Metal & Power Tracker

India is among the top global producers of crude steel, with capacity targeted to reach 300 million tonnes by 2030. Demand for steel, aluminium, and electricity continues to rise as infrastructure, manufacturing, EVs, ports, and exports expand. The power sector alone could see ~$450 billion of investment by 2032 across generation, transmission, and storage.

Metals and power sit at the base of the real economy. Metals go into cars, rails, pipes, and machinery. Power runs factories, data centres, and cities. These sectors move in cycles but those cycles are tied to real economic growth.

The Adani Group is a clear example of how scale and integration matter in this space. Its presence across power, ports, and metals helps lower input costs, improve supply chains, and support both domestic demand and exports.

We believe in this theme because metals and power are uncomfortable to hold, but unavoidable. They benefit first when the economy grows and feel the pain when cycles turn.

This smallcase is built for investors who understand sector cycles and are willing to stay invested through them.