Sector analysis · India
Metals & Mining sector earnings growth, Q4 FY26
The 20 largest Metals & Mining companies by market cap at the end of Q4 FY26 (31 Mar 2026), compared with Q4 FY25.
The top 20 at Q4 FY26
Q4 FY26 vs Q4 FY25: combined net profit ₹43,849 cr (+75%), median EPS +42% (14 of 19 up), market-cap-weighted price +15%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | JSW Steel | 13.9% | 6.15 → 66.94 | +988% one-off | +67.0 pp | +6% |
| 2 | Vedanta | 13.0% | — → 17.13 | sources disagree | — | +41% |
| 3 | Tata Steel | 12.2% | 1.04 → 2.34 | +125% | +7.3 pp | +24% |
| 4 | Hindustan Zinc | 10.8% | 7.04 → 11.83 | +68% | +9.1 pp | +9% |
| 5 | Adani Enterprises Limited | 10.3% | 29.74 → −1.71 | to loss | −18.3 pp | −24% |
| 6 | Hindalco Industries Limited | 10.1% | 23.51 → 11.56 | −51% one-off | −12.1 pp | +30% |
| 7 | Jindal Steel Limited | 5.8% | −3.33 → 10.24 | turned profitable one-off | +6.2 pp | +22% |
| 8 | National Aluminium Company Limited | 3.6% | 11.26 → 9.38 | −17% | −1.6 pp | +120% |
| 9 | Lloyds Metals And Energy Limited | 3.5% | 3.86 → 25.22 | +553% | +5.5 pp | −4% |
| 10 | NMDC Limited | 3.4% | 1.70 → 2.30 | +35% | +2.4 pp | +11% |
| 11 | S A I L | 3.2% | 3.03 → 4.44 | +47% | +2.6 pp | +31% |
| 12 | Jindal Stainless Limited | 3.0% | 7.17 → 10.23 | +43% | +1.1 pp | +22% |
| 13 | Hindustan Copper Limited | 2.2% | 1.94 → 4.59 | +137% | +1.2 pp | +105% |
| 14 | KIOCL Limited | 1.0% | −0.61 → 0.88 | turned profitable | +0.4 pp | +34% |
| 15 | G M D C | 0.9% | 7.11 → 6.10 | −14% | −0.1 pp | +113% |
| 16 | Sarda Energy & Minerals Limited | 0.9% | 3.07 → 4.48 | +46% | +0.2 pp | −1% |
| 17 | Jain Resource Recycling Limited | 0.8% | 1.62 → 1.91 | +18% | +0.1 pp | — |
| 18 | NMDC Steel | 0.5% | −1.62 → 1.34 | turned profitable | +3.9 pp | 0% |
| 19 | Gravita India Limited | 0.5% | 12.89 → 12.45 | −3% | 0.0 pp | −28% |
| 20 | Sandur Manganese & Iron Ores Limited | 0.4% | 2.87 → 4.04 | +41% | +0.3 pp | +17% |
| Sector earnings growth | 100% | +75.2 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q3 FY26, as market caps moved.
Joined the top 20 since Q3 FY26
Left the top 20 since Q3 FY26
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% |
| 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% |
| 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 |
| 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% |
| NATIONALUM | +50% | +83% | +101% | +76% | +459% | +233% | +107% | +78% | +37% | +2% | −17% | +91% |
| LLOYDSME | sources disagree | sources disagree | sources disagree | +38% | +26% | +14% | −30% | +11% | +89% | +158% | +553% | +150% |
| NMDC | +16% | +68% | −36% | +20% | +23% | +30% | +2% | −1% | +34% | −10% | +35% | +2% |
| SAIL | turned profitable | −22% | −3% | −61% | −31% | −67% | +11% | +800% | −53% | +168% | +47% | +121% |
| JSL | +210% | +41% | −35% | −12% | −21% | −5% | +18% | +10% | +32% | +26% | +43% | +8% |
| 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 |
| 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% |
| SANDUMA | +20% | −76% | −7% | +267% | outside | outside | −14% | outside | +244% | −15% | +41% | outside |