Tata Steel, NMDC, Coal India, Hindalco: Price targets, outlook of metal stocks
Tata Steel shares have gained 8% in a month and NMDC stock has clocked gains of 26% during the period.
- Feb 18, 2026,
- Updated Feb 18, 2026 9:38 AM IST
Indian metal stocks have shown choppy trade movement in the last one month. They have reacted to Q3 and nine month earnings commentaries, geo-economic developments and commodity price movements, according to brokerage JP Morgan. The BSE metal index and Nifty metal have gained nearly 2% each in the last one month.
While Tata Steel shares have gained 8% in a month, NMDC stock has clocked gains of 26% during the period. However, Tata Steel shares have shown some weakness falling over 2% in a week. NMDC stock looks weak with losses of 4% in a month and 5.30% this year.
Coal India shares are down over 2% in a month and Hindalco shares have fallen 8% in a week.
JP Morgan believes that the steel price outlook remains supportive in the near-to-medium term. The brokerage believes that steel prices have yet to move on demand push. The ongoing rally in steel prices is aided by supply tightness/restocking/coking coal cost hikes, rather than significant demand improvement.
It says that Indian steel prices have some more room to rise till the seasonally strong period up to May. Aluminum stocks have declined in tandem with falling commodity prices.
Coming to stocks, the brokerage termed Tata Steel as its top pick and least preferred stocks are NMDC and Coal India.
On Hindalco, the brokerage said the stock has fallen sharply on debt concerns post the Novelis disruption. Hindalco's current stock price still implies a favourable $3,075-3,100/tonne LME aluminium price.
Meanwhile, Emkay Global has rated Tata Steel stock as a ‘Buy’ with a target price of Rs 230. Tata Steel signalled sustainability of recent steel price hikes, with European prices potentially rising by about €100 per tonne in 2026 towards US levels.
Emkay has an 'Add' call on Coal India Ltd with a target price of Rs 450.
On Hindalco, Emkay said Hindalco's Novelis flagged delays in the Oswego restart, which were likely to add to near-term balance sheet strain. Emkay Global retained a 'Buy' rating on Hindalco Industries with a target price of Rs 1,050.
On Hindalco, HSBC maintains its Buy call with a price target of of Rs 1,210. Hindalco is the brokerage's preferred pick in the India metal and mining space.
In the brokerage's view, the negative stock reaction to Novelis's Oswego fire and consolidated debt increase are excessive.
The brokerage expects March to be be another weak quarter at Novelis but net debt should fall from H2FY27. The brokerage also mentioned that Novelis has delivered a secular improvement in margins from FY16.
Indian metal stocks have shown choppy trade movement in the last one month. They have reacted to Q3 and nine month earnings commentaries, geo-economic developments and commodity price movements, according to brokerage JP Morgan. The BSE metal index and Nifty metal have gained nearly 2% each in the last one month.
While Tata Steel shares have gained 8% in a month, NMDC stock has clocked gains of 26% during the period. However, Tata Steel shares have shown some weakness falling over 2% in a week. NMDC stock looks weak with losses of 4% in a month and 5.30% this year.
Coal India shares are down over 2% in a month and Hindalco shares have fallen 8% in a week.
JP Morgan believes that the steel price outlook remains supportive in the near-to-medium term. The brokerage believes that steel prices have yet to move on demand push. The ongoing rally in steel prices is aided by supply tightness/restocking/coking coal cost hikes, rather than significant demand improvement.
It says that Indian steel prices have some more room to rise till the seasonally strong period up to May. Aluminum stocks have declined in tandem with falling commodity prices.
Coming to stocks, the brokerage termed Tata Steel as its top pick and least preferred stocks are NMDC and Coal India.
On Hindalco, the brokerage said the stock has fallen sharply on debt concerns post the Novelis disruption. Hindalco's current stock price still implies a favourable $3,075-3,100/tonne LME aluminium price.
Meanwhile, Emkay Global has rated Tata Steel stock as a ‘Buy’ with a target price of Rs 230. Tata Steel signalled sustainability of recent steel price hikes, with European prices potentially rising by about €100 per tonne in 2026 towards US levels.
Emkay has an 'Add' call on Coal India Ltd with a target price of Rs 450.
On Hindalco, Emkay said Hindalco's Novelis flagged delays in the Oswego restart, which were likely to add to near-term balance sheet strain. Emkay Global retained a 'Buy' rating on Hindalco Industries with a target price of Rs 1,050.
On Hindalco, HSBC maintains its Buy call with a price target of of Rs 1,210. Hindalco is the brokerage's preferred pick in the India metal and mining space.
In the brokerage's view, the negative stock reaction to Novelis's Oswego fire and consolidated debt increase are excessive.
The brokerage expects March to be be another weak quarter at Novelis but net debt should fall from H2FY27. The brokerage also mentioned that Novelis has delivered a secular improvement in margins from FY16.