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
Vedanta (VEDL)
After its 1 May 2026 demerger the parent keeps base metals - zinc and silver through Hindustan Zinc, plus copper (Silvassa refinery) - and bids actively for critical-mineral blocks
Price
₹262.00
snapshot 6 Nov 2026
Strengths
Won the Genjana nickel, chromium and PGE block (Dec 2025) and other blocks in earlier tranches - one of the most active private winners
Controls Hindustan Zinc, the other big group winner in the auctions
Risks
Its Thoothukudi copper smelter has stayed shut since 2018 (closure upheld by the Supreme Court in Feb 2024), so copper is a small refining business today
Group debt and the demerger's moving parts make the critical-minerals piece hard to value
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹1.02L Cr
Stock P/E
7.8x
Div Yield
13.00%
ROCE
16.1%
ROE
38.2%
P/B
8.0x
Revenue growth
+25.1%FY26
Profit growth
+22.2%FY26
Net margin
32.0%FY26
1Y vs Nifty
+45 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
1,32,732FY22
1,47,308FY23
1,43,727FY24
62,717FY25
78,437FY26
Stock price return · as of 6 Nov 2026
1Y price return
+43%
3Y CAGR
+45%
5Y CAGR
+18%
Trend86th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 27% below its high
Note: Base metals parent after the May 2026 demerger; critical-mineral block winner
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