Archive · 8 Oct 2026
Metal Companies Face Mixed Q2 Outlook as Brokers Set Targets
ICICI Securities expects metal companies to have mixed results in the second quarter.
Some businesses may do better, while others may earn less than in the previous quarter.
Aluminium prices fell, but zinc and copper prices rose.
Vedanta is expected to benefit from higher zinc prices.
Hindalco’s earnings are forecast to fall, partly as costs rise.
NMDC may sell less iron ore and earn less.
SAIL is expected to increase its sales volumes, while JSPL may fall short of expectations.
The brokerage also shared ratings and target prices for several companies’ shares.
ICICI Securities expects a mixed second quarter for metal companies, with performance shaped by commodity prices, volumes and costs.
Vedanta’s Ebitda is forecast to rise 9% quarter-on-quarter to Rs 9,140 crore, while Hindalco’s is expected to fall 13% to Rs 12,110 crore.
NMDC’s volumes are projected to decline 11% to 10.5 million tonnes, and its Ebitda is forecast to drop 16% to Rs 2,070 crore.
SAIL is expected to post the sharpest volume growth among ferrous companies, while JSPL may lag on volumes and realisations, according to the article.
ICICI Securities’ targets include Rs 235 for Tata Steel, Rs 1,254 for JSPL, Rs 95 for NMDC, Rs 345 for Vedanta and Rs 2,020 for Gravita India.
- Who
- Metal and mining companies, including Vedanta, Tata Steel, SAIL, JSPL and NMDC; ICICI Securities provided the forecasts and ratings.
- What
- A preview of expected second-quarter results and share-price targets for metal, mining, recycling and pipe companies.
- When
- The second-quarter earnings season; the article does not specify the year or reporting dates.
- Why
- The outlook reflects changes in metal prices, company volumes, costs and realisations.
- Vedanta Ebitda forecast
- Up 9% quarter-on-quarter to Rs 9,140 crore
- Hindalco consolidated Ebitda forecast
- Down 13% quarter-on-quarter to Rs 12,110 crore
- NMDC volume forecast
- Down 11% quarter-on-quarter to 10.5 million tonnes
- NMDC Ebitda forecast
- Down 16% quarter-on-quarter to Rs 2,070 crore
- Commodity price changes
- Aluminium LME prices fell 10% quarter-on-quarter; zinc rose 10% and copper rose 5%.
- Selected share targets
- Tata Steel: Rs 235; SAIL: Rs 185; JSPL: Rs 1,254; NMDC: Rs 95; Vedanta: Rs 345; Gravita India: Rs 2,020.