Why Hindustan Zinc may find it tough to repeat blockbuster Q1

Hindustan Zinc's Q1FY27 operating revenue surged 77% year-on-year to Rs 13,747 crore with Ebitda doubling to Rs 8,074 crore, but the stock has fallen 12% so far in 2026 as the strong results were driven by higher commodity prices and a weaker rupee that are expected to fade. The company is highly leveraged to metal prices, with every $100 per tonne drop in zinc reducing Ebitda by Rs 725-750 crore and every $1 per troy ounce fall in silver hitting Ebitda by Rs 200-225 crore. Trading at 9 times EV/Ebitda on FY28 consensus, the stock already prices in much of the optimism, making this quarter tough to repeat.