Metals and cement — the same construction and industrial demand, on very different cost curves and capex cycles.
Current price and the usual multiples, with the valuation method the engine applies to each business. Listed alphabetically by sector position, not ranked — the gap between price and modelled value is on each company's own page, where the working that produced it can be read alongside it.
| Company | Price | P/E | P/B | ROE % | Valued on |
|---|---|---|---|---|---|
| UltraTech Cement | ₹10,697 | 36.9 | 4.11 | — | Discounted cash flow |
| JSW STEEL | ₹1,229 | 12.1 | 3.00 | — | Discounted cash flow |
| Tata Steel | ₹184 | 20.8 | 2.24 | — | Discounted cash flow |
| GRASIM INDUSTRIES | ₹3,171 | 37.9 | 2.09 | — | Estimate withheld — the engine says so itself |
| HINDALCO INDUSTRIES | ₹959 | 13.0 | 1.56 | — | Discounted cash flow |
| Vedanta | ₹257 | 5.1 | 2.02 | — | Discounted cash flow |
| JINDAL STEEL | ₹1,095 | 41.0 | 2.19 | — | Discounted cash flow |
| AMBUJA CEMENTS | ₹382 | 21.7 | 1.60 | — | Estimate withheld — model and market disagree too far |
| Hindustan Zinc | ₹561 | 13.9 | 10.47 | — | Discounted cash flow |
| NMDC | ₹80 | 9.5 | 2.08 | — | Estimate withheld — model and market disagree too far |
| STEEL AUTHORITY OF INDIA | ₹173 | 21.2 | 1.18 | — | Discounted cash flow |
| NATIONAL ALUMINIUM COMPANY | ₹351 | 9.5 | 2.98 | — | Discounted cash flow |
| WELSPUN CORP | ₹2,413 | 27.6 | 6.95 | — | Discounted cash flow |
| JINDAL STAINLESS | ₹724 | 18.4 | 3.01 | — | Discounted cash flow |
| Hindustan Copper | ₹492 | 51.8 | 14.23 | — | Discounted cash flow |
| Lloyds Metals and Energy | ₹1,779 | 21.0 | 7.22 | — | Estimate withheld — model and market disagree too far |
| SHREE CEMENT | ₹21,905 | 48.5 | 3.40 | — | Discounted cash flow |
| APL Apollo Tubes | ₹2,119 | 47.9 | 11.11 | — | Discounted cash flow |
| J. K. CEMENT | ₹4,712 | 38.5 | 5.17 | — | Discounted cash flow |
A sector is not one kind of business, and the method has to follow the economics rather than the label. Across the 19 here: