3 Iron Ore Miner, Aluminium Producer and Stainless Steel Stocks With a Strong Future Roadmap: NMDC, National Aluminium Company and Jindal Stainless

NMDC, National Aluminium Company and Jindal Stainless: ROE of 16.1% to 26.8% and FY22 to FY26 revenue CAGR of 5.9% to 7.2%. Prices as of 20 Oct 2026.

Updated: 21 Oct 2026 • 4:03 pm

Posted by:

3 Iron Ore Miner, Aluminium Producer and Stainless Steel Stocks With a Strong Future Roadmap: NMDC, National Aluminium Company and Jindal Stainless

Quick Answer

The three mining and metal stocks to watch are NMDC, National Aluminium Company and Jindal Stainless. Their return on equity ranges from 16.1% to 26.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.9% to 7.2%. National Aluminium Company has the highest return on equity at 26.8%, while Jindal Stainless has the fastest revenue growth at 7.2% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.

Mining and metal stocks give investors a way to follow the raw materials behind steel, aluminium and stainless products. NMDC, National Aluminium Company and Jindal Stainless represent India's largest iron ore producer, a low-cost integrated aluminium maker and the country's largest stainless steel company.

This list covers three mining and metal stocks with complete current figures: NMDC, National Aluminium Company and Jindal Stainless. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.

Click Here – Get Free Investment Predictions

Table of Contents

What Are Mining and Metal Stocks?

Mining and metal stocks are listed companies that dig ore, refine metals or make steel products for construction, manufacturing and energy. Their results depend on volumes, realisations and the cost of production.

Mining and Metal Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
NMDC	70.5	61,921	8.3	9.9	21.9	0.19
National Aluminium Company	318	58,387	8.7	11.6	26.8	0.00
Jindal Stainless	734.9	60,508	18.7	22.7	16.1	0.38

On valuation, all three trade at a P/E below their industry P/E, which means the market is pricing them at a lower multiple than their peer group. Readers comparing mining and metal stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.

Why Do Mining and Metal Stocks Have a Strong Roadmap in India?

Mining and metal stocks have a strong roadmap in India because infrastructure, housing and manufacturing spending is lifting demand for steel, aluminium and stainless products.

Infrastructure demand. Roads, railways and buildings use large volumes of steel and aluminium.
Capacity plans. Planned expansions in mines and smelters support future volumes.
Stainless adoption. Railways, kitchenware and construction are raising consumption.

Why NMDC Features Among These Mining and Metal Stocks

Among the mining and metal stocks on this list, NMDC is a public sector miner and India's largest producer of iron ore, with mines in Chhattisgarh and Karnataka, and it also has interests in lithium, diamonds and other minerals.

The company has a return on equity of 21.9%, a debt to equity ratio of 0.19 and a market capitalisation of Rs 61,921 crore. The stock trades at a P/E of 8.3, below the industry P/E of 9.9.

Revenue rose from Rs 26,683 crore in FY22 to Rs 33,559 crore in FY26, a compound annual growth rate of 5.9%. Net profit grew from Rs 5,538 crore in FY23 to Rs 7,415 crore in FY26, which works out to a compound annual growth rate of 10.2%. In the June 2026 quarter, revenue grew 1.5% year on year to Rs 7,143 crore, while net profit rose 1.9% to Rs 2,006 crore.

Roadmap: The company plans to raise production capacity to meet the country's growing steel demand and has a debt-free balance sheet that supports its mining expansion. Its low-cost iron ore and new mineral projects give it multiple growth options.

What to watch: Follow iron ore volumes and prices and the pace of its expansion and critical mineral projects.

Why National Aluminium Company Features Among These Mining and Metal Stocks

Among the iron ore and aluminium shares on this list, National Aluminium Company, known as NALCO, is a public sector firm that mines bauxite, refines alumina and produces aluminium, with captive power generation in Odisha.

Revenue rose from Rs 14,478 crore in FY22 to Rs 18,509 crore in FY26, a compound annual growth rate of 6.3%. Net profit grew from Rs 2,951 crore in FY22 to Rs 5,797 crore in FY26, which works out to a compound annual growth rate of 18.4%.

In the June 2026 quarter, revenue grew 39.3% year on year to Rs 5,476 crore, while net profit rose 90.9% to Rs 2,003 crore. The company has a return on equity of 26.8%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 58,387 crore. The stock trades at a P/E of 8.7, below the industry P/E of 11.6.

Roadmap: The company is one of the lowest-cost integrated aluminium producers and plans to expand its mine, refinery and smelter capacity. A debt-free balance sheet and strong cash flows support these investments.

What to watch: Follow aluminium and alumina price trends and the pace of its expansion projects.

Why Jindal Stainless Features Among These Mining and Metal Stocks

Among the three companies on this list, Jindal Stainless is India's largest stainless steel maker, producing flat and long products with an integrated chain that includes ferro alloys and mining interests.

In the June 2026 quarter, revenue grew 10.9% year on year to Rs 11,397 crore, while net profit rose 7.6% to Rs 769 crore. Revenue rose from Rs 32,803 crore in FY22 to Rs 43,385 crore in FY26, a compound annual growth rate of 7.2%.

Net profit grew from Rs 2,084 crore in FY23 to Rs 3,185 crore in FY26, which works out to a compound annual growth rate of 15.2%. The company has a return on equity of 16.1%, a debt to equity ratio of 0.38 and a market capitalisation of Rs 60,508 crore. The stock trades at a P/E of 18.7, below the industry P/E of 22.7.

Roadmap: Demand for stainless steel is growing in railways, construction, kitchenware and industrial uses, and the company is expanding capacity to meet it. Integration in raw materials helps cost control, and a wide dealer network supports sales.

What to watch: Track stainless steel prices and the pace of the capacity expansion programme.

NMDC vs National Aluminium Company vs Jindal Stainless on Key Financials

The table below sets the three mining and metal stocks side by side on revenue, profit and margin, using reported figures.

Company	FY22 Revenue (Rs Cr)	FY26 Revenue (Rs Cr)	Revenue CAGR (FY22-FY26)	FY26 Net Profit (Rs Cr)	FY26 Net Margin
NMDC	26,683	33,559	5.9%	7,415	22.1%
National Aluminium Company	14,478	18,509	6.3%	5,797	31.3%
Jindal Stainless	32,803	43,385	7.2%	3,185	7.3%

National Aluminium Company posts the highest return on equity in this group at 26.8%. Jindal Stainless combines the largest FY26 revenue at Rs 43,385 crore with the fastest revenue growth, a 7.2% compound annual rate. A useful habit with mining and metal stocks is to check each new quarterly result against the capacity plans the company described earlier.

The June 2026 quarter, the latest reported, gives a fresh read on momentum:

Company	Q1 FY26 Revenue (Rs Cr)	Q1 FY27 Revenue (Rs Cr)	Year-on-Year Growth
NMDC	7,039	7,143	1.5%
National Aluminium Company	3,930	5,476	39.3%
Jindal Stainless	10,276	11,397	10.9%

Key Risks to Check Before Investing in Mining and Metal Stocks

Every theme carries risks that deserve a check before any decision. For these mining and metal stocks, the main points are: Long-term iron ore and aluminium shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.

Metal prices. Global prices influence realisations and profit.
Cyclical demand. Construction and industrial activity can vary with the economic cycle.
Project timelines. Expansions take time to deliver returns.

Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.

Use the Univest Stock Screener to filter mining and metal stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Mining and Metal Stocks

Mining and metal stocks reward investors who follow volumes, costs and capacity plans together. NMDC, National Aluminium Company and Jindal Stainless each hold a leading position in their segment. Based on the 20 October 2026 close, NMDC trades at Rs 70.5, National Aluminium Company at Rs 318 and Jindal Stainless at Rs 734.9. Valuation matters as much as growth, so compare each company's P/E with its industry P/E before adding any of these mining and metal stocks to a watchlist.

Download the Univest iOS App or Univest Android App to track mining and metal stocks, set price alerts and get research-backed stock ideas.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

What are mining and metal stocks?

Ans. Mining and metal stocks are listed companies that dig ore, refine metals or make steel products for construction, manufacturing and energy. Their results depend on volumes, realisations and the cost of production. This list looks at three of them, NMDC, National Aluminium Company and Jindal Stainless, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.

Which mining and metal stocks are covered in this list?

Ans. This list covers NMDC, National Aluminium Company and Jindal Stainless. Based on the 20 October 2026 close, NMDC traded at Rs 70.5, National Aluminium Company at Rs 318 and Jindal Stainless at Rs 734.9. Their return on equity ranges from 16.1% to 26.8%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.9% to 7.2%.

Why do mining and metal stocks have a strong future roadmap in India?

Ans. Mining and metal stocks have a strong roadmap in India because infrastructure, housing and manufacturing spending is lifting demand for steel, aluminium and stainless products. The main drivers are as follows. Infrastructure demand. Roads, railways and buildings use large volumes of steel and aluminium. Capacity plans. Planned expansions in mines and smelters support future volumes. Stainless adoption. Railways, kitchenware and construction are raising consumption. Together these factors give the companies on this list a visible path for growth over the coming years.

How has NMDC performed financially?

Ans. Revenue rose from Rs 26,683 crore in FY22 to Rs 33,559 crore in FY26, a compound annual growth rate of 5.9%. Net profit grew from Rs 5,538 crore in FY23 to Rs 7,415 crore in FY26, which works out to a compound annual growth rate of 10.2%. In the June 2026 quarter, revenue grew 1.5% year on year to Rs 7,143 crore, while net profit rose 1.9% to Rs 2,006 crore. The company has a return on equity of 21.9%, a debt to equity ratio of 0.19 and a market capitalisation of Rs 61,921 crore. The stock trades at a P/E of 8.3, below the industry P/E of 9.9. Looking ahead, the company plans to raise production capacity to meet the country's growing steel demand and has a debt-free balance sheet that supports its mining expansion. Its low-cost iron ore and new mineral projects give it multiple growth options.

How has National Aluminium Company performed financially?

Ans. Revenue rose from Rs 14,478 crore in FY22 to Rs 18,509 crore in FY26, a compound annual growth rate of 6.3%. Net profit grew from Rs 2,951 crore in FY22 to Rs 5,797 crore in FY26, which works out to a compound annual growth rate of 18.4%. In the June 2026 quarter, revenue grew 39.3% year on year to Rs 5,476 crore, while net profit rose 90.9% to Rs 2,003 crore. The company has a return on equity of 26.8%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 58,387 crore. The stock trades at a P/E of 8.7, below the industry P/E of 11.6. Looking ahead, the company is one of the lowest-cost integrated aluminium producers and plans to expand its mine, refinery and smelter capacity. A debt-free balance sheet and strong cash flows support these investments.

How has Jindal Stainless performed financially?

Ans. Revenue rose from Rs 32,803 crore in FY22 to Rs 43,385 crore in FY26, a compound annual growth rate of 7.2%. Net profit grew from Rs 2,084 crore in FY23 to Rs 3,185 crore in FY26, which works out to a compound annual growth rate of 15.2%. In the June 2026 quarter, revenue grew 10.9% year on year to Rs 11,397 crore, while net profit rose 7.6% to Rs 769 crore. The company has a return on equity of 16.1%, a debt to equity ratio of 0.38 and a market capitalisation of Rs 60,508 crore. The stock trades at a P/E of 18.7, below the industry P/E of 22.7. Looking ahead, demand for stainless steel is growing in railways, construction, kitchenware and industrial uses, and the company is expanding capacity to meet it. Integration in raw materials helps cost control, and a wide dealer network supports sales.

What risks should investors check before buying mining and metal stocks?

Ans. Investors should check a few risks before buying mining and metal stocks. Metal prices. Global prices influence realisations and profit. Cyclical demand. Construction and industrial activity can vary with the economic cycle. Project timelines. Expansions take time to deliver returns. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.

Is this list of mining and metal stocks investment advice?

Ans. No. This article is educational and uses publicly available data as of the 20 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.