Indian metal stocks are experiencing significant investor interest as the BSE metal index approaches its all-time high of 42,791. This surge is attributed to increased demand from the infrastructure and electric vehicle (EV) sectors, concerns over supply deficits due to Middle East tensions, and a broader recovery in commodity prices. National Aluminium Company Ltd (NALCO), Vedanta, and Hindustan Zinc are prominent players currently on investors' radars as the Q4 earnings season unfolds.
NALCO: Aluminium Major's Q4 Prospects
NALCO shares are trading close to their 52-week high of Rs 439.95, achieved on April 17, 2026. On April 22, 2026, the stock saw a 1.10% rise to Rs 427.50, even amidst a wider market correction, with a market capitalization of Rs 78,414 crore.
- Brokerage Views:
- Systematix Institutional Equities: Issued a 'Buy' call with a price target of Rs 436. The firm anticipates higher aluminium prices and lower alumina prices to expand margins in the aluminium segment. Volume growth from optimal capacity utilization is expected to boost topline growth in Q4. Key areas to monitor during the earnings call include commissioning timelines for the alumina refinery and bauxite mine, along with FY27 volume guidance.
- HSBC: Also holds a 'Buy' rating, setting a higher price target of Rs 455.
Vedanta: Demerger Buzz and Commodity Tailwinds
Shares of Vedanta, currently generating buzz due to its demerger news, are trading near their 52-week high of Rs 794.90 from April 21, 2026. The stock was largely flat at Rs 769.90 during the current session, boasting a significant market capitalization of Rs 3.01 lakh crore.
- Brokerage Views:
- Systematix: Recommends a 'Buy' for Vedanta, with a price target of Rs 898. The brokerage expects commodity prices, robust volumes, and reduced raw material costs to fuel growth in Q4, potentially leading to outperformance compared to peers.
- Master Capital Services: Provided a price target range of Rs 810 to Rs 830 for the Vedanta stock.
Hindustan Zinc: Silver Prices to Drive Performance
Vedanta's subsidiary, Hindustan Zinc, was trading at Rs 590.70 in early morning deals, with a market capitalization of Rs 2.49 lakh crore.
- Brokerage Views:
- Systematix: Recommends a 'Buy' with a price target of Rs 755. The brokerage highlights silver prices as a crucial earnings driver for the March 2026 quarter. Investors should also monitor project updates and FY27 guidance during the earnings announcement.
- HSBC: Has a 'Buy' rating with a target price of Rs 720.
As these metal sector giants prepare to announce their Q4 results, investors will be closely watching these key performance indicators and brokerage insights to navigate their trading strategies.