, bigger | loss, smaller | loss, smaller | loss, bigger | loss, smaller | turned profitable | +193% | to loss |
| 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% |
| JAIBALAJI | +15% | +16% | +14% | −30% | −29% | −21% | −37% | −7% | −62% | outside | outside | outside |
| SARDAEN | −18% | −17% | −19% | outside | −2% | +1% | −45% | +302% | −26% | −41% | −17% | +190% |
| GRAVITA | +11% | +4% | +14% | −2% | +7% | +1% | +22% | −2% | +3% | +2% | −6% | +16% |