India’s metal & mining sector has exceeded expectations in Q2 FY26.

• 20%+ YTD Nifty Metal Index performance
• 15% EBITDA and 18% PAT YoY growth
• Non-ferrous metals leading earnings upgrades

This performance aligns well with the strategic allocation to select metal & mining leaders that we implemented earlier this year. The sector’s improving profitability, balance sheet strength, and resilient demand environment reinforce our constructive view.

We identified and initiated our allocation in early FY25 and presently continue to hold ~15% exposure in metal & mining leaders reflecting a considered view of their earnings trajectory and sectoral capital efficiency.

Disclaimer: Not a recommendation