# Mining/Minerals — company-by-company sector analysis

> Mining/Minerals: Coal India Ltd owns the largest revenue base; Midwest Energy Ltd has the fastest current growth.

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

## Bottom line

The 52-week sector comparison is unavailable. 9 of 12 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Coal India Ltd leads with revenue of ₹1,47,443 crore, based on 13 of 13 comparable companies through Mar 2026. Midwest Energy Ltd has the fastest current revenue growth at 100%, across 12 of 13 comparable companies.

### Is the Mining/Minerals sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 9 of 12 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Mining/Minerals company is largest by revenue?

Coal India Ltd leads with revenue of ₹1,47,443 crore, based on 13 of 13 comparable companies through Mar 2026.

### Which Mining/Minerals company is growing fastest?

Midwest Energy Ltd has the fastest current revenue growth at 100%, across 12 of 13 comparable companies.

### Which Mining/Minerals company has the strongest 4-Factor Sector Score?

South West Pinnacle Exploration Ltd ranks first at 77.1/100 with 87% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Mining/Minerals company has the least gross debt?

MOIL Ltd has the lowest comparable gross debt at ₹0 crore. Vedanta Ltd has the highest at ₹32,947 crore.

### Which Mining/Minerals company has the lowest comparable PEG?

Vedanta Ltd has the lowest comparable Guarded PEG at 0.12, among 3 of 13 companies that pass the metric’s comparability rules.

### How much history does this Mining/Minerals 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

The 52-week comparison of Mining/Minerals against NIFTY 500 is not available from the current market series. 9 of 12 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Midwest Energy Ltd is the strongest against the sector itself at +97.8%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 9/12
Stocks leading sector: 3/12

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

Companies: 13
Combined market value: ₹4.5 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. South West Pinnacle Exploration Ltd (SOUTHWEST): 77/100 — Favorable setup; evidence 87%
   - Growth & earnings 30.6/35 | Capital efficiency 17.5/25 | Valuation 12.2/20 | Relative strength 16.8/20
   - Exact sum: 30.6 + 17.5 + 12.2 + 16.8 = 77.1
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Vedanta Ltd (VEDL): 63/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 18.6/35 | Capital efficiency 15.7/25 | Valuation 15.6/20 | Relative strength 13.3/20
   - Exact sum: 18.6 + 15.7 + 15.6 + 13.3 = 63.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Ashapura Minechem Ltd (ASHAPURMIN): 58/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 23.1/35 | Capital efficiency 14.8/25 | Valuation 11.5/20 | Relative strength 9.0/20
   - Exact sum: 23.1 + 14.8 + 11.5 + 9 = 58.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Indian Metals & Ferro Alloys Ltd (IMFA): 55/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 18.1/35 | Capital efficiency 16.1/25 | Valuation 10.9/20 | Relative strength 9.8/20
   - Exact sum: 18.1 + 16.1 + 10.9 + 9.8 = 54.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Coal India Ltd (COALINDIA): 52/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 9.7/35 | Capital efficiency 20.5/25 | Valuation 11.2/20 | Relative strength 10.3/20
   - Exact sum: 9.7 + 20.5 + 11.2 + 10.3 = 51.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Midwest Energy Ltd (526570): 52/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 21.9/35 | Capital efficiency 4.8/25 | Valuation 10.0/20 | Relative strength 14.9/20
   - Exact sum: 21.9 + 4.8 + 10 + 14.9 = 51.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. 20 Microns Ltd (20MICRONS): 50/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 14.9/35 | Capital efficiency 17.1/25 | Valuation 11.9/20 | Relative strength 6.2/20
   - Exact sum: 14.9 + 17.1 + 11.9 + 6.2 = 50.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Deccan Gold Mines Ltd (DECNGOLD): 49/100 — Mixed-negative evidence; evidence 63%
   - Growth & earnings 21.5/35 | Capital efficiency 8.1/25 | Valuation 10.0/20 | Relative strength 9.6/20
   - Exact sum: 21.5 + 8.1 + 10 + 9.6 = 49.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. KIOCL Ltd (KIOCL): 45/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 20.7/35 | Capital efficiency 9.7/25 | Valuation 8.5/20 | Relative strength 6.3/20
   - Exact sum: 20.7 + 9.7 + 8.5 + 6.3 = 45.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Gujarat Mineral Development Corporation Ltd (GMDCLTD): 41/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 13.4/35 | Capital efficiency 13.4/25 | Valuation 8.0/20 | Relative strength 6.6/20
   - Exact sum: 13.4 + 13.4 + 8 + 6.6 = 41.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Orissa Minerals Development Company Ltd (ORISSAMINE): 37/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.1/35 | Capital efficiency 6.0/25 | Valuation 10.0/20 | Relative strength 3.5/20
   - Exact sum: 17.1 + 6 + 10 + 3.5 = 36.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. MOIL Ltd (MOIL): 33/100 — Adverse evidence; evidence 77%
   - Growth & earnings 6.3/35 | Capital efficiency 15.1/25 | Valuation 7.3/20 | Relative strength 4.4/20
   - Exact sum: 6.3 + 15.1 + 7.3 + 4.4 = 33.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Bharat Coking Coal Ltd (BHARATCOAL): 40/100 — Thin evidence · provisional; evidence 36%
   - Growth & earnings 11.6/35 | Capital efficiency 8.1/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 11.6 + 8.1 + 10 + 10 = 39.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Coal India Ltd is the scale leader at ₹1,47,443 crore, 43.8% ahead of Vedanta Ltd. Midwest Energy Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 1865.9% from a ₹9 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Coal India Ltd is the scale benchmark; Midwest Energy Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Coal India Ltd's growth falls below Midwest Energy Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Coal India Ltd · ₹1,47,443 crore | 43.8% versus #2 · Vedanta Ltd | 3/8 recent comparable periods | 13/13 companies · 204 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. Coal India Ltd (COALINDIA): ₹1.5 L Cr
2. Vedanta Ltd (VEDL): ₹1.0 L Cr
3. Bharat Coking Coal Ltd (BHARATCOAL): ₹12.9K Cr
4. Ashapura Minechem Ltd (ASHAPURMIN): ₹5.2K Cr
5. Indian Metals & Ferro Alloys Ltd (IMFA): ₹2.8K Cr

### Revenue growth — fastest growers
1. Midwest Energy Ltd (526570): 100%
2. Ashapura Minechem Ltd (ASHAPURMIN): 91%
3. Deccan Gold Mines Ltd (DECNGOLD): 72%
4. Orissa Minerals Development Company Ltd (ORISSAMINE): 46%
5. South West Pinnacle Exploration Ltd (SOUTHWEST): 39%

### 20-quarter Revenue history
- 526570: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- COALINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹29.8K Cr | Dec 2022 ₹35.2K Cr | Mar 2023 ₹38.2K Cr | Jun 2023 ₹36.0K Cr | Sep 2023 ₹32.8K Cr | Dec 2023 ₹36.2K Cr | Mar 2024 ₹38.2K Cr | Jun 2024 ₹36.5K Cr | Sep 2024 ₹31.2K Cr | Dec 2024 ₹36.9K Cr | Mar 2025 ₹37.8K Cr | Jun 2025 ₹35.8K Cr | Sep 2025 ₹30.2K Cr | Dec 2025 ₹34.9K Cr | Mar 2026 ₹46.5K Cr | Jun 2026 —
- VEDL: Sep 2021 ₹30.0K Cr | Dec 2021 ₹33.7K Cr | Mar 2022 ₹39.8K Cr | Jun 2022 ₹38.3K Cr | Sep 2022 ₹36.2K Cr | Dec 2022 ₹34.1K Cr | Mar 2023 ₹37.9K Cr | Jun 2023 ₹33.7K Cr | Sep 2023 ₹38.9K Cr | Dec 2023 ₹35.5K Cr | Mar 2024 ₹35.5K Cr | Jun 2024 ₹35.8K Cr | Sep 2024 ₹37.6K Cr | Dec 2024 ₹17.1K Cr | Mar 2025 ₹16.7K Cr | Jun 2025 ₹37.8K Cr | Sep 2025 ₹18.7K Cr | Dec 2025 ₹21.3K Cr | Mar 2026 ₹24.6K Cr | Jun 2026 —
- KIOCL: Sep 2021 ₹463 Cr | Dec 2021 ₹364 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹366 Cr | Sep 2022 ₹154 Cr | Dec 2022 ₹288 Cr | Mar 2023 ₹735 Cr | Jun 2023 ₹501 Cr | Sep 2023 ₹431 Cr | Dec 2023 ₹549 Cr | Mar 2024 ₹372 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹246 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹220 Cr | Jun 2026 —
- GMDCLTD: Sep 2021 ₹452 Cr | Dec 2021 ₹725 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹539 Cr | Dec 2022 ₹855 Cr | Mar 2023 ₹948 Cr | Jun 2023 ₹766 Cr | Sep 2023 ₹383 Cr | Dec 2023 ₹564 Cr | Mar 2024 ₹750 Cr | Jun 2024 ₹818 Cr | Sep 2024 ₹593 Cr | Dec 2024 ₹653 Cr | Mar 2025 ₹786 Cr | Jun 2025 ₹733 Cr | Sep 2025 ₹528 Cr | Dec 2025 ₹579 Cr | Mar 2026 ₹814 Cr | Jun 2026 —
- BHARATCOAL: 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 — | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 ₹3.6K Cr
- IMFA: Sep 2021 ₹653 Cr | Dec 2021 ₹655 Cr | Mar 2022 ₹757 Cr | Jun 2022 ₹743 Cr | Sep 2022 ₹672 Cr | Dec 2022 ₹624 Cr | Mar 2023 ₹637 Cr | Jun 2023 ₹702 Cr | Sep 2023 ₹693 Cr | Dec 2023 ₹685 Cr | Mar 2024 ₹701 Cr | Jun 2024 ₹662 Cr | Sep 2024 ₹692 Cr | Dec 2024 ₹643 Cr | Mar 2025 ₹567 Cr | Jun 2025 ₹642 Cr | Sep 2025 ₹719 Cr | Dec 2025 ₹703 Cr | Mar 2026 ₹763 Cr | Jun 2026 —
- ASHAPURMIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹535 Cr | Mar 2023 ₹696 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹554 Cr | Dec 2023 ₹713 Cr | Mar 2024 ₹440 Cr | Jun 2024 ₹714 Cr | Sep 2024 ₹604 Cr | Dec 2024 ₹865 Cr | Mar 2025 ₹555 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹952 Cr | Dec 2025 ₹960 Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- MOIL: Sep 2021 ₹312 Cr | Dec 2021 ₹363 Cr | Mar 2022 ₹468 Cr | Jun 2022 ₹376 Cr | Sep 2022 ₹236 Cr | Dec 2022 ₹302 Cr | Mar 2023 ₹428 Cr | Jun 2023 ₹380 Cr | Sep 2023 ₹348 Cr | Dec 2023 ₹306 Cr | Mar 2024 ₹416 Cr | Jun 2024 ₹493 Cr | Sep 2024 ₹292 Cr | Dec 2024 ₹367 Cr | Mar 2025 ₹433 Cr | Jun 2025 ₹348 Cr | Sep 2025 ₹348 Cr | Dec 2025 ₹360 Cr | Mar 2026 ₹444 Cr | Jun 2026 —
- DECNGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- ORISSAMINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- SOUTHWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹25 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹78 Cr | Jun 2026 ₹62 Cr
- 20MICRONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹155 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹191 Cr | Sep 2023 ₹200 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹212 Cr | Jun 2024 ₹231 Cr | Sep 2024 ₹240 Cr | Dec 2024 ₹215 Cr | Mar 2025 ₹227 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹231 Cr | Dec 2025 ₹215 Cr | Mar 2026 ₹261 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 526570: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -76% | Dec 2023 -100% | Mar 2024 248% | Jun 2024 -100% | Sep 2024 -86% | Dec 2024 — | Mar 2025 -77% | Jun 2025 — | Sep 2025 11,900% | Dec 2025 362% | Mar 2026 3,288% | Jun 2026 —
- COALINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 9.9% | Dec 2023 2.8% | Mar 2024 0.2% | Jun 2024 1.3% | Sep 2024 -4.9% | Dec 2024 2.0% | Mar 2025 -1.0% | Jun 2025 -1.7% | Sep 2025 -3.2% | Dec 2025 -5.3% | Mar 2026 23% | Jun 2026 —
- VEDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 21% | Dec 2022 1.2% | Mar 2023 -4.8% | Jun 2023 -12% | Sep 2023 7.5% | Dec 2023 4.2% | Mar 2024 -6.4% | Jun 2024 6.0% | Sep 2024 -3.4% | Dec 2024 -52% | Mar 2025 -53% | Jun 2025 5.8% | Sep 2025 -50% | Dec 2025 25% | Mar 2026 47% | Jun 2026 —
- KIOCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -65% | Sep 2022 -67% | Dec 2022 -21% | Mar 2023 -35% | Jun 2023 37% | Sep 2023 180% | Dec 2023 91% | Mar 2024 -49% | Jun 2024 -71% | Sep 2024 -96% | Dec 2024 -67% | Mar 2025 -34% | Jun 2025 -38% | Sep 2025 794% | Dec 2025 -12% | Mar 2026 -11% | Jun 2026 —
- GMDCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 132% | Sep 2022 19% | Dec 2022 18% | Mar 2023 -10% | Jun 2023 -34% | Sep 2023 -29% | Dec 2023 -34% | Mar 2024 -21% | Jun 2024 6.8% | Sep 2024 55% | Dec 2024 16% | Mar 2025 4.8% | Jun 2025 -10% | Sep 2025 -11% | Dec 2025 -11% | Mar 2026 3.6% | Jun 2026 —
- BHARATCOAL: 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 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -5.9% | Mar 2026 -15% | Jun 2026 -3.6%
- IMFA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 2.9% | Dec 2022 -4.7% | Mar 2023 -16% | Jun 2023 -5.5% | Sep 2023 3.1% | Dec 2023 9.8% | Mar 2024 10% | Jun 2024 -5.7% | Sep 2024 -0.1% | Dec 2024 -6.1% | Mar 2025 -19% | Jun 2025 -3.0% | Sep 2025 3.9% | Dec 2025 9.3% | Mar 2026 35% | Jun 2026 —
- ASHAPURMIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 33% | Mar 2024 -37% | Jun 2024 -30% | Sep 2024 9.0% | Dec 2024 21% | Mar 2025 26% | Jun 2025 90% | Sep 2025 58% | Dec 2025 11% | Mar 2026 255% | Jun 2026 —
- MOIL: Sep 2021 1.6% | Dec 2021 35% | Mar 2022 — | Jun 2022 28% | Sep 2022 -24% | Dec 2022 -17% | Mar 2023 -8.6% | Jun 2023 1.1% | Sep 2023 47% | Dec 2023 1.3% | Mar 2024 -2.8% | Jun 2024 30% | Sep 2024 -16% | Dec 2024 20% | Mar 2025 4.1% | Jun 2025 -29% | Sep 2025 19% | Dec 2025 -1.9% | Mar 2026 2.5% | Jun 2026 —
- DECNGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3,489% | Jun 2024 405% | Sep 2024 5,983% | Dec 2024 245% | Mar 2025 -85% | Jun 2025 -88% | Sep 2025 -16% | Dec 2025 32% | Mar 2026 1,885% | Jun 2026 —
- ORISSAMINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 258% | Mar 2024 388% | Jun 2024 308% | Sep 2024 41% | Dec 2024 -27% | Mar 2025 -80% | Jun 2025 40% | Sep 2025 7.4% | Dec 2025 -0.1% | Mar 2026 332% | Jun 2026 —
- SOUTHWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -6.4% | Dec 2023 19% | Mar 2024 18% | Jun 2024 28% | Sep 2024 18% | Dec 2024 15% | Mar 2025 64% | Jun 2025 37% | Sep 2025 128% | Dec 2025 29% | Mar 2026 5.2% | Jun 2026 53%
- 20MICRONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 23% | Jun 2024 21% | Sep 2024 20% | Dec 2024 23% | Mar 2025 7.1% | Jun 2025 6.9% | Sep 2025 -3.8% | Dec 2025 0.0% | Mar 2026 15% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Vedanta Ltd leads opm at 31%; Deccan Gold Mines Ltd leads margin change at +4492.4 percentage points.

Investor read: Vedanta 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: Vedanta Ltd · 31% | 14.8% versus #2 · Coal India Ltd | 4/8 recent comparable periods | 13/13 companies · 223 observations

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

### OPM — highest
1. Vedanta Ltd (VEDL): 31%
2. Coal India Ltd (COALINDIA): 27%
3. South West Pinnacle Exploration Ltd (SOUTHWEST): 24%
4. Indian Metals & Ferro Alloys Ltd (IMFA): 21%
5. MOIL Ltd (MOIL): 21%

### Margin change — fastest expanders
1. Deccan Gold Mines Ltd (DECNGOLD): +4,492.4 pp
2. Midwest Energy Ltd (526570): +1,202.9 pp
3. Orissa Minerals Development Company Ltd (ORISSAMINE): +511.5 pp
4. KIOCL Ltd (KIOCL): +31.0 pp
5. South West Pinnacle Exploration Ltd (SOUTHWEST): +9.8 pp

### 20-quarter OPM history
- 526570: Sep 2021 -300% | Dec 2021 — | Mar 2022 -800% | Jun 2022 -9.3% | Sep 2022 — | Dec 2022 -155% | Mar 2023 -157% | Jun 2023 -63% | Sep 2023 -571% | Dec 2023 -571% | Mar 2024 -49% | Jun 2024 -49% | Sep 2024 — | Dec 2024 -208% | Mar 2025 — | Jun 2025 -555% | Sep 2025 -170% | Dec 2025 -168% | Mar 2026 -56% | Jun 2026 —
- COALINDIA: Sep 2021 17% | Dec 2021 24% | Mar 2022 28% | Jun 2022 35% | Sep 2022 24% | Dec 2022 30% | Mar 2023 24% | Jun 2023 38% | Sep 2023 31% | Dec 2023 36% | Mar 2024 30% | Jun 2024 39% | Sep 2024 28% | Dec 2024 33% | Mar 2025 31% | Jun 2025 35% | Sep 2025 22% | Dec 2025 27% | Mar 2026 27% | Jun 2026 —
- VEDL: Sep 2021 34% | Dec 2021 32% | Mar 2022 34% | Jun 2022 26% | Sep 2022 21% | Dec 2022 21% | Mar 2023 25% | Jun 2023 19% | Sep 2023 29% | Dec 2023 24% | Mar 2024 25% | Jun 2024 28% | Sep 2024 26% | Dec 2024 29% | Mar 2025 31% | Jun 2025 26% | Sep 2025 26% | Dec 2025 31% | Mar 2026 31% | Jun 2026 —
- KIOCL: Sep 2021 -11% | Dec 2021 -26% | Mar 2022 21% | Jun 2022 -15% | Sep 2022 -74% | Dec 2022 -15% | Mar 2023 6.0% | Jun 2023 -13% | Sep 2023 -5.0% | Dec 2023 7.0% | Mar 2024 -7.0% | Jun 2024 -33% | Sep 2024 -417% | Dec 2024 -24% | Mar 2025 -17% | Jun 2025 -46% | Sep 2025 -15% | Dec 2025 3.0% | Mar 2026 14% | Jun 2026 —
- GMDCLTD: Sep 2021 5.8% | Dec 2021 28% | Mar 2022 44% | Jun 2022 38% | Sep 2022 32% | Dec 2022 39% | Mar 2023 41% | Jun 2023 32% | Sep 2023 13% | Dec 2023 21% | Mar 2024 25% | Jun 2024 26% | Sep 2024 24% | Dec 2024 14% | Mar 2025 25% | Jun 2025 23% | Sep 2025 13% | Dec 2025 17% | Mar 2026 13% | Jun 2026 —
- BHARATCOAL: 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 16% | Dec 2024 15% | Mar 2025 2.0% | Jun 2025 5.0% | Sep 2025 -15% | Dec 2025 1.0% | Mar 2026 -10% | Jun 2026 -2.0%
- IMFA: Sep 2021 36% | Dec 2021 32% | Mar 2022 25% | Jun 2022 29% | Sep 2022 11% | Dec 2022 9.0% | Mar 2023 22% | Jun 2023 25% | Sep 2023 22% | Dec 2023 23% | Mar 2024 15% | Jun 2024 24% | Sep 2024 25% | Dec 2024 20% | Mar 2025 12% | Jun 2025 20% | Sep 2025 19% | Dec 2025 23% | Mar 2026 21% | Jun 2026 —
- ASHAPURMIN: Sep 2021 11% | Dec 2021 -12% | Mar 2022 8.5% | Jun 2022 13% | Sep 2022 2.4% | Dec 2022 11% | Mar 2023 8.0% | Jun 2023 11% | Sep 2023 6.0% | Dec 2023 8.0% | Mar 2024 11% | Jun 2024 12% | Sep 2024 11% | Dec 2024 16% | Mar 2025 15% | Jun 2025 13% | Sep 2025 14% | Dec 2025 12% | Mar 2026 6.0% | Jun 2026 —
- MOIL: Sep 2021 18% | Dec 2021 38% | Mar 2022 40% | Jun 2022 33% | Sep 2022 2.6% | Dec 2022 8.4% | Mar 2023 45% | Jun 2023 24% | Sep 2023 18% | Dec 2023 17% | Mar 2024 43% | Jun 2024 36% | Sep 2024 14% | Dec 2024 15% | Mar 2025 49% | Jun 2025 12% | Sep 2025 17% | Dec 2025 15% | Mar 2026 21% | Jun 2026 —
- DECNGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -175% | Sep 2022 — | Dec 2022 — | Mar 2023 -922% | Jun 2023 -48% | Sep 2023 — | Dec 2023 — | Mar 2024 -138% | Jun 2024 -120% | Sep 2024 -573% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -303% | Dec 2025 -716% | Mar 2026 -14% | Jun 2026 —
- ORISSAMINE: Sep 2021 57% | Dec 2021 37% | Mar 2022 -21% | Jun 2022 14% | Sep 2022 -43% | Dec 2022 -48% | Mar 2023 -109% | Jun 2023 -170% | Sep 2023 18% | Dec 2023 44% | Mar 2024 39% | Jun 2024 22% | Sep 2024 29% | Dec 2024 -9.8% | Mar 2025 -544% | Jun 2025 4.6% | Sep 2025 29% | Dec 2025 50% | Mar 2026 -32% | Jun 2026 —
- SOUTHWEST: Sep 2021 20% | Dec 2021 18% | Mar 2022 26% | Jun 2022 18% | Sep 2022 16% | Dec 2022 11% | Mar 2023 20% | Jun 2023 15% | Sep 2023 17% | Dec 2023 22% | Mar 2024 17% | Jun 2024 16% | Sep 2024 13% | Dec 2024 18% | Mar 2025 21% | Jun 2025 14% | Sep 2025 23% | Dec 2025 27% | Mar 2026 26% | Jun 2026 24%
- 20MICRONS: Sep 2021 12% | Dec 2021 14% | Mar 2022 13% | Jun 2022 13% | Sep 2022 12% | Dec 2022 11% | Mar 2023 12% | Jun 2023 14% | Sep 2023 15% | Dec 2023 13% | Mar 2024 12% | Jun 2024 13% | Sep 2024 13% | Dec 2024 12% | Mar 2025 13% | Jun 2025 13% | Sep 2025 14% | Dec 2025 13% | Mar 2026 12% | Jun 2026 —

### 20-quarter Margin change history
- 526570: Sep 2021 −128.6 pp | Dec 2021 −6,728.6 pp | Mar 2022 +66.7 pp | Jun 2022 +1,040.7 pp | Sep 2022 −1,200.0 pp | Dec 2022 +6,944.8 pp | Mar 2023 +642.9 pp | Jun 2023 −53.2 pp | Sep 2023 +928.6 pp | Dec 2023 −416.3 pp | Mar 2024 +107.8 pp | Jun 2024 +13.2 pp | Sep 2024 −928.6 pp | Dec 2024 +363.7 pp | Mar 2025 −1,209.5 pp | Jun 2025 −505.8 pp | Sep 2025 +1,330.0 pp | Dec 2025 +39.4 pp | Mar 2026 +1,202.9 pp | Jun 2026 —
- COALINDIA: Sep 2021 −1.9 pp | Dec 2021 +2.2 pp | Mar 2022 +3.7 pp | Jun 2022 +15.7 pp | Sep 2022 +7.1 pp | Dec 2022 +6.0 pp | Mar 2023 −3.8 pp | Jun 2023 +3.2 pp | Sep 2023 +7.0 pp | Dec 2023 +6.0 pp | Mar 2024 +6.0 pp | Jun 2024 +1.0 pp | Sep 2024 −3.0 pp | Dec 2024 −3.0 pp | Mar 2025 +1.0 pp | Jun 2025 −4.0 pp | Sep 2025 −6.0 pp | Dec 2025 −6.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- VEDL: Sep 2021 +3.3 pp | Dec 2021 −2.4 pp | Mar 2022 +2.2 pp | Jun 2022 −8.3 pp | Sep 2022 −13.3 pp | Dec 2022 −10.7 pp | Mar 2023 −9.2 pp | Jun 2023 −7.4 pp | Sep 2023 +8.0 pp | Dec 2023 +3.0 pp | Mar 2024 0.0 pp | Jun 2024 +9.0 pp | Sep 2024 −3.0 pp | Dec 2024 +5.0 pp | Mar 2025 +6.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- KIOCL: Sep 2021 −16.2 pp | Dec 2021 −39.1 pp | Mar 2022 −6.1 pp | Jun 2022 −42.2 pp | Sep 2022 −63.0 pp | Dec 2022 +10.6 pp | Mar 2023 −14.7 pp | Jun 2023 +1.6 pp | Sep 2023 +68.6 pp | Dec 2023 +22.0 pp | Mar 2024 −13.0 pp | Jun 2024 −20.0 pp | Sep 2024 −412.0 pp | Dec 2024 −31.0 pp | Mar 2025 −10.0 pp | Jun 2025 −13.0 pp | Sep 2025 +402.0 pp | Dec 2025 +27.0 pp | Mar 2026 +31.0 pp | Jun 2026 —
- GMDCLTD: Sep 2021 +6.8 pp | Dec 2021 +39.5 pp | Mar 2022 +38.1 pp | Jun 2022 +32.0 pp | Sep 2022 +25.9 pp | Dec 2022 +11.2 pp | Mar 2023 −2.7 pp | Jun 2023 −6.1 pp | Sep 2023 −18.8 pp | Dec 2023 −18.0 pp | Mar 2024 −16.0 pp | Jun 2024 −6.0 pp | Sep 2024 +11.0 pp | Dec 2024 −7.0 pp | Mar 2025 0.0 pp | Jun 2025 −3.0 pp | Sep 2025 −11.0 pp | Dec 2025 +3.0 pp | Mar 2026 −12.0 pp | Jun 2026 —
- BHARATCOAL: 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 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −31.5 pp | Dec 2025 −14.0 pp | Mar 2026 −12.0 pp | Jun 2026 −7.0 pp
- IMFA: Sep 2021 +18.6 pp | Dec 2021 +16.3 pp | Mar 2022 +2.6 pp | Jun 2022 −2.9 pp | Sep 2022 −25.4 pp | Dec 2022 −23.3 pp | Mar 2023 −3.0 pp | Jun 2023 −4.3 pp | Sep 2023 +11.2 pp | Dec 2023 +14.0 pp | Mar 2024 −7.0 pp | Jun 2024 −1.0 pp | Sep 2024 +3.0 pp | Dec 2024 −3.0 pp | Mar 2025 −3.0 pp | Jun 2025 −4.0 pp | Sep 2025 −6.0 pp | Dec 2025 +3.0 pp | Mar 2026 +9.0 pp | Jun 2026 —
- ASHAPURMIN: Sep 2021 +9.1 pp | Dec 2021 −23.1 pp | Mar 2022 −6.4 pp | Jun 2022 −3.0 pp | Sep 2022 −8.2 pp | Dec 2022 +23.4 pp | Mar 2023 −0.5 pp | Jun 2023 −1.7 pp | Sep 2023 +3.6 pp | Dec 2023 −3.0 pp | Mar 2024 +3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +5.0 pp | Dec 2024 +8.0 pp | Mar 2025 +4.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 −4.0 pp | Mar 2026 −9.0 pp | Jun 2026 —
- MOIL: Sep 2021 +16.0 pp | Dec 2021 +9.5 pp | Mar 2022 — | Jun 2022 +12.1 pp | Sep 2022 −15.4 pp | Dec 2022 −29.1 pp | Mar 2023 +4.3 pp | Jun 2023 −8.8 pp | Sep 2023 +15.0 pp | Dec 2023 +8.9 pp | Mar 2024 −1.3 pp | Jun 2024 +12.2 pp | Sep 2024 −3.4 pp | Dec 2024 −1.9 pp | Mar 2025 +5.6 pp | Jun 2025 −24.1 pp | Sep 2025 +2.9 pp | Dec 2025 −0.7 pp | Mar 2026 −28.5 pp | Jun 2026 —
- DECNGOLD: Sep 2021 — | Dec 2021 −2,550.0 pp | Mar 2022 +2,550.0 pp | Jun 2022 +7,425.0 pp | Sep 2022 — | Dec 2022 — | Mar 2023 +277.8 pp | Jun 2023 +127.5 pp | Sep 2023 −2,386.7 pp | Dec 2023 — | Mar 2024 +784.5 pp | Jun 2024 −72.9 pp | Sep 2024 +3,093.8 pp | Dec 2024 −12.5 pp | Mar 2025 −4,368.6 pp | Jun 2025 −6,232.2 pp | Sep 2025 +269.9 pp | Dec 2025 +1,387.2 pp | Mar 2026 +4,492.5 pp | Jun 2026 —
- ORISSAMINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +200.6 pp | Sep 2022 −100.6 pp | Dec 2022 −85.7 pp | Mar 2023 −87.9 pp | Jun 2023 −184.0 pp | Sep 2023 +61.6 pp | Dec 2023 +92.4 pp | Mar 2024 +148.5 pp | Jun 2024 +192.3 pp | Sep 2024 +10.6 pp | Dec 2024 −53.8 pp | Mar 2025 −583.2 pp | Jun 2025 −17.7 pp | Sep 2025 −0.0 pp | Dec 2025 +60.1 pp | Mar 2026 +511.5 pp | Jun 2026 —
- SOUTHWEST: Sep 2021 −8.6 pp | Dec 2021 −7.3 pp | Mar 2022 +12.1 pp | Jun 2022 −0.2 pp | Sep 2022 −4.0 pp | Dec 2022 −6.7 pp | Mar 2023 −6.1 pp | Jun 2023 −2.8 pp | Sep 2023 +0.9 pp | Dec 2023 +10.9 pp | Mar 2024 −2.7 pp | Jun 2024 +0.6 pp | Sep 2024 −4.1 pp | Dec 2024 −4.2 pp | Mar 2025 +3.5 pp | Jun 2025 −1.2 pp | Sep 2025 +10.5 pp | Dec 2025 +9.2 pp | Mar 2026 +5.4 pp | Jun 2026 +9.8 pp
- 20MICRONS: Sep 2021 −3.1 pp | Dec 2021 −0.8 pp | Mar 2022 +0.4 pp | Jun 2022 +0.8 pp | Sep 2022 +0.4 pp | Dec 2022 −3.3 pp | Mar 2023 −0.8 pp | Jun 2023 +0.6 pp | Sep 2023 +2.6 pp | Dec 2023 +2.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Coal India Ltd leads with ₹31,071 crore of TTM profit, 23.8% above Vedanta Ltd. South West Pinnacle Exploration Ltd shows ≥100% on the scoring scale (135.8% uncapped) growth from a ₹40 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Coal India 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: Coal India Ltd · ₹31,071 crore | 23.8% versus #2 · Vedanta Ltd | 3/8 recent comparable periods | 13/13 companies · 204 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. Coal India Ltd (COALINDIA): ₹31.1K Cr
2. Vedanta Ltd (VEDL): ₹25.1K Cr
3. Gujarat Mineral Development Corporation Ltd (GMDCLTD): ₹957 Cr
4. Indian Metals & Ferro Alloys Ltd (IMFA): ₹425 Cr
5. Ashapura Minechem Ltd (ASHAPURMIN): ₹417 Cr

### Profit growth — fastest growers
1. South West Pinnacle Exploration Ltd (SOUTHWEST): 100%
2. Ashapura Minechem Ltd (ASHAPURMIN): 44%
3. Gujarat Mineral Development Corporation Ltd (GMDCLTD): 40%
4. Vedanta Ltd (VEDL): 22%
5. Indian Metals & Ferro Alloys Ltd (IMFA): 12%

### 20-quarter Net profit history
- 526570: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-5 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- COALINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹6.0K Cr | Dec 2022 ₹7.7K Cr | Mar 2023 ₹6.9K Cr | Jun 2023 ₹10.5K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹10.3K Cr | Mar 2024 ₹8.5K Cr | Jun 2024 ₹10.9K Cr | Sep 2024 ₹6.3K Cr | Dec 2024 ₹8.5K Cr | Mar 2025 ₹9.6K Cr | Jun 2025 ₹8.7K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹10.9K Cr | Jun 2026 —
- VEDL: Sep 2021 ₹5.8K Cr | Dec 2021 ₹5.4K Cr | Mar 2022 ₹7.3K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹-915 Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.6K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹7.8K Cr | Mar 2026 ₹9.4K Cr | Jun 2026 —
- KIOCL: Sep 2021 ₹-30 Cr | Dec 2021 ₹-66 Cr | Mar 2022 ₹194 Cr | Jun 2022 ₹-44 Cr | Sep 2022 ₹-102 Cr | Dec 2022 ₹-34 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹-58 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹-43 Cr | Jun 2024 ₹-51 Cr | Sep 2024 ₹-69 Cr | Dec 2024 ₹-48 Cr | Mar 2025 ₹-37 Cr | Jun 2025 ₹-38 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- GMDCLTD: Sep 2021 ₹40 Cr | Dec 2021 ₹150 Cr | Mar 2022 ₹218 Cr | Jun 2022 ₹345 Cr | Sep 2022 ₹151 Cr | Dec 2022 ₹266 Cr | Mar 2023 ₹442 Cr | Jun 2023 ₹219 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹117 Cr | Mar 2024 ₹187 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹128 Cr | Dec 2024 ₹148 Cr | Mar 2025 ₹226 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹466 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹194 Cr | Jun 2026 —
- BHARATCOAL: 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 — | Dec 2024 ₹425 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹177 Cr | Sep 2025 ₹-53 Cr | Dec 2025 ₹-23 Cr | Mar 2026 ₹27 Cr | Jun 2026 ₹-68 Cr
- IMFA: Sep 2021 ₹144 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹143 Cr | Jun 2022 ₹134 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹93 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹103 Cr | Jun 2026 —
- ASHAPURMIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹29 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹121 Cr | Jun 2026 —
- MOIL: Sep 2021 ₹60 Cr | Dec 2021 ₹124 Cr | Mar 2022 ₹131 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹70 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹93 Cr | Jun 2026 —
- DECNGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-1 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹-68 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹-68 Cr | Dec 2024 ₹-25 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹-28 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- ORISSAMINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-9 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-15 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-8 Cr | Jun 2026 —
- SOUTHWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹9 Cr
- 20MICRONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹18 Cr | Jun 2026 —

### 20-quarter Profit growth history
- COALINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 33% | Dec 2023 33% | Mar 2024 24% | Jun 2024 4.3% | Sep 2024 -22% | Dec 2024 -18% | Mar 2025 12% | Jun 2025 -20% | Sep 2025 -32% | Dec 2025 -16% | Mar 2026 14% | Jun 2026 —
- VEDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.9% | Sep 2022 -54% | Dec 2022 -42% | Mar 2023 -57% | Jun 2023 -41% | Sep 2023 -134% | Dec 2023 -7.2% | Mar 2024 -27% | Jun 2024 54% | Sep 2024 — | Dec 2024 70% | Mar 2025 118% | Jun 2025 -13% | Sep 2025 -38% | Dec 2025 60% | Mar 2026 89% | Jun 2026 —
- KIOCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -120% | Sep 2022 — | Dec 2022 — | Mar 2023 -58% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -152% | Jun 2024 — | Sep 2024 — | Dec 2024 -223% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GMDCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 808% | Sep 2022 278% | Dec 2022 77% | Mar 2023 103% | Jun 2023 -37% | Sep 2023 -50% | Dec 2023 -56% | Mar 2024 -58% | Jun 2024 -16% | Sep 2024 71% | Dec 2024 27% | Mar 2025 21% | Jun 2025 -11% | Sep 2025 264% | Dec 2025 -10% | Mar 2026 -14% | Jun 2026 —
- BHARATCOAL: 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 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -105% | Mar 2026 -59% | Jun 2026 -138%
- IMFA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 -89% | Dec 2022 -91% | Mar 2023 -55% | Jun 2023 -17% | Sep 2023 456% | Dec 2023 891% | Mar 2024 -44% | Jun 2024 1.8% | Sep 2024 40% | Dec 2024 -15% | Mar 2025 31% | Jun 2025 -18% | Sep 2025 -22% | Dec 2025 41% | Mar 2026 119% | Jun 2026 —
- ASHAPURMIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 86% | Mar 2024 68% | Jun 2024 -41% | Sep 2024 -26% | Dec 2024 100% | Mar 2025 18% | Jun 2025 90% | Sep 2025 147% | Dec 2025 -30% | Mar 2026 53% | Jun 2026 —
- MOIL: Sep 2021 757% | Dec 2021 143% | Mar 2022 — | Jun 2022 66% | Sep 2022 -55% | Dec 2022 -68% | Mar 2023 -38% | Jun 2023 -16% | Sep 2023 130% | Dec 2023 35% | Mar 2024 12% | Jun 2024 75% | Sep 2024 -19% | Dec 2024 19% | Mar 2025 27% | Jun 2025 -66% | Sep 2025 40% | Dec 2025 -17% | Mar 2026 -20% | Jun 2026 —
- DECNGOLD: 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 — | Dec 2024 -577% | Mar 2025 — | Jun 2025 -174% | Sep 2025 — | Dec 2025 — | Mar 2026 -52% | Jun 2026 —
- ORISSAMINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 11,142% | Jun 2024 — | Sep 2024 -59% | Dec 2024 -423% | Mar 2025 -335% | Jun 2025 — | Sep 2025 297% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SOUTHWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -57% | Dec 2023 236% | Mar 2024 -30% | Jun 2024 419% | Sep 2024 -56% | Dec 2024 -1.0% | Mar 2025 257% | Jun 2025 28% | Sep 2025 1,990% | Dec 2025 122% | Mar 2026 31% | Jun 2026 289%
- 20MICRONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 71% | Mar 2024 56% | Jun 2024 20% | Sep 2024 0.0% | Dec 2024 8.3% | Mar 2025 7.1% | Jun 2025 -5.6% | Sep 2025 6.3% | Dec 2025 15% | Mar 2026 20% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

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: No comparable leader | Not enough peers | Not enough history | 0/13 companies · 0 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

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: KIOCL Ltd has the clearest covered balance-sheet capacity with ₹634 crore net cash and gross debt of ₹192 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: MOIL Ltd · ₹0 crore | 100% versus #2 · Deccan Gold Mines Ltd | Not enough history | 13/13 companies · 159 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. MOIL Ltd (MOIL): ₹0 Cr
2. Deccan Gold Mines Ltd (DECNGOLD): ₹51 Cr
3. South West Pinnacle Exploration Ltd (SOUTHWEST): ₹80 Cr
4. 20 Microns Ltd (20MICRONS): ₹156 Cr
5. KIOCL Ltd (KIOCL): ₹192 Cr

### Net debt — lowest net debt
1. KIOCL Ltd (KIOCL): ₹-634 Cr
2. Gujarat Mineral Development Corporation Ltd (GMDCLTD): ₹-223 Cr
3. Orissa Minerals Development Company Ltd (ORISSAMINE): ₹2 Cr
4. South West Pinnacle Exploration Ltd (SOUTHWEST): ₹68 Cr
5. 20 Microns Ltd (20MICRONS): ₹82 Cr

### 20-quarter Gross debt history
- 526570: Sep 2021 — | Dec 2021 — | Mar 2022 ₹22 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹25 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹27 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹106 Cr | Jun 2025 — | Sep 2025 ₹152 Cr | Dec 2025 — | Mar 2026 ₹302 Cr | Jun 2026 —
- COALINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3.5K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹6.5K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹9.1K Cr | Jun 2025 — | Sep 2025 ₹13.8K Cr | Dec 2025 — | Mar 2026 ₹14.1K Cr | Jun 2026 —
- VEDL: Sep 2021 ₹60.2K Cr | Dec 2021 ₹60.2K Cr | Mar 2022 ₹53.6K Cr | Jun 2022 ₹64.6K Cr | Sep 2022 ₹72.9K Cr | Dec 2022 ₹72.9K Cr | Mar 2023 ₹80.3K Cr | Jun 2023 ₹80.3K Cr | Sep 2023 ₹90.7K Cr | Dec 2023 ₹90.7K Cr | Mar 2024 ₹87.7K Cr | Jun 2024 ₹87.7K Cr | Sep 2024 ₹96.0K Cr | Dec 2024 ₹96.0K Cr | Mar 2025 ₹91.5K Cr | Jun 2025 ₹91.6K Cr | Sep 2025 ₹85.1K Cr | Dec 2025 ₹1.0 L Cr | Mar 2026 ₹32.9K Cr | Jun 2026 —
- KIOCL: Sep 2021 ₹113 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹126 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹127 Cr | Dec 2022 ₹127 Cr | Mar 2023 ₹537 Cr | Jun 2023 ₹537 Cr | Sep 2023 ₹177 Cr | Dec 2023 ₹177 Cr | Mar 2024 ₹180 Cr | Jun 2024 ₹180 Cr | Sep 2024 ₹218 Cr | Dec 2024 ₹218 Cr | Mar 2025 ₹193 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹192 Cr | Jun 2026 —
- GMDCLTD: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹126 Cr | Sep 2025 ₹278 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹317 Cr | Jun 2026 —
- BHARATCOAL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹213 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹230 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹233 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹2.2K Cr | Jun 2026 —
- IMFA: Sep 2021 ₹656 Cr | Dec 2021 ₹656 Cr | Mar 2022 ₹490 Cr | Jun 2022 ₹490 Cr | Sep 2022 ₹441 Cr | Dec 2022 ₹441 Cr | Mar 2023 ₹341 Cr | Jun 2023 ₹341 Cr | Sep 2023 ₹373 Cr | Dec 2023 ₹373 Cr | Mar 2024 ₹237 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹296 Cr | Dec 2024 ₹296 Cr | Mar 2025 ₹389 Cr | Jun 2025 ₹389 Cr | Sep 2025 ₹435 Cr | Dec 2025 ₹435 Cr | Mar 2026 ₹958 Cr | Jun 2026 —
- ASHAPURMIN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹639 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹758 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹984 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.2K Cr | Jun 2025 — | Sep 2025 ₹1.2K Cr | Dec 2025 — | Mar 2026 ₹1.4K Cr | Jun 2026 —
- DECNGOLD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹100 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹148 Cr | Jun 2025 — | Sep 2025 ₹228 Cr | Dec 2025 — | Mar 2026 ₹51 Cr | Jun 2026 —
- ORISSAMINE: Sep 2021 ₹321 Cr | Dec 2021 ₹321 Cr | Mar 2022 ₹348 Cr | Jun 2022 ₹333 Cr | Sep 2022 ₹271 Cr | Dec 2022 ₹271 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹186 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹212 Cr | Jun 2026 —
- SOUTHWEST: Sep 2021 ₹50 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹51 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹65 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹95 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹80 Cr | Jun 2026 ₹80 Cr
- 20MICRONS: Sep 2021 ₹119 Cr | Dec 2021 ₹119 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹123 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹108 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹163 Cr | Mar 2026 ₹156 Cr | Jun 2026 —

### 20-quarter Net debt history
- VEDL: Sep 2021 ₹28.5K Cr | Dec 2021 ₹28.5K Cr | Mar 2022 ₹33.3K Cr | Jun 2022 ₹33.2K Cr | Sep 2022 ₹46.3K Cr | Dec 2022 ₹46.3K Cr | Mar 2023 ₹62.0K Cr | Jun 2023 ₹62.0K Cr | Sep 2023 ₹74.2K Cr | Dec 2023 ₹74.2K Cr | Mar 2024 ₹75.2K Cr | Jun 2024 ₹75.2K Cr | Sep 2024 ₹73.6K Cr | Dec 2024 ₹73.6K Cr | Mar 2025 ₹72.8K Cr | Jun 2025 ₹72.8K Cr | Sep 2025 ₹81.3K Cr | Dec 2025 ₹81.3K Cr | Mar 2026 ₹17.1K Cr | Jun 2026 —
- KIOCL: Sep 2021 ₹-1.4K Cr | Dec 2021 ₹-1.4K Cr | Mar 2022 ₹-915 Cr | Jun 2022 ₹-982 Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-1.1K Cr | Mar 2023 ₹-24 Cr | Jun 2023 ₹-236 Cr | Sep 2023 ₹-282 Cr | Dec 2023 ₹-282 Cr | Mar 2024 ₹-276 Cr | Jun 2024 ₹-277 Cr | Sep 2024 ₹-264 Cr | Dec 2024 ₹-264 Cr | Mar 2025 ₹-407 Cr | Jun 2025 ₹-537 Cr | Sep 2025 ₹-534 Cr | Dec 2025 ₹-534 Cr | Mar 2026 ₹-634 Cr | Jun 2026 —
- GMDCLTD: Sep 2021 ₹-84 Cr | Dec 2021 ₹-84 Cr | Mar 2022 ₹-65 Cr | Jun 2022 ₹-89 Cr | Sep 2022 ₹-130 Cr | Dec 2022 ₹-130 Cr | Mar 2023 ₹-71 Cr | Jun 2023 ₹-98 Cr | Sep 2023 ₹-532 Cr | Dec 2023 ₹-532 Cr | Mar 2024 ₹-70 Cr | Jun 2024 ₹-507 Cr | Sep 2024 ₹-620 Cr | Dec 2024 ₹-620 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-457 Cr | Sep 2025 ₹-317 Cr | Dec 2025 ₹-317 Cr | Mar 2026 ₹-223 Cr | Jun 2026 —
- IMFA: Sep 2021 ₹406 Cr | Dec 2021 ₹406 Cr | Mar 2022 ₹328 Cr | Jun 2022 ₹328 Cr | Sep 2022 ₹221 Cr | Dec 2022 ₹221 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹-230 Cr | Jun 2024 ₹-266 Cr | Sep 2024 ₹-518 Cr | Dec 2024 ₹-518 Cr | Mar 2025 ₹-539 Cr | Jun 2025 ₹-539 Cr | Sep 2025 ₹-598 Cr | Dec 2025 ₹-598 Cr | Mar 2026 ₹543 Cr | Jun 2026 —
- ORISSAMINE: Sep 2021 ₹189 Cr | Dec 2021 ₹189 Cr | Mar 2022 ₹305 Cr | Jun 2022 ₹170 Cr | Sep 2022 ₹193 Cr | Dec 2022 ₹193 Cr | Mar 2023 ₹176 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹-16 Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 — | Jun 2026 —
- SOUTHWEST: Sep 2021 ₹43 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹48 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹65 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹85 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹68 Cr | Jun 2026 ₹68 Cr
- 20MICRONS: Sep 2021 ₹107 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹110 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹88 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹114 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹82 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Coal India Ltd leads ROCE at 35.3%, 14.6 percentage points above Ashapura Minechem Ltd. South West Pinnacle Exploration Ltd has the strongest latest improvement at +11.6 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: Coal India 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: Coal India Ltd · 35.3% | 70.5% versus #2 · Ashapura Minechem Ltd | Not enough history | 13/13 companies · 114 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. Coal India Ltd (COALINDIA): 35%
2. Ashapura Minechem Ltd (ASHAPURMIN): 21%
3. South West Pinnacle Exploration Ltd (SOUTHWEST): 20%
4. Indian Metals & Ferro Alloys Ltd (IMFA): 18%
5. 20 Microns Ltd (20MICRONS): 17%

### ROCE change — fastest improvers
1. South West Pinnacle Exploration Ltd (SOUTHWEST): +11.6 pp
2. KIOCL Ltd (KIOCL): +9.1 pp
3. Deccan Gold Mines Ltd (DECNGOLD): +8.0 pp
4. Vedanta Ltd (VEDL): +2.7 pp
5. Ashapura Minechem Ltd (ASHAPURMIN): +2.0 pp

### 20-quarter ROCE history
- VEDL: Sep 2021 22% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 27% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 21% | Dec 2023 25% | Mar 2024 22% | Jun 2024 29% | Sep 2024 22% | Dec 2024 27% | Mar 2025 27% | Jun 2025 27% | Sep 2025 18% | Dec 2025 23% | Mar 2026 29% | Jun 2026 —
- KIOCL: Sep 2021 23% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 -2.6% | Dec 2022 — | Mar 2023 -8.5% | Jun 2023 — | Sep 2023 -4.9% | Dec 2023 1.5% | Mar 2024 -4.7% | Jun 2024 -1.8% | Sep 2024 -6.7% | Dec 2024 -8.2% | Mar 2025 -12% | Jun 2025 -8.6% | Sep 2025 -9.9% | Dec 2025 -3.3% | Mar 2026 -3.0% | Jun 2026 —
- GMDCLTD: Sep 2021 -0.8% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 15% | Dec 2023 19% | Mar 2024 8.6% | Jun 2024 12% | Sep 2024 9.2% | Dec 2024 13% | Mar 2025 9.3% | Jun 2025 12% | Sep 2025 7.3% | Dec 2025 18% | Mar 2026 4.0% | Jun 2026 —
- IMFA: Sep 2021 26% | Dec 2021 — | Mar 2022 35% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 19% | Dec 2023 26% | Mar 2024 24% | Jun 2024 27% | Sep 2024 23% | Dec 2024 25% | Mar 2025 19% | Jun 2025 22% | Sep 2025 15% | Dec 2025 21% | Mar 2026 17% | Jun 2026 —
- MOIL: Sep 2021 11% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 15% | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 17% | Dec 2024 — | Mar 2025 18% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 8.9% | Jun 2026 —
- ORISSAMINE: Sep 2021 -1.5% | Dec 2021 — | Mar 2022 6.7% | Jun 2022 — | Sep 2022 -13% | Dec 2022 — | Mar 2023 999% | Jun 2023 — | Sep 2023 120% | Dec 2023 7.4% | Mar 2024 -768% | Jun 2024 74% | Sep 2024 1,187% | Dec 2024 100% | Mar 2025 -22% | Jun 2025 -30% | Sep 2025 -32% | Dec 2025 -27% | Mar 2026 — | Jun 2026 —
- SOUTHWEST: Sep 2021 14% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 11% | Jun 2023 13% | Sep 2023 8.6% | Dec 2023 14% | Mar 2024 11% | Jun 2024 15% | Sep 2024 11% | Dec 2024 14% | Mar 2025 13% | Jun 2025 17% | Sep 2025 18% | Dec 2025 27% | Mar 2026 21% | Jun 2026 29%
- 20MICRONS: Sep 2021 23% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 22% | Dec 2023 25% | Mar 2024 23% | Jun 2024 26% | Sep 2024 21% | Dec 2024 25% | Mar 2025 20% | Jun 2025 23% | Sep 2025 19% | Dec 2025 21% | Mar 2026 19% | Jun 2026 —

### 20-quarter ROCE change history
- VEDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.4 pp | Dec 2022 — | Mar 2023 −4.6 pp | Jun 2023 — | Sep 2023 −5.4 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 +1.2 pp | Dec 2024 +2.5 pp | Mar 2025 +4.4 pp | Jun 2025 −2.2 pp | Sep 2025 −4.5 pp | Dec 2025 −3.9 pp | Mar 2026 +2.7 pp | Jun 2026 —
- KIOCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −26.0 pp | Dec 2022 — | Mar 2023 −23.4 pp | Jun 2023 — | Sep 2023 −2.3 pp | Dec 2023 — | Mar 2024 +3.8 pp | Jun 2024 — | Sep 2024 −1.8 pp | Dec 2024 −9.7 pp | Mar 2025 −7.4 pp | Jun 2025 −6.8 pp | Sep 2025 −3.2 pp | Dec 2025 +4.9 pp | Mar 2026 +9.1 pp | Jun 2026 —
- GMDCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +20.8 pp | Dec 2022 — | Mar 2023 +8.1 pp | Jun 2023 — | Sep 2023 −5.2 pp | Dec 2023 — | Mar 2024 −11.0 pp | Jun 2024 — | Sep 2024 −5.6 pp | Dec 2024 −6.2 pp | Mar 2025 +0.7 pp | Jun 2025 +0.9 pp | Sep 2025 −1.9 pp | Dec 2025 +5.3 pp | Mar 2026 −5.3 pp | Jun 2026 —
- IMFA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 — | Mar 2023 −15.2 pp | Jun 2023 — | Sep 2023 −9.5 pp | Dec 2023 — | Mar 2024 +4.0 pp | Jun 2024 — | Sep 2024 +4.0 pp | Dec 2024 −1.2 pp | Mar 2025 −4.8 pp | Jun 2025 −4.4 pp | Sep 2025 −8.0 pp | Dec 2025 −4.6 pp | Mar 2026 −2.6 pp | Jun 2026 —
- MOIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.5 pp | Dec 2022 — | Mar 2023 −5.1 pp | Jun 2023 — | Sep 2023 −4.9 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 +1.7 pp | Dec 2024 — | Mar 2025 +2.4 pp | Jun 2025 — | Sep 2025 −3.8 pp | Dec 2025 — | Mar 2026 −8.7 pp | Jun 2026 —
- ORISSAMINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.7 pp | Dec 2022 — | Mar 2023 +992.6 pp | Jun 2023 — | Sep 2023 +132.9 pp | Dec 2023 — | Mar 2024 −1,767.2 pp | Jun 2024 — | Sep 2024 +1,066.9 pp | Dec 2024 +92.5 pp | Mar 2025 +746.1 pp | Jun 2025 −104.2 pp | Sep 2025 −1,218.9 pp | Dec 2025 −126.7 pp | Mar 2026 — | Jun 2026 —
- SOUTHWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −3.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 +2.0 pp | Sep 2024 +2.4 pp | Dec 2024 −0.3 pp | Mar 2025 +2.3 pp | Jun 2025 +2.4 pp | Sep 2025 +6.6 pp | Dec 2025 +12.5 pp | Mar 2026 +7.5 pp | Jun 2026 +11.6 pp
- 20MICRONS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.3 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +1.9 pp | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 −0.5 pp | Mar 2025 −2.8 pp | Jun 2025 −3.6 pp | Sep 2025 −1.9 pp | Dec 2025 −3.5 pp | Mar 2026 −1.1 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Vedanta Ltd has the lowest comparable Guarded PEG at 0.12×, 88.9% below Indian Metals & Ferro Alloys Ltd. Only 3 of 13 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: Vedanta Ltd · 0.12× | 88.9% versus #2 · Indian Metals & Ferro Alloys Ltd | 0/8 recent comparable periods | 3/13 companies · 16 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. Vedanta Ltd (VEDL): 0.1
2. Indian Metals & Ferro Alloys Ltd (IMFA): 1.1
3. Gujarat Mineral Development Corporation Ltd (GMDCLTD): 1.3

### P/E — lowest P/E
1. Vedanta Ltd (VEDL): 6.0
2. Coal India Ltd (COALINDIA): 8.5
3. 20 Microns Ltd (20MICRONS): 10.9
4. Ashapura Minechem Ltd (ASHAPURMIN): 16.4
5. Indian Metals & Ferro Alloys Ltd (IMFA): 17.0

### 20-quarter Guarded PEG history
- VEDL: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 — | Jun 2022 0.0 | Sep 2022 0.1 | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GMDCLTD: Sep 2021 — | Dec 2021 0.2 | Mar 2022 — | Jun 2022 0.4 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 0.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.6 | Jun 2025 1.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMFA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.4 | Jun 2024 0.2 | Sep 2024 — | Dec 2024 0.3 | Mar 2025 — | Jun 2025 1.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- COALINDIA: Sep 2021 7.4 | Dec 2021 6.5 | Mar 2022 7.5 | Jun 2022 6.3 | Sep 2022 5.7 | Dec 2022 5.3 | Mar 2023 4.5 | Jun 2023 4.8 | Sep 2023 5.8 | Dec 2023 7.0 | Mar 2024 7.5 | Jun 2024 7.8 | Sep 2024 8.4 | Dec 2024 6.5 | Mar 2025 7.2 | Jun 2025 6.9 | Sep 2025 7.2 | Dec 2025 7.9 | Mar 2026 9.2 | Jun 2026 —
- VEDL: Sep 2021 2.5 | Dec 2021 2.4 | Mar 2022 2.7 | Jun 2022 1.6 | Sep 2022 1.9 | Dec 2022 2.5 | Mar 2023 2.6 | Jun 2023 3.5 | Sep 2023 4.0 | Dec 2023 8.5 | Mar 2024 8.9 | Jun 2024 16.6 | Sep 2024 12.8 | Dec 2024 6.0 | Mar 2025 6.5 | Jun 2025 4.3 | Sep 2025 6.5 | Dec 2025 10.8 | Mar 2026 9.9 | Jun 2026 —
- KIOCL: Sep 2021 29.2 | Dec 2021 35.3 | Mar 2022 43.1 | Jun 2022 37.3 | Sep 2022 214.3 | Dec 2022 204.8 | Mar 2023 732.8 | Jun 2023 820.6 | Sep 2023 — | Dec 2023 535.1 | Mar 2024 563.6 | Jun 2024 661.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -331.2 | Mar 2026 1,162.3 | Jun 2026 —
- GMDCLTD: Sep 2021 8.4 | Dec 2021 8.2 | Mar 2022 13.7 | Jun 2022 9.5 | Sep 2022 5.7 | Dec 2022 5.4 | Mar 2023 4.1 | Jun 2023 4.4 | Sep 2023 9.3 | Dec 2023 12.9 | Mar 2024 12.8 | Jun 2024 20.9 | Sep 2024 20.3 | Dec 2024 16.9 | Mar 2025 13.0 | Jun 2025 19.1 | Sep 2025 28.1 | Dec 2025 28.6 | Mar 2026 28.8 | Jun 2026 —
- BHARATCOAL: 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 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.1 | Jun 2026 140.5
- IMFA: Sep 2021 7.9 | Dec 2021 7.2 | Mar 2022 5.4 | Jun 2022 2.7 | Sep 2022 2.4 | Dec 2022 3.4 | Mar 2023 5.1 | Jun 2023 7.5 | Sep 2023 11.0 | Dec 2023 9.7 | Mar 2024 9.2 | Jun 2024 11.7 | Sep 2024 10.5 | Dec 2024 11.9 | Mar 2025 9.0 | Jun 2025 11.0 | Sep 2025 16.9 | Dec 2025 23.2 | Mar 2026 18.0 | Jun 2026 —
- ASHAPURMIN: Sep 2021 9.3 | Dec 2021 5.5 | Mar 2022 10.1 | Jun 2022 9.7 | Sep 2022 12.6 | Dec 2022 24.0 | Mar 2023 11.5 | Jun 2023 9.9 | Sep 2023 14.6 | Dec 2023 16.9 | Mar 2024 15.3 | Jun 2024 18.1 | Sep 2024 17.3 | Dec 2024 23.1 | Mar 2025 14.7 | Jun 2025 13.8 | Sep 2025 18.1 | Dec 2025 21.5 | Mar 2026 12.2 | Jun 2026 —
- MOIL: Sep 2021 36.7 | Dec 2021 38.6 | Mar 2022 40.7 | Jun 2022 32.7 | Sep 2022 34.1 | Dec 2022 36.8 | Mar 2023 32.5 | Jun 2023 37.1 | Sep 2023 50.7 | Dec 2023 70.5 | Mar 2024 63.6 | Jun 2024 112.9 | Sep 2024 91.3 | Dec 2024 75.0 | Mar 2025 73.7 | Jun 2025 87.9 | Sep 2025 80.9 | Dec 2025 83.3 | Mar 2026 62.9 | Jun 2026 —
- ORISSAMINE: Sep 2021 -248.8 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,261.8 | Dec 2022 1,183.3 | Mar 2023 -86.2 | Jun 2023 — | Sep 2023 -147.1 | Dec 2023 -403.7 | Mar 2024 1,258.6 | Jun 2024 — | Sep 2024 334.4 | Dec 2024 298.1 | Mar 2025 635.9 | Jun 2025 630.8 | Sep 2025 880.6 | Dec 2025 987.6 | Mar 2026 — | Jun 2026 —
- SOUTHWEST: Sep 2021 26.5 | Dec 2021 45.8 | Mar 2022 62.8 | Jun 2022 51.3 | Sep 2022 37.5 | Dec 2022 29.1 | Mar 2023 32.4 | Jun 2023 47.2 | Sep 2023 49.9 | Dec 2023 75.7 | Mar 2024 31.6 | Jun 2024 40.3 | Sep 2024 36.5 | Dec 2024 46.0 | Mar 2025 31.5 | Jun 2025 27.2 | Sep 2025 22.6 | Dec 2025 23.4 | Mar 2026 20.6 | Jun 2026 20.2
- 20MICRONS: Sep 2021 7.5 | Dec 2021 8.6 | Mar 2022 8.7 | Jun 2022 6.9 | Sep 2022 8.2 | Dec 2022 6.8 | Mar 2023 6.1 | Jun 2023 8.0 | Sep 2023 10.8 | Dec 2023 12.8 | Mar 2024 9.6 | Jun 2024 13.6 | Sep 2024 17.4 | Dec 2024 13.7 | Mar 2025 10.9 | Jun 2025 12.8 | Sep 2025 12.5 | Dec 2025 12.1 | Mar 2026 7.7 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: 20 Microns Ltd leads both ev/ebitda at 4.8× and p/bv at 1.49×.

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: 20 Microns Ltd · 4.8× | 4% versus #2 · Coal India Ltd | 0/8 recent comparable periods | 10/13 companies · 177 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. 20 Microns Ltd (20MICRONS): 4.8
2. Coal India Ltd (COALINDIA): 5.0
3. Vedanta Ltd (VEDL): 5.8
4. Ashapura Minechem Ltd (ASHAPURMIN): 8.9
5. South West Pinnacle Exploration Ltd (SOUTHWEST): 11.6

### P/BV — lowest P/BV
1. 20 Microns Ltd (20MICRONS): 1.5
2. Vedanta Ltd (VEDL): 2.1
3. Coal India Ltd (COALINDIA): 2.2
4. MOIL Ltd (MOIL): 2.4
5. Gujarat Mineral Development Corporation Ltd (GMDCLTD): 2.5

### 20-quarter EV/EBITDA history
- COALINDIA: Sep 2021 3.8 | Dec 2021 3.1 | Mar 2022 3.9 | Jun 2022 3.4 | Sep 2022 2.6 | Dec 2022 2.6 | Mar 2023 2.3 | Jun 2023 2.5 | Sep 2023 3.1 | Dec 2023 4.0 | Mar 2024 4.4 | Jun 2024 4.5 | Sep 2024 5.1 | Dec 2024 3.8 | Mar 2025 4.0 | Jun 2025 3.9 | Sep 2025 3.9 | Dec 2025 4.3 | Mar 2026 5.0 | Jun 2026 —
- VEDL: Sep 2021 2.2 | Dec 2021 2.1 | Mar 2022 2.2 | Jun 2022 1.5 | Sep 2022 1.8 | Dec 2022 2.0 | Mar 2023 1.8 | Jun 2023 2.9 | Sep 2023 3.0 | Dec 2023 2.9 | Mar 2024 2.8 | Jun 2024 3.8 | Sep 2024 3.7 | Dec 2024 3.3 | Mar 2025 3.7 | Jun 2025 7.4 | Sep 2025 4.5 | Dec 2025 5.9 | Mar 2026 5.8 | Jun 2026 —
- KIOCL: Sep 2021 18.4 | Dec 2021 22.3 | Mar 2022 25.9 | Jun 2022 22.9 | Sep 2022 92.6 | Dec 2022 261.1 | Mar 2023 90.8 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 410.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GMDCLTD: Sep 2021 11.7 | Dec 2021 10.6 | Mar 2022 13.1 | Jun 2022 4.5 | Sep 2022 3.2 | Dec 2022 3.1 | Mar 2023 2.5 | Jun 2023 3.0 | Sep 2023 6.4 | Dec 2023 8.5 | Mar 2024 8.3 | Jun 2024 14.1 | Sep 2024 13.0 | Dec 2024 10.7 | Mar 2025 8.3 | Jun 2025 12.7 | Sep 2025 18.9 | Dec 2025 19.5 | Mar 2026 19.2 | Jun 2026 —
- BHARATCOAL: 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 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 5.5 | Jun 2026 22.2
- IMFA: Sep 2021 5.2 | Dec 2021 4.8 | Mar 2022 3.8 | Jun 2022 2.4 | Sep 2022 2.0 | Dec 2022 2.6 | Mar 2023 3.6 | Jun 2023 4.0 | Sep 2023 5.5 | Dec 2023 5.4 | Mar 2024 5.7 | Jun 2024 6.9 | Sep 2024 6.1 | Dec 2024 7.5 | Mar 2025 5.7 | Jun 2025 7.2 | Sep 2025 11.3 | Dec 2025 15.1 | Mar 2026 12.3 | Jun 2026 —
- ASHAPURMIN: Sep 2021 7.4 | Dec 2021 5.1 | Mar 2022 6.9 | Jun 2022 7.7 | Sep 2022 8.3 | Dec 2022 10.1 | Mar 2023 7.5 | Jun 2023 6.8 | Sep 2023 10.0 | Dec 2023 12.8 | Mar 2024 12.1 | Jun 2024 14.3 | Sep 2024 14.6 | Dec 2024 16.9 | Mar 2025 12.0 | Jun 2025 10.7 | Sep 2025 12.9 | Dec 2025 14.9 | Mar 2026 8.9 | Jun 2026 —
- MOIL: Sep 2021 8.8 | Dec 2021 9.6 | Mar 2022 8.1 | Jun 2022 5.1 | Sep 2022 5.6 | Dec 2022 6.6 | Mar 2023 5.0 | Jun 2023 6.7 | Sep 2023 11.7 | Dec 2023 19.0 | Mar 2024 16.5 | Jun 2024 34.5 | Sep 2024 26.6 | Dec 2024 20.6 | Mar 2025 20.2 | Jun 2025 25.4 | Sep 2025 22.8 | Dec 2025 23.7 | Mar 2026 16.2 | Jun 2026 —
- ORISSAMINE: Sep 2021 — | Dec 2021 170.3 | Mar 2022 65.0 | Jun 2022 51.8 | Sep 2022 42.9 | Dec 2022 98.0 | Mar 2023 459.2 | Jun 2023 635.5 | Sep 2023 — | Dec 2023 — | Mar 2024 478.9 | Jun 2024 585.3 | Sep 2024 139.9 | Dec 2024 106.1 | Mar 2025 112.6 | Jun 2025 111.8 | Sep 2025 93.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SOUTHWEST: Sep 2021 12.1 | Dec 2021 17.5 | Mar 2022 24.2 | Jun 2022 22.0 | Sep 2022 17.4 | Dec 2022 14.1 | Mar 2023 13.6 | Jun 2023 18.8 | Sep 2023 18.4 | Dec 2023 25.0 | Mar 2024 13.7 | Jun 2024 13.8 | Sep 2024 14.0 | Dec 2024 15.7 | Mar 2025 12.2 | Jun 2025 13.7 | Sep 2025 12.0 | Dec 2025 12.9 | Mar 2026 11.7 | Jun 2026 11.6
- 20MICRONS: Sep 2021 4.2 | Dec 2021 4.3 | Mar 2022 5.0 | Jun 2022 4.1 | Sep 2022 4.9 | Dec 2022 4.5 | Mar 2023 4.1 | Jun 2023 5.0 | Sep 2023 6.1 | Dec 2023 7.0 | Mar 2024 5.6 | Jun 2024 7.7 | Sep 2024 9.7 | Dec 2024 8.2 | Mar 2025 6.6 | Jun 2025 7.2 | Sep 2025 7.5 | Dec 2025 7.1 | Mar 2026 4.8 | Jun 2026 —

### 20-quarter P/BV history
- 526570: 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 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 65.3 | Mar 2026 75.4 | Jun 2026 —
- COALINDIA: Sep 2021 2.8 | Dec 2021 2.2 | Mar 2022 2.8 | Jun 2022 3.0 | Sep 2022 2.3 | Dec 2022 2.5 | Mar 2023 3.0 | Jun 2023 3.3 | Sep 2023 3.0 | Dec 2023 3.3 | Mar 2024 3.8 | Jun 2024 4.8 | Sep 2024 3.8 | Dec 2024 2.4 | Mar 2025 2.5 | Jun 2025 2.9 | Sep 2025 2.4 | Dec 2025 2.4 | Mar 2026 2.6 | Jun 2026 —
- VEDL: Sep 2021 0.6 | Dec 2021 0.7 | Mar 2022 0.8 | Jun 2022 0.5 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.6 | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 2.0 | Sep 2024 2.2 | Dec 2024 1.7 | Mar 2025 1.8 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 2.1 | Mar 2026 2.3 | Jun 2026 —
- KIOCL: Sep 2021 7.4 | Dec 2021 7.6 | Mar 2022 6.5 | Jun 2022 5.9 | Sep 2022 5.9 | Dec 2022 7.1 | Mar 2023 4.8 | Jun 2023 5.4 | Sep 2023 9.2 | Dec 2023 11.6 | Mar 2024 12.3 | Jun 2024 13.6 | Sep 2024 12.2 | Dec 2024 12.0 | Mar 2025 8.0 | Jun 2025 9.5 | Sep 2025 15.6 | Dec 2025 14.4 | Mar 2026 12.0 | Jun 2026 —
- GMDCLTD: Sep 2021 0.5 | Dec 2021 0.6 | Mar 2022 1.4 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 1.1 | Sep 2023 1.7 | Dec 2023 2.2 | Mar 2024 1.9 | Jun 2024 2.2 | Sep 2024 1.9 | Dec 2024 1.7 | Mar 2025 1.4 | Jun 2025 2.1 | Sep 2025 2.9 | Dec 2025 2.8 | Mar 2026 2.7 | Jun 2026 —
- BHARATCOAL: 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 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 3.2
- IMFA: Sep 2021 1.5 | Dec 2021 1.7 | Mar 2022 1.6 | Jun 2022 1.1 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.7 | Jun 2024 2.1 | Sep 2024 1.7 | Dec 2024 2.0 | Mar 2025 1.4 | Jun 2025 2.0 | Sep 2025 2.6 | Dec 2025 3.1 | Mar 2026 2.6 | Jun 2026 —
- ASHAPURMIN: Sep 2021 2.4 | Dec 2021 1.7 | Mar 2022 2.1 | Jun 2022 1.9 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 2.0 | Jun 2023 2.2 | Sep 2023 4.0 | Dec 2023 4.7 | Mar 2024 4.2 | Jun 2024 5.6 | Sep 2024 3.0 | Dec 2024 3.5 | Mar 2025 3.2 | Jun 2025 4.2 | Sep 2025 5.0 | Dec 2025 6.0 | Mar 2026 3.3 | Jun 2026 —
- MOIL: Sep 2021 1.4 | Dec 2021 1.5 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.2 | Jun 2023 1.4 | Sep 2023 1.9 | Dec 2023 2.7 | Mar 2024 2.4 | Jun 2024 4.3 | Sep 2024 3.5 | Dec 2024 2.9 | Mar 2025 2.8 | Jun 2025 3.4 | Sep 2025 3.1 | Dec 2025 3.2 | Mar 2026 2.4 | Jun 2026 —
- DECNGOLD: Sep 2021 4.5 | Dec 2021 6.4 | Mar 2022 8.9 | Jun 2022 5.4 | Sep 2022 6.6 | Dec 2022 10.3 | Mar 2023 10.8 | Jun 2023 14.6 | Sep 2023 8.9 | Dec 2023 7.8 | Mar 2024 6.1 | Jun 2024 10.6 | Sep 2024 11.5 | Dec 2024 9.4 | Mar 2025 7.9 | Jun 2025 12.0 | Sep 2025 11.0 | Dec 2025 10.2 | Mar 2026 8.6 | Jun 2026 —
- ORISSAMINE: Sep 2021 30.1 | Dec 2021 78.3 | Mar 2022 93.2 | Jun 2022 79.5 | Sep 2022 -406.9 | Dec 2022 -412.8 | Mar 2023 402.9 | Jun 2023 577.8 | Sep 2023 656.2 | Dec 2023 -165.1 | Mar 2024 -137.6 | Jun 2024 -333.1 | Sep 2024 -408.8 | Dec 2024 -359.8 | Mar 2025 -249.0 | Jun 2025 -276.6 | Sep 2025 -269.1 | Dec 2025 -60.1 | Mar 2026 -38.7 | Jun 2026 —
- SOUTHWEST: Sep 2021 3.2 | Dec 2021 4.1 | Mar 2022 5.6 | Jun 2022 6.0 | Sep 2022 3.9 | Dec 2022 3.0 | Mar 2023 3.0 | Jun 2023 4.0 | Sep 2023 3.3 | Dec 2023 4.1 | Mar 2024 2.5 | Jun 2024 2.9 | Sep 2024 2.9 | Dec 2024 3.5 | Mar 2025 2.4 | Jun 2025 3.5 | Sep 2025 3.0 | Dec 2025 3.2 | Mar 2026 3.4 | Jun 2026 3.3
- 20MICRONS: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 1.2 | Jun 2022 1.1 | Sep 2022 1.4 | Dec 2022 1.3 | Mar 2023 1.0 | Jun 2023 1.3 | Sep 2023 1.6 | Dec 2023 1.9 | Mar 2024 1.6 | Jun 2024 2.2 | Sep 2024 3.0 | Dec 2024 2.1 | Mar 2025 1.8 | Jun 2025 2.3 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.1 | Jun 2026 —

## Market action

Midwest Energy Ltd has the strongest one-year price move in Mining/Minerals at +218.8%. Deccan Gold Mines Ltd leads on Mansfield relative strength against NIFTY at +48.8%. 9 of 12 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Midwest Energy Ltd (526570): 219%
2. Indian Metals & Ferro Alloys Ltd (IMFA): 78%
3. Vedanta Ltd (VEDL): 57%
4. South West Pinnacle Exploration Ltd (SOUTHWEST): 48%
5. Deccan Gold Mines Ltd (DECNGOLD): 46%

### Strongest relative strength versus NIFTY 500
1. Deccan Gold Mines Ltd (DECNGOLD): 49%
2. South West Pinnacle Exploration Ltd (SOUTHWEST): 18%
3. Vedanta Ltd (VEDL): 9.7%
4. Indian Metals & Ferro Alloys Ltd (IMFA): 8.1%
5. Ashapura Minechem Ltd (ASHAPURMIN): 6.8%

## 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.
- 4 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 4 companies are 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: Capital expenditure have fewer than three usable current readings.

## Every company
- Coal India Ltd (COALINDIA) — market value ₹2.6 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Vedanta Ltd (VEDL) — market value ₹1.0 L Cr; latest fundamentals Mar 2026
- KIOCL Ltd (KIOCL) — market value ₹21.2K Cr; latest fundamentals Mar 2026
- Gujarat Mineral Development Corporation Ltd (GMDCLTD) — market value ₹17.9K Cr; latest fundamentals Mar 2026
- Bharat Coking Coal Ltd (BHARATCOAL) — market value ₹16.3K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Indian Metals & Ferro Alloys Ltd (IMFA) — market value ₹7.2K Cr; latest fundamentals Mar 2026
- Ashapura Minechem Ltd (ASHAPURMIN) — market value ₹6.7K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- MOIL Ltd (MOIL) — market value ₹5.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Midwest Energy Ltd (526570) — market value ₹4.9K Cr; latest fundamentals Mar 2026
- Deccan Gold Mines Ltd (DECNGOLD) — market value ₹3.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Orissa Minerals Development Company Ltd (ORISSAMINE) — market value ₹2.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- South West Pinnacle Exploration Ltd (SOUTHWEST) — market value ₹763 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- 20 Microns Ltd (20MICRONS) — market value ₹721 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 4. Unverified: 5. Withheld: 4. Graded companies: 13.

4 of 13 companies draw 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.

4 of 13 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Coal India Ltd (COALINDIA) — its two data sources disagree by up to 59% on reported income across 15 comparable periods, so its derived ratios are withheld; Bharat Coking Coal Ltd (BHARATCOAL) — its two data sources disagree by up to 216% on reported income across 5 comparable periods, so its derived ratios are withheld; Ashapura Minechem Ltd (ASHAPURMIN) — its two data sources disagree by up to 16% on reported income across 14 comparable periods, so its derived ratios are withheld; Deccan Gold Mines Ltd (DECNGOLD) — its two data sources disagree by up to 89% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | COALINDIA | Coal India Ltd | diff_gt_2pct | disagreement up to 58.99% over 15 comparable periods
- WITHHELD | BHARATCOAL | Bharat Coking Coal Ltd | diff_gt_2pct | disagreement up to 215.93% over 5 comparable periods
- WITHHELD | ASHAPURMIN | Ashapura Minechem Ltd | diff_gt_2pct | disagreement up to 15.64% over 14 comparable periods
- WITHHELD | DECNGOLD | Deccan Gold Mines Ltd | diff_gt_2pct | disagreement up to 89.11% over 14 comparable periods

- UNVERIFIED | MOIL | MOIL Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ORISSAMINE | Orissa Minerals Development Company Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SOUTHWEST | South West Pinnacle Exploration Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | 20MICRONS | 20 Microns 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 Mining/Minerals index?

The Nifty Mining/Minerals index tracks India's listed Mining/Minerals companies as a single basket. This page follows the same 13 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Mining/Minerals sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Mining/Minerals stocks in India?

Ranked by this page's four-factor score, South West Pinnacle Exploration Ltd places first among 13 listed Mining/Minerals companies, followed by Vedanta 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 Mining/Minerals stocks are listed in India?

This comparison covers 13 listed Mining/Minerals 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 Mining/Minerals company is the biggest?

Coal India Ltd is the largest, with trailing-twelve-month revenue of ₹1,47,443 crore, ahead of Vedanta Ltd at ₹1,02,517 crore. That covers 13 of 13 companies with comparable reporting through Mar 2026.

### Which Mining/Minerals company is growing fastest?

Midwest Energy Ltd has the fastest revenue growth at 100% year on year, across 12 of 13 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 Mining/Minerals company has the best profit margins?

Vedanta Ltd has the highest operating margin at 31%, from 13 of 13 comparable companies. Deccan Gold Mines Ltd shows the biggest recent improvement, at +4492.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Mining/Minerals company makes the most profit?

Coal India Ltd earns the most, at ₹31,071 crore of trailing-twelve-month net profit, from 13 of 13 comparable companies. South West Pinnacle Exploration Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Mining/Minerals company earns the highest return on capital?

Coal India Ltd leads on return on capital employed at 35.3%, across 13 of 13 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 Mining/Minerals stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Vedanta Ltd screens cheapest at 0.12×. Only 3 of 13 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 Mining/Minerals company has the strongest balance sheet?

MOIL Ltd carries the lowest comparable gross debt at ₹0 crore, from 13 of 13 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.

### Which Mining/Minerals stock has the strongest price momentum?

Deccan Gold Mines 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 Mining/Minerals company scores highest for research priority?

South West Pinnacle Exploration Ltd scores 77.1 out of 100 with 87% evidence confidence, from 30.6 points on growth and earnings, 17.5 on capital efficiency, 12.2 on valuation and 16.8 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 Mining/Minerals companies does this comparison cover, and over what period?

It compares 13 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 Mining/Minerals sector?

The 13 Mining/Minerals companies on this page carry ₹4,54,093 crore of combined market value. Coal India Ltd is the largest at ₹2,63,395 crore, about 58% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Mining/Minerals sector's P/E ratio?

The median price-to-earnings ratio across the 13 Mining/Minerals companies on this page is 17×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Mining/Minerals sector performing?

9 of the 12 covered Mining/Minerals companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. 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/mining-minerals