Mining Industry in India

India’s mining industry supports the extraction of coal, ores, minerals and stone from domestic reserves.

Top mining companies in India (listed and private)

Frequently asked questions

How large is the mining industry in India?

828 mining companies with statutory filings (11 listed, 817 private) reported combined revenue of ₹5.50 lakh crore in FY2025, +5.7% on the same companies, and aggregate EBITDA of ₹1.63 lakh crore. As filed each year, combined revenue was ₹2.63 lakh crore in FY2018, reached ₹5.50 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 8 listed companies with an exchange price are worth ₹1.39 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Improving. The aggregate EBITDA margin of mining companies was 29.7% in FY2025, 1.5 pts above FY2024, the highest in the period. Profit after tax margin was 16.0% (+1.6 pts on FY2024). Aggregate EBITDA of listed and private mining companies moved +42% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹1.63 lakh crore (+9.4% on FY2024).

Which companies are leading the mining industry?

By FY2025 revenue the largest mining companies are Vedanta (₹1.53 lakh crore, 30.1% EBITDA margin); Coal India LTD Govt of India Undertaking (₹1.43 lakh crore, 39.8% EBITDA margin); Singareni Collieries Company (₹28,782 crore, 44.2% EBITDA margin, private); Mahanadi Coalfields (₹26,986 crore, 56.8% EBITDA margin); Central Coalfields (₹16,920 crore, 38.2% EBITDA margin). Among the ten largest, Mahanadi Coalfields (56.8%) and Singareni Collieries Company (44.2%) earn the widest EBITDA margins and Chloride Metals (1.2%) the thinnest. 18 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Net tone of margins and profitability stories fell from +57 to +36 (-20 pts) over 118 stories, the largest drop of any theme. In buyer searches: Search interest in coal and fuel queries (coal rate, coal price) was +33% in the 12 months to 2026-09 vs the prior 12, led by “coal price” (+29%), followed by ores and minerals (+29%); stone, granite and marble moved +15%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of margins and profitability turned more negative (Mining in the news). Mining EBITDA grew 42% since FY2022 (Industry financials). 42 private mining operators pass an IPO-readiness screen (Top mining companies in India). Coal and fuel searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 6.7× and median P/E 12.5× across 8 priced mining companies. (Market capitalisation & valuation).

How are mining stocks valued?

The median trailing P/E is 12.5× and the median EV/EBITDA 6.7× across 8 priced companies.

What does the mining industry include?

It includes businesses engaged in exploration, extraction and quarrying of natural resources.

Why does mining matter in India?

Mining supplies essential raw resources for activity across the economy.

Research information, not investment advice.