Sector analysis · India
Metals & Mining sector earnings growth, Q3 FY25
The 20 largest Metals & Mining companies by market cap at the end of Q3 FY25 (31 Dec 2024), compared with Q2 FY25.
The top 20 at Q3 FY25
Q3 FY25 vs Q2 FY25: combined net profit ₹12,994 cr (−8%), median EPS +7% (12 of 19 up), market-cap-weighted price −14%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Adani Enterprises Limited | 17.5% | 13.64 → 0.45 | −97% | −10.8 pp | −19% |
| 2 | JSW Steel | 13.2% | 1.80 → 2.93 | +63% | +1.8 pp | −12% |
| 3 | Hindustan Zinc | 11.2% | 5.44 → 6.26 | +15% | +2.2 pp | −15% |
| 4 | Vedanta | 10.4% | — → 12.47 | sources disagree | — | −13% |
| 5 | Tata Steel | 10.3% | 0.67 → 0.26 | −61% | −3.3 pp | −18% |
| 6 | Hindalco Industries Limited | 8.1% | 17.39 → 16.62 | −4% | −1.1 pp | −20% |
| 7 | Jindal Steel Limited | 5.7% | 8.44 → 9.32 | +10% | +0.6 pp | −10% |
| 8 | Lloyds Metals And Energy Limited | 3.9% | 5.76 → 7.45 | +29% | +0.6 pp | +30% |
| 9 | NMDC Limited | 3.5% | 1.44 → 2.21 | +53% | +4.3 pp | −19% |
| 10 | Jindal Stainless Limited | 3.5% | 7.42 → 7.95 | +7% | +0.3 pp | −12% |
| 11 | S A I L | 2.8% | 2.17 → 0.34 | −84% | −4.9 pp | −20% |
| 12 | National Aluminium Company Limited | 2.3% | 5.70 → 8.53 | +50% | +3.3 pp | +1% |
| 13 | KIOCL Limited | 1.5% | −1.14 → −0.79 | loss, smaller | +0.1 pp | +2% |
| 14 | Hindustan Copper Limited | 1.4% | 1.05 → 0.65 | −38% | −0.2 pp | −28% |
| 15 | Sarda Energy & Minerals Limited | 1.0% | 5.55 → 5.60 | +1% | 0.0 pp | +9% |
| 16 | Jai Balaji Industries Limited | 1.0% | 1.68 → 1.32 | −21% | −0.2 pp | −14% |
| 17 | Gravita India Limited | 1.0% | 10.43 → 10.56 | +1% | 0.0 pp | −11% |
| 18 | NMDC Steel | 0.8% | −2.03 → −2.59 | loss, bigger | −1.0 pp | −20% |
| 19 | G M D C | 0.6% | 4.02 → 4.64 | +15% | +0.1 pp | −11% |
| 20 | MOIL Limited | 0.4% | 2.46 → 3.13 | +27% | +0.1 pp | −19% |
| Sector earnings growth | 100% | −8.0 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q2 FY25, as market caps moved.
Joined the top 20 since Q2 FY25
Left the top 20 since Q2 FY25
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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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 |
| HINDCOPPER | +29% | +3% | +98% | −9% | −10% | −38% | +198% | −28% | +37% | −15% | +183% | −21% |
| 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% |
| 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% |
| MOIL | outside | outside | outside | +67% | −67% | +27% | outside | outside | outside | outside | outside | outside |