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Informist, Friday, Nov. 21, 2025

 

By Ashutosh Pati

 

MUMBAI – The September quarter top line of the nine metal and mining companies that are a part of the Nifty 200 registered the highest growth in 13 quarters. The adjusted bottom line of these companies registered positive growth for the sixth straight quarter.

 

The nine metal companies reported a cumulative year-on-year growth of over 41% in net profit, excluding exceptional items, during the September quarter, exceeding the consensus estimate of around 27%. The growth in net profit of the nine companies was significantly better than the 0.4% year-on-year decline in aggregate bottom line of Nifty 50 companies. It was also better than the 7% growth in net profit of the Nifty 100 companies and the over 11% growth of the Nifty 200 companies' bottom line.

 

These nine companies, which include three Nifty 50, two Nifty 100, and four Nifty 200 constituents, reported a more than 10% on-year growth in revenue against the consensus estimate of 7% and higher than the nearly 8% growth in revenue of the Nifty 200 companies. All of these companies reported a growth in net sales during the September quarter. Only Hindalco Industries Ltd. missed analysts' expectations of revenue growth.

 

JSW Steel Ltd. and Tata Steel Ltd. were the outperformers in the sector in the reporting quarter in terms of the net profit. Jindal Steel Ltd. and Steel Authority of India Ltd. reported an on-year fall in their adjusted bottom line for the quarter, down around 26% and over 8%, respectively. Seven of these companies' net profit was above Street's expectations with only JSW Steel and Tata Steel missing bottom line estimates.

 

NMDC Ltd. reported a revenue growth of over 30% for the quarter, the highest on-year growth, followed by JSW Steel and Hindalco at around 14%. Hindustan Zinc Ltd. was the laggard in the sector on this metric with just over 3% on-year growth in revenue. Six of these nine companies beat the Nifty 200 companies' net profit growth in the September quarter while five reported higher revenue growth than the Nifty 200.

 

ALUMINIUM SHINES

A sharp rise in prices of base metals such as aluminium and copper during the quarter and strong sales volumes boosted the performance of the non-ferrous companies in the metals and mining sector.

 

The three aluminium companies--Hindalco Industries, Vedanta Ltd., and National Aluminium Co. Ltd.--together reported an over 28% rise in net profit excluding exceptional items, significantly higher than estimates of nearly 16%. The net sales of these three companies rose over 10% on year in the September quarter, also higher than analysts' expectations of around 9% rise.

 

Besides aluminium, both Hindalco and Vedanta have exposure to other metals such as copper and silver. Hindalco's consolidated net profit after excluding exceptional items rose over 11% on year, significantly higher than analysts' estimates of an around 3% growth. Its revenue rose 13.5% on year in the September quarter, falling short of 14% growth expected by analysts.

 

The Aditya Birla group's flagship metals company's robust Jul-Sept performance was led by better pricing and rising volumes in its India operations. Similarly, its US-based subsidiary Novelis witnessed a 10% on-year growth in revenue mainly due to higher aluminium prices. Novelis contributes around 60% of Hindalco Industries' consolidated sales.

 

Vedanta's consolidated net profit excluding exceptional items surged around 56% on year in the reporting quarter, surpassing expectations of a 46% growth. Its net sales rose around 6% on year, also higher than estimates of 1% growth.

 

Vedanta's India zinc segment, which is predominantly the operations of the company's listed subsidiary Hindustan Zinc, also posted robust bottom line growth of over 10% on year due to increase in sales of zinc and silver and high prices of both the metals. Similarly, NALCO's net profit excluding exceptional items rose around 35% on year and net sales rose over 7%, both higher than the Street's expectations.

 

HEAVYWEIGHTS LIFT STEEL

The four steel companies in the sector--JSW Steel, Tata Steel, Jindal Steel, and SAIL--reported an aggregate 99% on year rise in net profit excluding exceptional items in the September quarter, mainly because of surge in JSW Steel and Tata Steel's bottom lines. This was much higher than the 65% growth expected by analysts. The net sales of these four companies was up around 10% on year, surpassing expectations of a 5.4% growth.

 

JSW Steel's net profit excluding exceptional items more than doubled in the reporting quarter while Tata Steel reported a more than four-fold increase in net profit adjusting exceptional items. The biggest driver in Tata Steel's bottom line growth was the sharp jump in its operating profit. JSW Steel and Tata Steel's net revenue from operations rose around 14% on year and 9% on year, respectively.

 

However, the other two steel companies reported a sharp fall in net profit for the quarter. Jindal Steel's net profit excluding exceptional items fell around 26% on year and SAIL's net profit fell over 8% on year. Both SAIL and Jindal Steel reported growth in net sales of over 8% and 4% on year, respectively, higher than estimates.

 

Of these nine companies, the shares of three companies rose after their results while those of six fell. As of Friday, shares of all these companies except Vedanta are down since their September quarter results.

 

The following table shows the performance of the nine companies in the metals and mining sector vis-a-vis the consensus estimate for each company as well as against the consensus estimate for the metals and mining sector and the Nifty 200 index.

 

Company	PAT beat analysts' estimate	Adjusted PAT growth %	PAT growth estimate %	Adjusted PAT beat sector estimate	Adjusted PAT beat Nifty 200 estimate		Revenue beat analysts' estimate	Revenue growth %	Revenue growth estimate %	Revenue beat sector estimate	Revenue beat Nifty 200 estimate
Metals & Mining		41.49	26.59					10.26	6.97
Nifty 200			9.73						7.82
HINDALCO INDUSTRIES LIMITED	YES	11.30	2.57	NO	YES		NO	13.50	14.12	YES	YES
JSW STEEL LIMITED	YES	107.81	128.00	YES	YES		YES	13.78	12.07	YES	YES
TATA STEEL LIMITED	YES	331.98	239.42	YES	YES		YES	8.88	3.03	YES	YES
JINDAL STEEL LIMITED	YES	-25.86	-26.75	NO	NO		YES	4.21	-1.42	NO	NO
VEDANTA LIMITED	NO	55.60	46.45	YES	YES		YES	5.94	1.13	NO	NO
HINDUSTAN ZINC LIMITED	YES	10.54	5.25	NO	YES		YES	3.43	0.92	NO	NO
NATIONAL ALUMINIUM COMPANY LIMITED	YES	34.93	-0.15	YES	YES		YES	7.27	-1.51	YES	NO
NMDC LIMITED	NO	33.53	33.71	YES	YES		YES	30.26	25.05	YES	YES
STEEL AUTHORITY OF INDIA LIMITED	YES	-8.19	-69.16	NO	NO		YES	8.22	3.09	YES	YES

 

The following table shows the profit margins of the nine metals and mining sector companies that are a part of the Nifty 200.

 

	PAT Margin for Sept-25	PAT Margin for Sept-24	PAT Margin for Jun-25
Nifty 200	11.84	11.51	12.02
Metals & Mining Sector	6.77	6.54	7.41
Company	PAT Margin for Sept-25	PAT Margin for Sept-24	PAT Margin for Jun-25
HINDALCO INDUSTRIES LIMITED	7.18%	6.72%	6.23%
JSW STEEL LIMITED	3.59%	1.11%	5.06%
TATA STEEL LIMITED	5.29%	1.55%	3.91%
JINDAL STEEL LIMITED	5.46%	7.68%	12.15%
VEDANTA LIMITED	4.51%	11.56%	8.42%
HINDUSTAN ZINC LIMITED	30.87%	27.88%	28.54%
NATIONAL ALUMINIUM COMPANY LIMITED	33.39%	26.54%	27.95%
NMDC LIMITED	27.06%	26.40%	29.67%
STEEL AUTHORITY OF INDIA LIMITED	1.60%	3.38%	2.64%

 

End

 

Data Compiled by Vinod Bhovad

 

Edited by Vandana Hingorani

 

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