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Nifty Metal Index- Which are the Top 10 Metal Stocks in India
Author
Shoonya Team
Everyone tells you to invest in tech, automobiles, or familiar names like Nippon, HDFC, Colgate, or Zomato. But have you ever thought about investing in the top 10 metal stocks in India? The Nifty Metal Index is the indicator of India’s metal industry. As of 2025, some of the top Nifty Metal stocks include companies like Adani Enterprise, Tata Steel and more.
The metal index NSE basically tracks the companies that produce the metals which help in constructing your buildings, bridges, and machines.
If you’ve never looked at it before, now is the time. You’re about to see why these top 10 metal stocks are shaping India’s growth.
Let’s begin.
What is the Nifty Metal Index?
The Nifty Metal Index is one of the most followed sectoral indices in India. It has been designed to track the performance and behaviour of companies in the metals and mining sector.
The Indian metal industry has shown good growth in recent years.
- Steel demand grew about 8% annually
- Crude steel production rose 9.7% from January-May 2025
- Finished steel consumption jumped from 119.17 million tonnes in FY23 to 136.29 million tonnes in FY24.
- Government initiatives, such as the Gati Shakti Master Plan and the PLI Scheme for Speciality Steel, are further promoting growth and investment opportunities.
Nifty Metal Stocks List
Adani Enterp., JSW Steel, Tata Steel, Hindustan Zinc, Vedanta, Hindalco Inds., Jindal Steel, Lloyds Metals, NMDC, Jindal Stain., S A I L, APL Apollo Tubes, Natl. Aluminium, Hindustan Copper, Welspun Corp
Begin your journey of investing in metal stocks with a free Demat account!
How Stocks Make It to the Nifty Metal Index Chart
Not every metal company automatically gets selected for the Nifty Metal Index. There is a clear process behind it.
The Metal Index NSE stock selection process has been designed to make sure the index truly reflects the sector’s performance.
- In order to qualify, a company must be listed on the NSE. It should be actively traded and officially classified under metals or mining.
- It also has to be part of the Nifty 500. This already filters for the largest and most liquid companies in India.
- Once a stock meets these basics, it is evaluated on two critical factors: free-float market capitalisation and liquidity.
Free-float market cap focuses only on shares available for public trading. This means the calculation process basically ignores the promoter or strategic holdings. On the other hand, in liquidity checks, the stock is actively traded with a consistent volume.
Only companies that pass both criteria make it to the index. Thus, we have a list of 15 of the largest and most traded metal stocks.
Total Companies in Nifty Metal Index- 2025
| No. | Company Name | Market Cap (₹ Cr.) | P/E Ratio |
| 1 | Adani Enterprises | 2,62,552.46 | 73.28 |
| 2 | JSW Steel | 2,54,940.32 | 49.98 |
| 3 | Tata Steel | 1,97,763.50 | 41.34 |
| 4 | Hindustan Zinc | 1,86,210.28 | 18.28 |
| 5 | Vedanta | 1,68,694.13 | 12.50 |
| 6 | Hindalco Industries | 1,61,991.14 | 9.35 |
| 7 | Jindal Steel | 99,524.48 | 26.05 |
| 8 | Lloyds Metals | 69,385.55 | 45.41 |
| 9 | NMDC | 64,012.42 | 9.78 |
| 10 | Jindal Stainless | 62,944.04 | 24.43 |
| 11 | SAIL | 50,821.92 | 16.69 |
| 12 | APL Apollo Tubes | 45,915.53 | 57.32 |
| 13 | National Aluminium | 36,804.59 | 6.42 |
| 14 | Hindustan Copper | 22,978.66 | 46.95 |
| 15 | Welspun Corp | 21,700.85 | 13.31 |
The Price-to-Earnings (P/E) ratio tells you how much investors are willing to pay for each rupee of a company’s earnings.
- A high P/E ratio usually means investors expect strong future growth, but it can also indicate that the stock is overvalued.
- A low P/E ratio may suggest undervaluation or weaker growth prospects.
For example, Hindalco has a P/E of 9.35, which is relatively low, while Adani Enterprises trades at a much higher P/E of 73.28, showing the market is pricing in strong growth expectations.
How the Nifty Metal Index is Calculated
The Nifty Metal Index uses a free-float market capitalisation weighted method. It gives bigger influence to companies with more shares available to the public.
In simple terms, a large, actively traded company will impact the index more than a smaller, less liquid one.
This calculation occurs in real time. That is why the metal index NSE reflects live market movements. However, the semi-annual review ensures it remains aligned with sectoral shifts.
Nifty Metal Index- Which are the Top 10 Metal Stocks in India
As per the Nifty metal index chart of Sep 2nd, 2025, here are the top 10 metal stocks in India-
1. Adani Enterprises- Nifty Metal Index Leader and Top Metal Stock in India
(NSE: ADANIENT, BSE: 512599, Founded: 1993)
Adani Enterprises Limited was established in 1993. It is the flagship company of the Adani Group. The company is headquartered in Ahmedabad.
Over the years, it has transformed from a trading company into a diversified conglomerate with interests in mining, coal, iron ore trading, edible oils, airports, data centres, infrastructure, and renewable energy.
It also has multiple independent listed entities such as Adani Ports, Adani Green Energy, and Adani Power.
2. JSW Steel- 2nd Top Metal Stock in India in the Nifty Metal Index
(NSE: JSWSTEEL, BSE: 500228, Founded: 1982)
JSW Steel Limited is a part of the O.P. Jindal Group. It is one of India’s leading private sector steel producers.
The company is headquartered in Mumbai, and it has evolved from Jindal Iron and Steel Company into a global steel manufacturer with an annual capacity close to 30 million tonnes.
3. Tata Steel- Nifty Metal Stock with Strong Market Presence
(NSE: TATASTEEL, BSE: 500470, Founded: 1907)
Founded in 1907, Tata Steel is one of the oldest and most respected industrial names in India. It was Asia’s first integrated private steel company.
The company is headquartered in Mumbai. It has developed into a global steel giant with operations across five continents.
4. Hindustan Zinc- High-Performing Metal Stock in the Nifty Metal Index
(NSE: HINDZINC, BSE: 500188, Founded: 1966)
Hindustan Zinc Limited is headquartered in Udaipur, Rajasthan. It is India’s dominant zinc producer and among the top players globally.
A subsidiary of Vedanta Limited, it is the second-largest integrated zinc producer worldwide and the third-largest silver producer. Its operations span mining, smelting, and refining of zinc, lead, and silver, with a strong emphasis on sustainable practices and efficient resource utilisation.
5. Vedanta- 5th Nifty Metal Index Constituent
(NSE: VEDL, BSE: 500295, Founded: 1976)
Vedanta Limited was founded by Anil Agarwal in 1976. It is one of the world’s most diversified natural resources companies.
Vedanta is a major player in zinc, silver, aluminium, copper, iron ore, nickel, oil and gas, and power generation.
6. Hindalco Industries- 6th Top Metal Stock in India on the Nifty Metal Index
(NSE: HINDALCO, BSE: 500440, Founded: 1958)
Hindalco Industries is a part of the Aditya Birla Group. It is India’s largest integrated producer of aluminium and copper. The company was established in 1958 and is headquartered in Mumbai.
Through its subsidiary Novelis Inc., Hindalco is also the world’s largest recycler of aluminium. Its products are used across industries like packaging, transport, building materials, and electronics.
7. Jindal Steel- One of the key Metal Stocks Driving the Nifty Metal Index
(NSE: JINDALSTEL, BSE: 532286, Founded: 1952)
Jindal Steel & Power Limited (JSPL) was founded in 1952. It is one of India’s leading private steel producers and a flagship company of the Jindal Group. The company is headquartered in New Delhi.
With a mix of domestic and international operations, Jindal Steel continues to play a major role in building India’s infrastructure backbone.
8. Lloyds Metals- Nifty Metal Index Company in Iron and Steel
(NSE: LLOYDSME, BSE: 512455, Founded: 1977)
Lloyds Metals & Energy Limited was established in 1977 and is headquartered in Maharashtra. It is a significant contributor in the iron ore and steel space.
In recent years, Lloyds has diversified into steel manufacturing and has been actively investing in renewable energy initiatives, aiming to align with India’s sustainability goals.
9. NMDC- Leading Iron Ore Producer in India
(NSE: NMDC, BSE: 526371, Founded: 1958)
The National Mineral Development Corporation (NMDC) was established in 1958. It is India’s largest iron ore producer and a central public sector enterprise under the Ministry of Steel. The company has its headquarters in Hyderabad.
NMDC operates some of the most mechanised iron ore mines in the country.
10. Jindal Stainless- India’s Largest Stainless Steel Manufacturer in the Nifty Metal Index
(NSE: JSL, BSE: 532508, Founded: 1980)
Jindal Stainless Limited (JSL) is part of the OP Jindal Group. It was founded in 1980 and has grown into India’s largest stainless steel manufacturer.
The company produces a diverse portfolio of stainless steel products used in automotive, construction, railways, consumer goods, and industrial machinery. Headquartered in Haryana, JSL has built a strong international market presence.
Final Words
The Nifty Metal Index shows which companies are really driving India’s metal and mining sector. Watching these top 10 metal stocks helps you see how the industry is shaping the country’s growth. Now is the time for you to decide.
Nifty Metal Index Today- FAQs
It is a sectoral NSE index tracking the top 15 liquid metal and mining companies in India, showing the sector’s overall performance.
Some of the major stocks in the Nifty Metal index are Tata Steel, JSW Steel, Hindalco Industries, Vedanta, SAIL, APL Apollo, Adani Enterprises, and National Aluminium.
The index uses free-float market capitalisation, with a base value of 1000 set on January 1, 2004, to track sector growth.
Rebalancing of the metal index NSE happens semi-annually. This is usually done on January 31 and July 31.
Nifty Index NSE is usually affected by commodity prices, industrial demand, economic indicators, and regulatory changes, which are key factors.
As of 2025, the Nifty Metal Index includes 15 companies. These are the largest and most liquid metal and mining companies listed on the NSE.
Source: NSE
Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.
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