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Indian market · Previous close · 19 Oct, 3:30 pm IST
Themes / Metals & Mining

Metals & Mining

Steel, coal, iron ore, copper, aluminium, and critical minerals.

MetalsAuto-built
Theme price path

Metals & Mining vs Nifty 500

Weekly basket performance over the latest 52 observations. Green is ahead of Nifty 500; red is behind.

Through 19 Oct 2026
Coverage healthy
Theme aheadTheme behindNifty 500Base 100 at the first visible weekLatest: Outperforming +0.8%
7683909710431 Oct 2025 | Metals & Mining 100.0 | Nifty 500 100.0 | In line 0.0% | breadth 51% | coverage 88%07 Nov 2025 | Metals & Mining 98.1 | Nifty 500 99.2 | Underperforming -1.1% | breadth 25% | coverage 88%14 Nov 2025 | Metals & Mining 98.1 | Nifty 500 100.5 | Underperforming -2.4% | breadth 44% | coverage 89%21 Nov 2025 | Metals & Mining 94.2 | Nifty 500 100.3 | Underperforming -6.1% | breadth 14% | coverage 90%28 Nov 2025 | Metals & Mining 94.2 | Nifty 500 100.9 | Underperforming -6.6% | breadth 44% | coverage 89%05 Dec 2025 | Metals & Mining 92.2 | Nifty 500 100.5 | Underperforming -8.3% | breadth 28% | coverage 89%12 Dec 2025 | Metals & Mining 92.8 | Nifty 500 100.1 | Underperforming -7.3% | breadth 55% | coverage 89%19 Dec 2025 | Metals & Mining 91.7 | Nifty 500 99.9 | Underperforming -8.2% | breadth 35% | coverage 91%26 Dec 2025 | Metals & Mining 94.3 | Nifty 500 100.3 | Underperforming -6.0% | breadth 67% | coverage 91%02 Jan 2026 | Metals & Mining 97.0 | Nifty 500 101.6 | Underperforming -4.5% | breadth 72% | coverage 92%09 Jan 2026 | Metals & Mining 92.5 | Nifty 500 99.0 | Underperforming -6.6% | breadth 13% | coverage 92%16 Jan 2026 | Metals & Mining 92.8 | Nifty 500 99.1 | Underperforming -6.4% | breadth 53% | coverage 92%23 Jan 2026 | Metals & Mining 87.7 | Nifty 500 95.8 | Underperforming -8.5% | breadth 12% | coverage 92%01 Feb 2026 | Metals & Mining 89.3 | Nifty 500 95.4 | Underperforming -6.4% | breadth 61% | coverage 92%06 Feb 2026 | Metals & Mining 90.2 | Nifty 500 98.8 | Underperforming -8.7% | breadth 54% | coverage 92%13 Feb 2026 | Metals & Mining 90.0 | Nifty 500 98.3 | Underperforming -8.4% | breadth 39% | coverage 92%20 Feb 2026 | Metals & Mining 88.8 | Nifty 500 98.7 | Underperforming -10.0% | breadth 33% | coverage 92%27 Feb 2026 | Metals & Mining 88.5 | Nifty 500 97.7 | Underperforming -9.4% | breadth 42% | coverage 92%06 Mar 2026 | Metals & Mining 85.2 | Nifty 500 94.8 | Underperforming -10.1% | breadth 22% | coverage 92%13 Mar 2026 | Metals & Mining 82.1 | Nifty 500 90.2 | Underperforming -9.0% | breadth 19% | coverage 92%20 Mar 2026 | Metals & Mining 82.2 | Nifty 500 90.0 | Underperforming -8.7% | breadth 49% | coverage 92%27 Mar 2026 | Metals & Mining 78.1 | Nifty 500 88.7 | Underperforming -12.0% | breadth 13% | coverage 93%02 Apr 2026 | Metals & Mining 80.4 | Nifty 500 88.3 | Underperforming -8.9% | breadth 79% | coverage 93%10 Apr 2026 | Metals & Mining 89.3 | Nifty 500 94.2 | Underperforming -5.2% | breadth 97% | coverage 92%17 Apr 2026 | Metals & Mining 95.1 | Nifty 500 96.5 | Underperforming -1.5% | breadth 94% | coverage 92%24 Apr 2026 | Metals & Mining 95.0 | Nifty 500 95.2 | Underperforming -0.2% | breadth 44% | coverage 92%30 Apr 2026 | Metals & Mining 96.5 | Nifty 500 95.7 | Outperforming +0.8% | breadth 65% | coverage 99%08 May 2026 | Metals & Mining 99.8 | Nifty 500 97.5 | Outperforming +2.4% | breadth 71% | coverage 99%15 May 2026 | Metals & Mining 96.3 | Nifty 500 95.0 | Outperforming +1.4% | breadth 25% | coverage 99%22 May 2026 | Metals & Mining 95.9 | Nifty 500 95.5 | Outperforming +0.4% | breadth 43% | coverage 99%29 May 2026 | Metals & Mining 96.8 | Nifty 500 95.6 | Outperforming +1.3% | breadth 52% | coverage 98%05 Jun 2026 | Metals & Mining 95.6 | Nifty 500 94.8 | Outperforming +0.8% | breadth 38% | coverage 98%12 Jun 2026 | Metals & Mining 94.5 | Nifty 500 95.3 | Underperforming -0.8% | breadth 35% | coverage 98%19 Jun 2026 | Metals & Mining 97.0 | Nifty 500 97.7 | Underperforming -0.7% | breadth 63% | coverage 98%26 Jun 2026 | Metals & Mining 94.9 | Nifty 500 97.5 | Underperforming -2.7% | breadth 25% | coverage 98%03 Jul 2026 | Metals & Mining 96.0 | Nifty 500 98.3 | Underperforming -2.3% | breadth 62% | coverage 98%10 Jul 2026 | Metals & Mining 95.5 | Nifty 500 98.5 | Underperforming -3.0% | breadth 39% | coverage 98%17 Jul 2026 | Metals & Mining 94.3 | Nifty 500 98.4 | Underperforming -4.2% | breadth 30% | coverage 98%24 Jul 2026 | Metals & Mining 93.7 | Nifty 500 96.7 | Underperforming -3.1% | breadth 36% | coverage 98%31 Jul 2026 | Metals & Mining 94.7 | Nifty 500 98.9 | Underperforming -4.2% | breadth 59% | coverage 98%07 Aug 2026 | Metals & Mining 97.2 | Nifty 500 100.0 | Underperforming -2.8% | breadth 67% | coverage 98%14 Aug 2026 | Metals & Mining 97.1 | Nifty 500 99.5 | Underperforming -2.4% | breadth 40% | coverage 99%21 Aug 2026 | Metals & Mining 97.1 | Nifty 500 99.1 | Underperforming -2.0% | breadth 45% | coverage 99%28 Aug 2026 | Metals & Mining 98.8 | Nifty 500 99.2 | Underperforming -0.4% | breadth 58% | coverage 98%04 Sept 2026 | Metals & Mining 99.3 | Nifty 500 98.1 | Outperforming +1.2% | breadth 44% | coverage 98%11 Sept 2026 | Metals & Mining 98.5 | Nifty 500 96.4 | Outperforming +2.2% | breadth 37% | coverage 100%18 Sept 2026 | Metals & Mining 97.2 | Nifty 500 96.3 | Outperforming +0.9% | breadth 37% | coverage 100%25 Sept 2026 | Metals & Mining 97.8 | Nifty 500 95.3 | Outperforming +2.6% | breadth 48% | coverage 100%01 Oct 2026 | Metals & Mining 95.2 | Nifty 500 92.2 | Outperforming +3.3% | breadth 24% | coverage 100%09 Oct 2026 | Metals & Mining 95.0 | Nifty 500 92.2 | Outperforming +3.0% | breadth 42% | coverage 99%16 Oct 2026 | Metals & Mining 95.1 | Nifty 500 93.9 | Outperforming +1.3% | breadth 46% | coverage 100%19 Oct 2026 | Metals & Mining 93.7 | Nifty 500 93.0 | Outperforming +0.8% | breadth 19% | coverage 98%Outperforming +0.8%31 Oct 202524 Apr 202619 Oct 2026
Theme return
-6.3%
Nifty 500
-7.0%
Vs Nifty 500
+0.8%
Latest coverage
118/121
How this plot is calculated

The theme line is green when its cumulative rebased performance is above Nifty 500 and red when it is below. The chart callout shows the latest relative performance as the theme level divided by the benchmark level, minus one.

The basket uses the theme's current reviewed companies. For each available week, we calculate every valid constituent's close-to-close return and give each company the same weight. If a weekly rollup is missing or lags the daily series, the final available daily close in that week is used.

For baskets with at least 10 valid stocks, the highest and lowest 5% of weekly returns are trimmed to reduce split, corporate-action, and single-stock distortions. Weekly basket returns are then compounded and rebased to 100 beside the Nifty 500.

Breadth is the share of valid constituents that rose that week. Coverage is the number with usable aligned prices divided by current membership. Weekly moves above 80% are excluded as likely data or corporate-action outliers.

Limitation: this is a current-membership historical reconstruction, not a point-in-time investable index. It can contain survivorship bias and excludes costs, liquidity impact, dividends, and rebalancing turnover.

Model note: Current-member weekly equal-weight returns (5% tails trimmed for baskets of 10+), compounded and rebased to 100 against Nifty 500; lagging weekly rollups are patched with the final available daily close, and rotation uses 13-week excess return with four-week acceleration.

Theme scorecard

Measures whether this idea is investable today by blending cohort quality, valuation cushion, and price momentum. It is a research filter, not advice.

Build portfolio from this theme
Theme
37
Stretched
Quality
24
Valuation
47
Momentum
51
Positive MoS
50%
P/E 49.1 · ROCE 14%
Curated research view

Metals & Mining

A focused investor view: high-conviction names first, then small/micro exposure only as controlled satellite risk. Live U-Score and MoS still come from the current database.

67/100
Theme score
Moderate Conviction
Investability
42.5
Live avg U
-802.8%
Live avg MoS

High-conviction shortlist

#1NATIONALUM
National Aluminium Company Limited
92
U
MidMoS +75.1%Piotroski 8/9
#2NILE
Nile Limited
88
U
SmallMoS +75.3%Piotroski 7/9
#3VEDL
Vedanta Limited
82
U
LargeMoS +75.3%Piotroski 7/9
#4BHAGYANGR
Bhagyanagar India Limited
80
U
SmallMoS +91.5%Piotroski 6/9
#5COALINDIA
Coal India Limited
80
U
LargeMoS +52.5%Piotroski 8/9
#6ASHAPURMIN
Ashapura Minechem Limited
78
U
MicroMoS +69.3%Piotroski 8/9
#7HINDZINC
Hindustan Zinc Limited
77
U
LargeMoS +73.8%Piotroski 8/9
#8NMDC
NMDC Limited
75
U
MidMoS +24.0%Piotroski 8/9
#9SANDUMA
Sandur Manganese & Iron Ores Limited
74
U
MicroMoS +31.3%Piotroski 8/9
#10GEEKAYWIRE
Geekay Wires Limited
69
U
SmallMoS +70.2%Piotroski 8/9
#11IMFA
Indian Metals & Ferro Alloys Limited
69
U
MicroMoS +66.5%Piotroski 8/9
#12BHARATWIRE
Bharat Wire Ropes Limited
68
U
SmallMoS +67.2%Piotroski 7/9

Curated company map

Names from the curated theme note. Solid chips are present in the live eligible cohort; dashed chips need membership review, ticker verification, or may be indirect/unlisted exposure.

11/11 live eligible
COALINDIANMDCHINDCOPPERTATASTEELJSWSTEELVEDLMOILLLOYDSMENATIONALUMHINDALCOJSL

Investment thesis

Infrastructure, power, EVs, data centres, and critical minerals support steel, coal, copper, aluminium, and iron ore demand. This is cyclical, so normalized earnings matter more than trailing PE.

1-2 year outlook: Positive but cyclical. PSU miners offer cash flow and dividends; copper/aluminium names add energy-transition beta.
Recommended allocation: 6-10%.

Key triggers

  • Infra and power demand
  • Critical mineral auctions
  • Copper and aluminium demand from electrification
  • Coal production ramp-up

Major risks

  • China slowdown and dumping
  • Commodity price volatility
  • Environmental clearances
  • High leverage in integrated names
Small, micro, and SME names should be opt-in exposure. Suggested filters: U-Score above 65, positive MoS, Piotroski 7+, debt/equity below 0.8, promoter pledge below 10%, and enough traded value to exit without slippage.

Thesis

A data-generated Metals basket from tagged stocks. It should be read with normalized earnings, not just trailing PE.

  • ▸Infra demand
  • ▸Critical minerals
  • ▸Commodity cyclicality

Top picks · ranked by U-Score within this cohort

#1NATIONALUMMid
National Aluminium Company Limited
Metals
DEEP VALUE

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +75.1%Piotroski: 8/9ROCE: 40%P/E: 8.7D/E: 0.00
92
U-Score
₹318.00
Open →
#2NILESmall
Nile Limited
Metals
DEEP VALUE

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +75.3%Piotroski: 7/9ROCE: 25%P/E: 7.6D/E: 0.06
88
U-Score
₹1390.40
Open →
#3VEDLLarge
Vedanta Limited
Metals
DEEP VALUE

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +75.3%Piotroski: 7/9ROCE: 16%P/E: 8.7D/E: 0.66
82
U-Score
₹243.20
Open →

Full cohort

BHAGYANGRSmall
Bhagyanagar India Limited
Metals
DEEP VALUE

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +91.5%Piotroski: 6/9ROCE: 20%P/E: 22.0D/E: 1.01
80
U-Score
₹58.05
Open →
COALINDIALarge
Coal India Limited
Energy
DEEP VALUE

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +52.5%Piotroski: 8/9ROCE: 35%P/E: 8.2D/E: 0.12
80
U-Score
₹411.70
Open →
ASHAPURMINMicro
Ashapura Minechem Limited
Metals
DEEP VALUE

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +69.3%Piotroski: 8/9ROCE: 21%P/E: 10.8D/E: 0.88
78
U-Score
₹455.70
Open →
HINDZINCLarge
Hindustan Zinc Limited
Metals
DEEP VALUE

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +73.8%Piotroski: 8/9ROCE: 70%P/E: 10.9D/E: 0.39
77
U-Score
₹538.40
Open →
NMDCMid
NMDC Limited
Metals
DEEP VALUE

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +24.0%Piotroski: 8/9ROCE: 28%P/E: 8.3D/E: 0.19
75
U-Score
₹70.50
Open →
SANDUMAMicro
Sandur Manganese & Iron Ores Limited
Energy
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +31.3%Piotroski: 8/9ROCE: 24%P/E: 11.7D/E: 0.31
74
U-Score
₹173.37
Open →
GEEKAYWIRESmall
Geekay Wires Limited
Metals
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +70.2%Piotroski: 8/9ROCE: 17%P/E: 10.6D/E: 0.84
69
U-Score
₹28.52
Open →
IMFAMicro
Indian Metals & Ferro Alloys Limited
Metals
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +66.5%Piotroski: 8/9ROCE: 18%P/E: 12.2D/E: 0.35
69
U-Score
₹1131.80
Open →
BHARATWIRESmall
Bharat Wire Ropes Limited
Metals
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +67.2%Piotroski: 7/9ROCE: 19%P/E: 11.6D/E: 1.85
68
U-Score
₹161.53
Open →
SARDAENSmall
Sarda Energy & Minerals Limited
Metals
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +56.9%Piotroski: 8/9ROCE: 17%P/E: 15.3D/E: 0.36
67
U-Score
₹481.00
Open →
JAIBALAJIMicro
Jai Balaji Industries Limited
Metals
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +37.4%Piotroski: 8/9ROCE: 36%P/E: 20.4D/E: 0.30
66
U-Score
₹69.97
Open →
VRAJSmall
Vraj Iron and Steel Limited
Metals
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +67.0%Piotroski: 8/9ROCE: 11%P/E: 11.2D/E: 0.10
64
U-Score
₹124.95
Open →
HINDALCOLarge
Hindalco Industries Limited
Metals
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +64.5%Piotroski: 8/9ROCE: 13%P/E: 9.5D/E: 0.73
64
U-Score
₹900.45
Open →
JSLLarge
Jindal Stainless Limited
Metals
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +46.4%Piotroski: 8/9ROCE: 19%P/E: 18.4D/E: 0.38
64
U-Score
₹734.90
Open →
HINDCOPPERSmall
Hindustan Copper Limited
Metals
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: -7.9%Piotroski: 8/9ROCE: 42%P/E: 36.7D/E: 0.03
63
U-Score
₹441.10
Open →
MANAKSTEELSmall
Manaksia Steels Limited
Metals
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +57.2%Piotroski: 8/9ROCE: 14%P/E: 12.4D/E: 0.46
62
U-Score
₹114.40
Open →
REGAALSmall
Regaal Resources Limited
Metals
UNDERVALUED

Auto-included from the Metals tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +56.6%Piotroski: 7/9ROCE: 12%P/E: 13.6D/E: 1.26
62
U-Score
₹88.03
Open →
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The first 20 ranked names are open. Sign in to see every company attached to this theme. 101 more rows available after sign-in.

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The rationale above is editorial — the ranking uses our U-Score engine so the names you see first are the strongest fundamentals fit, not the most popular or most-mentioned. Re-rank yourself if you weigh valuation or quality differently. All information is for study purposes only — consult your financial advisor before investing.