Metal Stocks and Companies in India

The largest Metal stocks in India by market value are Hindustan Zinc (₹2.32 lakh crore), Hindustan Copper (₹40,929 crore) and Divine Power Energy (₹1,727 crore), at prices of 4 Nov 2026.

• Hindustan Zinc: ₹550.15 | market value ₹2.32 lakh crore | P/E 11.2
• Hindustan Copper: ₹423.25 | market value ₹40,929 crore | P/E 33.9
• Divine Power Energy: ₹578.35 | market value ₹1,727 crore | P/E 84.6

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

All 3 listed Indian Metals companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Metals index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. Every figure is equal-weighted across those companies and carries its own as-of date.

1. Hindustan Zinc Ltd₹2.1 lakh cr
2. Hindustan Copper Ltd₹38,800 cr
3. Divine Power Energy Ltd₹1,730 cr

3 Metal companies in the Metals industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 3 are listed below, largest first. The largest is Hindustan Zinc (₹2.14 lakh crore) and the smallest with a market value is Divine Power Energy.

Download all 3 Metal companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 119% ahead of NIFTY 500. Earnings across its companies grew 66% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 11 weeks running.

Price and the fundamentals both up. 1 of 3 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 11 weeks running; 1 of the 3 companies in the industry index above their 200-day average (no change from four weeks earlier); 1 of those 3 pass the momentum test (no change from four weeks earlier); earnings rising at 3 of the 3 that report earnings.

Ahead of NIFTY 500 for 11 weeks running, participation steady at 1 → 1 of 3. Earnings confirming, 3 of 3 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 3 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Metals has done better than the NIFTY 500 by 53.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.9%. Divine Power Energy Ltd is the strongest against the sector itself at +32.4%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 29.7 as of 30 October 2026 (narrowing, rising).

Metals has done better than the NIFTY 500 by 53.8% over 52 weeks and by 0.9% over 13 weeks. 1 of 3 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 1 of the 2 with a long enough price history is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Hindustan Copper Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 77.6% evidence confidence.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Divine Power Energy Ltd has the strongest one-year price move in Metals at +100.7%. It also leads on relative strength against the NIFTY, at +36.3%. 1 of 3 companies we track is ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Metals itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

1 of 3 Metals companies held a results call for July to September 2026. Hindustan Zinc guided: Full-year FY27 zinc CoP $825-850/t excluding royalty on byproduct and productivity gains.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters cut theirs by 3.8 points.

• Spending on new plants and equipment was ₹9,384 crore in the last 12 months, 197% more than a year before.
• Projects still being built grew 23% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 3 Metals companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Metals figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 28 Jul 2026, so the words are older than the numbers. 5 themes are live here, 1 of them rated high severity.

The sector shows strong earnings momentum led by DPEL's 306% PAT growth and 75% revenue expansion. However, the lack of quantitative forward guidance warrants caution. The HIGH severity commodity risk regarding copper and aluminium prices remains the primary headwatch.

The Metals sector, represented by Divine Power Energy Ltd (DPEL) for this reporting week, exhibits sharp profitability expansion despite raw material volatility. DPEL reported Q4 FY26 revenue of ₹346.47 Cr, up 75.3% YoY, driven by volume growth and operational scaling. Profit After Tax surged 306.14% YoY to ₹18.88 Cr, indicating significant operating leverage.

How old this read is: OLD: this read comes from our Metals sector brief dated 28 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Metals sector brief, 28 Jul 2026.

Hindustan Zinc Ltd has the highest Revenue among the 3 Metals companies compared here, at ₹53,364 crore. Hindustan Copper Ltd is next at ₹3,497 crore. Hindustan Copper Ltd has the highest Revenue growth at 67.1%, so level and change sit with different companies. 2 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Hindustan Zinc Ltd is the largest at ₹53,364 crore, 15.3× the revenue of Hindustan Copper Ltd. Hindustan Copper Ltd's growth is 67.1% from a ₹3,497 crore base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Hindustan Zinc Ltd is the size to compare against; Hindustan Copper Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Hindustan Zinc Ltd has the highest OPM among the 3 Metals companies compared here, at 61%. Hindustan Copper Ltd is next at 54%. Hindustan Copper Ltd has the highest Margin change at +13 percentage points, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Hindustan Zinc Ltd leads opm at 61%; Hindustan Copper Ltd leads margin change at +13 percentage points.

What this means: Hindustan Zinc Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Hindustan Zinc Ltd has the highest Net profit among the 3 Metals companies compared here, at ₹20,830 crore. Hindustan Copper Ltd is next at ₹1,136 crore. Hindustan Copper Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Hindustan Zinc Ltd earns the most, ₹20,830 crore of profit over the last 12 months, 18.3× the profit of Hindustan Copper Ltd. Hindustan Copper Ltd shows at least 100% on the scoring scale (133.7% in full) growth from a profit base of ₹1,136 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Hindustan Zinc Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Hindustan Zinc Ltd has the highest ROCE among the 3 Metals companies compared here, at 69.5%. Hindustan Copper Ltd is next at 42.4%. Hindustan Copper Ltd has the highest ROCE change at +23.4 percentage points, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Hindustan Zinc Ltd leads ROCE at 69.5%, 27.1 percentage points above Hindustan Copper Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Hindustan Zinc Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Return on capital · company comparison

Withheld from this chart: Hindustan Zinc Ltd (HINDZINC): its two data sources disagree by up to 3.6% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Hindustan Copper Ltd has the lowest PEG among the 3 Metals companies compared here, at 1.97×. Hindustan Zinc Ltd has the lowest P/E at 10.3×, so level and change sit with different companies. 1 of 3 companies report a comparable reading, the latest through Jun 2026. Its PEG series carries 6 reported observations across the 20-quarter window.

What the numbers say: That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. 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.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Metals companies show up on 5 of our India lists. The most are on the copper & metal stocks list (3 companies).

This Metals comparison names 7 specific ways its own evidence can mislead, all listed below. 1 of the 3 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 1 has second-source figures left out because the two sources disagree. 3 of the 5 ranked sections have fewer than three usable current readings.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
• 1 company is missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Revenue, Net profit, Valuation have fewer than three usable current readings.

This comparison is built from the reported filings of 3 Metals companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

1 of 3 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Hindustan Zinc Ltd (HINDZINC): its two data sources disagree by up to 3.6% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 23 answers restate the Metals comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.