Top Metal Stocks in India 2025

The metal sector is a vital part of India’s industrial growth. It supports much more than just factories, playing a key role in building infrastructure, driving the auto and defence industries, and enabling progress in energy and technology. In 2025, the metal industry in India is changing fast. This also means it is vital for you to pay attention to the top metal stocks. Global price fluctuations, supply chain disruptions, and the shift toward sustainable manufacturing are pushing companies to rethink how they operate.

At the same time, rising domestic demand and the government’s focus on infrastructure are giving the sector a strong push forward. Some companies are better placed than others to make the most of this moment. They’re expanding capacity, improving efficiency, investing in cleaner technologies, and keeping their finances strong despite the ups and downs. In this article, let’s discuss the list of India’s top metal stocks for 2025, companies with strong fundamentals and long-term growth plans. Let’s start!

Overview of the Metal Industry in India

India’s metal and mining sector continues to be a critical engine of growth for the economy. As of FY24 (provisional), the country had around 2,036 operational mines, including 795 that produced metallic minerals and 1,241 focused on non-metallic minerals. This wide base supports not just industrial output but also export earnings and employment.

Steel, one of the most essential building materials, has seen steady growth. Between April and December 2024, India produced 84.95 million tonnes of crude steel and 84 million tonnes of finished steel. The country is on track to exceed its ambitious target of reaching 300 million tonnes of steel production capacity by 2030. The current projections estimate the capacity to touch 330 million tonnes.

India also holds a strong position in the global aluminium market, ranking as the world’s second-largest producer. Aluminium output reached 3.15 million tonnes by December in FY25. This highlights its growing importance in sectors like transport, energy, and consumer goods.

As infrastructure development accelerates and the push for self-reliance and clean energy grows stronger, top metal stocks are well-positioned to play a defining role in the country’s long-term industrial strategy.

List of Top Metal Stocks in India 2025

Now, let’s take a deeper look at the best metal stocks in India and how each company is shaping the future of India’s metal sector.

1. Tata Steel

Tata Steel, a global steel giant, boasts an annual crude steel capacity of around 35 million tonnes (MnT), spanning both domestic and international operations. The company’s domestic operations span Jharkhand’s Jamshedpur and Gamharia, Odisha’s Kalinganagar and Meramandali. Together, these sites contribute to the company’s domestic crude steel capacity of 21.6 million tonnes annually. 

With a long-term vision to double its steelmaking capacity in India, Tata Steel continues to invest aggressively through both organic expansions and strategic acquisitions. Recently, the company marked a major milestone by completing the second phase of its expansion at Kalinganagar. This ₹27,000 crore investment has helped the company triple the plant’s capacity from 3 MnT to 8 MnT. The upgraded Kalinganagar site is now home to India’s largest blast furnace, with a massive internal volume of 5,870 cubic metres, making it a core pillar of the company’s domestic production.

On the international front, Tata Steel is aligning with global decarbonisation goals. It signed a joint agreement with the UK government to modernise its Port Talbot plant for low-carbon steel production. The £1.25 billion investment includes up to £500 million in government support, underscoring the company’s commitment to green steelmaking.

In the January-March quarter, the company reported a consolidated net profit of ₹1,201 crore, more than double the figure from the same period last year. However, this improvement was tempered by losses in its European operations, particularly in the Netherlands and the UK, which partially offset the strong performance in India.

The company’s standalone Indian business remained the main driver, delivering a net profit of ₹3,141 crore during the quarter. Though this marked a 19% decline year-on-year, largely due to softer steel prices, volumes told a different story. Tata Steel recorded its best-ever quarterly sales in India at approximately 21 million tonnes, a 5% increase over the previous year. This growth was supported by the ramp-up of its expanded blast furnace at Kalinganagar and near-full capacity utilisation across its other domestic sites.

2. JSW Steel

Over the past three decades, JSW Steel has transformed from a single-site operation into one of the most prominent steel producers in India, with a combined capacity of 35.7 million tonnes per annum (MTPA) across India and the United States. This includes 6 MTPA currently under commissioning within India. Looking ahead, the company is targeting a total installed capacity of 38.5 MTPA by the end of FY25. 

At the heart of its operations lies the Vijayanagar plant in Karnataka, India’s largest single-location steel manufacturing facility. With an existing capacity of 17.5 MTPA and an additional 5 MTPA under commissioning, this plant is a central pillar of JSW Steel’s production strength and future growth strategy. JSW Steel has partnered with South Korea’s POSCO to invest ₹65,000 crore ($7.73 billion) in a new steel plant in Odisha, with an initial production capacity of 5 million metric tonnes per year.

Looking further ahead, JSW Steel has set its sights on a long-term capacity target of 51.5 MTPA by FY31. This expansion will be driven by a blend of organic growth and strategic acquisitions, both within India and abroad. On the sustainability front, the company has outlined clear climate commitments. It aims to reduce its carbon emissions intensity by 42% by FY30, with a broader ambition to achieve net-zero emissions by 2050, a goal that aligns with global decarbonisation efforts and reflects its evolving environmental priorities.

Financially, JSW Steel reported a net profit of ₹1,503 crore in Q4 FY25, up 16% year-on-year from ₹1,299 crore, supported by improved margins and lower input costs. However, revenue from operations declined 3% YoY to ₹44,819 crore, compared to ₹46,269 crore in the same period last year. Like its peers, the company felt the impact of subdued steel prices. 

3. Hindalco Industries

Hindalco Industries, the metals flagship company of the Aditya Birla Group, has emerged as a global leader in aluminium and copper production, with operations spanning 52 plants across 10 countries. The company has committed ₹45,000 crore towards expanding its aluminium, copper, and speciality alumina businesses, aiming to double its raw material production and make four times more finished products in India by FY30. 

In aluminium production, Hindalco boasts a primary aluminium capacity of 1.34 million tonnes per annum (MTPA), supported by smelters located in Renukoot, Aditya, Mahan, and Hirakud. The company also has a significant alumina refining capacity of 3.74 MTPA. In the copper segment, Hindalco operates one of the world’s largest single-location custom copper smelters at Dahej, Gujarat, with a smelting capacity of 500,000 tonnes per annum. The facility also includes refineries and rod plants, producing 420,000 tonnes of copper cathodes and 540,000 tonnes of copper rods annually.

Hindalco is also investing ₹800 crore to establish a 25,000-tonne capacity plant in Odisha for producing battery-grade aluminium foil, which aims to support the growing demand for lithium-ion cell components in the electric vehicle sector. Additionally, the company plans to invest ₹15,000 crore in Madhya Pradesh to expand its aluminium smelting capacity, including the development of a large mine called Banda.

In the March quarter of FY25, Hindalco delivered a 66% year-on-year jump in consolidated net profit, reaching ₹5,283 crore compared to ₹3,174 crore in the same period last year. Revenue from operations also saw a growth, rising nearly 16% to ₹64,890 crore from ₹55,994 crore a year ago.

On the balance sheet front, the company continued to strengthen its financial position by bringing down its net debt. As of March-end, net debt stood at ₹35,332 crore, a notable improvement from ₹41,818 crore at the close of the December quarter.

4. Vedanta Ltd. 

Vedanta Ltd. is a diversified natural resources conglomerate that has been making significant strides across its aluminium, zinc, and renewable energy segments, making it one of the top metal stocks in 2025. In a significant milestone last year, the company recently commissioned an additional 1.5 million tonnes per annum (MTPA) capacity at its Lanjigarh alumina refinery in Odisha. This expansion has raised the refinery’s total capacity to 3.5 MTPA, with plans underway to take it up to 5 MTPA. The enhanced capacity will play a vital role in supporting Vedanta’s growing aluminium operations, helping it achieve greater vertical integration and cost efficiency.

Vedanta also has a strong presence in the zinc and silver markets through its 64.9% stake in Hindustan Zinc Ltd (HZL). HZL commands a dominant 75% share of India’s primary zinc market and is the fifth-largest silver producer in the world, having produced approximately 714 tonnes of silver in FY23.

Vedanta has also been actively advancing its clean energy transition. The company has scaled up its renewable energy capacity to 1.03 GW and is steadily working toward its goal of reaching 2.5 GW by 2030. This clean energy is being sourced through long-term power purchase agreements, ensuring a consistent supply to support its energy-intensive operations.

Financially, the company delivered a robust performance in Q4 FY25. Consolidated net profit surged 154% year-on-year to ₹3,483 crore, driven by lower operating costs and higher volumes. Revenue for the quarter stood at ₹41,216 crore, up from ₹36,093 crore in the same period last year. In a separate statement, Vedanta noted that its Profit After Tax (PAT) for the quarter was ₹4,961 crore, an increase of 118% over the previous year and 2% as compared to the previous quarter.

5. National Mineral Development Corporation (NMDC) 

National Mineral Development Corporation (NMDC), a Navratna PSU under the Ministry of Steel, is India’s largest iron ore producer. With its headquarters in Hyderabad, Telangana, NMDC operates highly machine-operated iron ore mines mainly in Chhattisgarh and Karnataka. 

The company runs one of the world’s most cost-efficient iron ore producers. NMDC also runs India’s only mechanised diamond mine located in Panna, Madhya Pradesh. Currently, NMDC produces over 45 MTPA of iron ore, primarily from its key mining areas, the Bailadila sector in Chhattisgarh and Donimalai in the Bellary-Hospet region of Karnataka. NMDC aims to increase its iron ore production capacity to 100 million tonnes by the fiscal year 2030.

NMDC has implemented solar power projects both at its Head Office and Paloncha Unit, including a 30 KW rooftop solar installation at its headquarters and a 1 MW rooftop system at its production facilities. Additionally, the company commissioned seven wind turbines near Chitradurga, Karnataka, with a total capacity of 10.5 MWH in 2008-09, alongside several other wind energy conservation measures.

The company reported a 5% rise in consolidated net profit for the March quarter, reaching ₹1,483.18 crore, up from ₹1,415.62 crore in the same period last year, driven by increased sales of iron ore and pellets. The company’s total income for Q4 FY25 grew nearly 9% to ₹7,497.17 crore, compared to ₹6,908.37 crore in Q4 FY24. Iron ore sales accounted for ₹6,350.49 crore, while pellets and other minerals contributed ₹662.07 crore, according to its exchange filing.

India’s Metals Sector – Growth Drivers, Opportunities & Key Risks

The Indian metal sector is poised for significant growth, driven by rising infrastructure development, industrial demand, and a global push toward sustainable manufacturing. Leading companies are aggressively expanding capacities and investing in cleaner technologies to align with decarbonisation goals. Government support, increasing domestic consumption, and strategic initiatives in renewable energy will likely boost the sector’s growth trajectory.

However, the industry faces notable challenges. Commodity price volatility and geopolitical uncertainties could disrupt supply chains and impact margins. Regulatory and environmental compliance costs are rising, demanding substantial capital and operational adjustments. Delays in capacity expansions or failure to meet green energy targets could also pose setbacks. Navigating these risks alongside capitalising on emerging opportunities will be crucial for sustained success.

Conclusion

The Indian metal sector stands at a pivotal crossroads fueled by rising domestic demand, ambitious capacity expansions, and an urgent shift toward sustainability. While challenges like price volatility and regulatory pressures persist, the top metal stocks are reinventing themselves. Their investments in cutting-edge technology, green energy, and global partnerships are setting new benchmarks for growth. For investors, understanding these dynamics is key to unlocking long-term value in a sector that will remain fundamental to India’s economic growth story.

FAQs

1. What are the major factors driving growth in India’s metal industry?

Growth is driven by rising infrastructure development, expanding automotive and defence sectors, and increased demand from renewable energy and electric vehicle industries. Focus on green production and decarbonisation also fuels innovation and investment in the sector.

2. Which companies are the leading metal producers in India?

Tata Steel, JSW Steel, Hindalco Industries, Vedanta Ltd, and NMDC are among the top metal stocks by production capacity and market capitalisation.

3. How do fluctuations in global commodity prices impact India’s top metal stocks?

Changes in global prices affect how much companies earn, how competitive they are in exports, and whether they decide to increase production.

4. What role does government policy play in the metal sector?

Policies related to mining regulations, export duties, infrastructure development, and clean energy incentives significantly shape industry growth and company strategies.

5. Why is India’s metal industry important?

It supports key sectors like construction, automotive, defence, and renewable energy.

Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Registration granted by SEBI, enlistment as a Research Analyst with the Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The securities are quoted as an example and not as a recommendation.

This is for informational purposes and should not be considered as recommendations. Kindly refer to  https://share.market/ for more details. PhonePe Wealth Broking Private Limited, Research Analyst with SEBI Regn No: INH000013387, BSE RA Enlistment Number: 5887.