“For metals exposure today, I would use a four-part barbell: 45-50% in integrated domestic steel, 25-30% in primary non-ferrous producers, 10-15% in gold and silver exposure, and around 10% in selective downstream names with demonstrable pricing power. Ferrous offers the stronger near-term earnings floor, with Indian steel demand expected to grow 9-10% in FY2027, while non-ferrous provides structural upside through domestic demand growth of 7-9.5%,” added Jonagadla.
