Industrial Minerals industry

15 companies · ₹1.9 L cr · 6 with AI deep dives · Q1FY27 report

Gulf freight shock caps bauxite and recycling volumes as iron ore names hit margin peaks on value-added mix.

Turning upmargin troughed at 23.5% and has risen for 7 quarters to 31.4%, on positive revenue growth

Revenue YoY: +46.1%
EBITDA margin: 31.4%; +160bps YoY
Price, 1 year: -17.7%; 22% of names up
P/E vs own 5y: -15.6%; 14.1x now

Exhibit 1The quarter in numbers

constant panel of 8 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	18,792 cr	22,053 cr	-14.8%	12,865 cr	+46.1%	22,053 cr	-14.8%
EBITDA margin	31.4%	25.8%	+560bps	29.8%	+160bps	31.4%	0bps

Revenue

Jun 26: 18,792 cr
Mar 26: 22,053 cr
QoQ: -14.8%
Jun 25: 12,865 cr
YoY: +46.1%
Peak: 22,053 cr
vs peak: -14.8%

EBITDA margin

Jun 26: 31.4%
Mar 26: 25.8%
QoQ: +560bps
Jun 25: 29.8%

Sept 26: 0 of 9 reported so far, so it is not in the trend above.

Breadth: 88% of 8 companies grew revenue year on year (was 100% a quarter earlier) and 50% expanded margin (was 38%).

Exhibit 2What it costs

9.58x - 22.98x across the panel today

The median name trades at 14.1x, -15.6% against this industry's own 5-year median of 16.8x, and -58.7% against its own peak of 34.2x.

Exhibit 3Structure

₹1.9 L cr

Lloyds Metals & Energy Ltd is 51.4% of this industry by market cap. The top 5 are 95.6% and the top 10 are 99.7%.

large 2mid 1small 4micro 89 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 14.13x, 5y ROCE above its median of 16.83%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (15 of 15)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Lloyds Metals & Energy Ltd	₹99,660 cr	20.9x	19.0x	27.3%	35.9%	+208.6%	Unlock
NMDC Ltd	₹59,063 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindGulf conflict disrupting supply chains across metals recycling, bauxite, and industrial minerals4 managements

The Middle East war was cited by four of five covered companies as a live operational headwind. For GRAVITA, it structurally removed 15-20% of scrap import sourcing, capping lead…

GRAVITA: “the entire gulf from where we used to get around 15% to 20% of our total scrap, we've…”

tailwind2 managements tailwind2 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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