⛏️ Metals, Mining & Chemicals · updated 2026-10-09

Indian Metals, Mining & Chemicals Companies in Financial Distress (October 2026)

As of 09 October 2026, 50 of 382 Indian Metals, Mining & Chemicals companies analysed (13%) show financial-distress indicators: 25 very weak, 11 weak and 14 on watch. The most common red flags in this sector are operating profit does not cover interest, cash runway under 12 months, severe working-capital shortfall and liabilities exceed assets (negative equity).

382

Analysed

Distress signals

Very weak

13%

Flag rate

What drives financial distress in Metals, Mining & Chemicals

Metals, mining, chemicals and paper — cyclical, capital-intensive; debt taken on at the top of the cycle is the classic failure path.

Most common red flags today: Operating profit does not cover interest · Cash runway under 12 months · Severe working-capital shortfall · Liabilities exceed assets (negative equity)

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Metals, Mining & Chemicals companies with distress signals

#	Ticker	Company / industry	Distress score	Band	Ohlson PD	Merton PD	From 52w high	Key indicators
1	ACL	Andhra Cements Limited Building Materials	100	Very weak	97%	79.1%	-59%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
2	ASTRON	Astron Paper & Board Mill Limited Paper & Paper Products	100	Very weak	94%	100.0%	-82%	Operating profit does not cover interestMarket-implied default probability >20%Severe working-capital shortfall	Details →
3	BURNPUR	Burnpur Cement Limited Building Materials	100	Very weak	100%	99.1%	-57%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
4	SHRENIK	Shrenik Limited Paper & Paper Products	100	Very weak	100%	97.9%	-56%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsMarket-implied default probability >20%	Details →
5	TIRUMALCHM	Thirumalai Chemicals Limited Specialty Chemicals	100	Very weak	87%	21.9%	-53%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
6	ZENITHSTL	Zenith Steel Pipes & Industries Limited Steel	100	Very weak	100%	50.7%	-47%	Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20%	Details →
7	VAML	Vedanta Aluminium Metal Limited Aluminum	99	Very weak	100%	0.0%	-23%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
8	IMPEXFERRO	Impex Ferro Tech Limited Other Industrial Metals & Mining	96	Very weak	100%	0.0%	-2%	Liabilities exceed assets (negative equity)Operating profit does not cover interestSevere working-capital shortfall	Details →
9	BILVYAPAR	BIL Vyapar Limited Specialty Chemicals	95	Very weak	100%	100.0%	-69%	Liabilities exceed assets (negative equity)Market-implied default probability >20%Severe working-capital shortfall	Details →
10	SADHNANIQ	Sadhana Nitro Chem Limited Chemicals	92	Very weak	60%	29.7%	-75%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
11	MALUPAPER	Malu Paper Mills Limited Paper & Paper Products	91	Very weak	99%	41.9%	-25%	Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20%	Details →
12	SALSTEEL	S.A.L. Steel Limited Steel	90	Very weak	89%	0.0%	-13%	Operating profit does not cover interestCash runway under 12 monthsRevenue collapse	Details →
13	SUPREMEENG	Supreme Engineering Limited Steel	88	Very weak	100%	0.0%	+0%	Liabilities exceed assets (negative equity)Operating profit does not cover interestSevere working-capital shortfall	Details →
14	SEYAIND	Seya Industries Limited Specialty Chemicals	87	Very weak	68%	82.1%	-47%	Cash runway under 12 monthsMarket-implied default probability >20%Severe working-capital shortfall	Details →
15	ASTEC	Astec LifeSciences Limited Agricultural Inputs	86	Very weak	86%	0.5%	-19%	Operating profit does not cover interestCash runway under 12 monthsLosses in each of the last 3 years	Details →
16	VISL	Vedanta Iron and Steel Limited Steel	86	Very weak	99%	1.6%	-33%	Liabilities exceed assets (negative equity)Operating profit does not cover interestSevere working-capital shortfall	Details →
17	KESORAMIND	Kesoram Industries Limited Building Materials	83	Very weak	89%	0.0%	-22%	Operating profit does not cover interestCash runway under 12 monthsSevere working-capital shortfall	Details →
18	ORISSAMINE	The Orissa Minerals Development Company Limited Steel	81	Very weak	97%	0.0%	-38%	Liabilities exceed assets (negative equity)Operating profit does not cover interestSevere working-capital shortfall	Details →
19	GSLSU	Global Surfaces Limited Building Materials	79	Very weak	71%	79.1%	-78%	Operating profit does not cover interestMarket-implied default probability >20%Very high leverage	Details →
20	SHAHALLOYS	Shah Alloys Limited Steel	77	Very weak	73%	0.0%	-29%	Operating profit does not cover interestSevere working-capital shortfallRevenue collapse	Details →
21	ORIENTPPR	Orient Paper & Industries Limited Paper & Paper Products	76	Very weak	40%	5.7%	-44%	Operating profit does not cover interestCash runway under 12 monthsSevere working-capital shortfall	Details →
22	VINEETLAB	Vineet Laboratories Limited Chemicals	76	Very weak	99%	0.6%	-24%	Operating profit does not cover interestRevenue collapseMaterial debt with no EBITDA	Details →
23	CHEMPLASTS	Chemplast Sanmar Limited Chemicals	73	Very weak	89%	5.9%	-49%	Operating profit does not cover interestSevere working-capital shortfallLosses in each of the last 3 years	Details →
24	NEUEON	Neueon Corporation Limited Steel	72	Very weak	97%	0.0%	-49%	Operating profit does not cover interestCash runway under 12 monthsLosses in each of the last 3 years	Details →
25	APCL	Anjani Portland Cement Limited Building Materials	70	Very weak	72%	0.9%	-36%	Operating profit does not cover interestCash runway under 12 monthsLosses in each of the last 3 years	Details →
26	SAGCEM	Sagar Cements Limited Building Materials	65	Weak	59%	2.5%	-47%	Operating profit does not cover interestSevere working-capital shortfallLosses in each of the last 3 years	Details →
27	SHYAMCENT	Shyam Century Ferrous Limited Steel	65	Weak	100%	0.0%	-32%	Cash runway under 12 monthsRevenue collapseOperations consume cash	Details →
28	ELECTHERM	Electrotherm (India) Limited Steel	61	Weak	96%	27.5%	-41%	Liabilities exceed assets (negative equity)Market-implied default probability >20%Severe working-capital shortfall	Details →
29	HERANBA	Heranba Industries Limited Agricultural Inputs	58	Weak	84%	12.6%	-47%	Operating profit does not cover interestCash runway under 12 monthsVery high leverage	Details →
30	ABMINTLLTD	ABM International Limited Specialty Chemicals	57	Weak	92%	1.5%	-41%	Operating profit does not cover interestLosses in each of the last 3 yearsMaterial debt with no EBITDA	Details →
31	ARENTERP	Rajdarshan Industries Limited Other Industrial Metals & Mining	57	Weak	98%	—	-45%	Cash runway under 12 monthsRevenue collapseOperations consume cash	Details →
32	FACT	The Fertilisers and Chemicals Travancore Limited Agricultural Inputs	56	Weak	92%	0.0%	-28%	Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure	Details →
33	VISACHROME	VISA Chrome Limited Steel	53	Weak	85%	0.8%	-50%	Liabilities exceed assets (negative equity)Operating profit does not cover interestSevere working-capital shortfall	Details →
34	BHARATCOAL	Bharat Coking Coal Limited Coking Coal	52	Weak	77%	0.0%	-26%	Operating profit does not cover interestOhlson O-score signals likely failureCurrent liabilities exceed current assets	Details →
35	SHALPAINTS	Shalimar Paints Limited Specialty Chemicals	51	Weak	87%	0.2%	-16%	Operating profit does not cover interestLosses in each of the last 3 yearsOhlson O-score signals likely failure	Details →
36	DIAMINESQ	Diamines and Chemicals Limited Chemicals	50	Weak	55%	0.0%	-36%	Revenue collapseOperations consume cashOhlson O-score signals likely failure	Details →
37	ISHANCH	Ishan Dyes and Chemicals Limited Chemicals	49	Watch	77%	1.8%	-43%	Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure	Details →
38	GOACARBON	Goa Carbon Limited Specialty Chemicals	48	Watch	69%	0.0%	-12%	Operating profit does not cover interestMaterial debt with no EBITDAOhlson O-score signals likely failure	Details →
39	AKSHARCHEM	AksharChem (India) Limited Specialty Chemicals	47	Watch	72%	0.0%	-19%	Operating profit does not cover interestOhlson O-score signals likely failureCurrent liabilities exceed current assets	Details →
40	SHAH	Shah Metacorp Limited Steel	46	Watch	54%	3.2%	-48%	Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure	Details →
41	KAKATCEM	Kakatiya Cement Sugar and Industries Limited Building Materials	45	Watch	59%	0.0%	-29%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
42	KRIDHANINF	Kridhan Infra Limited Steel	45	Watch	100%	3.9%	-59%	Liabilities exceed assets (negative equity)Operating profit does not cover interestSevere working-capital shortfall	Details →
43	ESTER	Ester Industries Limited Specialty Chemicals	43	Watch	68%	1.2%	-21%	Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure	Details →
44	JSWCEMENT	JSW Cement Limited Building Materials	42	Watch	61%	0.0%	-21%	Material debt with no EBITDAOhlson O-score signals likely failureCurrent liabilities exceed current assets	Details →
45	GFSTEELS	Grand Foundry Limited Steel	41	Watch	100%	0.0%	+0%	Liabilities exceed assets (negative equity)Ohlson O-score signals likely failureLosses in 2 of the last 3 years	Details →
46	NSLNISP	NMDC Steel Limited Steel	41	Watch	27%	0.0%	-26%	Operating profit does not cover interestSevere working-capital shortfallLosses in 2 of the last 3 years	Details →
47	VOGL	Vedanta Oil and Gas Limited Other Industrial Metals & Mining	38	Watch	44%	5.4%	-33%	Operating profit does not cover interestVery high leverageElevated market-implied default probability	Details →
48	INDIACEM	The India Cements Limited Building Materials	37	Watch	13%	0.0%	-37%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
49	INDIAGLYCO	India Glycols Limited Chemicals	35	Watch	42%	57.6%	-70%	Market-implied default probability >20%Current liabilities exceed current assetsNear-term debt exceeds cash	Details →
50	NEOGEN	Neogen Chemicals Limited Specialty Chemicals	35	Watch	83%	0.0%	-2%	Thin interest coverageVery high leverageOhlson O-score signals likely failure	Details →

Frequently asked questions

Which Metals, Mining & Chemicals companies are in financial distress?

As of 2026-10-09, 50 Indian Metals, Mining & Chemicals companies show financial-distress indicators (25 very weak, 11 weak and 14 on watch). The table on this page ranks them by score with the indicators behind each one. These are statistical signals, not predictions that any company will file.

How many Metals, Mining & Chemicals companies are in financial trouble?

50 of 382 analysed (13%); 25 are in the 'Very weak' band.

What are the biggest financial risks for Metals, Mining & Chemicals companies?

Metals, mining, chemicals and paper — cyclical, capital-intensive; debt taken on at the top of the cycle is the classic failure path. Right now the most frequent red flags are operating profit does not cover interest, cash runway under 12 months, severe working-capital shortfall and liabilities exceed assets (negative equity).

What happens to shareholders if a company becomes insolvent?

Under the IBC the Committee of Creditors controls the resolution; the §53 waterfall pays secured creditors and workers first and equity last. In most resolution plans existing shareholders are wiped out or left with a token stake, and the company may be delisted.

Financial distress in other sectors

🏦 Bank & Finance 7 🛡️ Insurance 1 💊 Pharma & Biotech 12 🩺 Healthcare & MedTech 1 💻 IT & Software 10 🔬 Semiconductor 0 🤖 AI 4 🖥️ Hardware & Electronics 11 📡 Telecom & Media 23 🛍️ Consumer Discretionary 69 🛒 Consumer Staples 25 🏭 Industrials & Capital Goods 59 🛢️ Energy, Oil & Gas 4 ⚡ Utilities & Power 4 🏢 Real Estate Cos & REITs 24 📦 SPACs & Shell Companies 0 ❔ Unclassified 2

Important: A listing means a company’s reported numbers resemble those of firms that later failed — it is not a statement that the company is insolvent, has defaulted or will enter insolvency proceedings. Recalculated every trading day. Not investment or legal advice.