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

> Mining/Minerals - Iron Ore: NMDC Ltd owns the largest revenue base; Lloyds Metals & Energy Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Mining/Minerals - Iron Ore has outperformed NIFTY 500 by 36.9% over 52 weeks and 8.6% over 13 weeks. 4 of 6 covered companies beat NIFTY on Mansfield relative strength, while 1 of 6 beat the sector itself. NMDC Ltd leads with revenue of ₹32,071 crore, based on 6 of 6 comparable companies through Mar 2026.

## Sector relative strength

Mining/Minerals - Iron Ore has outperformed NIFTY 500 by 36.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 8.6%. 4 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Lloyds Metals & Energy Ltd is the strongest against the sector itself at +30.5%.

13-week sector return versus NIFTY 500: -8.6%
52-week sector return versus NIFTY 500: 37%
Stocks leading NIFTY: 4/6
Stocks leading sector: 1/6

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

Companies: 6
Combined market value: ₹2.4 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. Lloyds Metals & Energy Ltd (LLOYDSME): 71/100 — Favorable setup; evidence 71%
   - Growth & earnings 23.4/35 | Capital efficiency 19.5/25 | Valuation 8.5/20 | Relative strength 20.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 23.4 + 19.5 + 8.5 + 20 = 71.4
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Sandur Manganese & Iron Ores Ltd (SANDUMA): 71/100 — Favorable setup; evidence 96%
   - Growth & earnings 26.5/35 | Capital efficiency 18.2/25 | Valuation 15.4/20 | Relative strength 10.5/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 26.5 + 18.2 + 15.4 + 10.5 = 70.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Jayaswal Neco Industries Ltd (JAYNECOIND): 57/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 23.1/35 | Capital efficiency 10.0/25 | Valuation 13.9/20 | Relative strength 10.3/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 23.1 + 10 + 13.9 + 10.3 = 57.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. NMDC Ltd (NMDC): 54/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 14.0/35 | Capital efficiency 19.2/25 | Valuation 9.0/20 | Relative strength 11.8/20
   - 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 5 of the last 12 weeks
   - Exact sum: 14 + 19.2 + 9 + 11.8 = 54
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Sarda Energy & Minerals Ltd (SARDAEN): 48/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 20.0/35 | Capital efficiency 10.0/25 | Valuation 13.7/20 | Relative strength 4.3/20
   - 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 2 of the last 12 weeks
   - Exact sum: 20 + 10 + 13.7 + 4.3 = 48
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Godawari Power & Ispat Ltd (GPIL): 34/100 — Adverse evidence; evidence 96%
   - Growth & earnings 10.5/35 | Capital efficiency 15.1/25 | Valuation 7.5/20 | Relative strength 0.8/20
   - 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 4 of the last 12 weeks
   - Exact sum: 10.5 + 15.1 + 7.5 + 0.8 = 33.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Jayaswal Neco Industries Ltd has the strongest one-year price move in Mining/Minerals - Iron Ore at +104.5%. Lloyds Metals & Energy Ltd leads on Mansfield relative strength against NIFTY at +40%. 4 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Jayaswal Neco Industries Ltd (JAYNECOIND): 105%
2. Sandur Manganese & Iron Ores Ltd (SANDUMA): 39%
3. Lloyds Metals & Energy Ltd (LLOYDSME): 36%
4. Godawari Power & Ispat Ltd (GPIL): 28%
5. NMDC Ltd (NMDC): 19%

### Strongest relative strength versus NIFTY 500
1. Lloyds Metals & Energy Ltd (LLOYDSME): 40%
2. Jayaswal Neco Industries Ltd (JAYNECOIND): 6.0%
3. NMDC Ltd (NMDC): 3.9%
4. Sandur Manganese & Iron Ores Ltd (SANDUMA): 3.2%
5. Sarda Energy & Minerals Ltd (SARDAEN): -4.6%

## Revenue Scale & Growth Durability

What the numbers say: NMDC Ltd is the scale leader at ₹32,071 crore, 87.4% ahead of Lloyds Metals & Energy Ltd. Lloyds Metals & Energy Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 154.6% from a ₹17,113 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: NMDC Ltd is the scale benchmark; Lloyds Metals & Energy Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: NMDC Ltd's growth falls below Lloyds Metals & Energy Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: NMDC Ltd · ₹32,071 crore | 87.4% versus #2 · Lloyds Metals & Energy Ltd | 8/8 recent comparable periods | 6/6 companies · 110 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. NMDC Ltd (NMDC): ₹32.1K Cr
2. Lloyds Metals & Energy Ltd (LLOYDSME): ₹17.1K Cr
3. Jayaswal Neco Industries Ltd (JAYNECOIND): ₹7.6K Cr
4. Sarda Energy & Minerals Ltd (SARDAEN): ₹5.7K Cr
5. Godawari Power & Ispat Ltd (GPIL): ₹5.4K Cr

### Revenue growth — fastest growers
1. Lloyds Metals & Energy Ltd (LLOYDSME): 100%
2. Sandur Manganese & Iron Ores Ltd (SANDUMA): 62%
3. NMDC Ltd (NMDC): 34%
4. Jayaswal Neco Industries Ltd (JAYNECOIND): 22%
5. Sarda Energy & Minerals Ltd (SARDAEN): 5.9%

### 20-quarter Revenue history
- LLOYDSME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.0K Cr | Mar 2023 ₹876 Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 —
- NMDC: Sep 2021 ₹6.8K Cr | Dec 2021 ₹5.9K Cr | Mar 2022 ₹6.8K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹6.5K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹6.6K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹6.7K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹11.3K Cr | Jun 2026 —
- SARDAEN: Sep 2021 ₹1.0K Cr | Dec 2021 ₹999 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹967 Cr | Dec 2022 ₹908 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹925 Cr | Mar 2024 ₹889 Cr | Jun 2024 ₹926 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.6K Cr
- GPIL: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 — | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- SANDUMA: Sep 2021 ₹566 Cr | Dec 2021 ₹492 Cr | Mar 2022 ₹717 Cr | Jun 2022 ₹652 Cr | Sep 2022 ₹479 Cr | Dec 2022 ₹388 Cr | Mar 2023 ₹608 Cr | Jun 2023 ₹363 Cr | Sep 2023 ₹185 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹552 Cr | Jun 2024 ₹602 Cr | Sep 2024 ₹260 Cr | Dec 2024 ₹952 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- JAYNECOIND: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹2.1K Cr

### 20-quarter Revenue growth history
- LLOYDSME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 91% | Mar 2024 77% | Jun 2024 23% | Sep 2024 32% | Dec 2024 -12% | Mar 2025 -23% | Jun 2025 -1.4% | Sep 2025 154% | Dec 2025 202% | Mar 2026 405% | Jun 2026 —
- NMDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -27% | Sep 2022 -51% | Dec 2022 -37% | Mar 2023 -14% | Jun 2023 13% | Sep 2023 21% | Dec 2023 45% | Mar 2024 11% | Jun 2024 0.4% | Sep 2024 23% | Dec 2024 21% | Mar 2025 8.0% | Jun 2025 24% | Sep 2025 30% | Dec 2025 16% | Mar 2026 62% | Jun 2026 —
- SARDAEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 -5.7% | Dec 2022 -9.1% | Mar 2023 1.1% | Jun 2023 -17% | Sep 2023 3.5% | Dec 2023 1.9% | Mar 2024 -17% | Jun 2024 -12% | Sep 2024 16% | Dec 2024 43% | Mar 2025 39% | Jun 2025 76% | Sep 2025 32% | Dec 2025 -3.3% | Mar 2026 1.2% | Jun 2026 -1.5%
- GPIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 2.6% | Dec 2022 -9.0% | Mar 2023 — | Jun 2023 -20% | Sep 2023 -1.2% | Dec 2023 -11% | Mar 2024 16% | Jun 2024 1.2% | Sep 2024 -1.8% | Dec 2024 -0.8% | Mar 2025 -4.1% | Jun 2025 -1.4% | Sep 2025 3.2% | Dec 2025 -12% | Mar 2026 9.7% | Jun 2026 —
- SANDUMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 -15% | Dec 2022 -21% | Mar 2023 -15% | Jun 2023 -44% | Sep 2023 -61% | Dec 2023 -61% | Mar 2024 -9.2% | Jun 2024 66% | Sep 2024 41% | Dec 2024 522% | Mar 2025 139% | Jun 2025 89% | Sep 2025 374% | Dec 2025 27% | Mar 2026 14% | Jun 2026 —
- JAYNECOIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.0% | Dec 2022 23% | Mar 2023 -7.8% | Jun 2023 -4.1% | Sep 2023 -9.6% | Dec 2023 -7.7% | Mar 2024 -4.0% | Jun 2024 -1.8% | Sep 2024 -18% | Dec 2024 6.5% | Mar 2025 19% | Jun 2025 15% | Sep 2025 45% | Dec 2025 4.2% | Mar 2026 18% | Jun 2026 28%

## Operating Economics & Margin Trend

What the numbers say: Lloyds Metals & Energy Ltd leads both opm at 42% and margin change at +20 percentage points.

Investor read: Lloyds Metals & Energy 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: Lloyds Metals & Energy Ltd · 42% | 2.4% versus #2 · Sarda Energy & Minerals Ltd | 6/8 recent comparable periods | 6/6 companies · 116 observations

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

### OPM — highest
1. Lloyds Metals & Energy Ltd (LLOYDSME): 42%
2. Sarda Energy & Minerals Ltd (SARDAEN): 41%
3. Godawari Power & Ispat Ltd (GPIL): 27%
4. Sandur Manganese & Iron Ores Ltd (SANDUMA): 26%
5. NMDC Ltd (NMDC): 23%

### Margin change — fastest expanders
1. Lloyds Metals & Energy Ltd (LLOYDSME): +20.0 pp
2. Godawari Power & Ispat Ltd (GPIL): +5.0 pp
3. Sarda Energy & Minerals Ltd (SARDAEN): +3.0 pp
4. Sandur Manganese & Iron Ores Ltd (SANDUMA): +2.0 pp
5. Jayaswal Neco Industries Ltd (JAYNECOIND): 0.0 pp

### 20-quarter OPM history
- LLOYDSME: Sep 2021 -0.6% | Dec 2021 19% | Mar 2022 34% | Jun 2022 31% | Sep 2022 23% | Dec 2022 23% | Mar 2023 19% | Jun 2023 27% | Sep 2023 26% | Dec 2023 24% | Mar 2024 29% | Jun 2024 30% | Sep 2024 29% | Dec 2024 32% | Mar 2025 22% | Jun 2025 33% | Sep 2025 29% | Dec 2025 35% | Mar 2026 42% | Jun 2026 —
- NMDC: Sep 2021 46% | Dec 2021 44% | Mar 2022 40% | Jun 2022 40% | Sep 2022 26% | Dec 2022 31% | Mar 2023 37% | Jun 2023 37% | Sep 2023 30% | Dec 2023 37% | Mar 2024 32% | Jun 2024 43% | Sep 2024 28% | Dec 2024 36% | Mar 2025 29% | Jun 2025 37% | Sep 2025 31% | Dec 2025 28% | Mar 2026 23% | Jun 2026 —
- SARDAEN: Sep 2021 40% | Dec 2021 32% | Mar 2022 33% | Jun 2022 29% | Sep 2022 29% | Dec 2022 22% | Mar 2023 20% | Jun 2023 20% | Sep 2023 24% | Dec 2023 20% | Mar 2024 17% | Jun 2024 28% | Sep 2024 29% | Dec 2024 28% | Mar 2025 22% | Jun 2025 38% | Sep 2025 34% | Dec 2025 24% | Mar 2026 28% | Jun 2026 41%
- GPIL: Sep 2021 34% | Dec 2021 31% | Mar 2022 28% | Jun 2022 28% | Sep 2022 18% | Dec 2022 13% | Mar 2023 21% | Jun 2023 23% | Sep 2023 28% | Dec 2023 25% | Mar 2024 22% | Jun 2024 30% | Sep 2024 19% | Dec 2024 17% | Mar 2025 22% | Jun 2025 24% | Sep 2025 20% | Dec 2025 19% | Mar 2026 27% | Jun 2026 —
- SANDUMA: Sep 2021 52% | Dec 2021 36% | Mar 2022 31% | Jun 2022 8.6% | Sep 2022 7.3% | Dec 2022 17% | Mar 2023 39% | Jun 2023 16% | Sep 2023 20% | Dec 2023 11% | Mar 2024 38% | Jun 2024 32% | Sep 2024 14% | Dec 2024 25% | Mar 2025 24% | Jun 2025 26% | Sep 2025 22% | Dec 2025 21% | Mar 2026 26% | Jun 2026 —
- JAYNECOIND: Sep 2021 27% | Dec 2021 11% | Mar 2022 18% | Jun 2022 14% | Sep 2022 6.7% | Dec 2022 16% | Mar 2023 13% | Jun 2023 14% | Sep 2023 20% | Dec 2023 19% | Mar 2024 16% | Jun 2024 11% | Sep 2024 14% | Dec 2024 16% | Mar 2025 20% | Jun 2025 19% | Sep 2025 18% | Dec 2025 18% | Mar 2026 19% | Jun 2026 19%

### 20-quarter Margin change history
- LLOYDSME: Sep 2021 −5.5 pp | Dec 2021 +8.8 pp | Mar 2022 +25.9 pp | Jun 2022 +29.1 pp | Sep 2022 +23.9 pp | Dec 2022 +3.9 pp | Mar 2023 −14.7 pp | Jun 2023 −4.1 pp | Sep 2023 +2.7 pp | Dec 2023 +1.0 pp | Mar 2024 +10.0 pp | Jun 2024 +3.0 pp | Sep 2024 +3.0 pp | Dec 2024 +8.0 pp | Mar 2025 −7.0 pp | Jun 2025 +3.0 pp | Sep 2025 0.0 pp | Dec 2025 +3.0 pp | Mar 2026 +20.0 pp | Jun 2026 —
- NMDC: Sep 2021 −0.3 pp | Dec 2021 −19.1 pp | Mar 2022 −21.8 pp | Jun 2022 −24.3 pp | Sep 2022 −20.3 pp | Dec 2022 −13.5 pp | Mar 2023 −3.2 pp | Jun 2023 −2.8 pp | Sep 2023 +4.4 pp | Dec 2023 +6.0 pp | Mar 2024 −5.0 pp | Jun 2024 +6.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 −3.0 pp | Jun 2025 −6.0 pp | Sep 2025 +3.0 pp | Dec 2025 −8.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- SARDAEN: Sep 2021 +16.0 pp | Dec 2021 +7.5 pp | Mar 2022 +6.9 pp | Jun 2022 −3.4 pp | Sep 2022 −11.0 pp | Dec 2022 −10.1 pp | Mar 2023 −13.2 pp | Jun 2023 −9.3 pp | Sep 2023 −5.1 pp | Dec 2023 −2.0 pp | Mar 2024 −3.0 pp | Jun 2024 +8.0 pp | Sep 2024 +5.0 pp | Dec 2024 +8.0 pp | Mar 2025 +5.0 pp | Jun 2025 +10.0 pp | Sep 2025 +5.0 pp | Dec 2025 −4.0 pp | Mar 2026 +6.0 pp | Jun 2026 +3.0 pp
- GPIL: Sep 2021 +10.0 pp | Dec 2021 +0.0 pp | Mar 2022 −10.4 pp | Jun 2022 −24.3 pp | Sep 2022 −16.3 pp | Dec 2022 −17.7 pp | Mar 2023 −6.6 pp | Jun 2023 −4.6 pp | Sep 2023 +10.0 pp | Dec 2023 +12.0 pp | Mar 2024 +1.0 pp | Jun 2024 +7.0 pp | Sep 2024 −9.0 pp | Dec 2024 −8.0 pp | Mar 2025 0.0 pp | Jun 2025 −6.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- SANDUMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −45.0 pp | Sep 2022 −44.8 pp | Dec 2022 −19.2 pp | Mar 2023 +8.0 pp | Jun 2023 +7.5 pp | Sep 2023 +12.7 pp | Dec 2023 −6.0 pp | Mar 2024 −1.0 pp | Jun 2024 +16.0 pp | Sep 2024 −6.0 pp | Dec 2024 +14.0 pp | Mar 2025 −14.0 pp | Jun 2025 −6.0 pp | Sep 2025 +8.0 pp | Dec 2025 −4.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- JAYNECOIND: Sep 2021 +16.4 pp | Dec 2021 −11.2 pp | Mar 2022 −9.5 pp | Jun 2022 −17.5 pp | Sep 2022 −20.3 pp | Dec 2022 +5.4 pp | Mar 2023 −5.2 pp | Jun 2023 +0.4 pp | Sep 2023 +13.4 pp | Dec 2023 +3.0 pp | Mar 2024 +3.0 pp | Jun 2024 −3.0 pp | Sep 2024 −6.0 pp | Dec 2024 −3.0 pp | Mar 2025 +4.0 pp | Jun 2025 +8.0 pp | Sep 2025 +4.0 pp | Dec 2025 +2.0 pp | Mar 2026 −1.0 pp | Jun 2026 0.0 pp

## Profit Scale & Acceleration

What the numbers say: NMDC Ltd leads with ₹7,450 crore of TTM profit, 94.6% above Lloyds Metals & Energy Ltd. Jayaswal Neco Industries Ltd shows ≥100% on the scoring scale (137% uncapped) growth from a ₹564 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: NMDC 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: NMDC Ltd · ₹7,450 crore | 94.6% versus #2 · Lloyds Metals & Energy Ltd | 6/8 recent comparable periods | 6/6 companies · 110 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. NMDC Ltd (NMDC): ₹7.5K Cr
2. Lloyds Metals & Energy Ltd (LLOYDSME): ₹3.8K Cr
3. Sarda Energy & Minerals Ltd (SARDAEN): ₹1.2K Cr
4. Godawari Power & Ispat Ltd (GPIL): ₹801 Cr
5. Sandur Manganese & Iron Ores Ltd (SANDUMA): ₹658 Cr

### Profit growth — fastest growers
1. Jayaswal Neco Industries Ltd (JAYNECOIND): 100%
2. Lloyds Metals & Energy Ltd (LLOYDSME): 100%
3. Sandur Manganese & Iron Ores Ltd (SANDUMA): 40%
4. Sarda Energy & Minerals Ltd (SARDAEN): 22%
5. NMDC Ltd (NMDC): 14%

### 20-quarter Net profit history
- LLOYDSME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹230 Cr | Mar 2023 ₹269 Cr | Jun 2023 ₹403 Cr | Sep 2023 ₹231 Cr | Dec 2023 ₹332 Cr | Mar 2024 ₹277 Cr | Jun 2024 ₹557 Cr | Sep 2024 ₹301 Cr | Dec 2024 ₹389 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹642 Cr | Sep 2025 ₹567 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- NMDC: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹972 Cr | Dec 2022 ₹914 Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- SARDAEN: Sep 2021 ₹263 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹207 Cr | Jun 2022 ₹173 Cr | Sep 2022 ₹186 Cr | Dec 2022 ₹130 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹198 Cr | Sep 2024 ₹203 Cr | Dec 2024 ₹200 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹437 Cr | Sep 2025 ₹328 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹155 Cr | Jun 2026 ₹478 Cr
- GPIL: Sep 2021 ₹292 Cr | Dec 2021 ₹346 Cr | Mar 2022 — | Jun 2022 ₹327 Cr | Sep 2022 ₹169 Cr | Dec 2022 ₹128 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹231 Cr | Sep 2023 ₹257 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹219 Cr | Jun 2024 ₹287 Cr | Sep 2024 ₹159 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹216 Cr | Sep 2025 ₹162 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹280 Cr | Jun 2026 —
- SANDUMA: Sep 2021 ₹182 Cr | Dec 2021 ₹109 Cr | Mar 2022 ₹236 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹137 Cr | Mar 2025 ₹156 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹236 Cr | Jun 2026 —
- JAYNECOIND: Sep 2021 ₹113 Cr | Dec 2021 ₹-153 Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹141 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹-32 Cr | Sep 2024 ₹-34 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹93 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹191 Cr | Jun 2026 ₹194 Cr

### 20-quarter Profit growth history
- LLOYDSME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 44% | Mar 2024 3.0% | Jun 2024 38% | Sep 2024 30% | Dec 2024 17% | Mar 2025 -27% | Jun 2025 15% | Sep 2025 88% | Dec 2025 180% | Mar 2026 657% | Jun 2026 —
- NMDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -55% | Sep 2022 -58% | Dec 2022 -55% | Mar 2023 22% | Jun 2023 15% | Sep 2023 5.6% | Dec 2023 62% | Mar 2024 -38% | Jun 2024 19% | Sep 2024 17% | Dec 2024 27% | Mar 2025 4.8% | Jun 2025 -0.1% | Sep 2025 41% | Dec 2025 -6.5% | Mar 2026 37% | Jun 2026 —
- SARDAEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.0% | Sep 2022 -29% | Dec 2022 -23% | Mar 2023 -44% | Jun 2023 -0.6% | Sep 2023 -20% | Dec 2023 -12% | Mar 2024 -23% | Jun 2024 15% | Sep 2024 36% | Dec 2024 75% | Mar 2025 14% | Jun 2025 121% | Sep 2025 62% | Dec 2025 -5.0% | Mar 2026 55% | Jun 2026 9.4%
- GPIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 -42% | Dec 2022 -63% | Mar 2023 — | Jun 2023 -29% | Sep 2023 52% | Dec 2023 79% | Mar 2024 29% | Jun 2024 24% | Sep 2024 -38% | Dec 2024 -37% | Mar 2025 1.4% | Jun 2025 -25% | Sep 2025 1.9% | Dec 2025 -1.4% | Mar 2026 26% | Jun 2026 —
- SANDUMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -77% | Sep 2022 -88% | Dec 2022 -62% | Mar 2023 -26% | Jun 2023 18% | Sep 2023 23% | Dec 2023 -78% | Mar 2024 -5.8% | Jun 2024 260% | Sep 2024 19% | Dec 2024 1,422% | Mar 2025 -4.9% | Jun 2025 16% | Sep 2025 334% | Dec 2025 -15% | Mar 2026 51% | Jun 2026 —
- JAYNECOIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 -100% | Jun 2023 22% | Sep 2023 -35% | Dec 2023 53% | Mar 2024 -60% | Jun 2024 -214% | Sep 2024 -137% | Dec 2024 -13% | Mar 2025 5,000% | Jun 2025 — | Sep 2025 — | Dec 2025 -3.9% | Mar 2026 87% | Jun 2026 109%

## Return On Capital Employed

What the numbers say: NMDC Ltd leads ROCE at 27.6%, 0.3 percentage points above Lloyds Metals & Energy Ltd. Sandur Manganese & Iron Ores Ltd has the strongest latest improvement at +8.9 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: NMDC 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: NMDC Ltd · 27.6% | 1.1% versus #2 · Lloyds Metals & Energy Ltd | 2/8 recent comparable periods | 6/6 companies · 75 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. NMDC Ltd (NMDC): 28%
2. Lloyds Metals & Energy Ltd (LLOYDSME): 27%
3. Sandur Manganese & Iron Ores Ltd (SANDUMA): 24%
4. Jayaswal Neco Industries Ltd (JAYNECOIND): 21%
5. Godawari Power & Ispat Ltd (GPIL): 20%

### ROCE change — fastest improvers
1. Sandur Manganese & Iron Ores Ltd (SANDUMA): +8.9 pp
2. Jayaswal Neco Industries Ltd (JAYNECOIND): +8.7 pp
3. Sarda Energy & Minerals Ltd (SARDAEN): +3.1 pp
4. NMDC Ltd (NMDC): −0.4 pp
5. Godawari Power & Ispat Ltd (GPIL): −3.1 pp

### 20-quarter ROCE history
- NMDC: Sep 2021 38% | Dec 2021 — | Mar 2022 64% | Jun 2022 — | Sep 2022 36% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 24% | Dec 2023 38% | Mar 2024 25% | Jun 2024 33% | Sep 2024 25% | Dec 2024 33% | Mar 2025 25% | Jun 2025 32% | Sep 2025 25% | Dec 2025 30% | Mar 2026 24% | Jun 2026 —
- SARDAEN: Sep 2021 21% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 14% | Dec 2023 18% | Mar 2024 12% | Jun 2024 17% | Sep 2024 8.6% | Dec 2024 16% | Mar 2025 11% | Jun 2025 20% | Sep 2025 15% | Dec 2025 18% | Mar 2026 14% | Jun 2026 —
- GPIL: Sep 2021 38% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 23% | Dec 2023 30% | Mar 2024 25% | Jun 2024 31% | Sep 2024 24% | Dec 2024 26% | Mar 2025 20% | Jun 2025 21% | Sep 2025 17% | Dec 2025 20% | Mar 2026 17% | Jun 2026 —
- SANDUMA: Sep 2021 41% | Dec 2021 — | Mar 2022 47% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 17% | Dec 2023 18% | Mar 2024 11% | Jun 2024 22% | Sep 2024 16% | Dec 2024 30% | Mar 2025 16% | Jun 2025 25% | Sep 2025 22% | Dec 2025 28% | Mar 2026 25% | Jun 2026 —
- JAYNECOIND: Sep 2021 221% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 9.0% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 33% | Dec 2023 19% | Mar 2024 14% | Jun 2024 19% | Sep 2024 12% | Dec 2024 15% | Mar 2025 14% | Jun 2025 16% | Sep 2025 36% | Dec 2025 26% | Mar 2026 24% | Jun 2026 25%

### 20-quarter ROCE change history
- NMDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 — | Mar 2023 −40.3 pp | Jun 2023 — | Sep 2023 −12.0 pp | Dec 2023 — | Mar 2024 +1.6 pp | Jun 2024 — | Sep 2024 +1.1 pp | Dec 2024 −4.3 pp | Mar 2025 −0.7 pp | Jun 2025 −0.9 pp | Sep 2025 −0.1 pp | Dec 2025 −2.8 pp | Mar 2026 −0.4 pp | Jun 2026 —
- SARDAEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.0 pp | Dec 2022 — | Mar 2023 −8.3 pp | Jun 2023 — | Sep 2023 −11.3 pp | Dec 2023 — | Mar 2024 −6.7 pp | Jun 2024 — | Sep 2024 −5.3 pp | Dec 2024 −2.2 pp | Mar 2025 −1.1 pp | Jun 2025 +3.6 pp | Sep 2025 +6.0 pp | Dec 2025 +2.2 pp | Mar 2026 +3.1 pp | Jun 2026 —
- GPIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.7 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −5.1 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 +1.2 pp | Dec 2024 −4.6 pp | Mar 2025 −5.2 pp | Jun 2025 −10.1 pp | Sep 2025 −7.2 pp | Dec 2025 −5.2 pp | Mar 2026 −3.1 pp | Jun 2026 —
- SANDUMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −19.1 pp | Dec 2022 — | Mar 2023 −30.2 pp | Jun 2023 — | Sep 2023 −4.9 pp | Dec 2023 — | Mar 2024 −5.7 pp | Jun 2024 — | Sep 2024 −1.9 pp | Dec 2024 +12.1 pp | Mar 2025 +4.9 pp | Jun 2025 +3.3 pp | Sep 2025 +6.5 pp | Dec 2025 −1.4 pp | Mar 2026 +8.9 pp | Jun 2026 —
- JAYNECOIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −212.1 pp | Dec 2022 — | Mar 2023 +6.3 pp | Jun 2023 — | Sep 2023 +24.0 pp | Dec 2023 — | Mar 2024 −11.6 pp | Jun 2024 — | Sep 2024 −21.4 pp | Dec 2024 −3.9 pp | Mar 2025 −0.5 pp | Jun 2025 −3.4 pp | Sep 2025 +24.7 pp | Dec 2025 +10.9 pp | Mar 2026 +10.4 pp | Jun 2026 +8.7 pp

## Valuation Against Growth & Quality

What the numbers say: Sandur Manganese & Iron Ores Ltd has the lowest comparable PEG at 0.28×, 40.4% below Sarda Energy & Minerals Ltd. Only 5 of 6 companies have earnings and growth steady enough for the ratio to mean anything, 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: Sandur Manganese & Iron Ores Ltd · 0.28× | 40.4% versus #2 · Sarda Energy & Minerals Ltd | 0/8 recent comparable periods | 5/6 companies · 28 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
1. Sandur Manganese & Iron Ores Ltd (SANDUMA): 0.3
2. Sarda Energy & Minerals Ltd (SARDAEN): 0.5
3. Jayaswal Neco Industries Ltd (JAYNECOIND): 0.6
4. Godawari Power & Ispat Ltd (GPIL): 1.1
5. NMDC Ltd (NMDC): 1.6

### P/E — lowest P/E
1. NMDC Ltd (NMDC): 10.0
2. Jayaswal Neco Industries Ltd (JAYNECOIND): 14.6
3. Sandur Manganese & Iron Ores Ltd (SANDUMA): 15.3
4. Sarda Energy & Minerals Ltd (SARDAEN): 16.2
5. Godawari Power & Ispat Ltd (GPIL): 20.0

### 20-quarter PEG history
- NMDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.1 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.9 | Jun 2024 0.6 | Sep 2024 0.5 | Dec 2024 0.4 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 1.4 | Dec 2025 0.9 | Mar 2026 1.6 | Jun 2026 —
- SARDAEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.1 | Dec 2022 0.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.1 | Jun 2025 0.7 | Sep 2025 1.2 | Dec 2025 — | Mar 2026 — | Jun 2026 0.5
- GPIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.8 | Sep 2024 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.1 | Jun 2026 —
- SANDUMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.0 | Dec 2024 0.8 | Mar 2025 — | Jun 2025 — | Sep 2025 0.4 | Dec 2025 — | Mar 2026 0.3 | Jun 2026 —
- JAYNECOIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- LLOYDSME: Sep 2021 197.5 | Dec 2021 — | Mar 2022 142.6 | Jun 2022 33.9 | Sep 2022 17.9 | Dec 2022 18.6 | Mar 2023 16.1 | Jun 2023 20.1 | Sep 2023 24.7 | Dec 2023 26.0 | Mar 2024 24.6 | Jun 2024 29.8 | Sep 2024 34.1 | Dec 2024 41.0 | Mar 2025 43.2 | Jun 2025 55.7 | Sep 2025 42.5 | Dec 2025 39.7 | Mar 2026 27.7 | Jun 2026 —
- NMDC: Sep 2021 3.6 | Dec 2021 2.9 | Mar 2022 3.4 | Jun 2022 2.6 | Sep 2022 3.8 | Dec 2022 5.7 | Mar 2023 6.3 | Jun 2023 6.5 | Sep 2023 8.8 | Dec 2023 12.3 | Mar 2024 10.2 | Jun 2024 12.5 | Sep 2024 11.3 | Dec 2024 9.7 | Mar 2025 9.3 | Jun 2025 9.4 | Sep 2025 10.1 | Dec 2025 10.3 | Mar 2026 9.8 | Jun 2026 —
- SARDAEN: Sep 2021 4.8 | Dec 2021 4.2 | Mar 2022 5.6 | Jun 2022 3.6 | Sep 2022 3.9 | Dec 2022 5.1 | Mar 2023 5.5 | Jun 2023 8.6 | Sep 2023 12.9 | Dec 2023 15.8 | Mar 2024 13.0 | Jun 2024 15.6 | Sep 2024 28.0 | Dec 2024 27.7 | Mar 2025 26.4 | Jun 2025 22.7 | Sep 2025 29.2 | Dec 2025 27.0 | Mar 2026 26.2 | Jun 2026 26.9
- GPIL: Sep 2021 4.0 | Dec 2021 3.1 | Mar 2022 3.9 | Jun 2022 2.5 | Sep 2022 3.0 | Dec 2022 4.5 | Mar 2023 5.2 | Jun 2023 9.3 | Sep 2023 12.7 | Dec 2023 13.3 | Mar 2024 11.7 | Jun 2024 15.7 | Sep 2024 14.5 | Dec 2024 15.7 | Mar 2025 15.1 | Jun 2025 15.7 | Sep 2025 23.2 | Dec 2025 22.7 | Mar 2026 24.6 | Jun 2026 —
- SANDUMA: Sep 2021 12.3 | Dec 2021 18.0 | Mar 2022 26.1 | Jun 2022 16.6 | Sep 2022 3.0 | Dec 2022 3.2 | Mar 2023 8.3 | Jun 2023 12.3 | Sep 2023 14.7 | Dec 2023 27.8 | Mar 2024 23.5 | Jun 2024 36.7 | Sep 2024 23.1 | Dec 2024 18.9 | Mar 2025 14.9 | Jun 2025 16.6 | Sep 2025 15.9 | Dec 2025 19.7 | Mar 2026 14.4 | Jun 2026 —
- JAYNECOIND: Sep 2021 5.3 | Dec 2021 6.9 | Mar 2022 9.2 | Jun 2022 3.4 | Sep 2022 5.7 | Dec 2022 4.8 | Mar 2023 2.7 | Jun 2023 8.0 | Sep 2023 12.1 | Dec 2023 19.5 | Mar 2024 21.6 | Jun 2024 21.1 | Sep 2024 29.4 | Dec 2024 102.5 | Mar 2025 115.2 | Jun 2025 33.0 | Sep 2025 28.2 | Dec 2025 20.6 | Mar 2026 18.9 | Jun 2026 17.7


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- Lloyds Metals & Energy Ltd (LLOYDSME) — market value ₹1.2 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- NMDC Ltd (NMDC) — market value ₹74.8K Cr; latest fundamentals Mar 2026
- Sarda Energy & Minerals Ltd (SARDAEN) — market value ₹18.2K Cr; latest fundamentals Jun 2026
- Godawari Power & Ispat Ltd (GPIL) — market value ₹16.3K Cr; latest fundamentals Mar 2026
- Sandur Manganese & Iron Ores Ltd (SANDUMA) — market value ₹10.3K Cr; latest fundamentals Mar 2026
- Jayaswal Neco Industries Ltd (JAYNECOIND) — market value ₹8.4K Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 5. Unverified: 0. Withheld: 1. Graded companies: 6.

1 of 6 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Lloyds Metals & Energy Ltd (LLOYDSME) — its two data sources disagree by up to 7.2% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | LLOYDSME | Lloyds Metals & Energy Ltd | diff_gt_2pct | disagreement up to 7.19% over 14 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
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 Mining/Minerals - Iron Ore sector outperforming NIFTY 500?

Mining/Minerals - Iron Ore has outperformed NIFTY 500 by 36.9% over 52 weeks and 8.6% over 13 weeks. 4 of 6 covered companies beat NIFTY on Mansfield relative strength, while 1 of 6 beat the sector itself.

### Which Mining/Minerals - Iron Ore company is largest by revenue?

NMDC Ltd leads with revenue of ₹32,071 crore, based on 6 of 6 comparable companies through Mar 2026.

### Which Mining/Minerals - Iron Ore company is growing fastest?

Lloyds Metals & Energy Ltd has the fastest current revenue growth at 100%, across 6 of 6 comparable companies.

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

Lloyds Metals & Energy Ltd ranks first at 71.4/100 with 71.1% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Sandur Manganese & Iron Ores Ltd has the lowest comparable PEG at 0.28, among 5 of 6 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Mining/Minerals - Iron Ore 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.

### What is the Nifty Mining/Minerals - Iron Ore index?

The Nifty Mining/Minerals - Iron Ore index tracks India's listed Mining/Minerals - Iron Ore companies as a single basket. This page follows the same 6 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 - Iron Ore sector rather than to its largest constituent. Figures are as of Jun 2026.

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

Ranked by this page's four-factor score, Lloyds Metals & Energy Ltd places first among 6 listed Mining/Minerals - Iron Ore companies, followed by Sandur Manganese & Iron Ores 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 - Iron Ore stocks are listed in India?

This comparison covers 6 listed Mining/Minerals - Iron Ore 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 - Iron Ore company is the biggest?

NMDC Ltd is the largest, with trailing-twelve-month revenue of ₹32,071 crore, ahead of Lloyds Metals & Energy Ltd at ₹17,113 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

### Which Mining/Minerals - Iron Ore company has the best profit margins?

Lloyds Metals & Energy Ltd has the highest operating margin at 42%, from 6 of 6 comparable companies. Lloyds Metals & Energy Ltd shows the biggest recent improvement, at +20 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Mining/Minerals - Iron Ore company makes the most profit?

NMDC Ltd earns the most, at ₹7,450 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. Jayaswal Neco Industries 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 - Iron Ore company earns the highest return on capital?

NMDC Ltd leads on return on capital employed at 27.6%, across 6 of 6 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 - Iron Ore stock is the cheapest?

On PEG — where a LOWER number is cheaper — Sandur Manganese & Iron Ores Ltd screens cheapest at 0.28×. Only 5 of 6 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Mining/Minerals - Iron Ore sector beating the market?

Mining/Minerals - Iron Ore has outperformed NIFTY 500 by 36.9% over the last 52 weeks and 8.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

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

### Which Mining/Minerals - Iron Ore company scores highest for research priority?

Lloyds Metals & Energy Ltd scores 71.4 out of 100 with 71.1% evidence confidence, from 23.4 points on growth and earnings, 19.5 on capital efficiency, 8.5 on valuation and 20 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 - Iron Ore companies does this comparison cover, and over what period?

It compares 6 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 Mining/Minerals - Iron Ore sector?

The 6 Mining/Minerals - Iron Ore companies on this page carry ₹2,43,213 crore of combined market value. Lloyds Metals & Energy Ltd is the largest at ₹1,15,227 crore, about 47% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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

The median price-to-earnings ratio across the 6 Mining/Minerals - Iron Ore companies on this page is 16.2×, measured on the 6 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 2026-08-05.

### How is the Mining/Minerals - Iron Ore sector performing?

4 of the 6 covered Mining/Minerals - Iron Ore companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 36.9% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.