Trading - Metals industry

11 companies · ₹21,898 cr · 4 with AI deep dives · Q1FY27 report

Steel and metals volumes grow 33-40% while Hormuz disruption and rising costs split margin outcomes

Turning upmargin troughed at 2.2% and has risen for 7 quarters to 8.0%, on positive revenue growth

Revenue YoY: +27.9%
EBITDA margin: 8.0%; +390bps YoY
Price, 1 year: +66.3%; 75% of names up
P/E vs own 5y: +100.7%; 70.8x now

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	1,951 cr	2,600 cr	-25.0%	1,526 cr	+27.9%	2,600 cr	-25.0%
EBITDA margin	8.0%	4.0%	+400bps	4.1%	+390bps	8.0%	0bps

Revenue

Jun 26: 1,951 cr
Mar 26: 2,600 cr
QoQ: -25.0%
Jun 25: 1,526 cr
YoY: +27.9%
Peak: 2,600 cr
vs peak: -25.0%

EBITDA margin

Jun 26: 8.0%
Mar 26: 4.0%
QoQ: +400bps
Jun 25: 4.1%

Sept 26: 0 of 4 reported so far, so it is not in the trend above.

Breadth: 100% of 4 companies grew revenue year on year (was 100% a quarter earlier) and 75% expanded margin (was 100%).

Exhibit 2What it costs

48.96x - 82.02x across the panel today

The median name trades at 70.8x, +100.7% against this industry's own 5-year median of 35.3x, and +2.8% against its own peak of 68.9x.

Exhibit 3Structure

₹21,898 cr

SG Mart Ltd is 46.1% of this industry by market cap. The top 5 are 97.8% and the top 10 are 99.9%.

mid 1small 2micro 84 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 70.85x, 5y ROCE above its median of 11.98%, 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 (11 of 11)

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
SG Mart Ltd	₹10,086 cr	81.0x	50.1x	10.3%	2.2%	+14.4%	Unlock
Lloyds Enterprises Ltd	₹9,379 cr

Exhibit 6What managements said

from Metals & Minerals Trading earnings calls · as of 2026-06-30

tailwindStrong year-on-year volume growth in steel and metals4 managements

Four managements disclosed volume growth. BMW Ventures' long products rose 40%. SG Mart's service-centre volume rose about 33%, to 160,000 tons. Adani's copper sales were 4.6x the…

BMWVENTLTD (Q1FY27): “TMT bars, the company's core product, delivered robust 40% YoY growth, reinforcing its…”

tailwind4 managements headwind2 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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