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 Q2 FY23.
The top 20 at Q2 FY24
Q2 FY24 vs Q2 FY23: combined net profit ₹4,265 cr (−43%), median EPS +8% (10 of 17 up), market-cap-weighted price +4%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Adani Enterprises Limited | 21.3% | 3.61 → 1.78 | −51% | −2.0 pp | −30% |
| 2 | JSW Steel | 14.8% | −3.51 → 11.29 | turned profitable | +30.7 pp | +23% |
| 3 | Tata Steel | 12.2% | 1.24 → −5.07 | to loss one-off | −65.7 pp | +30% |
| 4 | Hindustan Zinc | 10.1% | 6.35 → 4.11 | −35% | −8.0 pp | +16% |
| 5 | Hindalco Industries Limited | 8.6% | 9.81 → 9.77 | 0% | −0.1 pp | +26% |
| 6 | Vedanta | 6.4% | 4.86 → −4.80 | to loss | −30.6 pp | −18% |
| 7 | Jindal Steel Limited | 5.5% | 1.96 → 13.60 | +594% | +10.1 pp | +64% |
| 8 | NMDC Limited | 3.4% | 1.01 → 1.17 | +16% | +1.2 pp | +16% |
| 9 | Jindal Stainless Limited | 3.0% | 3.03 → 9.40 | +210% | +5.2 pp | +280% |
| 10 | S A I L | 3.0% | −0.80 → 3.16 | turned profitable | +13.9 pp | +22% |
| 11 | Lloyds Metals And Energy Limited | 2.1% | — → 4.58 | sources disagree | — | — |
| 12 | Sandur Manganese & Iron Ores Limited | 1.9% | 0.45 → 0.54 | +20% | 0.0 pp | — |
| 13 | KIOCL Limited | 1.4% | −1.68 → −0.35 | loss, smaller | +0.7 pp | +61% |
| 14 | National Aluminium Company Limited | 1.4% | 0.68 → 1.02 | +50% | +0.5 pp | +36% |
| 15 | Hindustan Copper Limited | 1.2% | — → 0.63 | sources disagree | — | +52% |
| 16 | NMDC Steel | 1.2% | — → −0.45 | — one source | — | — |
| 17 | G M D C | 0.8% | 4.76 → 2.35 | −51% | −0.7 pp | +134% |
| 18 | Sarda Energy & Minerals Limited | 0.6% | 5.13 → 3.99 | −22% | −0.3 pp | −75% |
| 19 | Jai Balaji Industries Limited | 0.5% | 0.33 → 2.51 | +661% | +1.5 pp | +717% |
| 20 | Gravita India Limited | 0.5% | 6.46 → 8.38 | +30% | +0.1 pp | +185% |
| Sector earnings growth | 100% | −43.3 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 year on year, 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 | −51% | +130% | −38% | +116% | +666% | −97% | +742% | −50% | +81% | +9,573% | to loss | to loss |
| JSWSTEEL | turned profitable | +387% | −65% | −64% | −84% | −70% | +16% | +158% | +269% | +199% | +988% | +113% |
| TATASTEEL | to loss | turned profitable | −65% | +48% | turned profitable | −38% | +112% | +116% | +270% | +727% | +125% | +12% |
| HINDZINC | −35% | −5% | −21% | +20% | +32% | +30% | +46% | −6% | +15% | +47% | +68% | +146% |
| HINDALCO | 0% | +71% | +32% | +25% | +78% | +60% | +67% | +30% | +21% | −45% | −51% | +75% |
| VEDL | to loss | −18% | −27% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | +72% |
| JINDALSTEL | +594% | +272% | +102% | −21% | −38% | −51% | to loss | +11% | −26% | −80% | turned profitable | −43% |
| NMDC | +16% | +68% | −36% | +20% | +23% | +30% | +2% | −1% | +34% | −10% | +35% | +2% |
| JSL | +210% | +41% | −35% | −12% | −21% | −5% | +18% | +10% | +32% | +26% | +43% | +8% |
| SAIL | turned profitable | −22% | −3% | −61% | −31% | −67% | +11% | +800% | −53% | +168% | +47% | +121% |
| LLOYDSME | sources disagree | sources disagree | sources disagree | +38% | +26% | +14% | −30% | +11% | +89% | +158% | +553% | +150% |
| SANDUMA | +20% | −76% | −7% | +267% | outside | outside | −14% | outside | +244% | −15% | +41% | outside |
| KIOCL | loss, smaller | turned profitable | to loss | loss, smaller | loss, bigger | to loss | loss, smaller | loss, smaller | loss, smaller | turned profitable | turned profitable | loss, smaller |
| NATIONALUM | +50% | +83% | +101% | +76% | +459% | +233% | +107% | +78% | +37% | +2% | −17% | +91% |
| HINDCOPPER | sources disagree | sources disagree | sources disagree | +139% | +67% | 0% | +50% | +19% | +81% | +149% | +137% | +162% |
| NSLNISP | — | — | — | — | loss, bigger | loss, bigger | loss, smaller | turned profitable | loss, smaller | loss, smaller | turned profitable | +89% |
| GMDCLTD | −51% | −56% | −54% | −16% | +71% | +26% | +9% | −11% | +264% | −10% | −14% | 0% |
| SARDAEN | −22% | −10% | −22% | outside | +39% | +69% | +15% | +119% | +65% | −4% | +46% | +5% |
| JAIBALAJI | +661% | +668% | turned profitable | +7% | −33% | −55% | −75% | −67% | −83% | outside | outside | outside |
| GRAVITA | +30% | +20% | +8% | +29% | +24% | +21% | +29% | +30% | +25% | +25% | −3% | +14% |