Sector analysis · India
Metals & Mining sector earnings growth, Q4 FY24
The 20 largest Metals & Mining companies by market cap at the end of Q4 FY24 (31 Mar 2024), compared with Q4 FY23.
The top 20 at Q4 FY24
Q4 FY24 vs Q4 FY23: combined net profit ₹14,270 cr (−22%), median EPS −25% (5 of 17 up), market-cap-weighted price +42%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Adani Enterprises Limited | 23.6% | 5.66 → 3.53 | −38% one-off | −1.4 pp | +83% |
| 2 | JSW Steel | 13.2% | 15.16 → 5.31 | −65% | −12.4 pp | +21% |
| 3 | Tata Steel | 12.6% | 1.39 → 0.49 | −65% one-off | −5.7 pp | +49% |
| 4 | Hindalco Industries Limited | 8.2% | 10.73 → 14.12 | +32% | +4.0 pp | +38% |
| 5 | Hindustan Zinc | 8.0% | 6.13 → 4.83 | −21% | −2.9 pp | 0% |
| 6 | Vedanta | 6.6% | 5.06 → 3.68 | −27% | −2.7 pp | −1% |
| 7 | Jindal Steel Limited | 5.6% | 4.53 → 9.17 | +102% | +2.5 pp | +55% |
| 8 | NMDC Limited | 3.8% | 2.59 → 1.66 | −36% | −4.3 pp | +81% |
| 9 | Jindal Stainless Limited | 3.7% | 9.30 → 6.08 | −35% | −1.4 pp | +140% |
| 10 | S A I L | 3.6% | 2.81 → 2.73 | −3% one-off | −0.2 pp | +62% |
| 11 | Lloyds Metals And Energy Limited | 2.0% | — → 5.48 | sources disagree | — | — |
| 12 | National Aluminium Company Limited | 1.8% | 2.70 → 5.43 | +101% one-off | +2.6 pp | +95% |
| 13 | Hindustan Copper Limited | 1.7% | — → 1.29 | sources disagree | — | +183% |
| 14 | KIOCL Limited | 1.5% | 1.35 → −0.71 | to loss | −0.7 pp | +131% |
| 15 | NMDC Steel | 1.0% | — → −2.94 | — | — | +76% |
| 16 | Jai Balaji Industries Limited | 1.0% | −0.18 → 3.34 | turned profitable | +1.5 pp | +1,717% |
| 17 | G M D C | 0.7% | 14.22 → 6.51 | −54% | −1.3 pp | +172% |
| 18 | Sarda Energy & Minerals Limited | 0.5% | 3.44 → 2.68 | −22% | −0.1 pp | −81% |
| 19 | Gravita India Limited | 0.4% | 9.24 → 9.99 | +8% | 0.0 pp | +106% |
| 20 | Sandur Manganese & Iron Ores Limited | 0.4% | 3.58 → 3.34 | −7% | −0.1 pp | — |
| Sector earnings growth | 100% | −22.5 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q3 FY24, as market caps moved.
Joined the top 20 since Q3 FY24
Left the top 20 since Q3 FY24
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% |
| HINDALCO | 0% | +71% | +32% | +25% | +78% | +60% | +67% | +30% | +21% | −45% | −51% | +75% |
| HINDZINC | −35% | −5% | −21% | +20% | +32% | +30% | +46% | −6% | +15% | +47% | +68% | +146% |
| 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% |
| 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% |
| 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 |
| NSLNISP | — | — | — | — | loss, bigger | loss, bigger | loss, smaller | turned profitable | loss, smaller | loss, smaller | turned profitable | +89% |
| JAIBALAJI | +661% | +668% | turned profitable | +7% | −33% | −55% | −75% | −67% | −83% | outside | outside | outside |
| 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% |
| GRAVITA | +30% | +20% | +8% | +29% | +24% | +21% | +29% | +30% | +25% | +25% | −3% | +14% |
| SANDUMA | +20% | −76% | −7% | +267% | outside | outside | −14% | outside | +244% | −15% | +41% | outside |