HINDUSTAN ZINC LIMITED

Mines and refines integrated zinc, lead and silver in India, with FY26 revenue of ₹40,844 cr and an EBITDA margin of 56.75%. Three reporting segments carry the business: Zinc, Lead and others (₹29,216 cr FY26 revenue, ₹10,127 cr EBIT), Silver metal (₹9,841 cr revenue, ₹8,377 cr EBIT), and Wind energy (₹135 cr revenue, ₹61 cr EBIT). The FY27 production plan is 1.1 million tons of refined metal, after Q1 FY27 mined metal of 268,000 tons and refined metal of 260,000 tons; FY26 mined metal was over 1.1 million tons and refined metal about 1.05 million tons. The company holds about 74% of India's primary zinc market and reports the lowest zinc cost of production globally at USD851/ton in Q1 FY27 (FY26: USD959/ton). Silver contributed 46% of Q1 FY27 profitability on 149 tons of output, and is being scaled from about 700 tons toward more than 1,500 tons under a 2X plan to double metal output to 2 million tons over five years, backed by ₹40,000–50,000 cr of capex. Zinc and lead feed galvanizers, infrastructure and battery buyers; silver goes to solar, electronics and electrification customers. Other operating expenses absorb 44.6% of revenue and depreciation 9.3%, with employee cost at 1.9%; the company targets 70% renewable energy by FY28 via a Serentica PPA and was in a net cash position of ₹5,572 cr at end-Q1 FY27.