Since Nov 2023 the Centre auctions critical-mineral blocks itself - graphite, rare earths, tungsten, vanadium, nickel, potash - as mining leases, composite licences and exploration licences.
VedantaEmerging entrant · LowListed
Hindustan ZincEmerging entrant · LowListed
Coal IndiaEmerging entrant · LowListed
Oil IndiaEmerging entrant · LowListed
Mineral Exploration and Consultancy Ltd (MECL)Enabler · HighUnlisted
Hindustan Zinc (HINDZINC)
Vedanta's zinc, lead and silver miner, diversifying into critical minerals through block auctions
Price
₹568.00
snapshot 6 Nov 2026
Strengths
Won tungsten blocks in Andhra Pradesh and Tamil Nadu (Nov 2024), a rare-earth block in Uttar Pradesh and potash-halite blocks in Rajasthan in later rounds; got a letter of intent for the Gundlupet rare-earth and yttrium block in Karnataka (Sep 2026)
Underground mining know-how and strong cash flows to fund exploration
Risks
The new blocks are at exploration stage - years from revenue
Zinc and silver prices, not critical minerals, drive earnings
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹2.40L Cr
Stock P/E
11.6x
Div Yield
1.94%
ROCE
69.5%
ROE
76.8%
P/B
8.0x
Revenue growth
+19.8%FY26
Profit growth
+33.6%FY26
Net margin
33.9%FY26
1Y vs Nifty
+24 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
29,440FY22
34,098FY23
28,932FY24
34,083FY25
40,844FY26
Stock price return · as of 6 Nov 2026
1Y price return
+22%
3Y CAGR
+25%
5Y CAGR
+12%
Trend74th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 23% below its high
Note: Tungsten, rare-earth and potash blocks won at auction
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
The Geological Survey of India and MECL explore and package blocks; the Ministry of Mines auctions them online, and the winner is whoever quotes the highest share of the value of mineral dispatched. Winners then finish exploration, get clearances and open the mine.
Why it matters
This is the Mission's main domestic lever. 56 of 88 unique blocks offered were auctioned across seven tranches by June 2026 (Ministry of Mines), with Gujarat, Uttarakhand and Telangana joining in the seventh. An eighth tranche of 20 blocks, including lithium, rare earths, graphite, tungsten and vanadium, took technical bids on 21 Sep 2026. Listed winners include Vedanta, Hindustan Zinc, Coal India and Oil India.
Where the value pool sits
Value is back-loaded: a composite licence still needs exploration, a mining plan and clearances, so most blocks are years from output. Winners also commit a share of every tonne's value to the state, which caps upside if they bid aggressively.
Key drivers
NCMM target of 1,200 exploration projects by FY31 (GSI) and more tranches
Exploration licences opening deep-seated minerals to junior miners
Incentives for exploration spending under the Mission
Potential bottlenecks
Many blocks are offered at early exploration stages, so a third of them draw no successful bid
Forest and environmental clearances after the auction
Processing capacity for minerals like graphite and tungsten is thin in India
Investor metrics to watch
Blocks won per company and premium quoted (% of mineral value)
Exploration progress (G3 to G2/G1) and mining-plan approvals