India, Sept. 22 -- ICRA has turned positive on India's non-ferrous metals sector as global supply constraints, elevated aluminium and copper prices, and healthy domestic demand create a more favourable earnings environment. The more important question is whether this is simply another commodity-price spike or the beginning of a longer metals upcycle. Global supply remains difficult to expand quickly, while India's base-metal demand is expected to grow 8% to 10% in FY2027.

ICRA has revised its outlook for the domestic non-ferrous metals industry to Positive. It expects international base-metal prices to rise 10% to 18% in FY2027 and domestic base-metal demand to grow 8% to 10%. It also expects operating margins for its sample of companie...