Sector analysis · India

Metals & Mining sector earnings growth, Q2 FY25

The 20 largest Metals & Mining companies by market cap at the end of Q2 FY25 (30 Sep 2024), compared with Q1 FY25.

The top 20 at Q2 FY25

Q2 FY25 vs Q1 FY25: combined net profit ₹14,242 cr (0%), median EPS −10% (5 of 19 up), market-cap-weighted price 0%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Adani Enterprises LimitedADANIENT	18.4%	11.39 → 13.64	+20%	+1.9 pp	−1%
2	JSW SteelJSWSTEEL	13.0%	3.46 → 1.80	−48% one-off	−2.6 pp	+11%
3	Hindustan ZincHINDZINC	11.4%	5.58 → 5.44	−3%	−0.4 pp	−22%
4	Tata SteelTATASTEEL	10.8%	0.77 → 0.67	−13%	−0.8 pp	−3%
5	VedantaVEDL	10.3%	— → 11.13	sources disagree	—	+13%
6	Hindalco Industries LimitedHINDALCO	8.7%	13.68 → 17.39	+27%	+5.4 pp	+9%
7	Jindal Steel LimitedJINDALSTEL	5.5%	13.14 → 8.44	−36%	−3.1 pp	0%
8	NMDC LimitedNMDC	3.7%	2.26 → 1.44	−36%	−4.6 pp	0%
9	Jindal Stainless LimitedJSL	3.3%	7.87 → 7.42	−6%	−0.2 pp	−4%
10	S A I LSAIL	3.0%	0.20 → 2.17	+985%	+5.3 pp	−5%
11	Lloyds Metals And Energy LimitedLLOYDSME	2.5%	11.03 → 5.76	−48%	−1.7 pp	+30%
12	National Aluminium Company LimitedNATIONALUM	2.0%	3.20 → 5.70	+78%	+3.0 pp	+12%
13	Hindustan Copper LimitedHINDCOPPER	1.7%	1.17 → 1.05	−10%	−0.1 pp	+8%
14	KIOCL LimitedKIOCL	1.2%	−0.83 → −1.14	loss, bigger	−0.1 pp	−12%
15	Jai Balaji Industries LimitedJAIBALAJI	1.0%	2.35 → 1.68	−29%	−0.4 pp	+24%
16	Gravita India LimitedGRAVITA	0.9%	9.75 → 10.43	+7%	0.0 pp	+66%
17	NMDC SteelNSLNISP	0.8%	−1.87 → −2.03	loss, bigger	−0.3 pp	−5%
18	Sarda Energy & Minerals LimitedSARDAEN	0.8%	5.64 → 5.55	−2%	0.0 pp	+90%
19	G M D CGMDCLTD	0.6%	5.79 → 4.02	−31%	−0.4 pp	−8%
20	MOIL LimitedMOIL	0.4%	7.49 → 2.46	−67%	−0.7 pp	−17%
	Sector earnings growth	100%			+0.2 pp

Who joined and who left

1 joined and 1 left the top 20 since Q1 FY25, as market caps moved.

Joined the top 20 since Q1 FY25 1

now #18 Sarda Energy & Minerals Limited SARDAEN

Left the top 20 since Q1 FY25 1

was #20 Sandur Manganese & Iron Ores Limited SANDUMA

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.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
— no data
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	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%
HINDZINC	−12%	+17%	0%	+16%	−3%	+15%	+12%	−26%	+19%	+47%	+29%	+9%
TATASTEEL	to loss	turned profitable	+17%	+57%	−13%	−61%	+300%	+60%	+49%	−13%	+9%	−21%
VEDL	to loss	turned profitable	−32%	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	−43%	+217%	+17%	−18%
HINDALCO	−11%	+6%	+36%	−3%	+27%	−4%	+41%	−24%	+18%	−57%	+27%	+170%
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%
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%
KIOCL	loss, smaller	turned profitable	to loss	loss, bigger	loss, bigger	loss, smaller	loss, smaller	loss, bigger	loss, smaller	turned profitable	+193%	to loss
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%
NSLNISP	—	loss, bigger	loss, bigger	loss, smaller	loss, bigger	loss, bigger	loss, smaller	turned profitable	to loss	loss, bigger	turned profitable	−87%
SARDAEN	−18%	−17%	−19%	outside	−2%	+1%	−45%	+302%	−26%	−41%	−17%	+190%
GMDCLTD	−66%	+56%	+77%	−11%	−31%	+15%	+53%	−28%	+184%	−71%	+46%	−16%
MOIL	outside	outside	outside	+67%	−67%	+27%	outside	outside	outside	outside	outside	outside