# Metals — company-by-company sector analysis

> Metals: Hindustan Zinc Ltd owns the largest revenue base; Hindustan Copper Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Metals has outperformed NIFTY 500 by 127% over 52 weeks and 0.8% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. Hindustan Zinc Ltd leads with revenue of ₹46,820 crore, based on 2 of 3 comparable companies through Jun 2026.

### Is the Metals sector outperforming NIFTY 500?

Metals has outperformed NIFTY 500 by 127% over 52 weeks and 0.8% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself.

### Which Metals company is largest by revenue?

Hindustan Zinc Ltd leads with revenue of ₹46,820 crore, based on 2 of 3 comparable companies through Jun 2026.

### Which Metals company is growing fastest?

Hindustan Copper Ltd has the fastest current revenue growth at 48.6%, across 2 of 3 comparable companies.

### Which Metals company has the strongest 4-Factor Sector Score?

Hindustan Copper Ltd ranks first at 76/100 with 86.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Metals company reports the most CAPEX?

Divine Power Energy Ltd reports the largest latest CAPEX at ₹18 crore, with 1 of 3 companies comparable.

### Which Metals company has the least gross debt?

Hindustan Copper Ltd has the lowest comparable gross debt at ₹111 crore. Hindustan Zinc Ltd has the highest at ₹8,728 crore.

### Which Metals company has the lowest comparable PEG?

Hindustan Copper Ltd has the lowest comparable Guarded PEG at 1.97, among 1 of 3 companies that pass the metric’s comparability rules.

### How much history does this Metals comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Metals has outperformed NIFTY 500 by 127% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.8%. 2 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Divine Power Energy Ltd is the strongest against the sector itself at +37.2%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 0.8%
52-week sector return versus NIFTY 500: 127%
Stocks leading NIFTY: 2/3
Stocks leading sector: 1/3

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹2.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Hindustan Copper Ltd (HINDCOPPER): 76/100 — Favorable setup; evidence 87%
   - Growth & earnings 32.8/35 | Capital efficiency 24.1/25 | Valuation 9.9/20 | Relative strength 9.2/20
   - Exact sum: 32.8 + 24.1 + 9.9 + 9.2 = 76
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Hindustan Zinc Ltd (HINDZINC): 72/100 — Favorable setup; evidence 80%
   - Growth & earnings 34.1/35 | Capital efficiency 21.4/25 | Valuation 10.4/20 | Relative strength 6.5/20
   - Exact sum: 34.1 + 21.4 + 10.4 + 6.5 = 72.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -24.6% and the one-year return is 22.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Divine Power Energy Ltd (DPEL): 67/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 22.0/35 | Capital efficiency 15.2/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 22 + 15.2 + 10 + 20 = 67.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Hindustan Zinc Ltd is the scale leader at ₹46,820 crore, 15.2× the revenue of Hindustan Copper Ltd. Hindustan Copper Ltd's growth is 48.6% from a ₹3,077 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Hindustan Zinc Ltd is the scale benchmark; Hindustan Copper Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Hindustan Zinc Ltd's growth falls below Hindustan Copper Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Hindustan Zinc Ltd · ₹46,820 crore | 15.2× versus #2 · Hindustan Copper Ltd | 7/8 recent comparable periods | 2/3 companies · 40 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Hindustan Zinc Ltd (HINDZINC): ₹46.8K Cr
2. Hindustan Copper Ltd (HINDCOPPER): ₹3.1K Cr

### Revenue growth — fastest growers
1. Hindustan Copper Ltd (HINDCOPPER): 49%
2. Hindustan Zinc Ltd (HINDZINC): 39%

### 20-quarter Revenue history
- HINDZINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7.9K Cr | Mar 2023 ₹8.5K Cr | Jun 2023 ₹7.3K Cr | Sep 2023 ₹6.8K Cr | Dec 2023 ₹7.3K Cr | Mar 2024 ₹7.5K Cr | Jun 2024 ₹8.1K Cr | Sep 2024 ₹8.3K Cr | Dec 2024 ₹8.6K Cr | Mar 2025 ₹9.1K Cr | Jun 2025 ₹7.8K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹11.0K Cr | Mar 2026 ₹13.5K Cr | Jun 2026 ₹13.7K Cr
- HINDCOPPER: Sep 2021 ₹464 Cr | Dec 2021 ₹544 Cr | Mar 2022 ₹545 Cr | Jun 2022 ₹348 Cr | Sep 2022 ₹212 Cr | Dec 2022 ₹557 Cr | Mar 2023 ₹560 Cr | Jun 2023 ₹371 Cr | Sep 2023 ₹381 Cr | Dec 2023 ₹399 Cr | Mar 2024 ₹565 Cr | Jun 2024 ₹494 Cr | Sep 2024 ₹518 Cr | Dec 2024 ₹328 Cr | Mar 2025 ₹731 Cr | Jun 2025 ₹516 Cr | Sep 2025 ₹718 Cr | Dec 2025 ₹687 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹103 Cr | Dec 2023 — | Mar 2024 ₹119 Cr | Jun 2024 — | Sep 2024 ₹144 Cr | Dec 2024 — | Mar 2025 ₹198 Cr | Jun 2025 — | Sep 2025 ₹279 Cr | Dec 2025 — | Mar 2026 ₹346 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- HINDZINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -7.1% | Mar 2024 -11% | Jun 2024 12% | Sep 2024 22% | Dec 2024 18% | Mar 2025 20% | Jun 2025 -4.4% | Sep 2025 3.6% | Dec 2025 27% | Mar 2026 49% | Jun 2026 77%
- HINDCOPPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 -54% | Dec 2022 2.4% | Mar 2023 2.8% | Jun 2023 6.6% | Sep 2023 80% | Dec 2023 -28% | Mar 2024 0.9% | Jun 2024 33% | Sep 2024 36% | Dec 2024 -18% | Mar 2025 29% | Jun 2025 4.5% | Sep 2025 39% | Dec 2025 109% | Mar 2026 58% | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 40% | Dec 2024 — | Mar 2025 66% | Jun 2025 — | Sep 2025 94% | Dec 2025 — | Mar 2026 75% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Hindustan Zinc Ltd leads opm at 59%; Hindustan Copper Ltd leads margin change at +18 percentage points.

Investor read: Hindustan Zinc Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Hindustan Zinc Ltd · 59% | 9.3% versus #2 · Hindustan Copper Ltd | 8/8 recent comparable periods | 3/3 companies · 45 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Hindustan Zinc Ltd (HINDZINC): 59%
2. Hindustan Copper Ltd (HINDCOPPER): 54%
3. Divine Power Energy Ltd (DPEL): 10%

### Margin change — fastest expanders
1. Hindustan Copper Ltd (HINDCOPPER): +18.0 pp
2. Hindustan Zinc Ltd (HINDZINC): +9.0 pp
3. Divine Power Energy Ltd (DPEL): +5.0 pp

### 20-quarter OPM history
- HINDZINC: Sep 2021 54% | Dec 2021 55% | Mar 2022 56% | Jun 2022 55% | Sep 2022 53% | Dec 2022 47% | Mar 2023 50% | Jun 2023 46% | Sep 2023 46% | Dec 2023 48% | Mar 2024 48% | Jun 2024 49% | Sep 2024 50% | Dec 2024 52% | Mar 2025 53% | Jun 2025 50% | Sep 2025 52% | Dec 2025 55% | Mar 2026 57% | Jun 2026 59%
- HINDCOPPER: Sep 2021 23% | Dec 2021 24% | Mar 2022 28% | Jun 2022 36% | Sep 2022 30% | Dec 2022 20% | Mar 2023 33% | Jun 2023 25% | Sep 2023 32% | Dec 2023 27% | Mar 2024 40% | Jun 2024 38% | Sep 2024 29% | Dec 2024 33% | Mar 2025 36% | Jun 2025 41% | Sep 2025 39% | Dec 2025 50% | Mar 2026 54% | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.0% | Dec 2023 — | Mar 2024 7.0% | Jun 2024 — | Sep 2024 7.0% | Dec 2024 — | Mar 2025 5.0% | Jun 2025 — | Sep 2025 6.0% | Dec 2025 — | Mar 2026 10% | Jun 2026 —

### 20-quarter Margin change history
- HINDZINC: Sep 2021 +2.3 pp | Dec 2021 +0.5 pp | Mar 2022 +0.6 pp | Jun 2022 +0.2 pp | Sep 2022 −1.6 pp | Dec 2022 −7.7 pp | Mar 2023 −6.4 pp | Jun 2023 −8.7 pp | Sep 2023 −6.9 pp | Dec 2023 +1.0 pp | Mar 2024 −2.0 pp | Jun 2024 +3.0 pp | Sep 2024 +4.0 pp | Dec 2024 +4.0 pp | Mar 2025 +5.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +3.0 pp | Mar 2026 +4.0 pp | Jun 2026 +9.0 pp
- HINDCOPPER: Sep 2021 −2.4 pp | Dec 2021 −16.2 pp | Mar 2022 +22.1 pp | Jun 2022 −8.9 pp | Sep 2022 +7.2 pp | Dec 2022 −4.2 pp | Mar 2023 +5.1 pp | Jun 2023 −11.0 pp | Sep 2023 +1.8 pp | Dec 2023 +7.0 pp | Mar 2024 +7.0 pp | Jun 2024 +13.0 pp | Sep 2024 −3.0 pp | Dec 2024 +6.0 pp | Mar 2025 −4.0 pp | Jun 2025 +3.0 pp | Sep 2025 +10.0 pp | Dec 2025 +17.0 pp | Mar 2026 +18.0 pp | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 — | Mar 2025 −2.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 +5.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Hindustan Zinc Ltd leads with ₹17,067 crore of TTM profit, 18.6× the profit of Hindustan Copper Ltd. Hindustan Copper Ltd shows 97.4% growth from a ₹918 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Hindustan Zinc Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Hindustan Zinc Ltd · ₹17,067 crore | 18.6× versus #2 · Hindustan Copper Ltd | 7/8 recent comparable periods | 2/3 companies · 40 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Hindustan Zinc Ltd (HINDZINC): ₹17.1K Cr
2. Hindustan Copper Ltd (HINDCOPPER): ₹918 Cr

### Profit growth — fastest growers
1. Hindustan Copper Ltd (HINDCOPPER): 97%
2. Hindustan Zinc Ltd (HINDZINC): 67%

### 20-quarter Net profit history
- HINDZINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 ₹5.5K Cr
- HINDCOPPER: Sep 2021 ₹68 Cr | Dec 2021 ₹172 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹184 Cr | Dec 2025 ₹156 Cr | Mar 2026 ₹444 Cr | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2 Cr | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 ₹4 Cr | Dec 2024 — | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 ₹19 Cr | Jun 2026 —

### 20-quarter Profit growth history
- HINDZINC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -5.9% | Mar 2024 -21% | Jun 2024 19% | Sep 2024 35% | Dec 2024 32% | Mar 2025 47% | Jun 2025 -4.7% | Sep 2025 14% | Dec 2025 46% | Mar 2026 68% | Jun 2026 145%
- HINDCOPPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 -62% | Dec 2022 -53% | Mar 2023 48% | Jun 2023 -18% | Sep 2023 135% | Dec 2023 -21% | Mar 2024 -6.1% | Jun 2024 140% | Sep 2024 67% | Dec 2024 0.0% | Mar 2025 51% | Jun 2025 19% | Sep 2025 80% | Dec 2025 148% | Mar 2026 137% | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 100% | Dec 2024 — | Mar 2025 25% | Jun 2025 — | Sep 2025 100% | Dec 2025 — | Mar 2026 280% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Divine Power Energy Ltd reports ₹18 crore of CAPEX; Divine Power Energy Ltd has the highest covered intensity at 5.2%. Coverage is only 1 of 3 companies and 6 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Divine Power Energy Ltd · ₹18 crore | Not enough peers | 6/6 recent comparable periods | 1/3 companies · 6 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Divine Power Energy Ltd (DPEL): ₹18 Cr

### CAPEX intensity — highest reinvestment intensity
1. Divine Power Energy Ltd (DPEL): 5.2%

### 20-quarter CAPEX history
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2 Cr | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹11 Cr | Dec 2025 — | Mar 2026 ₹18 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.9% | Dec 2023 — | Mar 2024 0.8% | Jun 2024 — | Sep 2024 0.7% | Dec 2024 — | Mar 2025 0.5% | Jun 2025 — | Sep 2025 3.9% | Dec 2025 — | Mar 2026 5.2% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Hindustan Copper Ltd has the clearest covered balance-sheet capacity with ₹699 crore net cash and gross debt of ₹111 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Hindustan Copper Ltd · ₹111 crore | 28.8% versus #2 · Divine Power Energy Ltd | 5/8 recent comparable periods | 3/3 companies · 30 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Hindustan Copper Ltd (HINDCOPPER): ₹111 Cr
2. Divine Power Energy Ltd (DPEL): ₹156 Cr
3. Hindustan Zinc Ltd (HINDZINC): ₹8.7K Cr

### Net debt — lowest net debt
1. Hindustan Copper Ltd (HINDCOPPER): ₹-699 Cr
2. Divine Power Energy Ltd (DPEL): ₹154 Cr

### 20-quarter Gross debt history
- HINDZINC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.8K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹11.9K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8.7K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹11.0K Cr | Jun 2025 — | Sep 2025 ₹11.2K Cr | Dec 2025 — | Mar 2026 ₹8.7K Cr | Jun 2026 —
- HINDCOPPER: Sep 2021 — | Dec 2021 — | Mar 2022 ₹409 Cr | Jun 2022 — | Sep 2022 ₹532 Cr | Dec 2022 ₹532 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹291 Cr | Dec 2023 ₹291 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹222 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹142 Cr | Mar 2026 ₹111 Cr | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹45 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹48 Cr | Jun 2023 — | Sep 2023 ₹50 Cr | Dec 2023 — | Mar 2024 ₹58 Cr | Jun 2024 — | Sep 2024 ₹50 Cr | Dec 2024 — | Mar 2025 ₹88 Cr | Jun 2025 — | Sep 2025 ₹87 Cr | Dec 2025 — | Mar 2026 ₹156 Cr | Jun 2026 —

### 20-quarter Net debt history
- HINDCOPPER: Sep 2021 — | Dec 2021 — | Mar 2022 ₹43 Cr | Jun 2022 — | Sep 2022 ₹51 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹-144 Cr | Jun 2023 ₹-137 Cr | Sep 2023 ₹-58 Cr | Dec 2023 ₹-58 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹148 Cr | Sep 2024 ₹-51 Cr | Dec 2024 ₹-51 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹-109 Cr | Dec 2025 ₹-109 Cr | Mar 2026 ₹-699 Cr | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹48 Cr | Dec 2023 — | Mar 2024 ₹57 Cr | Jun 2024 — | Sep 2024 ₹47 Cr | Dec 2024 — | Mar 2025 ₹87 Cr | Jun 2025 — | Sep 2025 ₹95 Cr | Dec 2025 — | Mar 2026 ₹154 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Hindustan Zinc Ltd leads ROCE at 69.5%, 27 percentage points above Hindustan Copper Ltd. Divine Power Energy Ltd has the strongest latest improvement at +12.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Hindustan Zinc Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Hindustan Zinc Ltd · 69.5% | 63.5% versus #2 · Hindustan Copper Ltd | Not enough history | 3/3 companies · 20 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Hindustan Zinc Ltd (HINDZINC): 70%
2. Hindustan Copper Ltd (HINDCOPPER): 43%
3. Divine Power Energy Ltd (DPEL): 29%

### ROCE change — fastest improvers
1. Divine Power Energy Ltd (DPEL): +12.5 pp
2. Hindustan Copper Ltd (HINDCOPPER): +12.3 pp
3. Hindustan Zinc Ltd (HINDZINC): +9.0 pp

### 20-quarter ROCE history
- HINDCOPPER: Sep 2021 — | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 18% | Dec 2023 18% | Mar 2024 15% | Jun 2024 21% | Sep 2024 20% | Dec 2024 22% | Mar 2025 20% | Jun 2025 23% | Sep 2025 23% | Dec 2025 31% | Mar 2026 33% | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 19% | Dec 2023 — | Mar 2024 44% | Jun 2024 — | Sep 2024 30% | Dec 2024 — | Mar 2025 17% | Jun 2025 — | Sep 2025 19% | Dec 2025 — | Mar 2026 29% | Jun 2026 —

### 20-quarter ROCE change history
- HINDCOPPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −5.9 pp | Jun 2023 — | Sep 2023 −1.3 pp | Dec 2023 — | Mar 2024 −1.4 pp | Jun 2024 — | Sep 2024 +2.5 pp | Dec 2024 +3.6 pp | Mar 2025 +5.0 pp | Jun 2025 +2.6 pp | Sep 2025 +2.6 pp | Dec 2025 +9.2 pp | Mar 2026 +12.3 pp | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +11.6 pp | Dec 2024 — | Mar 2025 −27.0 pp | Jun 2025 — | Sep 2025 −11.0 pp | Dec 2025 — | Mar 2026 +12.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Hindustan Copper Ltd has the lowest comparable Guarded PEG at 1.97×. Only 1 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Hindustan Copper Ltd · 1.97× | Not enough peers | 0/8 recent comparable periods | 1/3 companies · 9 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Hindustan Copper Ltd (HINDCOPPER): 2.0

### P/E — lowest P/E
1. Hindustan Zinc Ltd (HINDZINC): 13.2
2. Hindustan Copper Ltd (HINDCOPPER): 47.3
3. Divine Power Energy Ltd (DPEL): 52.9

### 20-quarter Guarded PEG history
- HINDCOPPER: Sep 2021 — | Dec 2021 1.2 | Mar 2022 — | Jun 2022 0.9 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.4 | Jun 2024 — | Sep 2024 3.4 | Dec 2024 2.4 | Mar 2025 1.6 | Jun 2025 3.1 | Sep 2025 1.8 | Dec 2025 2.0 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- HINDZINC: Sep 2021 — | Dec 2021 — | Mar 2022 16.4 | Jun 2022 10.7 | Sep 2022 10.5 | Dec 2022 11.9 | Mar 2023 11.4 | Jun 2023 12.3 | Sep 2023 13.9 | Dec 2023 15.9 | Mar 2024 14.9 | Jun 2024 36.5 | Sep 2024 27.2 | Dec 2024 21.8 | Mar 2025 20.7 | Jun 2025 18.3 | Sep 2025 18.4 | Dec 2025 25.5 | Mar 2026 18.3 | Jun 2026 15.9
- HINDCOPPER: Sep 2021 82.3 | Dec 2021 64.3 | Mar 2022 45.3 | Jun 2022 22.0 | Sep 2022 26.8 | Dec 2022 30.9 | Mar 2023 37.7 | Jun 2023 37.9 | Sep 2023 55.0 | Dec 2023 82.7 | Mar 2024 88.5 | Jun 2024 104.5 | Sep 2024 92.1 | Dec 2024 61.7 | Mar 2025 53.1 | Jun 2025 57.4 | Sep 2025 62.0 | Dec 2025 81.0 | Mar 2026 65.2 | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 40.5 | Dec 2024 — | Mar 2025 73.5 | Jun 2025 — | Sep 2025 131.5 | Dec 2025 — | Mar 2026 235.3 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Hindustan Zinc Ltd leads both ev/ebitda at 9.8× and p/bv at 9.93×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Hindustan Zinc Ltd · 9.8× | 75.6% versus #2 · Hindustan Copper Ltd | 0/8 recent comparable periods | 3/3 companies · 41 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Hindustan Zinc Ltd (HINDZINC): 9.8
2. Hindustan Copper Ltd (HINDCOPPER): 40.1
3. Divine Power Energy Ltd (DPEL): 112.1

### P/BV — lowest P/BV
1. Hindustan Zinc Ltd (HINDZINC): 9.9
2. Divine Power Energy Ltd (DPEL): 10.9
3. Hindustan Copper Ltd (HINDCOPPER): 14.0

### 20-quarter EV/EBITDA history
- HINDZINC: Sep 2021 — | Dec 2021 — | Mar 2022 9.6 | Jun 2022 5.8 | Sep 2022 5.9 | Dec 2022 6.7 | Mar 2023 6.2 | Jun 2023 6.7 | Sep 2023 8.2 | Dec 2023 9.3 | Mar 2024 8.7 | Jun 2024 19.9 | Sep 2024 15.0 | Dec 2024 12.6 | Mar 2025 12.1 | Jun 2025 10.8 | Sep 2025 11.0 | Dec 2025 15.1 | Mar 2026 11.2 | Jun 2026 9.8
- HINDCOPPER: Sep 2021 24.6 | Dec 2021 24.3 | Mar 2022 26.9 | Jun 2022 16.7 | Sep 2022 18.4 | Dec 2022 20.0 | Mar 2023 18.5 | Jun 2023 19.3 | Sep 2023 28.0 | Dec 2023 43.8 | Mar 2024 45.2 | Jun 2024 51.0 | Sep 2024 48.5 | Dec 2024 33.4 | Mar 2025 28.5 | Jun 2025 33.0 | Sep 2025 36.0 | Dec 2025 48.2 | Mar 2026 40.1 | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 11.7 | Dec 2024 — | Mar 2025 16.9 | Jun 2025 — | Sep 2025 23.8 | Dec 2025 — | Mar 2026 112.1 | Jun 2026 —

### 20-quarter P/BV history
- HINDZINC: Sep 2021 — | Dec 2021 — | Mar 2022 4.1 | Jun 2022 3.0 | Sep 2022 3.6 | Dec 2022 4.3 | Mar 2023 3.6 | Jun 2023 3.8 | Sep 2023 10.1 | Dec 2023 9.8 | Mar 2024 9.0 | Jun 2024 21.9 | Sep 2024 14.6 | Dec 2024 25.2 | Mar 2025 25.6 | Jun 2025 12.6 | Sep 2025 14.2 | Dec 2025 19.6 | Mar 2026 15.7 | Jun 2026 9.7
- HINDCOPPER: Sep 2021 9.4 | Dec 2021 7.1 | Mar 2022 6.5 | Jun 2022 7.1 | Sep 2022 5.2 | Dec 2022 5.4 | Mar 2023 5.0 | Jun 2023 5.9 | Sep 2023 7.5 | Dec 2023 12.1 | Mar 2024 12.3 | Jun 2024 14.8 | Sep 2024 14.6 | Dec 2024 10.3 | Mar 2025 8.9 | Jun 2025 11.7 | Sep 2025 11.3 | Dec 2025 15.4 | Mar 2026 16.0 | Jun 2026 —
- DPEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.0 | Dec 2024 — | Mar 2025 3.3 | Jun 2025 — | Sep 2025 5.1 | Dec 2025 — | Mar 2026 9.7 | Jun 2026 —

## Market action

Divine Power Energy Ltd has the strongest one-year price move in Metals at +298.5%. It also leads on Mansfield relative strength against NIFTY at +68.1%. 2 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Divine Power Energy Ltd (DPEL): 299%
2. Hindustan Copper Ltd (HINDCOPPER): 79%
3. Hindustan Zinc Ltd (HINDZINC): 22%

### Strongest relative strength versus NIFTY 500
1. Divine Power Energy Ltd (DPEL): 68%
2. Hindustan Copper Ltd (HINDCOPPER): 10%
3. Hindustan Zinc Ltd (HINDZINC): -0.5%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Revenue, Net profit, Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Hindustan Zinc Ltd (HINDZINC) — market value ₹2.2 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Hindustan Copper Ltd (HINDCOPPER) — market value ₹46.7K Cr; latest fundamentals Mar 2026
- Divine Power Energy Ltd (DPEL) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 1. Withheld: 1. Graded companies: 3.

1 of 3 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 3 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Hindustan Zinc Ltd (HINDZINC) — its two data sources disagree by up to 3.3% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | HINDZINC | Hindustan Zinc Ltd | diff_gt_2pct | disagreement up to 3.32% over 14 comparable periods

- UNVERIFIED | DPEL | Divine Power Energy Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Metals index?

The Nifty Metals index tracks India's listed Metals companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Metals sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Metals stocks in India?

Ranked by this page's four-factor score, Hindustan Copper Ltd places first among 3 listed Metals companies, followed by Hindustan Zinc Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Metals stocks are listed in India?

This comparison covers 3 listed Metals companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Metals company is the biggest?

Hindustan Zinc Ltd is the largest, with trailing-twelve-month revenue of ₹46,820 crore, ahead of Hindustan Copper Ltd at ₹3,077 crore. That covers 2 of 3 companies with comparable reporting through Jun 2026.

### Which Metals company is growing fastest?

Hindustan Copper Ltd has the fastest revenue growth at 48.6% year on year, across 2 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Metals company has the best profit margins?

Hindustan Zinc Ltd has the highest operating margin at 59%, from 3 of 3 comparable companies. Hindustan Copper Ltd shows the biggest recent improvement, at +18 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Metals company makes the most profit?

Hindustan Zinc Ltd earns the most, at ₹17,067 crore of trailing-twelve-month net profit, from 2 of 3 comparable companies. Hindustan Copper Ltd has the fastest profit growth at 97.4%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Metals company earns the highest return on capital?

Hindustan Zinc Ltd leads on return on capital employed at 69.5%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Metals stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Hindustan Copper Ltd screens cheapest at 1.97×. Only 1 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Metals company has the strongest balance sheet?

Hindustan Copper Ltd carries the lowest comparable gross debt at ₹111 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Metals sector beating the market?

Metals has outperformed NIFTY 500 by 127% over the last 52 weeks and 0.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Metals stock has the strongest price momentum?

Divine Power Energy Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Metals company scores highest for research priority?

Hindustan Copper Ltd scores 76 out of 100 with 86.6% evidence confidence, from 32.8 points on growth and earnings, 24.1 on capital efficiency, 9.9 on valuation and 9.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Metals companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Metals sector?

The 3 Metals companies on this page carry ₹2,72,901 crore of combined market value. Hindustan Zinc Ltd is the largest at ₹2,24,766 crore, about 82% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Metals sector performing?

2 of the 3 covered Metals companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 127% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/metals