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 Q2 FY25.
The top 20 at Q2 FY26
Q2 FY26 vs Q2 FY25: combined net profit ₹23,729 cr (+50%), median EPS +37% (16 of 19 up), market-cap-weighted price −4%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Adani Enterprises Limited | 15.5% | 13.64 → 24.75 | +81% one-off | +9.4 pp | −20% |
| 2 | JSW Steel | 14.9% | 1.80 → 6.64 | +269% | +7.6 pp | +11% |
| 3 | Tata Steel | 11.3% | 0.67 → 2.48 | +270% | +14.6 pp | 0% |
| 4 | Hindustan Zinc | 10.9% | 5.44 → 6.23 | +15% | +2.1 pp | −8% |
| 5 | Vedanta | 9.7% | — → 4.60 | sources disagree one-off | — | −9% |
| 6 | Hindalco Industries Limited | 9.2% | 17.39 → 21.10 | +21% | +5.3 pp | +1% |
| 7 | Jindal Steel Limited | 5.8% | 8.44 → 6.26 | −26% | −1.4 pp | +2% |
| 8 | NMDC Limited | 3.6% | 1.44 → 1.93 | +34% | +2.7 pp | −6% |
| 9 | Lloyds Metals And Energy Limited | 3.4% | 5.76 → 10.87 | +89% | +1.7 pp | +29% |
| 10 | Jindal Stainless Limited | 3.3% | 7.42 → 9.79 | +32% | +1.3 pp | −7% |
| 11 | S A I L | 3.0% | 2.17 → 1.01 | −53% one-off | −3.1 pp | −5% |
| 12 | National Aluminium Company Limited | 2.1% | 5.70 → 7.79 | +37% | +2.5 pp | +2% |
| 13 | Hindustan Copper Limited | 1.7% | 1.05 → 1.90 | +81% | +0.5 pp | −4% |
| 14 | KIOCL Limited | 1.4% | −1.14 → −0.28 | loss, smaller | +0.3 pp | +8% |
| 15 | G M D C | 1.0% | 4.02 → 14.65 | +264% one-off | +2.2 pp | +67% |
| 16 | Sarda Energy & Minerals Limited | 1.0% | 5.55 → 9.17 | +65% | +0.8 pp | +22% |
| 17 | NMDC Steel | 0.7% | −2.03 → −0.39 | loss, smaller | +3.1 pp | −17% |
| 18 | Gravita India Limited | 0.6% | 10.43 → 13.01 | +25% | +0.2 pp | −36% |
| 19 | Jai Balaji Industries Limited | 0.5% | 1.68 → 0.29 | −83% | −0.8 pp | −55% |
| 20 | Sandur Manganese & Iron Ores Limited | 0.4% | 0.66 → 2.27 | +244% | +0.5 pp | +3% |
| Sector earnings growth | 100% | +49.5 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
Left the top 20 since Q1 FY26
- Lloyds Enterprises Limited
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% |
| VEDL | to loss | −18% | −27% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | +72% |
| HINDALCO | 0% | +71% | +32% | +25% | +78% | +60% | +67% | +30% | +21% | −45% | −51% | +75% |
| 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% |
| LLOYDSME | sources disagree | sources disagree | sources disagree | +38% | +26% | +14% | −30% | +11% | +89% | +158% | +553% | +150% |
| 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% |
| 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 |
| 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% |
| NSLNISP | — | — | — | — | loss, bigger | loss, bigger | loss, smaller | turned profitable | loss, smaller | loss, smaller | turned profitable | +89% |
| GRAVITA | +30% | +20% | +8% | +29% | +24% | +21% | +29% | +30% | +25% | +25% | −3% | +14% |
| JAIBALAJI | +661% | +668% | turned profitable | +7% | −33% | −55% | −75% | −67% | −83% | outside | outside | outside |
| SANDUMA | +20% | −76% | −7% | +267% | outside | outside | −14% | outside | +244% | −15% | +41% | outside |