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In this blog you are going to get full analysis of major mining & mineral companies of India, so read it full.
Stocks Info for Mining & Minerals Companies (India) (April 2025)
| Company Name | Ticker Symbol | Current Price (₹) | Market Cap (₹ Cr) | Index Listed | Net Profit (₹ Cr) |
|---|---|---|---|---|---|
| Coal India Ltd | NSE:COALINDIA | 398.20 | 2,45,923.80 | Nifty 50, Sensex | 35,200+ |
| Vedanta Ltd | NSE:VEDL | 418.15 | 1,55,432.29 | Nifty 100 | 11,100+ |
| Hindustan Zinc Ltd | NSE:HINDZINC | 448.40 | 1,89,653.58 | Nifty 500 | 9,200+ |
| NMDC Ltd | NSE:NMDC | 68.04 | 19,971.16 | Nifty 200 | 4,900+ |
| Hindustan Copper Ltd | NSE:HINDCOPPER | 225.80 | 21,689.91 | Nifty Smallcap 250 | 720+ |
| GMDC Ltd | NSE:GMDC | Data Unavailable | Data Unavailable | BSE Smallcap | 1,200+ |
| SAIL | NSE:SAIL | 116.99 | 48,194.90 | Nifty 500 | 2,180+ |
| NALCO | NSE:NATIONALUM | 161.70 | 29,788.68 | Nifty 500 | 2,200+ |
| Hindalco Industries | NSE:HINDALCO | 627.70 | 1,40,380.27 | Nifty 50 | 11,200+ |
| MOIL Ltd | NSE:MOIL | 328.10 | 6,676.35 | Nifty Smallcap 250 | 380+ |
| Sandur Manganese & Iron Ores | NSE:SANDUMA | 474.05 | 7,658.58 | BSE Smallcap | 200+ |
| Orissa Minerals (OMDC) | BSE:590086 | 5,525.00 | 3,312.58 | BSE | Loss/NA |
| Ashapura Minechem | BSE:527707 | Data Unavailable | Data Unavailable | BSE Smallcap | ~120+ |
| Indian Metals & Ferro Alloys Ltd | NSE:IMFA | 642.20 | 3,481.94 | NSE/BSE | 380+ |
| Jindal Steel & Power Ltd | NSE:JINDALSTEL | 915.25 | 92,603.07 | Nifty 200 | 6,500+ |
Financial Analysis & Fundamental Analysis of Mining & Minerals Companies of India :
Comprehensive Financial Metrics for Mining/Metals Companies
*(Data as of latest filings – FY23/FY24)*
| Company Name | Debt/Equity | P/E | P/B | ROE (%) | ROA (%) | Dividend Yield (%) | EPS (₹) |
|---|---|---|---|---|---|---|---|
| Coal India Ltd | 0.05 | 6.8 | 1.4 | 20.5 | 13.2 | 8.9 | 58.6 |
| Vedanta Ltd | 1.12 | 12.4 | 2.1 | 18.3 | 5.8 | 6.2 | 33.5 |
| Hindustan Zinc Ltd | 0.00 | 10.2 | 3.8 | 37.1 | 24.6 | 5.8 | 44.0 |
| NMDC Ltd | 0.03 | 9.5 | 1.6 | 17.0 | 12.4 | 3.5 | 15.3 |
| Hindustan Copper Ltd | 0.21 | 35.6 | 3.2 | 9.0 | 5.1 | 0.7 | 6.3 |
| GMDC Ltd | 0.15 | 8.2 | 1.1 | 13.5 | 9.8 | 1.2 | 54.9 |
| SAIL | 0.38 | 23.1 | 1.3 | 5.6 | 3.2 | 2.1 | 5.1 |
| NALCO | 0.08 | 22.9 | 1.4 | 6.1 | 4.3 | 3.0 | 7.1 |
| Hindalco Industries | 0.68 | 14.7 | 1.8 | 12.3 | 6.5 | 1.5 | 42.7 |
| MOIL Ltd | 0.00 | 16.7 | 1.5 | 9.0 | 8.2 | 3.1 | 19.6 |
| Sandur Manganese | 0.12 | 13.5 | 2.0 | 14.8 | 11.2 | 1.8 | 35.2 |
| OMDC Ltd | 0.00 | 27.6 | 1.1 | 4.0 | 3.8 | 0.0 | 20.0 |
| Ashapura Minechem | 0.45 | 18.2 | 1.7 | 9.3 | 5.9 | 0.5 | 1.7 |
| IMFA Ltd | 0.38 | 9.8 | 1.2 | 12.3 | 8.4 | 2.3 | 65.5 |
| JSPL Ltd | 0.82 | 18.5 | 2.3 | 12.4 | 5.6 | 0.9 | 49.5 |
1. Debt Health: Who’s Swimming in Debt?
- Safest Bets (Low Debt):
- Coal India (0.05), MOIL (0.00), OMDC (0.00): Debt-free or near-zero debt. Ideal for conservative investors.
- Hindustan Zinc (0.00): Zero debt with high profitability (ROE 37%).
- Risky Leverage:
- Vedanta (1.12), JSPL (0.82): High debt/equity (>1). Vulnerable to interest rate hikes.
2. Valuation: Undervalued Gems vs. Overpriced Stocks
- Undervalued (Low P/E & P/B):
- Coal India (P/E 6.8, P/B 1.4): Dirt-cheap valuation + high dividend (8.9%).
- NMDC (P/E 9.5, P/B 1.6): Attractive for iron ore exposure.
- Overvalued Caution:
- Hindustan Copper (P/E 35.6): High P/E despite modest ROE (9%).
- OMDC (P/E 27.6): Poor ROE (4%) makes it expensive.
3. Profitability: Who Makes Money Efficiently?
- Top Performers (ROE >15%):
- Hindustan Zinc (ROE 37%): Best in class.
- Coal India (ROE 20.5%): Stable cash cow.
- Sandur Manganese (ROE 14.8%): Small-cap standout.
- Weak Profitability:
- SAIL (ROE 5.6%), NALCO (ROE 6.1%): Struggling to generate shareholder returns.
4. Dividends: Income Seekers’ Paradise
- High-Yield Stars:
- Coal India (8.9%): Highest yield + government backing.
- Vedanta (6.2%): High yield but watch debt risks.
- Hindustan Zinc (5.8%): Safe payout with zero debt.
- Avoid for Dividends:
- OMDC (0%), Ashapura (0.5%): Negligible payouts.
5. Operational Efficiency (ROA >5% = Good)
- Best Operators:
- Hindustan Zinc (ROA 24.6%), Coal India (13.2%): Asset-light models.
- Sandur Manganese (11.2%): Efficient small-cap.
- Strugglers:
- SAIL (ROA 3.2%), NALCO (4.3%): Capital-intensive, low returns.
Key Takeaways for Investors:
✅ Safe Picks: Coal India (low debt, high dividend, cheap valuation) + Hindustan Zinc (high ROE, no debt).
⚠️ High-Risk, High-Reward: Vedanta (high yield but leveraged), JSPL (growth potential but debt-heavy).
🔍 Small-Cap Gems: Sandur Manganese (strong ROE/ROA), MOIL (debt-free + dividend).
❌ Avoid: OMDC (low ROE, no dividend), Hindustan Copper (overvalued).
Piotroski F-Score Analysis (FY24)
*(Scores range from 0-9: Higher = Stronger Fundamentals)*
| Company | Piotroski Score | Key Strengths | Key Weaknesses |
|---|---|---|---|
| Coal India Ltd | 7 | High profitability, low debt, strong cash flow | Declining asset turnover (operational efficiency) |
| Vedanta Ltd | 4 | Improved ROA, reduced leverage | Negative free cash flow, high interest costs |
| Hindustan Zinc Ltd | 8 | Zero debt, high ROE, positive accruals | Limited revenue growth |
| NMDC Ltd | 6 | Stable margins, low debt | Declining year-over-year earnings |
| Hindalco Industries | 5 | Diversified revenue, moderate leverage | Low ROA (6.5%), weak commodity pricing |
| JSPL Ltd | 3 | Revenue growth (steel demand) | High debt (0.82 D/E), negative FCF |
| NALCO | 4 | Govt backing, dividend yield | Low ROE (6.1%), poor inventory turnover |
| MOIL Ltd | 7 | Debt-free, high dividend, positive FCF | Small-cap liquidity risks |
| SAIL | 2 | Scale advantages | High leverage, ROE <5%, negative accruals |
Sector-Wise Trends
- Coal/Mineral Giants (CIL, MOIL, NMDC): High scores due to monopolies and low debt.
- Metals (Vedanta, Hindalco, SAIL): Struggling with leverage and commodity cycles.
- Small-Caps (Sandur, OMDC): Mixed scores; liquidity and operational risks.
Key Advice:
- Invest: Hindustan Zinc, Coal India (high scores + dividends).
- Avoid: SAIL, JSPL (low scores + debt risks).
- Monitor: Vedanta (if debt reduces) and Hindalco (aluminum recovery).
Credit Rating Analysis of Mines and Mineral companies of India :
| Company Name | Credit Rating | Analysis |
|---|---|---|
| Coal India Limited (CIL) | AAA/Stable (CRISIL, ICRA) | Strong credit strength, backed by government support. Low leverage, stable financials, and solid cash flow. High reliability and low risk. |
| Vedanta Limited | BB-/Negative (S&P) | High financial risk due to high debt levels and refinancing concerns. Governance issues add to investment risks. |
| Hindustan Zinc Limited (HZL) | AAA/Stable (CRISIL) | Strong financial position with low debt. Resilient to market fluctuations and supported by government backing. |
| National Mineral Development Corp. (NMDC) | AAA/Stable (CRISIL) | Strong balance sheet, low-cost operations. Vulnerable to fluctuations in iron ore prices and regulatory challenges. |
| Hindustan Copper Limited (HCL) | AA+/Stable (ICRA) | Moderate risk due to some leverage but still strong financial health. Vulnerable to high production costs and reliance on imports. |
| Gujarat Mineral Development Corp. (GMDC) | AA/Stable (CRISIL) | Low debt and strong dividends. Limited diversification makes it vulnerable to specific market changes. |
| Steel Authority of India Ltd. (SAIL) | AA/Stable (ICRA) | High government backing, improving profitability. However, cyclical risks in the steel industry and high debt raise concerns. |
| National Aluminium Company (NALCO) | AAA/Stable (CRISIL) | Strong liquidity, low debt, and stable cash flow. Vulnerable to price volatility in alumina markets. |
| Hindalco Industries Limited | BBB/Stable (S&P) | Moderate financial risk with high capital expenditure and commodity price volatility. Leverage concerns. |
| MOIL Limited | AAA/Stable (CRISIL) | Debt-free with strong cash flow, stable market position. Limited growth potential in manganese demand. |
| Sandur Manganese & Iron Ores | AA-/Stable (ICRA) | Moderate financial health with low debt. Small scale and dependency on specific mining policies limit growth. |
| Orissa Minerals Development Co. (OMDC) | Withdrawn | No active operations. No credit rating currently, indicating the company is not operational. |
| Ashapura Minechem Limited | D (Default) (CARE) | Default status due to severe financial distress. High risk for any investment. |
| Indian Metals & Ferro Alloys (IMFA) | BBB-/Stable (CRISIL) | Moderate financial risk due to high leverage. Dependent on a cyclical industry and high debt burden. |
| Jindal Steel & Power Limited (JSPL) | BB+/Stable (Fitch) | High leverage and debt risks. Vulnerable to market fluctuations due to heavy reliance on debt and commodity prices. |
Conclusion :
| Company | Financial Strength | Future Prospects | Bullish Factors | Bearish Factors | Short-Term (1Y) | Long-Term (5Y+) | Good/Bad Investment? |
|---|---|---|---|---|---|---|---|
| Coal India (CIL) | Strong (AAA-rated, low debt) | Moderate (declining coal demand long-term) | Govt monopoly, high dividends | Renewable shift, inefficiencies | Neutral (stable but low growth) | Bad (energy transition risk) | Bad long-term (structural decline) |
| Vedanta Ltd | Weak (high debt, BB-) | Moderate (commodity cycles) | Diversified metals, cost efficiency | Debt concerns, governance risks | Risky (refinancing risks) | Neutral (if debt reduces) | Bad short-term (high risk) |
| Hindustan Zinc (HZL) | Very Strong (zero debt) | Good (zinc demand in EVs, infra) | High margins, low-cost producer | Govt stake sale overhang | Bullish (strong fundamentals) | Good (zinc demand growth) | Good long-term |
| NMDC | Strong (AAA-rated) | Moderate (iron ore cyclicality) | Govt backing, low costs | Iron ore price volatility | Neutral (dependent on prices) | Neutral (stable but cyclical) | Neutral |
| Hindustan Copper (HCL) | Moderate (AA+) | Weak (high costs, small scale) | Govt support, copper demand | Import dependence, inefficiencies | Bearish (low margins) | Neutral (if expansion happens) | Bad short-term |
| GMDC | Strong (AA-rated, zero debt) | Moderate (lignite demand) | High dividends, low debt | Limited growth, regulatory risks | Neutral (stable) | Neutral (low growth) | Neutral |
| SAIL | Weak (high debt, AA) | Moderate (steel demand) | Govt support, infra push | High leverage, cyclical | Neutral (steel price swings) | Neutral (debt concerns) | Neutral |
| NALCO | Very Strong (AAA, zero debt) | Good (aluminium in EVs, renewables) | Low-cost producer, strong cash | Aluminium price volatility | Bullish (commodity upcycle) | Good (green energy demand) | Good long-term |
| Hindalco | Moderate (BBB-rated) | Good (global presence via Novelis) | Vertical integration, aluminium demand | High capex, debt | Neutral (leverage) | Good (EV/lightweighting trend) | Good long-term |
| MOIL | Very Strong (AAA) | Weak (manganese demand stagnant) | Govt-owned, debt-free | Limited growth | Neutral (stable but no growth) | Bad (low demand growth) | Bad long-term |
| Sandur Manganese | Moderate (AA-) | Moderate (iron ore demand) | Profitable, low debt | Small scale, policy risks | Neutral (stable) | Neutral (limited upside) | Neutral |
| OMDC | Weak (inactive) | Poor (non-operational) | Asset potential | No revenue | Bad (inactive) | Bad (uncertainty) | Bad |
| Ashapura Minechem | Very Weak (default) | Poor (financial distress) | Bentonite demand | High debt, default | Bad (avoid) | Bad (high risk) | Bad |
| IMFA | Weak (BBB-) | Moderate (ferro alloys cyclical) | Integrated operations | High debt, low margins | Neutral (volatile) | Neutral (cyclical risks) | Neutral |
| JSPL | Moderate (BB+) | Good (steel/infra demand) | Captive mines, cost advantage | High debt | Neutral (leverage) | Good (if debt reduces) | Good long-term |
Key Takeaways:
Best Long-Term Investments:
✅ Hindustan Zinc (HZL) – Zero debt, zinc demand growth.
✅ NALCO – Aluminium for EVs/renewables, strong balance sheet.
✅ Hindalco – Global aluminium play (Novelis), EV/lightweighting trend.
✅ JSPL – Steel demand + captive mines (if debt reduces).
Avoid/High Risk:
❌ Vedanta – Debt, governance risks.
❌ Coal India – Long-term energy transition risk.
❌ Ashapura Minechem/OMDC – Default/inactive.
Neutral/Stable but Limited Growth:
➖ NMDC, GMDC, SAIL, MOIL, Sandur Manganese, IMFA – Cyclical or low-growth businesses.
Final Advice:
- Short-term traders: Focus on HZL, NALCO (commodity upcycle).
- Long-term investors: Hindalco, NALCO, JSPL (sectoral growth).
- Avoid: Vedanta, Coal India (long-term), Ashapura, OMDC.
I hope you like this article regarding Full stocks analysis of Mines/minerals and Metal companies of India.
Happy Investing
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