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Informist, Monday, Jun. 8, 2026

 

By Ashutosh Pati

 

MUMBAI – The nine metal and mining companies in the Nifty 200 reported their highest year-on-year revenue growth in nearly four years during the March quarter, driven by higher base metal and steel prices. Their adjusted bottom line grew for the fifth straight quarter.

 

These nine companies, including constituents of the Nifty 50, Nifty 100, and Nifty 200 indices, reported over 19% year-on-year revenue growth for the March quarter, higher than the consensus estimate of around 13%. All these companies, barring National Aluminium Co. Ltd., reported growth in net sales for the quarter.

 

The nine metal companies reported a cumulative year-on-year growth of 59% in the net profit, excluding exceptional items, during the March quarter, higher than the consensus estimate of 44%. Their bottom-line growth was significantly higher than the 5% aggregate net profit growth of Nifty 50 companies for the quarter and exceeded the 12% and 15% growth reported by Nifty 100 and Nifty 200 companies, respectively.

 

While almost all of these companies reported a strong growth in their bottom lines for the quarter, JSW Steel Ltd. and Jindal Steel Ltd. were the sector outperformers, with their net profits more than doubling year-on-year. Only NALCO posted a fall in the bottom line for the quarter. Six of these companies reported net profit growth above the Street's expectations. However, Vedanta Ltd., NALCO, and NMDC Ltd. missed estimates.

 

Almost all of these companies surpassed revenue growth expectations for the quarter, while Steel Authority of India Ltd.'s top-line growth was marginally below expectations. NMDC and Hindustan Zinc Ltd. were the outperformers in terms of revenue growth, with their top lines rising 61% and 49%, respectively. NALCO continued to lag in this metric as well, registering a nearly 5?cline. SAIL was also among the underperformers, with just 5% revenue growth in the March quarter.

 

STEEL SOARS

The adjusted net profit of the four steel companies in the sector--JSW Steel, Tata Steel, Jindal Steel, and SAIL--nearly doubled year-on-year in the March quarter, driven by strong growth in all four. This was much higher than the 53% growth expected by analysts. The net sales of these four companies were up around 13% on year, surpassing expectations of a 10% growth.

 

Heavyweights JSW Steel and Tata Steel reported a 125% and 93% rise in net profit for the quarter, excluding exceptional items, respectively. Their revenues were up 14% and around 13%, respectively. Tata Steel's top-line growth for the March quarter was driven by higher steel realisations in India and improved volumes in India and the Netherlands.

 

"Primary steel producers delivered a strong quarter, with Tata Steel benefiting from higher standalone profitability and narrowing UK losses," brokerage Systematix Institutional Equities said in a report. JSW Steel reported higher realisations for the quarter, with capacity ramp-ups and a roadmap to expand capacity to 62 million tonnes by 2031-32 (Apr-Mar), the brokerage said.

 

Jindal Steel's adjusted bottom line for the quarter also more than doubled, while SAIL's net profit rose 66% on year. Both the companies reported year-on-year net sales growth of 23% and 5%, respectively. State-owned SAIL's performance for the quarter was supported by a sharp recovery in margins, driven by inventory liquidation, operational efficiencies, and higher dispatches, Systematix said.

 

ALUMINIUM STILL SHINING

The three aluminium companies--Hindalco Industries, Vedanta, and NALCO--together reported a 40% rise in net profit excluding exceptional items for the quarter, slightly higher than estimates of 37%. The net sales of these three companies rose around 23% on year, comfortably higher than analysts' expectations of a 13% growth.

 

However, the non-ferrous segment's performance was slightly dragged down by NALCO. The company reported a 16?ll in its adjusted net profit for the quarter, while revenue declined by around 5%. Lower alumina realisations and rising costs weighed on the company's March-quarter performance.

 

Besides aluminium, both Vedanta and Hindalco have exposure to other metals, including copper, silver, and zinc. Vedanta's consolidated net profit, excluding exceptional items, surged 92% year-on-year. However, this was still below the Street's expectations of nearly 140% growth. Its net sales rose around 31% on year, higher than estimates of 22% growth.

 

Vedanta's India zinc segment, which largely comprises the operations of its listed subsidiary Hindustan Zinc, posted robust bottom-line growth of 68% on year, driven by higher sales of zinc and silver and higher prices of both metals. Hindustan Zinc produced 627 tonnes of silver in FY26, with silver contributing around 45% to its overall profitability.

 

The price of silver rose to a record high of $121.78 per ounce during the March quarter before correcting sharply. Despite the fall, the average price of silver was up around 157% on year in the quarter. The average price of zinc rose around 14% on year in the March quarter.

 

Both Vedanta and Hindustan Zinc benefited from higher commodity prices, production growth, lower costs, and expansion projects, brokerage Systematix said. "Hindalco's India operations remained resilient despite weaker Novelis performance," it added.

 

Of these nine companies, the shares of four rose after their results, while those of five fell. As of Friday, shares of six of these companies fell since the announcement of their March-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		59.04	43.98					19.25	12.74
Nifty 200			4.70						13.70
HINDALCO INDUSTRIES LIMITED	YES	28.25	(-)9.79	NO	YES		YES	20.41	9.30	YES	YES
JSW STEEL LIMITED	YES	124.63	66.57	YES	YES		YES	14.19	11.88	YES	YES
TATA STEEL LIMITED	YES	93.31	83.39	YES	YES		YES	12.54	10.12	NO	NO
JINDAL STEEL LIMITED	YES	109.15	(-) 0.17	YES	YES		YES	23.02	14.19	YES	YES
VEDANTA LIMITED	NO	92.31	139.69	YES	YES		YES	30.64	22.37	YES	YES
HINDUSTAN ZINC LIMITED	YES	67.91	51.18	YES	YES		YES	49.19	31.98	YES	YES
NATIONAL ALUMINIUM COMPANY LIMITED	NO	(-)16.38	(-)14.44	NO	NO		YES	(-)4.84	(-)6.80	NO	NO
NMDC LIMITED	NO	35.02	43.80	NO	YES		YES	60.69	31.55	YES	YES
STEEL AUTHORITY OF INDIA LIMITED	YES	66.42	34.45	YES	YES		NO	5.11	5.88	NO	NO

 

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

 

 

	PAT Margin for Mar-26	PAT Margin for Mar-25	PAT Margin for Dec-25
Nifty 200
Metals & Mining Sector	12.43%	7.02%	7.31%
Company	PAT Margin for Mar-26	PAT Margin for Mar-25	PAT Margin for Dec-25
HINDALCO INDUSTRIES LIMITED	3.32%	8.14%	3.08%
JSW STEEL LIMITED	31.99%	3.35%	4.65%
TATA STEEL LIMITED	4.62%	2.31%	4.72%
JINDAL STEEL LIMITED	6.44%	(-)2.57%	1.46%
VEDANTA LIMITED	12.67%	8.61%	12.24%
HINDUSTAN ZINC LIMITED	37.05%	32.92%	35.52%
NATIONAL ALUMINIUM COMPANY LIMITED	34.27%	39.45%	33.84%
NMDC LIMITED	18.08%	21.52%	23.22%
STEEL AUTHORITY OF INDIA LIMITED	5.45%	4.02%	1.61%

 

End

 

Edited by Akul Nishant Akhoury

 

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