Copper and Metal Stocks in India

Here are all 56 metal companies on this list, with price, P/E (P/B for lenders), 52-week high and low and returns against the Nifty 500. The biggest by market value are JSW Steel, Hindustan Zinc and Tata Steel. 21 of the 56 are worth less than ₹2,000 crore.

Download all 56 (CSV). "Earnings growth" is earnings per share over the last 12 months against the 12 months before. "vs Nifty 500" is the stock's return minus the Nifty 500's, in percentage points.

Prices as of 16 October 2026. Market value, earnings growth and returns from the weekly scan to 9 October 2026. Updated every weekend

6 listed Indian companies make copper or copper products as their main business: Hindustan Copper, Precision Wires India, Ram Ratna Wires, Vidya Wires, Divine Power Energy and Sunlite Recycling Industries. 5 of them have earnings per share up over the last 12 months. Hindalco Industries also runs a copper business, so it is listed here too.

Hindalco Industries runs a copper smelting business next to its main aluminium business.

Cable makers such as Polycab and KEI Industries use a lot of copper, but their product is cable, so they are not here. Companies that turn bought metal into pipes, forgings or castings are not here either.

Copper = the company's main product is copper. Prices as of 16 October 2026, updated every weekend

Metal stocks are shares of companies that mine metal ore, smelt it, or roll it into steel, aluminium, zinc or copper. The 56 on this page fall into 4 groups. The biggest group is steel, stainless steel and ferro alloys, with 30 companies.

The rule in one line: a company is here when its main business is making metal: mining metal ore, smelting it, or rolling it into steel, aluminium, zinc or copper. Copper companies are the ones whose main product is copper. NSE's industry label is the starting point. Every change to it is named below with its reason.

Added from other industries

• Divine Power Energy: NSE files it under metals in general, but its main products are insulated copper wire and cable conductors.
• Hindustan Copper: NSE files it under metals in general, but it mines copper ore and turns it into copper.
• Hindustan Zinc: NSE files it under metals in general, but it mines and smelts zinc, lead and silver.
• Vidya Wires: NSE files it under electrical equipment, but it makes copper and aluminium wires.

Left out on purpose

• Coal India: mines coal, which is a fuel, not a metal.
• Bharat Coking Coal: mines coal, which is a fuel, not a metal.
• Gujarat Mineral Development Corporation: mainly mines lignite, which is a fuel, and other industrial minerals.
• 20 Microns: grinds industrial minerals and makes speciality chemicals, not metal.
• Midwest Energy: processes and trades stone such as granite and marble.
• South West Pinnacle Exploration: drills and explores for other companies and makes no metal of its own.
• Deccan Gold Mines: mines gold, so it is on the gold and silver page.
• Raghav Productivity Enhancers: makes ramming mass, a lining material for furnaces, not steel.
• Banganga Paper Industries: makes kraft paper, not steel.
• Safe Enterprises Retail Fixtures: designs and fits shop fixtures, not steel.
• Salasar Techno Engineering: builds galvanised steel structures and runs projects, so it uses steel rather than making it.
• Aeroflex Industries: makes flexible metal hoses, so it uses steel rather than making it.
• Ratnamani Metals & Tubes: makes steel pipes and tubes, so it uses steel rather than making it.
• Belding India: now builds data centres, and aluminium is no longer its main work.
• Synthiko Foils: prints and coats aluminium foil for packaging, so it uses aluminium rather than making it.
• Msafe Equipments: makes and rents height-safety equipment, not aluminium.
• JTL Defence: was a copper roller under its old name, RCI Industries, and its filings no longer make clear that copper is still its main business.
• Panchmahal Steel: has more than one listing on the exchanges and is counted once.
• Cable makers such as Polycab and KEI Industries use a lot of copper, but their product is cable, so they are not here.
• Companies that turn bought metal into pipes, forgings or castings are not here either.

Membership checked every month. Industries follow NSE industry groups

18 of the 56 metal companies spoke about their own capacity on a recent results call. Among them are JSW Steel (July 2026 call), Tata Steel (July 2026 call) and Jindal Steel (May 2026 call). Each sentence is quoted below exactly as it was said.

In their own words

• JSW Steel July 2026 call

  "We are adding about 0.44 million tons of capacity in the earlier announced downstream projects at Vijayanagar, Khopoli, and Rajpura."Management

• Tata Steel July 2026 call

  "The direct sheet plant's annual capacity is about 1.4 million tons, which, as Naren also mentioned, represents 20% of our total volumes."Management

• Jindal Steel May 2026 call

  "FY26 has been a defining year for Jindal Steel, marked by significant progress across our expansion projects, which have taken our steelmaking capacity from 9.6 million tonnes per annum to 15.6 million tonnes per annum."Gautam Malhotra

• Lloyds Metals & Energy August 2026 call

  "Now, following the environmental clearances obtained in FY '26, our ROM handling capacity at Gadchiroli has been enhanced from 10 million tons per annum to 55 million tons per annum."S. K. Naredi

• Steel Authority of India July 2026 call

  "We are installing a TMT bar mill there with a capacity of 0.8 to 0.9 million tons."Management

• NMDC June 2026 call

  "But next year we will do around 2 million ton out of Deposit 13 and then the peak rated capacity initially is 10 million ton, but we plan to ramp it up to 20 to 21 million ton in 4 years to 5 year’s time."Amitava Mukherjee

• Jindal Stainless May 2026 call

  "We believe that gradually the ramp-up will take place and up to 70%, 80% of the capacity should ramp up in this financial year."Tarun Khulbe

• National Aluminium Company August 2026 call

  "You see our current capacity is 2.1 million ton, but last year, we produced around 2.3 million ton."Brijendra Pratap Singh

• Godawari Power & Ispat September 2026 call

  "Recently, the company was awarded environmental approval for expansion of our iron ore mining capacity at Ari Dongri from 2.35 million tons to 6 million tons."Dinesh Gandhi - Executive Director

• Gallantt Ispat July 2026 call

  "Our capacity expansion from 1 million to 1.23 million tons, part of our 3,000 crores capex program, continues to progress well and remains on course for commissioning in the second half of this financial year."Management

• Kirloskar Ferrous Industries May 2026 call

  "Seamless tube in Baramati, we would like to see that our capacity goes to 4 lakh metric tons per annum by adding expanded mill and increasing the capacity by 1,50,000 plus existing capacity of 2,30,000, which we are trying to realize coming year itself."R.V. Gumaste

• Indian Metals & Ferro Alloys August 2026 call

  "As I said, our capacity will be about a little more than 0.5 million tons."Subhrakant Panda

• Vardhman Special Steels July 2026 call

  "We have applied to the Environment Ministry for approval to increase capacity to 360,000 tons of melting."Sachit Jain

• Ratnaveer Precision Engineering September 2026 call

  "Our capacity will be approximately 500-550 crores in 3 years."Vinay Maheshwari

• Manaksia Coated Metals & Industries September 2026 call

  "Here, we have a capacity of 180,000 tons per annum."Tushar Agarwal - Senior Vice President

• Steel Exchange India September 2026 call

  "We have recently applied to the government for the expansion of our existing capacity from 0.5 million tons to 1.5 million tons by adding another 1 million tons of capacity."Mohit Bandi - Director

• MMP Industries September 2026 call

  "We have set up a capacity of 18,000 tons per year, the majority of which will be used in-house to manufacture aluminium conductors."Mayank Bhandari - Director

• Baheti Recycling Industries May 2026 call

  "With this addition, our total installed capacity will stand at 38,000 tons annually."Management

A capacity is how much metal a plant or mine can make in a year. Figures are the company's own and are not checked against its filings here. Gallantt Ispat and Ratnaveer Precision Engineering gave their capacity in rupees of sales, not in tonnes. Where a company's newest call does not mention it, the sentence comes from an earlier call, and the date shows which. 38 companies have no capacity sentence here, either because none is on record or because the one on record did not pass the word-for-word check. Among them are Hindustan Zinc, Hindalco Industries and Vedanta.

From each company's most recent call on record that mentions its capacity, copied word for word. Checked every month

35 of the 55 metal stocks with a P/E history traded above their own usual P/E at the 17 October 2026 valuation. Among the 10 biggest, earnings per share fell over 12 months at Jindal Steel (-8%) and Hindalco Industries (-3%). 20 of the 56 are behind the Nifty 500 over the last 3 months. The furthest behind are Electrotherm (-32.0 points) and Rhetan TMT (-28.8 points).

What the industry research says is going wrong

• The main risks are paying too much before promised profits arrive, delayed approvals and plants, slow recovery of input costs, and uneven company performance.
• The available calls also contain inconsistent explanations of margins and growth.
• The recovery depends heavily on Jindal.
• Energy costs, delayed price increases to customers, postponed machinery and production, and reduced sales forecast could stop the improvement.

The 10 furthest behind the Nifty 500

• Electrotherm -32.0 points against the Nifty 500 in 3 months. Earnings per share turned to a loss in the last 12 months.
• Rhetan TMT -28.8 points against the Nifty 500 in 3 months. Earnings per share up 143% in the last 12 months.
• Ashapura Minechem -20.9 points against the Nifty 500 in 3 months. Earnings per share up 18% in the last 12 months.
• Gallantt Ispat -18.3 points against the Nifty 500 in 3 months. Earnings per share fell 4% in the last 12 months.
• MSP Steel & Power -16.2 points against the Nifty 500 in 3 months.
• Godawari Power & Ispat -12.5 points against the Nifty 500 in 3 months. Earnings per share up 8% in the last 12 months. Next to check, from the September 2026 call: Ari Dongri tree-cutting and dumping-ground approval.
• Maan Aluminium -9.5 points against the Nifty 500 in 3 months. Earnings per share fell 13% in the last 12 months. Next to check, from the August 2026 call: Dewas start-up progress.
• Indian Metals & Ferro Alloys -9.3 points against the Nifty 500 in 3 months. Earnings per share up 46% in the last 12 months.
• NMDC -9.2 points against the Nifty 500 in 3 months. Earnings per share up 14% in the last 12 months.
• Maithan Alloys -8.7 points against the Nifty 500 in 3 months. Earnings per share fell 59% in the last 12 months.

This page does not track prices during the day. For today's moves, see the exchange.

Weekly data to 9 October 2026. Reasons from company calls and the industry research, refreshed every month

35 of the 55 metal stocks with a P/E history trade above their own usual P/E (P/B for lenders), 4 sit exactly at it, and 16 below. The furthest below their own history are Mukand (-80%), MSP Steel & Power (-80%) and National Aluminium Company (-38%).

"Usual" = each company's own long-run median. Valuation as of 17 October 2026, no price targets

NSE's Nifty Metal index has 15 companies. 12 of them are on this list. APL Apollo Tubes and Adani Enterprises are left out. Vedanta Aluminium Metal is not in the weekly scan yet, so it has no data here. This list has 44 more companies that the index does not hold.

APL Apollo Tubes is in the index but not on this list because it makes steel pipes and tubes, so it uses steel rather than making it. Adani Enterprises is in the index but not on this list because it runs many businesses, and its new copper smelter is only one of them.

NSE's own member file, read on 17 October 2026. Checked every week

11 of the 56 metal stocks trade under ₹100 a share: Steel Exchange India (₹10.2), Rhetan TMT (₹16.6), India Homes (₹26.8) and 8 more. By size, 4 are large cap, 8 are mid cap and 44 are small cap.

Metal stocks under ₹100

A low share price says nothing about how big the company is. Market cap shows the size.

Size = rank by market value across every company we score: the top 100 are large cap, the next 150 mid cap, the rest small cap. Updated every weekend

From the industry research of 10 October 2026: The available companies are trying to move toward higher-value products. Steel, Steel products, Aluminium, Iron ore mining, Mining, Copper wires and Copper products were not in that run, so they have no research here yet.

Aluminium products

What is changing: The available companies are trying to move toward higher-value products. These could improve profits, but approvals, customer acceptance and plant delays prevent calling the change fully delivered.

Where big money is moving: Combined foreign and domestic institutional ownership fell by 0.2 percentage points over two quarters and 1.6 points over four quarters.

Risks: The main risks are paying too much before promised profits arrive, delayed approvals and plants, slow recovery of input costs, and uneven company performance. The available calls also contain inconsistent explanations of margins and growth.

What to watch next:

• Maan's intended input-cost recovery over the next one to two quarters.
• A firm replacement schedule and actual delivery for Maan's delayed Dewas plant.

Stainless steel

What is already happening: Jindal used higher-value and thinner products to support profits during the gas disruption.

Where big money is moving: Foreign and domestic institutional ownership rose 0.2 percentage points over two quarters but fell 0.3 points over four.

Risks: The recovery depends heavily on Jindal. Energy costs, delayed price increases to customers, postponed machinery and production, and reduced sales forecast could stop the improvement.

What to watch next:

• Jindal's next results: restored output and customer price increases need to improve profit per tonne.
• Ratnaveer's late-November or early-December trial and January-February commercial production: verify delivery and binding orders.
• A completed anti-dumping decision or reinstated quality rules, rather than another expected decision date.

Industry research of 10 October 2026, refreshed every two weeks

The top 10 metal stocks for October 2026 are: 1. Hindustan Zinc, 2. Vardhman Special Steels, 3. Hindustan Copper, 4. Ram Ratna Wires, 5. Lloyds Metals & Energy, 6. National Aluminium Company, 7. Shyam Metalics & Energy, 8. Jayaswal Neco Industries, 9. Vedanta, 10. Sandur Manganese & Iron Ores. Companies worth ₹2,000 crore or more are scored every month.

Why each one made the top 10

• Hindustan Zinc: Score 77 of 100. Earnings per share up 67% in the last 12 months. 7.5 points ahead of the Nifty 500 over 3 months.
• Vardhman Special Steels: Score 74 of 100. Earnings per share up 39% in the last 12 months. 41.4 points ahead of the Nifty 500 over 3 months.
• Hindustan Copper: Score 74 of 100. Earnings per share up 134% in the last 12 months. 0.3 points ahead of the Nifty 500 over 3 months.
• Ram Ratna Wires: Score 73 of 100. Earnings per share up 79% in the last 12 months. 47.6 points ahead of the Nifty 500 over 3 months. Watch: the P/E is 124% above its own long-run usual.
• Lloyds Metals & Energy: Score 71 of 100. Earnings per share up 193% in the last 12 months. 7.6 points ahead of the Nifty 500 over 3 months. Next to check, from the August 2026 call: First long-product steel plant start-up by the year-end date.
• National Aluminium Company: Score 69 of 100. Earnings per share up 18% in the last 12 months. Next to check, from the August 2026 call: 5th-stream mechanical completion and integrated trials. Watch: the share is 4.7 points behind the Nifty 500 over 3 months.
• Shyam Metalics & Energy: Score 68 of 100. Earnings per share up 22% in the last 12 months. 15.0 points ahead of the Nifty 500 over 3 months. New capacity shipped about a fifth more tonnes and operating profit grew 28.5%. Watch: The March and June margins coincide with a steel import safeguard duty.
• Jayaswal Neco Industries: Score 67 of 100. Earnings per share up 137% in the last 12 months. 6.2 points ahead of the Nifty 500 over 3 months.
• Vedanta: Score 62 of 100. Earnings per share up 35% in the last 12 months. 3.2 points ahead of the Nifty 500 over 3 months. Watch: the P/E is 169% above its own long-run usual.
• Sandur Manganese & Iron Ores: Score 62 of 100. Earnings per share up 46% in the last 12 months. Watch: the share is 6.6 points behind the Nifty 500 over 3 months.

Left the top 10 since September 2026: Hindalco Industries, Ratnaveer Precision Engineering. See the September 2026 top 10.

Ranked on October 2026 data, refreshed every month

This page uses weekly closes, not live prices. In the week to 9 October, 16 of the 49 metal stocks with a clean price record closed higher and 32 closed lower, and 1 closed flat. The biggest weekly gains were Arfin India (+21.0%), MMP Industries (+11.5%) and KIOCL (+10.8%).

"Passes weekly test" below means a 3-month return at least 5 points above the Nifty 500, checked at each weekly scan.

Metal stocks beating the Nifty 500, week by week

Weekly closes, week to 9 October 2026 against the week to 1 October 2026. Updated every weekend

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