Hindustan Zinc share: Jefferies, HSBC to Nuvama — brokerages see big upside. Should you buy?

Hindustan Zinc delivered stronger-than-expected June-quarter results, with robust zinc and silver prices offsetting a seasonal decline in production volumes. Multiple brokerages, including Jefferies, HSBC (target price raised to around Rs 770), YES Securities (upgraded to BUY with target of about Rs 660), IIFL Capital (target Rs 722), and Nuvama (target Rs 700), reiterated positive ratings, implying upside of around 24 percent or more. Analysts cite EBITDA margins above 58 percent, record-low production costs, and a capacity expansion plan from 1.1 million tonnes to 1.4 million tonnes by FY29 as key long-term drivers.