Vedanta, Tata Steel, Jindal Steel, SAIL: Metal stocks beat peers in 2026; price targets and more
Vedanta shares are in an upswing this year supported by the firm's strong Q3 earnings.
- Mar 19, 2026,
- Updated Mar 19, 2026 3:56 PM IST
Shares of metal sector such as Vedanta, Tata Steel, Jindal Steel and SAIL have surged ahead of their peers in terms of stock market returns this year amid market carnage due to the ongoing US-Israel and Iran war and concerns over the US tariffs. In fact, the four metal stocks have risen 12%, 6%, 7.33%, 7% and 3.27%, respectively at a time when other metal stocks such as Hindustan Copper fell 9.54%, Hindustan Zinc is down 15.45%, NMDC stock has lost 6.45%, JSW Steel has fallen 2.72% and Jindal Stainless has corrected 17% during the period.
Vedanta
Vedanta shares have been in an upswing this year supported by the firm's strong Q3 earnings.
Net profit rose 60% YoY to Rs 7,807 crore, a record high for the company compared to Rs 4,876 crore in the corresponding quarter of the previous fiscal. Revenue in Q3 reached a peak of Rs 45,899 crore, marking a 19% YoY increase against Rs 16,742 crore in the year-ago period.
Also, BoFA Securities upgrading the mining and metal major to Buy from Neutral in February end led to bullish sentiment around the stock. The foreign brokerage raised the stock's price target to Rs 840 from Rs 480, citing a bullish outlook on aluminium, supportive silver prices and an attractive dividend yield. It projected a FY27E dividend yield of over 6 per cent as an additional supportive factor behind its bullish stance on the metal stock.
Jigar Patel from Anand Rathi said, "Support will be Rs 660 and resistance at Rs 686. A decisive move above the Rs 686 level may trigger a further upside of Rs 700. The expected trading range will be between Rs 660 and Rs 700 in the short-term."
Tata Steel
Shares of Tata Steel surged in 2026 supported by a strong set of Q3 earnings. The Tata Group firm reported a 723% rise in net profit for the quarter ended December 2025. Net profit of the Tata Group firm came at Rs 2,688.70 crore in Q3 compared to Rs 326.64 crore in the corresponding period of the previous fiscal. Revenue from operations came at Rs 57,002 crore in the third quarter rising 6.25% compared to Rs 53,648 crore in the corresponding period a year ago.
The company's $2-billion capital infusion into T Steel Holdings (foreign subsidiary) was greenlit to support global operations and debt management starting in FY27 also strengthened sentiment around the stock.
Jigar Patel from Anand Rathi said, "Support will be Rs 189 and resistance at Rs 197. A decisive move above the Rs 197 level may trigger a further upside to Rs 200. The expected trading range will be between Rs 189 and Rs 200 for the short-term."
Jindal Steel
The metal stock was supported by its Q3 earnings in 2026. The rally in the metal metal stock was led primarily by strong domestic demand and strategic capacity expansion despite facing short-term profitability pressures.
In Q3, revenue rose 11% but profit declined 80% year-on-year to Rs 188.5 crore against Rs 951 crore in the year ago period.
In December 2025 end, the firm said that it plans to double the structural steel capacity to 2.4 million tonne per annum at its Raigarh plant.
The expansion includes commissioning a new dedicated structural steel mill with advanced technology upgrades, enabling manufacture of India's largest parallel flange sections up to 1,100 mm depth and 1,500 kg per metre weight, majorly cutting import dependence for heavy sections.
Patel said, "Support will be Rs 1124 and resistance at Rs 1163. A decisive move above the Rs 1163 level may trigger a further upside of Rs 1186. The expected trading range will be between Rs 1124 and Rs 1186 for the short-term."
SAIL
Shares of SAIL were supported by strong Q3 earnings and strong domestic demand this year. The metal firm reported a 163% rise in consolidated net profit to Rs 374.03 crore for the third quarter of this financial year. The public sector undertaking reported Rs 141.89 crore bottomline in the same months of last fiscal.
On the outlook of SAIL, Patel said, "Support will be at Rs 149 and resistance at Rs 155. A decisive move above the Rs 155 level may trigger a further upside of Rs 158. The expected trading range will be between Rs 149 and Rs 158 for the short-term."
Shares of metal sector such as Vedanta, Tata Steel, Jindal Steel and SAIL have surged ahead of their peers in terms of stock market returns this year amid market carnage due to the ongoing US-Israel and Iran war and concerns over the US tariffs. In fact, the four metal stocks have risen 12%, 6%, 7.33%, 7% and 3.27%, respectively at a time when other metal stocks such as Hindustan Copper fell 9.54%, Hindustan Zinc is down 15.45%, NMDC stock has lost 6.45%, JSW Steel has fallen 2.72% and Jindal Stainless has corrected 17% during the period.
Vedanta
Vedanta shares have been in an upswing this year supported by the firm's strong Q3 earnings.
Net profit rose 60% YoY to Rs 7,807 crore, a record high for the company compared to Rs 4,876 crore in the corresponding quarter of the previous fiscal. Revenue in Q3 reached a peak of Rs 45,899 crore, marking a 19% YoY increase against Rs 16,742 crore in the year-ago period.
Also, BoFA Securities upgrading the mining and metal major to Buy from Neutral in February end led to bullish sentiment around the stock. The foreign brokerage raised the stock's price target to Rs 840 from Rs 480, citing a bullish outlook on aluminium, supportive silver prices and an attractive dividend yield. It projected a FY27E dividend yield of over 6 per cent as an additional supportive factor behind its bullish stance on the metal stock.
Jigar Patel from Anand Rathi said, "Support will be Rs 660 and resistance at Rs 686. A decisive move above the Rs 686 level may trigger a further upside of Rs 700. The expected trading range will be between Rs 660 and Rs 700 in the short-term."
Tata Steel
Shares of Tata Steel surged in 2026 supported by a strong set of Q3 earnings. The Tata Group firm reported a 723% rise in net profit for the quarter ended December 2025. Net profit of the Tata Group firm came at Rs 2,688.70 crore in Q3 compared to Rs 326.64 crore in the corresponding period of the previous fiscal. Revenue from operations came at Rs 57,002 crore in the third quarter rising 6.25% compared to Rs 53,648 crore in the corresponding period a year ago.
The company's $2-billion capital infusion into T Steel Holdings (foreign subsidiary) was greenlit to support global operations and debt management starting in FY27 also strengthened sentiment around the stock.
Jigar Patel from Anand Rathi said, "Support will be Rs 189 and resistance at Rs 197. A decisive move above the Rs 197 level may trigger a further upside to Rs 200. The expected trading range will be between Rs 189 and Rs 200 for the short-term."
Jindal Steel
The metal stock was supported by its Q3 earnings in 2026. The rally in the metal metal stock was led primarily by strong domestic demand and strategic capacity expansion despite facing short-term profitability pressures.
In Q3, revenue rose 11% but profit declined 80% year-on-year to Rs 188.5 crore against Rs 951 crore in the year ago period.
In December 2025 end, the firm said that it plans to double the structural steel capacity to 2.4 million tonne per annum at its Raigarh plant.
The expansion includes commissioning a new dedicated structural steel mill with advanced technology upgrades, enabling manufacture of India's largest parallel flange sections up to 1,100 mm depth and 1,500 kg per metre weight, majorly cutting import dependence for heavy sections.
Patel said, "Support will be Rs 1124 and resistance at Rs 1163. A decisive move above the Rs 1163 level may trigger a further upside of Rs 1186. The expected trading range will be between Rs 1124 and Rs 1186 for the short-term."
SAIL
Shares of SAIL were supported by strong Q3 earnings and strong domestic demand this year. The metal firm reported a 163% rise in consolidated net profit to Rs 374.03 crore for the third quarter of this financial year. The public sector undertaking reported Rs 141.89 crore bottomline in the same months of last fiscal.
On the outlook of SAIL, Patel said, "Support will be at Rs 149 and resistance at Rs 155. A decisive move above the Rs 155 level may trigger a further upside of Rs 158. The expected trading range will be between Rs 149 and Rs 158 for the short-term."