# 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 2026-08-05. Not investment advice.

## Bottom line

Mining/Minerals has outperformed NIFTY 500 by 38.2% over 52 weeks and 1.3% over 13 weeks. 6 of 12 covered companies beat NIFTY on Mansfield relative strength, while 4 of 12 beat the sector itself. Coal India Ltd leads with revenue of ₹1,57,856 crore, based on 13 of 13 comparable companies through Jun 2026.

## Sector relative strength

Mining/Minerals has outperformed NIFTY 500 by 38.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 1.3%. 6 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: -1.3%
52-week sector return versus NIFTY 500: 38%
Stocks leading NIFTY: 6/12
Stocks leading sector: 4/12

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): 80/100 — Favorable setup; evidence 87%
   - Growth & earnings 30.6/35 | Capital efficiency 19.3/25 | Valuation 12.2/20 | Relative strength 17.5/20
   - 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 6 of the last 12 weeks
   - Exact sum: 30.6 + 19.3 + 12.2 + 17.5 = 79.6
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Vedanta Ltd (VEDL): 61/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.2/35 | Capital efficiency 15.6/25 | Valuation 10.3/20 | Relative strength 13.8/20
   - 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: 21.2 + 15.6 + 10.3 + 13.8 = 60.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Ashapura Minechem Ltd (ASHAPURMIN): 60/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 22.8/35 | Capital efficiency 17.5/25 | Valuation 11.1/20 | Relative strength 9.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of 10 weeks with a reading, within the last 12
   - Exact sum: 22.8 + 17.5 + 11.1 + 9 = 60.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Indian Metals & Ferro Alloys Ltd (IMFA): 58/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 18.1/35 | Capital efficiency 16.1/25 | Valuation 10.9/20 | Relative strength 12.4/20
   - 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 6 of the last 12 weeks
   - Exact sum: 18.1 + 16.1 + 10.9 + 12.4 = 57.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Midwest Energy Ltd (526570): 50/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 21.9/35 | Capital efficiency 3.6/25 | Valuation 10.0/20 | Relative strength 14.9/20
   - 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 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 21.9 + 3.6 + 10 + 14.9 = 50.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Coal India Ltd (COALINDIA): 50/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 9.3/35 | Capital efficiency 21.2/25 | Valuation 11.6/20 | Relative strength 8.2/20
   - 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 3 of the last 12 weeks
   - Exact sum: 9.3 + 21.2 + 11.6 + 8.2 = 50.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. 20 Microns Ltd (20MICRONS): 49/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 14.3/35 | Capital efficiency 17.6/25 | Valuation 12.2/20 | Relative strength 5.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of 10 weeks with a reading, within the last 12
   - Exact sum: 14.3 + 17.6 + 12.2 + 5 = 49.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Deccan Gold Mines Ltd (DECNGOLD): 45/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 21.5/35 | Capital efficiency 3.8/25 | Valuation 10.0/20 | Relative strength 9.6/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of 8 weeks with a reading, within the last 12
   - Exact sum: 21.5 + 3.8 + 10 + 9.6 = 44.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. KIOCL Ltd (KIOCL): 42/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 20.7/35 | Capital efficiency 6.3/25 | Valuation 8.5/20 | Relative strength 6.2/20
   - 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 10 weeks with a reading, within the last 12
   - Exact sum: 20.7 + 6.3 + 8.5 + 6.2 = 41.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Orissa Minerals Development Company Ltd (ORISSAMINE): 39/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.1/35 | Capital efficiency 8.0/25 | Valuation 10.0/20 | Relative strength 3.8/20
   - 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 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 17.1 + 8 + 10 + 3.8 = 38.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Gujarat Mineral Development Corporation Ltd (GMDCLTD): 38/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 14.6/35 | Capital efficiency 11.2/25 | Valuation 8.0/20 | 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 5 of the last 12 weeks
   - Exact sum: 14.6 + 11.2 + 8 + 4.3 = 38.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. MOIL Ltd (MOIL): 30/100 — Adverse evidence; evidence 77%
   - Growth & earnings 6.3/35 | Capital efficiency 11.8/25 | Valuation 7.3/20 | Relative strength 4.1/20
   - 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 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 6.3 + 11.8 + 7.3 + 4.1 = 29.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Bharat Coking Coal Ltd (BHARATCOAL): 38/100 — Thin evidence · provisional; evidence 35%
   - Growth & earnings 11.3/35 | Capital efficiency 6.5/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - 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: 11.3 + 6.5 + 10 + 10 = 37.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Midwest Energy Ltd has the strongest one-year price move in Mining/Minerals at +192.3%. Deccan Gold Mines Ltd leads on Mansfield relative strength against NIFTY at +48.9%. 6 of 12 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Midwest Energy Ltd (526570): 192%
2. Indian Metals & Ferro Alloys Ltd (IMFA): 96%
3. South West Pinnacle Exploration Ltd (SOUTHWEST): 68%
4. Vedanta Ltd (VEDL): 65%
5. Deccan Gold Mines Ltd (DECNGOLD): 51%

### Strongest relative strength versus NIFTY 500
1. Deccan Gold Mines Ltd (DECNGOLD): 49%
2. South West Pinnacle Exploration Ltd (SOUTHWEST): 21%
3. Indian Metals & Ferro Alloys Ltd (IMFA): 12%
4. Vedanta Ltd (VEDL): 12%
5. Ashapura Minechem Ltd (ASHAPURMIN): 7.2%

## Revenue Scale & Growth Durability

What the numbers say: Coal India Ltd is the scale leader at ₹1,57,856 crore, 77.6% 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 · ₹1,57,856 crore | 77.6% versus #2 · Vedanta Ltd | 4/8 recent comparable periods | 13/13 companies · 203 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): ₹1.6 L Cr
2. Vedanta Ltd (VEDL): ₹88.9K Cr
3. Bharat Coking Coal Ltd (BHARATCOAL): ₹12.9K Cr
4. Ashapura Minechem Ltd (ASHAPURMIN): ₹5.2K Cr
5. Gujarat Mineral Development Corporation Ltd (GMDCLTD): ₹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 ₹42.9K Cr | Sep 2025 ₹30.2K Cr | Dec 2025 ₹34.9K Cr | Mar 2026 ₹46.5K Cr | Jun 2026 ₹46.3K Cr
- VEDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 ₹15.8K Cr | Sep 2025 ₹18.7K Cr | Dec 2025 ₹21.3K Cr | Mar 2026 ₹24.6K Cr | Jun 2026 ₹24.2K Cr
- 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 ₹907 Cr
- 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 ₹245 Cr

### 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 18% | Sep 2025 -3.2% | Dec 2025 -5.3% | Mar 2026 23% | Jun 2026 7.8%
- VEDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.2% | Mar 2024 -6.4% | Jun 2024 6.0% | Sep 2024 -3.4% | Dec 2024 -52% | Mar 2025 -53% | Jun 2025 -56% | Sep 2025 -50% | Dec 2025 25% | Mar 2026 47% | Jun 2026 54%
- 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 24%
- 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 -0.8%

## Operating Economics & Margin Trend

What the numbers say: Vedanta Ltd leads opm at 35%; 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 · 35% | 34.6% versus #2 · Coal India Ltd | 4/8 recent comparable periods | 13/13 companies · 227 observations

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

### OPM — highest
1. Vedanta Ltd (VEDL): 35%
2. Coal India Ltd (COALINDIA): 26%
3. South West Pinnacle Exploration Ltd (SOUTHWEST): 24%
4. Gujarat Mineral Development Corporation Ltd (GMDCLTD): 21%
5. Indian Metals & Ferro Alloys Ltd (IMFA): 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 29% | Sep 2025 22% | Dec 2025 27% | Mar 2026 27% | Jun 2026 26%
- 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 27% | Sep 2025 26% | Dec 2025 31% | Mar 2026 31% | Jun 2026 35%
- 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 -4.5% | 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 2.7% | 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 21%
- 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 1.6% | Jun 2025 5.0% | Sep 2025 -15% | Dec 2025 1.0% | Mar 2026 -10% | Jun 2026 -1.8%
- 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 13%

### 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 −10.0 pp | Sep 2025 −6.0 pp | Dec 2025 −6.0 pp | Mar 2026 −4.0 pp | Jun 2026 −3.0 pp
- 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 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 +8.0 pp
- 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 +69.1 pp | Dec 2023 +22.0 pp | Mar 2024 −13.0 pp | Jun 2024 −20.0 pp | Sep 2024 −412.5 pp | Dec 2024 −31.0 pp | Mar 2025 −10.0 pp | Jun 2025 −13.0 pp | Sep 2025 +402.0 pp | Dec 2025 +26.7 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 −2.0 pp
- 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 −11.6 pp | Jun 2026 −6.8 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 +15.9 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 0.0 pp

## Profit Scale & Acceleration

What the numbers say: Coal India Ltd leads with ₹31,187 crore of TTM profit, 9.2% 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 · ₹31,187 crore | 9.2% versus #2 · Vedanta Ltd | 3/8 recent comparable periods | 13/13 companies · 203 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): ₹31.2K Cr
2. Vedanta Ltd (VEDL): ₹28.6K Cr
3. Gujarat Mineral Development Corporation Ltd (GMDCLTD): ₹956 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): 44%
4. Vedanta Ltd (VEDL): 44%
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 ₹8.8K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹10.9K Cr | Jun 2026 ₹8.9K Cr
- VEDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 ₹7.9K Cr
- 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 ₹163 Cr
- 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 ₹18 Cr

### 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 0.7%
- VEDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | 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 78%
- 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 -0.6%
- 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 5.9%

## 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 · 99 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): +4.0 pp
5. Ashapura Minechem Ltd (ASHAPURMIN): +2.0 pp

### 20-quarter ROCE history
- 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
- 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: Indian Metals & Ferro Alloys Ltd has the lowest comparable PEG at 1.08×, 15.6% below Gujarat Mineral Development Corporation Ltd. Only 2 of 13 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: Indian Metals & Ferro Alloys Ltd · 1.08× | 15.6% versus #2 · Gujarat Mineral Development Corporation Ltd | 0/8 recent comparable periods | 2/13 companies · 11 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. Indian Metals & Ferro Alloys Ltd (IMFA): 1.1
2. Gujarat Mineral Development Corporation Ltd (GMDCLTD): 1.3

### P/E — lowest P/E
1. Coal India Ltd (COALINDIA): 8.2
2. Vedanta Ltd (VEDL): 9.4
3. 20 Microns Ltd (20MICRONS): 10.0
4. Ashapura Minechem Ltd (ASHAPURMIN): 16.6
5. Indian Metals & Ferro Alloys Ltd (IMFA): 18.4

### 20-quarter PEG history
- 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 8.6
- 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 7.9 | Dec 2025 13.7 | Mar 2026 12.1 | Jun 2026 6.2
- 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 33.2
- 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 10.5


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 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.
- 5 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: Valuation have fewer than three usable current readings.

## Every company
- Coal India Ltd (COALINDIA) — market value ₹2.6 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Vedanta Ltd (VEDL) — market value ₹1.0 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- KIOCL Ltd (KIOCL) — market value ₹22.2K Cr; latest fundamentals Mar 2026
- Gujarat Mineral Development Corporation Ltd (GMDCLTD) — market value ₹17.9K Cr; latest fundamentals Jun 2026
- Bharat Coking Coal Ltd (BHARATCOAL) — market value ₹15.8K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Indian Metals & Ferro Alloys Ltd (IMFA) — market value ₹7.8K 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 ₹5.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Midwest Energy Ltd (526570) — market value ₹5.0K 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 ₹2.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- South West Pinnacle Exploration Ltd (SOUTHWEST) — market value ₹778 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- 20 Microns Ltd (20MICRONS) — market value ₹679 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 3. Unverified: 5. Withheld: 5. 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.

5 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; Vedanta Ltd (VEDL) — its two data sources disagree by up to 126% on reported income across 13 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 | VEDL | Vedanta Ltd | diff_gt_2pct | disagreement up to 125.78% over 13 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 2026-07-31.
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 sector outperforming NIFTY 500?

Mining/Minerals has outperformed NIFTY 500 by 38.2% over 52 weeks and 1.3% over 13 weeks. 6 of 12 covered companies beat NIFTY on Mansfield relative strength, while 4 of 12 beat the sector itself.

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

Coal India Ltd leads with revenue of ₹1,57,856 crore, based on 13 of 13 comparable companies through Jun 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 79.6/100 with 87% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Indian Metals & Ferro Alloys Ltd has the lowest comparable PEG at 1.08, among 2 of 13 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Mining/Minerals 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 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 ₹1,57,856 crore, ahead of Vedanta Ltd at ₹88,898 crore. That covers 13 of 13 companies with comparable reporting through Jun 2026.

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

Vedanta Ltd has the highest operating margin at 35%, 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 ₹31,187 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 PEG — where a LOWER number is cheaper — Indian Metals & Ferro Alloys Ltd screens cheapest at 1.08×. Only 2 of 13 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 sector beating the market?

Mining/Minerals has outperformed NIFTY 500 by 38.2% over the last 52 weeks and 1.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 12 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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 79.6 out of 100 with 87% evidence confidence, from 30.6 points on growth and earnings, 19.3 on capital efficiency, 12.2 on valuation and 17.5 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 Mining/Minerals companies does this comparison cover, and over what period?

It compares 13 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 sector?

The 13 Mining/Minerals companies on this page carry ₹4,47,551 crore of combined market value. Coal India Ltd is the largest at ₹2,55,229 crore, about 57% 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 sector's P/E ratio?

The median price-to-earnings ratio across the 13 Mining/Minerals companies on this page is 18.4×, 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 2026-08-05.

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

6 of the 12 covered Mining/Minerals companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 38.2% 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.