Everyone Knows About Coal India, Hindustan Zinc and NMDC. But Here are 4 Mining Stocks Flying Under the Radar

The mining industry in India rarely makes it to the headlines.

As the investor community frets over electric vehicles, semiconductors, or AI, the raw materials for those revolutions are being dug up, crushed, and refined in silence.

While the public discourse goes no further than Coal India or NMDC, a handful of lesser-known, Indian mining firms are involved with unlocking strategic minerals, exploring new geographies, and putting up global-grade processing capacity.

Let's take a look at 4 such under the radar mining stocks.

#1 Tega Industries

Established in 1976, Tega Industries is a global manufacturer and supplier of specialised, recurring consumables used in mineral beneficiation, mining, and bulk solids handling.

It's one of the world's second-largest producer of polymer-based mill liners, with a portfolio of over 55 products.

With operations in over 70 countries and 10 manufacturing units, around 85-90% of its revenue comes from international markets.

As of FY25, the company held an order book worth Rs 6.3 bn and is investing Rs 2.5 bn to expand capacity, particularly in Chile.

The company reported revenue of Rs 16.8 bn in FY25, up 11% YoY, with an EBITDA of Rs 3.87 bn and a margin of 23%.

The company also recorded its highest-ever quarterly revenue in Q4 FY25, with margins expanding to 29%.

Strong demand for gold and copper mining equipment, supported by geopolitical tensions, rising central bank gold purchases, declining ore grades, and copper's central role in the green energy transition, will drive the growth of this company.

#2 Sandur Manganese and Iron Ores

Incorporated in 1954, Sandur Manganese & Iron Ores Limited (SMIORE), the flagship company of Karnataka's Sandur Group, is engaged in the mining of low-phosphorus manganese and iron ore in the resource-rich Hosapete-Ballari belt.

The company also operates a ferroalloy and coke manufacturing facility near Hospet, producing silico-manganese and ferro-manganese.

As the third-largest manganese ore miner in India, the company derives the majority of its revenues from mining (64%), followed by coke and energy (26%), and ferroalloys (11%) as of 9MFY25.

In FY25, the company reported revenues of Rs 19.39 bn and EBITDA of Rs 7.29 bn, with a robust margin of 36%.

The net profit was Rs 4.45 bn, with return on equity of 19% on an equity base of Rs 36.14 bn.

With its mining expansion now complete and capacities across other verticals firmly in place, SMIORE is well-positioned to tap further growth in FY26.

The board has recently recommended a final dividend of Rs 1.25 per share, marking a year of strong operational and financial performance.

#3 Foseco India

Incorporated in 1958, Foseco India manufactures high-performance additives and consumables for the metallurgical industry, playing a critical role in enhancing the quality and efficiency of castings.

As the only player offering end-to-end products and services across the entire foundry process in both ferrous and non-ferrous applications, Foseco's portfolio includes industrial powders, coatings, resins, ceramic filters, and exothermic sleeves.

With advanced manufacturing facilities in Pune and Puducherry, and additional product imports from its global group entities, the company caters to a wide industrial base spanning automotive, railways, construction, mining, petrochemicals, and power.

While primarily focused on the domestic market, contributing 91% of its revenues, it also has a presence in exports.

The company is yet to post its Q4 results for FY25. In the third quarter, it posted a marginal growth in topline and bottomline.

Though often overlooked, companies like Foseco form the essential backbone of India's metal and mining value chain, supplying the specialised materials that make large-scale casting and fabrication possible.

#4 Oriental Trimex

Incorporated in 1996, Oriental Trimex is engaged in trading and processing of marble and the mining of granite. Its product portfolio includes premium varieties of marble, travertine, and onyx.

The company sources high-grade marble from countries like Italy, Spain, Turkey, and China, which it processes at its advanced facility in Gummidipoondi near Chennai.

Equipped with imported machinery from SEI, Italy, including gangsaws, robotic resin lines, line polishers, and grinding machines, Oriental processes over 7 m sq. ft. of marble slabs annually.

These slabs are widely used in the construction of hotels, hospitals, malls, residential projects, and commercial spaces across India.

The company has built a pan-India presence through its own sales and marketing outlets, with a flagship showroom in Greater Noida and another set to open in Delhi.

With a clientele that includes Unitech, Radisson, The Park, Dabur Vatika, and Central Park, Oriental stands out as the only nationwide processor and supplier of imported marble.

FY25 was a record year for the company as it turned profitable after 4 years of losses and posted the highest ever net profit at Rs 85.7 m.

The company is exploring collaborations with international players like KMEW from Panasonic Japan for advanced cladding solutions in real estate projects, positioning itself to benefit from India's growing demand for premium building materials.

Conclusion

India's mining and minerals landscape is poised for a multi-year growth phase, driven by infrastructure expansion, real estate demand, clean energy, and industrial growth.

While large players dominate the spotlight, a range of under the radar companies are quietly building scale across niche segments including mineral processing, gold refining, marble and granite, and metallurgical consumables.

As the demand for mineral-linked products continues to rise, these smaller yet focused businesses are well positioned to benefit from the momentum.

Investors should closely track global commodity trends, import exposure and company-specific fundamentals, including corporate governance, before making investment decisions.

Happy Investing.

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