Sector analysis · India

Metals & Mining sector earnings growth, Q2 FY26

The 20 largest Metals & Mining companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q1 FY26.

The top 20 at Q2 FY26

Q2 FY26 vs Q1 FY26: combined net profit ₹23,729 cr (+8%), median EPS −11% (10 of 20 up), market-cap-weighted price +4%. 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	15.5%	5.68 → 24.75	+336% one-off	+11.2 pp	−4%
2	JSW SteelJSWSTEEL	14.9%	8.93 → 6.64	−26%	−2.5 pp	+12%
3	Tata SteelTATASTEEL	11.3%	1.66 → 2.48	+49%	+4.6 pp	+6%
4	Hindustan ZincHINDZINC	10.9%	5.22 → 6.23	+19%	+1.9 pp	+7%
5	VedantaVEDL	9.7%	8.14 → 4.60	−43% one-off	−6.3 pp	+1%
6	Hindalco Industries LimitedHINDALCO	9.2%	17.82 → 21.10	+18%	+3.3 pp	+10%
7	Jindal Steel LimitedJINDALSTEL	5.8%	14.65 → 6.26	−57%	−3.9 pp	+13%
8	NMDC LimitedNMDC	3.6%	2.24 → 1.93	−14%	−1.2 pp	+9%
9	Lloyds Metals And Energy LimitedLLOYDSME	3.4%	12.26 → 10.87	−11%	−0.3 pp	−23%
10	Jindal Stainless LimitedJSL	3.3%	8.67 → 9.79	+13%	+0.4 pp	+5%
11	S A I LSAIL	3.0%	1.80 → 1.01	−44% one-off	−1.5 pp	+2%
12	National Aluminium Company LimitedNATIONALUM	2.1%	5.71 → 7.79	+36%	+1.7 pp	+11%
13	Hindustan Copper LimitedHINDCOPPER	1.7%	1.39 → 1.90	+37%	+0.2 pp	+18%
14	KIOCL LimitedKIOCL	1.4%	−0.62 → −0.28	loss, smaller	+0.1 pp	+41%
15	G M D CGMDCLTD	1.0%	5.15 → 14.65	+184% one-off	+1.4 pp	+46%
16	Sarda Energy & Minerals LimitedSARDAEN	1.0%	12.33 → 9.17	−26%	−0.5 pp	+22%
17	NMDC SteelNSLNISP	0.7%	0.09 → −0.39	to loss	−0.6 pp	+9%
18	Gravita India LimitedGRAVITA	0.6%	12.64 → 13.01	+3%	0.0 pp	−17%
19	Jai Balaji Industries LimitedJAIBALAJI	0.5%	0.77 → 0.29	−62%	−0.2 pp	−28%
20	Sandur Manganese & Iron Ores LimitedSANDUMA	0.4%	2.65 → 2.27	−14%	−0.1 pp	+6%
	Sector earnings growth	100%			+7.8 pp

Who joined and who left

1 joined and 1 left the top 20 since Q1 FY26, as market caps moved.

Joined the top 20 since Q1 FY26 1

now #20 Sandur Manganese & Iron Ores Limited SANDUMA

Left the top 20 since Q1 FY26 1

was #20 Lloyds Enterprises Limited LLOYDSENT

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%
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%
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%
LLOYDSME	−43%	+43%	−16%	+101%	−48%	+29%	−48%	+218%	−11%	+77%	+31%	+22%
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%
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%
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%
JAIBALAJI	+15%	+16%	+14%	−30%	−29%	−21%	−37%	−7%	−62%	outside	outside	outside
SANDUMA	−34%	−63%	+1,570%	−10%	outside	outside	+10%	outside	−14%	−2%	+82%	outside