Sector analysis · India
Metals & Mining sector earnings growth, Q3 FY26
The 20 largest Metals & Mining companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q3 FY25.
The top 20 at Q3 FY26
Q3 FY26 vs Q3 FY25: combined net profit ₹28,454 cr (+67%), median EPS +26% (13 of 19 up), market-cap-weighted price +23%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | JSW Steel | 13.8% | 2.93 → 8.75 | +199% one-off | +9.7 pp | +29% |
| 2 | Hindustan Zinc | 12.5% | 6.26 → 9.18 | +47% | +8.4 pp | +38% |
| 3 | Adani Enterprises Limited | 12.5% | 0.45 → 43.53 | +9,573% one-off | +38.1 pp | −11% |
| 4 | Vedanta | 11.4% | — → 14.60 | sources disagree | — | +36% |
| 5 | Tata Steel | 10.9% | 0.26 → 2.15 | +727% | +16.2 pp | +30% |
| 6 | Hindalco Industries Limited | 9.6% | 16.62 → 9.12 | −45% one-off | −11.5 pp | +47% |
| 7 | Jindal Steel Limited | 5.2% | 9.32 → 1.87 | −80% | −5.2 pp | +13% |
| 8 | NMDC Limited | 3.5% | 2.21 → 1.98 | −10% | −1.4 pp | +26% |
| 9 | Lloyds Metals And Energy Limited | 3.4% | 7.45 → 19.21 | +158% | +4.5 pp | +4% |
| 10 | Jindal Stainless Limited | 3.4% | 7.95 → 10.05 | +26% | +1.2 pp | +20% |
| 11 | S A I L | 2.9% | 0.34 → 0.91 | +168% | +1.6 pp | +30% |
| 12 | National Aluminium Company Limited | 2.8% | 8.53 → 8.69 | +2% | +0.2 pp | +48% |
| 13 | Hindustan Copper Limited | 2.4% | 0.65 → 1.62 | +149% | +0.6 pp | +109% |
| 14 | KIOCL Limited | 1.2% | −0.79 → 0.30 | turned profitable | +0.5 pp | 0% |
| 15 | G M D C | 0.9% | 4.64 → 4.18 | −10% | −0.1 pp | +86% |
| 16 | Sarda Energy & Minerals Limited | 0.9% | 5.60 → 5.40 | −4% | 0.0 pp | +8% |
| 17 | Jain Resource Recycling Limited | 0.7% | 1.72 → 3.70 | +116% | +0.5 pp | — |
| 18 | Gravita India Limited | 0.7% | 10.56 → 13.23 | +25% | +0.1 pp | −15% |
| 19 | NMDC Steel | 0.6% | −2.59 → −0.83 | loss, smaller | +3.5 pp | +3% |
| 20 | Sandur Manganese & Iron Ores Limited | 0.6% | 2.61 → 2.22 | −15% | −0.1 pp | +76% |
| Sector earnings growth | 100% | +66.7 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q2 FY26, as market caps moved.
Joined the top 20 since Q2 FY26
Left the top 20 since Q2 FY26
- Jai Balaji Industries 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | turned profitable | +387% | −65% | −64% | −84% | −70% | +16% | +158% | +269% | +199% | +988% | +113% |
| HINDZINC | −35% | −5% | −21% | +20% | +32% | +30% | +46% | −6% | +15% | +47% | +68% | +146% |
| ADANIENT | −51% | +130% | −38% | +116% | +666% | −97% | +742% | −50% | +81% | +9,573% | to loss | to loss |
| VEDL | to loss | −18% | −27% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | +72% |
| 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% |
| 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% |
| JAINREC | outside | outside | outside | outside | outside | outside | outside | outside | outside | +116% | +18% | outside |
| GRAVITA | +30% | +20% | +8% | +29% | +24% | +21% | +29% | +30% | +25% | +25% | −3% | +14% |
| NSLNISP | — | — | — | — | loss, bigger | loss, bigger | loss, smaller | turned profitable | loss, smaller | loss, smaller | turned profitable | +89% |
| SANDUMA | +20% | −76% | −7% | +267% | outside | outside | −14% | outside | +244% | −15% | +41% | outside |