# Metal - Copper/Copper Alloy Products — company-by-company sector analysis

> Metal - Copper/Copper Alloy Products: JTL Defence Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-16. Not investment advice.

## Bottom line

Metal - Copper/Copper Alloy Products has outperformed NIFTY 500 by 270.7% over 52 weeks and 13.7% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. JTL Defence Ltd leads with revenue of ₹41 crore, based on 1 of 2 comparable companies through Jun 2026.

## Sector relative strength

Metal - Copper/Copper Alloy Products has outperformed NIFTY 500 by 270.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 13.7%. 2 of 2 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Sunlite Recycling Industries Ltd is the strongest against the sector itself at -14.2%.

13-week sector return versus NIFTY 500: 14%
52-week sector return versus NIFTY 500: 271%
Stocks leading NIFTY: 2/2
Stocks leading sector: 0/1

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 2
Combined market value: ₹1.2K 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. Sunlite Recycling Industries Ltd (SUNLITE): 52/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 20.5/35 | Capital efficiency 16.8/25 | Valuation 10.0/20 | Relative strength 5.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 20.5 + 16.8 + 10 + 5 = 52.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. JTL Defence Ltd (537254): 54/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 27.0/35 | Capital efficiency 4.7/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Exact sum: 27 + 4.7 + 10 + 12.5 = 54.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Sunlite Recycling Industries Ltd has the strongest one-year price move in Metal - Copper/Copper Alloy Products at +210.2%. JTL Defence Ltd leads on Mansfield relative strength against NIFTY at +243.3%. 2 of 2 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

### Strongest one-year price performers
1. Sunlite Recycling Industries Ltd (SUNLITE): 210%

### Strongest relative strength versus NIFTY 500
1. JTL Defence Ltd (537254): 243%
2. Sunlite Recycling Industries Ltd (SUNLITE): 34%

## Metal - Copper/Copper Alloy Products — the story behind the numbers

This is the written read behind the Metal - Copper/Copper Alloy Products figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 22 Jul 2026. 3 themes are live here.

Operational metrics indicate improvement, yet guidance silence warrants caution. Operating leverage inflection supported margin expansion, yet commodity risk remains active. Volume growth of 45.0% YoY is notable, but single-constituent data limits sector-wide conviction.

The Copper/Copper Alloy Products sector shows limited data coverage for the week ending 2026-07-19, with only SUNLITE reporting. H2FY26 standalone revenue reached Rs 16,424.1 million, up from Rs 7,599.2 million in the prior period. EBITDA margin expanded to 2.30% from 1.56%, while PAT margin rose to 1.57% from 0.95%.

How old this read is: This read comes from our Metal - Copper/Copper Alloy Products sector brief dated 22 Jul 2026, so the words here and the numbers above them cover the same few weeks.

### Live themes, worst first
- LOW | Copper price volatility exists, but physical hedging is used to stabilize margins. | Physical hedging of copper. | quoted: "Robust risk management through physical hedging of copper, stabilizing margins against commodity price volatility. Predictable profitability strengthens financial resilience and investor confidence" | named for SUNLITE
- LOW | Gujarat proximity cuts logistics costs, accelerates delivery. | Strategic location near supply chain. | quoted: "Strategic Location: Gujarat proximity cuts logistics costs, accelerates delivery Global Supply Chain: Imports from USA, UK, Europe, Australia, Israel, South Africa, Malaysia, Dubai" | named for SUNLITE
- LOW | Global supply chain imports expose firm to currency fluctuations. | Quality approvals create barriers. | quoted: "Competitive Moat: Quality approvals create barriers for new entrants Global Supply Chain: Imports from USA, UK, Europe, Australia, Israel, South Africa, Malaysia, Dubai" | named for SUNLITE

Sources: our Metal - Copper/Copper Alloy Products sector brief, 22 Jul 2026 · company earnings-call transcripts.

## Revenue Scale & Growth Durability

What the numbers say: JTL Defence Ltd is the scale leader at ₹41 crore, JTL Defence Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 4668.2% from a ₹41 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

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

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

Evidence: JTL Defence Ltd · ₹41 crore | Not enough peers | 2/8 recent comparable periods | 1/2 companies · 20 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. JTL Defence Ltd (537254): ₹41 Cr

### Revenue growth — fastest growers
1. JTL Defence Ltd (537254): 100%

### 20-quarter Revenue history
- 537254: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹21 Cr
- SUNLITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹604 Cr | Dec 2023 — | Mar 2024 ₹562 Cr | Jun 2024 — | Sep 2024 ₹637 Cr | Dec 2024 — | Mar 2025 ₹760 Cr | Jun 2025 — | Sep 2025 ₹1.1K Cr | Dec 2025 — | Mar 2026 ₹1.7K Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 537254: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -81% | Jun 2024 -85% | Sep 2024 -67% | Dec 2024 -4.1% | Mar 2025 -38% | Jun 2025 -100% | Sep 2025 1,457% | Dec 2025 0.0% | Mar 2026 10,060% | Jun 2026 —
- SUNLITE: 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 5.5% | Dec 2024 — | Mar 2025 35% | Jun 2025 — | Sep 2025 76% | Dec 2025 — | Mar 2026 120% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: JTL Defence Ltd leads both opm at 11.6% and margin change at +484.2 percentage points.

Investor read: JTL Defence 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: JTL Defence Ltd · 11.6% | 404.3% versus #2 · Sunlite Recycling Industries Ltd | 4/8 recent comparable periods | 2/2 companies · 25 observations

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

### OPM — highest
1. JTL Defence Ltd (537254): 12%
2. Sunlite Recycling Industries Ltd (SUNLITE): 2.3%

### Margin change — fastest expanders
1. JTL Defence Ltd (537254): +484.2 pp
2. Sunlite Recycling Industries Ltd (SUNLITE): +0.7 pp

### 20-quarter OPM history
- 537254: Sep 2021 -156% | Dec 2021 -73% | Mar 2022 -330% | Jun 2022 -40% | Sep 2022 4.3% | Dec 2022 -64% | Mar 2023 -123% | Jun 2023 -79% | Sep 2023 -44% | Dec 2023 -171% | Mar 2024 -175% | Jun 2024 -192% | Sep 2024 -78% | Dec 2024 -13% | Mar 2025 -460% | Jun 2025 — | Sep 2025 31% | Dec 2025 255% | Mar 2026 24% | Jun 2026 12%
- SUNLITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.0% | Dec 2023 — | Mar 2024 2.0% | Jun 2024 — | Sep 2024 2.0% | Dec 2024 — | Mar 2025 1.6% | Jun 2025 — | Sep 2025 2.0% | Dec 2025 — | Mar 2026 2.3% | Jun 2026 —

### 20-quarter Margin change history
- 537254: Sep 2021 −73.9 pp | Dec 2021 +59.5 pp | Mar 2022 +111.0 pp | Jun 2022 −36.3 pp | Sep 2022 +160.5 pp | Dec 2022 +9.6 pp | Mar 2023 +206.4 pp | Jun 2023 −39.5 pp | Sep 2023 −48.6 pp | Dec 2023 −107.8 pp | Mar 2024 −51.6 pp | Jun 2024 −113.2 pp | Sep 2024 −34.0 pp | Dec 2024 +158.7 pp | Mar 2025 −285.0 pp | Jun 2025 — | Sep 2025 +109.3 pp | Dec 2025 +268.1 pp | Mar 2026 +484.2 pp | Jun 2026 —
- SUNLITE: 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 0.0 pp | Dec 2024 — | Mar 2025 −0.4 pp | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 — | Mar 2026 +0.7 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: JTL Defence Ltd leads net profit at ₹1 crore; the second comparison lacks enough current evidence.

Investor read: JTL Defence 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: JTL Defence Ltd · ₹1 crore | Not enough peers | Not enough history | 1/2 companies · 20 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. JTL Defence Ltd (537254): ₹1 Cr

### Profit growth — fastest growers

### 20-quarter Net profit history
- 537254: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-6 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-0 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹-3 Cr
- SUNLITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹4 Cr | Dec 2023 — | Mar 2024 ₹5 Cr | Jun 2024 — | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 ₹14 Cr | Dec 2025 — | Mar 2026 ₹27 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SUNLITE: 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 75% | Dec 2024 — | Mar 2025 40% | Jun 2025 — | Sep 2025 100% | Dec 2025 — | Mar 2026 286% | Jun 2026 —

## Return On Capital Employed

What the numbers say: Sunlite Recycling Industries Ltd leads ROCE at 36%, 35.3 percentage points above JTL Defence Ltd. JTL Defence Ltd has the strongest latest improvement at +8.2 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: Sunlite Recycling Industries 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: Sunlite Recycling Industries Ltd · 36% | 52.9× versus #2 · JTL Defence Ltd | Not enough history | 2/2 companies · 0 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. Sunlite Recycling Industries Ltd (SUNLITE): 36%
2. JTL Defence Ltd (537254): 0.7%

### ROCE change — fastest improvers
1. JTL Defence Ltd (537254): +8.2 pp
2. Sunlite Recycling Industries Ltd (SUNLITE): +4.0 pp

### 20-quarter ROCE history

### 20-quarter ROCE change history

## Valuation Against Growth & Quality

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

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: No comparable leader | Not enough peers | Not enough history | 0/2 companies · 0 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG

### P/E — lowest P/E
1. Sunlite Recycling Industries Ltd (SUNLITE): 15.6
2. JTL Defence Ltd (537254): 970.0

### 20-quarter PEG history

### 20-quarter P/E history
- SUNLITE: 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 13.6 | Dec 2025 — | Mar 2026 26.0 | Jun 2026 —


## 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.
- Thin comparisons: Revenue, Net profit, Valuation have fewer than three usable current readings.

## Every company
- Sunlite Recycling Industries Ltd (SUNLITE) — market value ₹641 Cr; latest fundamentals Mar 2026
- JTL Defence Ltd (537254) — market value ₹543 Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 0. Unverified: 2. Withheld: 0. Graded companies: 2.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-14.
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

### Is the Metal - Copper/Copper Alloy Products sector outperforming NIFTY 500?

Metal - Copper/Copper Alloy Products has outperformed NIFTY 500 by 270.7% over 52 weeks and 13.7% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself.

### Which Metal - Copper/Copper Alloy Products company is largest by revenue?

JTL Defence Ltd leads with revenue of ₹41 crore, based on 1 of 2 comparable companies through Jun 2026.

### Which Metal - Copper/Copper Alloy Products company is growing fastest?

JTL Defence Ltd has the fastest current revenue growth at 100%, across 1 of 2 comparable companies.

### Which Metal - Copper/Copper Alloy Products company has the strongest 4-Factor Sector Score?

Sunlite Recycling Industries Ltd ranks first at 52.3/100 with 52.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### How much history does this Metal - Copper/Copper Alloy Products comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### Is there a Nifty Metal - Copper/Copper Alloy Products index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Metal - Copper/Copper Alloy Products, this page builds its own equal-weight basket of 2 listed Metal - Copper/Copper Alloy Products companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

### Which are the best Metal - Copper/Copper Alloy Products stocks in India?

Ranked by this page's four-factor score, Sunlite Recycling Industries Ltd places first among 2 listed Metal - Copper/Copper Alloy Products companies, followed by JTL Defence 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 Metal - Copper/Copper Alloy Products stocks are listed in India?

This comparison covers 2 listed Metal - Copper/Copper Alloy Products 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 Metal - Copper/Copper Alloy Products company is the biggest?

JTL Defence Ltd is the largest, with trailing-twelve-month revenue of ₹41 crore. That covers 1 of 2 companies with comparable reporting through Jun 2026.

### Which Metal - Copper/Copper Alloy Products company has the best profit margins?

JTL Defence Ltd has the highest operating margin at 11.6%, from 2 of 2 comparable companies. JTL Defence Ltd shows the biggest improvement (+484.2 percentage points — see the chart above for the starting level). A high margin matters most when it is holding or rising, not when it is peaking.

### Which Metal - Copper/Copper Alloy Products company makes the most profit?

JTL Defence Ltd earns the most, at ₹1 crore of trailing-twelve-month net profit, from 1 of 2 comparable companies.

### Which Metal - Copper/Copper Alloy Products company earns the highest return on capital?

Sunlite Recycling Industries Ltd leads on return on capital employed at 36%, across 2 of 2 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.

### Is the Metal - Copper/Copper Alloy Products sector beating the market?

Metal - Copper/Copper Alloy Products has outperformed NIFTY 500 by 270.7% over the last 52 weeks and 13.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Metal - Copper/Copper Alloy Products stock has the strongest price momentum?

JTL Defence 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 Metal - Copper/Copper Alloy Products company scores highest for research priority?

Sunlite Recycling Industries Ltd scores 52.3 out of 100 with 52.8% evidence confidence, from 20.5 points on growth and earnings, 16.8 on capital efficiency, 10 on valuation and 5 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 Metal - Copper/Copper Alloy Products companies does this comparison cover, and over what period?

It compares 2 listed companies over up to 20 reported quarters of fundamentals, 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 Metal - Copper/Copper Alloy Products sector?

The 2 Metal - Copper/Copper Alloy Products companies on this page carry ₹1,184 crore of combined market value. Sunlite Recycling Industries Ltd is the largest at ₹641 crore, about 54% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-16.

### How is the Metal - Copper/Copper Alloy Products sector performing?

2 of the 2 covered Metal - Copper/Copper Alloy Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 270.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-16.

### 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.