As India heads into the earnings season for the July-September 2025 quarter, base and ferrous metal companies are expected to report contrasting trends in profitability.

Base metal companies are likely to post a quarter-on-quarter (QoQ) rise in domestic earnings before interest, taxes, depreciation, and amortisation (EBITDA), supported by operating leverage and firmer aluminium prices. On the other hand, ferrous players such as JSW Steel and Tata Steel are expected to report EBITDA contraction because of weaker domestic pricing.

Sales volumes are seen holding up well across JSW Steel, Jindal Stainless and Tata Steel. Hindalco and Novelis volumes are expected to stay largely flat due to the fire incident at Novelis’ Oswego plant.

Steel margins came under pressure this quarter aft

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