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
Oil India (OIL)
Upstream oil and gas PSU that has won a graphite-vanadium block in Arunachal Pradesh (Nov 2024)
Price
₹444.00
snapshot 6 Nov 2026
Strengths
Graphite is a battery anode input (anode makers sit in the PLI-ACC battery policy), so the block fits India's battery push
Risks
Minerals are immaterial next to oil and gas
The block is at exploration stage
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹72,254 Cr
Stock P/E
8.7x
Div Yield
2.59%
ROCE
11.5%
ROE
12.2%
P/B
1.2x
Revenue growth
+4.3%FY26
Profit growth
+7.3%FY26
Net margin
22.8%FY26
1Y vs Nifty
+5 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
25,906FY22
36,084FY23
31,749FY24
31,703FY25
33,081FY26
Stock price return · as of 6 Nov 2026
1Y price return
+3%
3Y CAGR
+29%
5Y CAGR
+25%
Trend58th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 16% below its high
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