59 mins ago
India’s Critical-Mineral Push Opens Opportunities Beyond Mining
India wants to find and develop minerals needed for modern industries.
The government has planned many exploration projects, but commercial mining may still be far away.
Vedanta is searching for minerals on land, including manganese, copper, nickel and rare earth elements.
Its discoveries are not yet proven commercial mines.
Garden Reach Shipbuilders & Engineers is building special ships that scientists can use to study the ocean floor.
Titagarh Rail Systems is helping build two more research vessels.
Larsen & Toubro is contributing engineering and technology for deep-ocean projects.
These companies may benefit before mining begins, but the size and timing of the benefits are uncertain.
Deep-sea exploration still needs specialised equipment and depends partly on overseas suppliers.
India’s National Critical Mineral Mission plans 1,200 exploration projects through FY31.
Vedanta holds 10 critical-mineral blocks, but its assets remain in early exploration stages.
Garden Reach Shipbuilders & Engineers is building four research vessels worth about Rs 1,821 crore.
Titagarh Rail Systems has a Rs 445-crore subcontract for two Geological Survey of India vessels.
Larsen & Toubro contributes deep-ocean engineering, though current revenue from the theme is immaterial.
- Who
- Vedanta, Garden Reach Shipbuilders & Engineers, Titagarh Rail Systems and Larsen & Toubro are involved in different parts of India’s critical-minerals programme.
- What
- The programme is creating opportunities in mineral exploration, drilling, research vessels, subsea engineering and processing.
- Where
- Activities include land-based exploration in India, ocean research linked to the Central Indian Ocean Basin, and vessel construction in India.
- When
- The National Critical Mineral Mission targets 1,200 exploration projects through FY31; company activities and financial figures cited are from or through Q1 FY27 and June 30, 2026.
- Why
- India is seeking to expand domestic exploration and build capabilities across the critical-minerals supply chain.
Near-Term Business Opportunity
Execution and Commercial Risks
Research vessels as an immediate opportunity
Near-Term Business Opportunity
Analysts said vessel construction and exploration infrastructure can generate business before commercial deep-sea mining begins, with Garden Reach Shipbuilders & Engineers having the clearest exposure.
Execution and Commercial Risks
The research-vessel business remains smaller than Garden Reach Shipbuilders & Engineers’ defence operations, and analysts said it is strategically meaningful but not transformational.
Vedanta’s exploration potential
Near-Term Business Opportunity
Vedanta’s 10 blocks and new drilling rig give it direct exposure to India’s land-based critical-mineral exploration push.
Execution and Commercial Risks
The blocks remain early-stage; some nickel-chromium-PGE blocks are classified at the G4 exploration level, and drilling does not establish a commercial resource.
Deep-sea technology readiness
Near-Term Business Opportunity
Larsen & Toubro, Garden Reach Shipbuilders & Engineers and Titagarh Rail Systems have demonstrated capabilities in engineering or research-vessel construction.
Execution and Commercial Risks
India still depends materially on overseas suppliers for several deep-sea systems, and no Indian-listed company has demonstrated a comparable fully integrated deep-rated technology stack.
Key facts
- Planned exploration projects
- 1,200 through FY31 under the National Critical Mineral Mission
- India’s geological exploration
- Less than 15% of its obvious geological potential has been explored
- Vedanta blocks
- 10 critical-mineral blocks, with exploration underway across five
- Garden Reach Shipbuilders & Engineers vessels
- Four specialised research vessels with an original combined contract value of about Rs 1,821 crore
- Garden Reach Shipbuilders & Engineers backlog
- Research-vessel backlog estimated at about Rs 1,448 crore, or 10.6% of its Rs 13,596-crore order book, as of June 30, 2026
- Titagarh Rail Systems contract
- Rs 445-crore pre-GST subcontract from Garden Reach Shipbuilders & Engineers for two Geological Survey of India vessels
- Deep-sea rights
- India has exploration rights over 75,000 square kilometres in the Central Indian Ocean Basin
Quotes
Ankit Soni
Research Analyst at Mirae Asset Sharekhan
“For heavy engineering, Larsen & Toubro is well placed. It developed critical titanium forgings for Matsya-6000, hosted the submersible’s wet trials at Kattupalli and has extensive offshore and subsea engineering capability.”
financialexpress.com
“Garden Reach Shipbuilders & Engineers, or GRSE, has the clearest exposure. It is building four specialised research vessels with an original combined contract value of about Rs 1,821 crore,”
financialexpress.com
Sources
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