NSE: HINDZINC · BSE: 500188
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Zinc, Lead and others, Silver metal, Wind energy. Cyclical, commodity-exposed integrated miner and refiner of zinc, lead and silver
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 29,440 | 33,272 | 28,932 | 34,083 | 40,844 |
| EBITDA (ex other income) | 16,091 | 16,680 | 13,656 | 17,305 | 22,089 |
| margin % | 54.7 | 50.1 | 47.2 | 50.8 | 54.1 |
| Owners' profit | 9,629 | 10,511 | 0 | 0 | 0 |
| EPS, as reported (₹) | 22.79 | 24.88 | 18.36 | 24.50 | 32.74 |
| ROE % · ROCE % | 28.1 · 37.3 | 81.3 · 86.7 | 51.1 · 48.9 | 77.7 · 62.9 | 61.1 · 62.4 |
| Debt / equity (x) | 0.08 | 0.92 | 0.56 | 0.80 | 0.36 |
| Cash from operations | 12,691 | 15,129 | 13,346 | 14,160 | 17,008 |
| Capex | (2,998) | (3,561) | (3,866) | (4,006) | (5,275) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,252 | 8,614 | 9,087 | 7,771 | 8,549 | 10,980 | 13,544 | 13,747 |
| Profit before tax | 3,130 | 3,527 | 3,782 | 2,985 | 3,542 | 5,230 | 6,751 | 7,314 |
| Net profit | 2,327 | 2,678 | 3,003 | 2,234 | 2,649 | 3,916 | 5,033 | 5,469 |
| EPS (₹) | 5.51 | 6.34 | 7.11 | 5.29 | 6.27 | 9.27 | 11.91 | 12.94 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Zinc, Lead and others | 29,216 | 74.5 |
| Silver metal | 9,841 | 25.1 |
| Wind energy | 135 | 0.3 |
| Total, before eliminations | 39,192 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN ZINC LIMITED ◆ | 2,08,081 | 12.2 | 9.20 | 9.3 | 61.1 | 59.5 | — | 60.9 |
| SIZEMASTERS TECHNOLOGY LIMITED | 391 | 87.4 | 20.19 | 63.9 | 22.4 | 25.9 | — | 13.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.2 | 15.9 | 8 of 22 | 67% |
| P/B | 9.2 | 2.7 | 17 of 20 | 16% |
| ROCE | 59.5 | 7.8 | 2 of 24 | 96% |
| ROE | 61.1 | 7.6 | 2 of 20 | 95% |
| Debt / Equity | 0.4 | 0.4 | 11 of 20 | 47% |
| EBITDA margin | 60.9 | 6.8 | 1 of 19 | 100% |
| Revenue growth | 76.9 | 13.6 | 6 of 21 | 75% |
| Profit growth | 144.8 | 55.9 | 7 of 20 | 68% |
| Market cap | 208081 | 202 | 1 of 24 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Record Q2 FY27 profit and lower zinc cost guidance | investor communications | medium | — | — |
| 20 Oct 2026 · HZL Q2 FY27: Net Profit Rs 6,412 Cr, Up 142% YoY | compliance | minimal | — | — |
| 19 Oct 2026 · HZL posts record H1FY27 results, EBITDA more than doubles on strong volumes and lower costs | investor communications | medium | — | — |
| 19 Oct 2026 · Hindustan Zinc posts record Q2 profit, revenue up 77% YoY | compliance | low | — | — |
| 19 Oct 2026 · HZL Q2 FY27 results: Revenue Rs 15,093 Cr, PAT Rs 6,412 Cr (up 142% YoY) | results | high | — | — |
| 17 Oct 2026 · Hindustan Zinc: Postal Ballot approves CEO and Independent Director appointments | board shareholder meetings | medium | — | — |
| 16 Oct 2026 · Hindustan Zinc files FY26 Sustainability Report with ESG progress | business updates | low | — | — |
| 13 Oct 2026 · Earnings call scheduled for Q2 and H1 FY27 on Oct 19, 2026 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Board meeting on Oct 19, 2026 to consider Q2 and H1FY27 results | results | low | — | — |
| 7 Oct 2026 · Hindustan Zinc files FY26 Climate Action Report | general | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.