Best Silver Stocks in India
Silver became a major market trend in India by 2026, supported by strong investment demand and rising industrial use in solar panels, electronics, and electrical components. Silver touched record highs in early 2026, with some reports citing levels above ₹3 lakh per kg, while rates stood around ₹2.70 lakh per kg on 7 May 2026. However, sharp corrections also show their high volatility.
Top Silver Stocks
Wednesday, 20 May, 2026
| symbol | Company | ticker | slug | Sector | Market Price | 52W High | 52W Low | Market Cap (Cr.) | PE Ratio | Industry PE | PB Ratio | Div. Yield (%) | ROE (%) | 1YReturns | 3YReturns | 5YReturns | Market Cap Label | Industry Group | Industry | Sub Industry | percentageChange |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GOLI | Goldiam International Ltd | GOLDIAM | /stocks/goldiam-international-GOLI | Precious Metals, Jewellery & Watches | 379.75 | 448.65 | 265.00 | 4,288.06 | 36.64 | 24.57 | 5.75 | 0.75 | 16.95 | -2.91 | 163.53 | 371.56 | Smallcap | Consumer Durables & Apparel | Textiles, Apparel & Luxury Goods | Apparel, Accessories & Luxury Goods | 2.61 |
| HZNC | Hindustan Zinc Ltd | HINDZINC | /stocks/hindustan-zinc-HZNC | Mining - Diversified | 632.60 | 733.00 | 413.50 | 267,293.68 | 19.32 | 23.93 | 20.06 | 3.32 | 72.60 | 41.14 | 105.16 | 81.96 | Largecap | Materials | Metals & Mining | Diversified Metals & Mining | -0.61 |
| THNG | Thangamayil Jewellery Ltd | THANGAMAYL | /stocks/thanga-mayil-jewellery-THNG | Precious Metals, Jewellery & Watches | 3,653.10 | 4,373.00 | 1,750.10 | 11,354.57 | 32.29 | 24.57 | 10.30 | 0.49 | 14.88 | 88.84 | 564.66 | 1,087.11 | Smallcap | Consumer Discretionary Distribution & Retail | Textiles, Apparel & Luxury Goods | Other Specialty Retail | 2.99 |
| VDAN | Vedanta Ltd | VEDL | /stocks/vedanta-VDAN | Metals - Diversified | 337.65 | 340.65 | 157.17 | 131,845.63 | 7.58 | 23.93 | 2.45 | 35.66 | 31.28 | 104.11 | 220.01 | 219.16 | Largecap | Materials | Metals & Mining | Diversified Metals & Mining | 3.26 |
Disclaimer: Please note that the above list is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing.
Note: The data on this silver stocks list is dynamic in nature and subject to real-time changes. This data is derived from Tickertape Stock Screener.
Selection criteria: Companies that are associated with the silver sector in India, based on publicly available information.
Explore screensWhat are Silver Stocks?
Silver stocks include companies that mine, refine, or produce silver. When investors buy silver stocks, they get exposure to the silver market without owning the metal physically. The market offers two types of silver stocks in India, physical silver stocks and silver mining stocks.
Overview of Top Silver Stocks in India
- Vedanta Ltd: Vedanta is a diversified natural resources company involved in oil, gas, zinc, aluminium, copper, and iron ore production. It operates globally and plays a key role in India’s mining sector.
- Hindustan Zinc Ltd: A subsidiary of Vedanta, Hindustan Zinc is India’s largest and the world’s second-largest zinc-lead miner. It also produces silver and focuses on sustainable mining and metal production practices.
- Goldiam International Ltd: Goldiam designs, manufactures, and exports diamond jewellery, serving major global retailers. Known for conflict-free diamonds and ESG compliance, it has a strong presence in the US market.
- Thangamayil Jewellery Ltd: Based in Tamil Nadu, Thangamayil Jewellery specialises in gold and diamond retail. It operates multiple showrooms and is known for its traditional designs, catering to the preferences of South Indian consumers.
- NMDC Ltd: NMDC Ltd is India’s largest iron ore producer, now expanding into silver and strategic minerals. Its massive scale, low production costs, and government backing make it a powerhouse for industrial-led growth.
How to Invest in Silver Stocks?
Here is how you can invest in the best silver stocks:
- Open a demat/trading/stockbroker account. You can open a demat account with smallcase!
- Conduct thorough research into the top silver stocks in India using Tickertape Stocks Screener. The screener offers over 200 built-in filters, allowing investors to select parameters and generate a list of silver stocks.
- Place a ‘Buy’ Order on the top silver stocks that align with your investment thesis.
Latest Updates in the Silver Sector
- Record Price Rally: Silver prices saw sharp movement in 2026. In India, silver crossed ₹3 lakh per kg in early 2026, after a strong rally in 2025. On 7 May 2026, silver again gained sharply on MCX, supported by a weaker US dollar and global cues.
- Investment Demand Remains Strong: The Silver Institute expects global physical silver investment demand to rise 20% in 2026 to 227 mn ounces, its highest level in three years. This demand may help offset weakness in jewellery, silverware, and industrial use.
- Industrial Demand Shows Mixed Trends: Silver continues to be used in solar panels, electronics, EVs, and electrical components. However, global industrial silver demand may fall 2% in 2026 to 650 mn ounces due to lower silver usage in photovoltaic applications.
- India’s Import Demand Stays High: India remains one of the world’s key silver markets. Gujarat imported nearly 1,500 metric tonnes of silver in FY26, supported by affordability, investment demand, and industrial usage.
Benefits of Investing in Silver Shares
- Exposure to Silver Price Upside: Silver-linked companies may benefit when silver prices rise. Higher prices can support revenue for companies involved in mining, refining, trading, jewellery, or silver-backed products.
- Link to Both Precious Metal and Industrial Demand: Silver has a dual role. It serves as a precious metal and has industrial uses. This gives silver stocks exposure to investment demand as well as demand from sectors such as electronics, solar, and electrical components.
- Portfolio Diversification: Silver stocks can add exposure to a different commodity cycle. Their performance may not always align with broader equity markets, especially during periods of high inflation, currency pressures, or global uncertainty.
- Demand from Affordable Jewellery and Investment Products: High gold prices have increased interest in silver jewellery, bars, and coins in India. Silver’s lower ticket size can support demand from retail buyers, especially in semi-urban and rural markets.
Risks of Investing in Silver Shares
- Sharp Price Volatility: Silver prices can move sharply in both directions. A rally can support silver stocks, but a sudden correction can affect margins, inventory value, and investor sentiment.
- Pressure from the Industrial Slowdown: Silver demand depends in part on industrial use. Any slowdown in electronics, solar, EVs, or electrical equipment can affect companies linked to silver demand.
- Substitution and Thrifting Risk: High silver prices can push manufacturers to reduce silver usage or shift to substitutes. The Silver Institute expects weaker industrial demand in 2026 partly due to thrifting and substitution in photovoltaic applications.
- Import and Currency Risk: India depends heavily on silver imports. A weaker rupee, higher import costs, changes in duties, or supply disruptions can affect domestic silver prices and companies’ margins.
Factors Affecting Silver Stocks
- Global Silver Prices: Silver prices directly affect the revenue, inventory value, and margins of silver-linked companies. Global prices depend on the US dollar, interest rates, inflation, safe-haven demand, and commodity flows.
- Demand Mix: Investors can track the share of demand from investment products, jewellery, silverware, and industrial use. In 2026, investment demand remains strong, while industrial demand is expected to soften.
- Company Business Model: Silver stocks can include mining, refining, jewellery, trading, and diversified metal companies. Each business model reacts differently to changes in silver prices.
- Financial Strength: Margins, debt levels, inventory management, working capital, and return ratios matter because silver-linked businesses can face sharp price swings and high inventory costs.
- Import Policy and Rupee Movement: Import duties, trade rules, logistics costs, and rupee-dollar movement can affect domestic silver prices. These factors also influence companies that source silver from global markets.
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To Wrap It Up…
Silver remains an important commodity in 2026 because it acts as both a precious metal and an industrial input. Demand from investment products, solar, electronics, EVs, and electrical components continues to support the sector. At the same time, price volatility, import dependence, and substitution risk remain key concerns.
Investors should track global silver prices, demand trends, inventory levels, company fundamentals, and rupee movement before analysing silver stocks in India.
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Frequently Asked Questions About Silver Stocks
1. What are silver stocks?
Silver stocks in India are shares of companies involved in silver mining, refining, jewellery, trading, or other silver-linked businesses. Their value can depend on global silver prices, production efficiency, and demand from sectors like solar, electronics, and industrial manufacturing.
2. Which silver stock is best in India?
The best silver stocks in India by market capitalisation as of 7th May, 2026 include:
- Vedanta Ltd
- Hindustan Zinc Ltd
- Goldiam International Ltd
- Thangamayil Jewellery Ltd
- NMDC Ltd
Disclaimer: This silver stocks list is for educational and informational purposes only and does not constitute financial advice. Please conduct independent research or consult a SEBI-registered financial advisor before making any investment decisions.
3. How can I invest in silver stocks?
You can invest in silver-related stocks in India through stockbroking platforms or investment platforms like smallcase. You can search for silver-linked companies or portfolios with exposure to silver production, jewellery, refining, or related sectors.
4. Are there any silver penny stocks in India?
Pure-play silver penny stocks in India are currently limited or almost nonexistent. Some low-priced jewellery or industrial stocks may have indirect exposure to silver prices, but they may not be direct silver mining companies.
Disclaimer: This information is for educational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Consult a SEBI-registered financial advisor before making any investment decisions.
5. Is it a good time to explore silver stocks with high returns?
The silver share market can be highly volatile. Silver crossed ₹1,08,000 per kg in June 2025, peaked above ₹4,10,000 per kg in January 2026, and corrected to ₹2,30,000 per kg by March 23, 2026. These movements can influence Indian silver-linked stocks.
Disclaimer: This information is for educational purposes only and not investment advice. Past performance, such as the June 2025 highs, does not guarantee future results. Silver stocks involve high market risk; please consult a SEBI-registered advisor before investing.
6. Where is silver found in India?
Silver occurs mainly in Rajasthan, Karnataka, and Andhra Pradesh. Rajasthan contributes the most, especially from the Udaipur region. This mineral base supports silver mining stocks with exposure to India’s domestic production ecosystem.
7. Who is the largest producer of silver in India?
Hindustan Zinc, a subsidiary of Vedanta Limited, is the largest producer of silver in India. The company produces silver through its zinc operations and contributes meaningfully to India’s silver market cap.
8. Is silver stock a good investment?
Silver stocks can provide exposure to today’s silver rate in the share market, trends, industrial demand, and precious metal demand. They may interest investors tracking jewellery, refining, mining, electronics, solar, and EV components. However, silver stocks can be volatile because prices depend on global demand, currency movement, imports, and commodity cycles.
Disclaimer: This information is for educational purposes only and is not investment advice. Investors should assess their goals and risk appetite and consult a financial advisor before investing.
9. Which is the largest silver producing state in India?
Rajasthan is the largest silver-producing state in India. Its output plays an important role in domestic supply and can indirectly influence companies in the silver stocks list.
Hindustan Zinc, a subsidiary of Vedanta Limited, is the largest producer of silver in India. The company produces silver through its zinc operations and contributes meaningfully to India’s silver market cap.
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