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Hindustan Zinc Q2 FY27 results: net profit up 142.1% to ₹6,412 crore, revenue up 76.5%
Hindustan Zinc Limited reported consolidated revenue of ₹15,093 crore for Q2 FY27, up 76.5% from ₹8,549 crore in the year-ago quarter. Net profit rose 142.1% to ₹6,412 crore, while EBITDA increased 108.1% to ₹9,248 crore and EBITDA margin expanded 9.3 percentage points to 61.3%.
Key points
- Consolidated Q2 FY27 revenue was ₹15,093 crore, up 76.5% from ₹8,549 crore in Q2 FY26.
- EBITDA rose 108.1% to ₹9,248 crore, with margin increasing 9.3 percentage points to 61.3%.
- Net profit rose 142.1% to ₹6,412 crore and basic EPS increased 142.1% to ₹15.18.
- In H1 FY27, revenue was ₹28,840 crore and net profit was ₹11,881 crore, up 76.7% and 143.3%, respectively.
- The stock closed 2.5% below its pre-results close on the reaction day and was down 5.5% by the fifth session.
How did Hindustan Zinc perform in Q2 FY27?
Hindustan Zinc’s consolidated Q2 FY27 revenue was ₹15,093 crore, up 76.5% from ₹8,549 crore in Q2 FY26 and 9.8% from ₹13,747 crore in Q1 FY27. EBITDA was ₹9,248 crore, up 108.1% year on year and 14.9% sequentially, while EBITDA margin rose to 61.3% from 52.0% and 58.6%, respectively.
Net profit was ₹6,412 crore, up 142.1% from ₹2,649 crore a year earlier and 17.2% from ₹5,469 crore in the previous quarter. Basic EPS was ₹15.18, compared with ₹6.27 in Q2 FY26 and ₹12.94 in Q1 FY27. On a standalone basis, revenue was ₹14,961 crore and net profit was ₹6,317 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 15,093 | 13,747 | 8,549 | +76.5% | +9.8% |
| Other income | 374 | 316 | 238 | +57.1% | +18.4% |
| Total expenses | 6,895 | 6,749 | 5,245 | +31.5% | +2.2% |
| EBITDA | 9,248 | 8,050 | 4,445 | +108.1% | +14.9% |
| EBITDA margin | 61.3% | 58.6% | 52.0% | +9.3 pp | +2.7 pp |
| Profit before tax | 8,572 | 7,314 | 3,542 | +142.0% | +17.2% |
| Tax | 2,160 | 1,845 | 893 | +141.9% | +17.1% |
| Net profit | 6,412 | 5,469 | 2,649 | +142.1% | +17.2% |
| EPS (₹) | 15.18 | 12.94 | 6.27 | +142.1% | +17.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Hindustan Zinc's costs and profit?
Total expenses were ₹6,895 crore in Q2 FY27, up ₹1,650 crore from ₹5,245 crore in Q2 FY26. Employee cost rose ₹33 crore to ₹221 crore, depreciation increased ₹80 crore to ₹962 crore and other expenses increased ₹1,422 crore to ₹5,378 crore, while finance costs fell ₹171 crore to ₹88 crore. There was no exceptional item in either quarter.
Other income increased ₹136 crore to ₹374 crore from ₹238 crore in the year-ago quarter. Profit before tax rose ₹5,030 crore to ₹8,572 crore from ₹3,542 crore, while tax increased ₹1,267 crore to ₹2,160 crore from ₹893 crore. Against Q1 FY27, other expenses fell ₹171 crore and finance costs fell ₹44 crore, while tax increased ₹315 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 221 | 188 | +33 | +17.6% |
| Finance costs | 88 | 259 | −171 | −66.0% |
| Depreciation | 962 | 882 | +80 | +9.1% |
| Other expenses | 5,378 | 3,956 | +1,422 | +35.9% |
| Total expenses | 6,895 | 5,245 | +1,650 | +31.5% |
| Other income | 374 | 238 | +136 | +57.1% |
| Tax | 2,160 | 893 | +1,267 | +141.9% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹28,840 crore, up 76.7% from ₹16,320 crore in H1 FY26, while total income was ₹29,530 crore, up 75.4% from ₹16,837 crore. Profit before tax rose 143.4% to ₹15,886 crore from ₹6,527 crore.
Net profit for the first half was ₹11,881 crore, up 143.3% from ₹4,883 crore, and basic EPS rose 143.3% to ₹28.12 from ₹11.56. The company’s investor presentation attributed the first-half performance to record volumes and lower costs.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 28,840 | 16,320 | +76.7% |
| Profit before tax | 15,886 | 6,527 | +143.4% |
| Net profit | 11,881 | 4,883 | +143.3% |
| EPS (₹) | 28.12 | 11.56 | +143.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹47,470 crore, up from ₹42,370 crore at 31 March 2026. Total equity rose to ₹29,966 crore from ₹22,629 crore, while borrowings fell to ₹6,171 crore from ₹8,252 crore. Cash and cash equivalents declined to ₹128 crore from ₹297 crore.
Inventories were ₹2,076 crore at the quarter end, against ₹2,054 crore at 31 March 2026. Trade receivables fell to ₹397 crore from ₹399 crore, while trade payables declined to ₹2,677 crore from ₹3,073 crore.
H1 FY27 operating cash flow was ₹13,287 crore, compared with ₹5,580 crore in H1 FY26. Investing cash flow was negative ₹6,364 crore, compared with negative ₹775 crore, while financing cash flow was negative ₹7,092 crore against negative ₹4,810 crore. Capital expenditure was ₹3,152 crore, up from ₹2,497 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 47,470 | 42,370 |
| Total equity | 29,966 | 22,629 |
| Borrowings | 6,171 | 8,252 |
| Cash and equivalents | 128 | 297 |
| Inventories | 2,076 | 2,054 |
| Trade receivables | 397 | 399 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 13,287 | 5,580 |
| Cash from investing | −6,364 | −775 |
| Cash from financing | −7,092 | −4,810 |
| Capital expenditure | 3,152 | 2,497 |
Source: Company's results filing (XBRL).
How has Hindustan Zinc done over the last 8 quarters?
Revenue and net profit both rose year on year in each of the last five quarters. Revenue bottomed at ₹7,771 crore in Q1 FY26 and reached ₹15,093 crore in Q2 FY27, while net profit moved from ₹2,234 crore to ₹6,412 crore over the same period.
EBITDA margin bottomed at 49.7% in Q1 FY26 and reached 61.3% in Q2 FY27. Revenue and net profit have increased in each of the last four quarters, moving from ₹10,980 crore and ₹3,916 crore in Q3 FY26 to ₹15,093 crore and ₹6,412 crore in Q2 FY27.
Which businesses drove the quarter?
Zinc, Lead and others generated revenue of ₹10,414 crore in Q2 FY27, up 59.5% from ₹6,528 crore in the year-ago quarter. Segment EBIT rose to ₹4,720 crore from ₹2,138 crore, with an EBIT margin of 45.3%.
Silver metal revenue increased 140.8% to ₹4,111 crore from ₹1,707 crore. Its EBIT rose to ₹3,609 crore from ₹1,464 crore, and the segment reported an EBIT margin of 87.8%. Wind energy revenue was ₹57 crore, up 21.3% from ₹47 crore, while EBIT increased to ₹36 crore from ₹28 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Zinc, Lead and others | 10,414 | +59.5% | 4,720 | 45.3% |
| Silver metal | 4,111 | +140.8% | 3,609 | 87.8% |
| Wind energy | 57 | +21.3% | 36 | 63.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026 on 19 October 2026. MSKA & Associates LLP issued a limited review report with an unmodified opinion on the financial results. The same-day investor presentation was filed with the exchanges.
The same-day filings did not announce a dividend, fund raise or appointment. The earlier board-meeting intimation stated that the trading window would reopen on 22 October 2026 after being closed from 1 October 2026.
What did Hindustan Zinc's management say?
Management said FY27 zinc cost of production guidance had been revised to $825-$850 per ton from $975-$1,000 per ton, after Q2 zinc cost of production excluding royalty was $703 per ton. Silver production guidance for FY27 was maintained at 680 tons. Management said 730-750 tons could be possible in FY28, but the company would finalise that number toward year-end and it was not a firm target.
Management identified geopolitical tensions, energy and trade disruptions, changing tariff policies, commodity-price exposure, currency movements and global growth as risks. It also said geopolitical cost escalation reduced Q2 cost benefits by about $50 per ton. Management did not give guidance for sulfuric acid because it is a by-product sold at an auction price.
The CEO said new projects were limited, mine closures and declining grades could keep markets tight over the next decade, and infrastructure growth, urbanisation and electrification indicated annual demand growth. Management also said renewable energy supplied 27% of Q2 power consumption and was intended to reach 35% in the quarters to come; Hindustan Zinc Alloys Private Limited was using 100% renewable power.
How did Hindustan Zinc shares react?
The filing was released after market hours. From ₹538.40 before the results, the stock was down 1.5% after five minutes, 1.6% after 15 minutes and 2.3% after 30 minutes. It closed 2.5% below the pre-results close on the reaction day, and by the next day’s close the stock was down 3.8% from that close.
By the fifth session, the stock was down 5.5% from its pre-results close. The Non - Ferrous Metals industry median was down 3.8% on the reaction day, 3.9% by the next day and 4.3% by the fifth session, leaving Hindustan Zinc ahead by 1.3 percentage points on the reaction day, 0.1 percentage points on the next day and behind by 1.2 percentage points on the fifth day.
Past reaction-day moves included a rise of 3.9% on 19 January 2026 and a rise of 0.6% on 24 July 2026. The stock fell 4.0% on 28 January 2025, 1.5% on 17 October 2025 and 1.2% on 18 October 2024.
| After the filing | Stock | Non - Ferrous Metals median |
|---|---|---|
| 5 minutes | −1.5% | |
| 15 minutes | −1.6% | |
| 30 minutes | −2.3% | |
| Reaction day | −2.5% | −3.8% |
| Next day | −3.8% | −3.9% |
| 5 days | −5.5% | −4.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 24 July 2026 | +0.6% |
| 24 April 2026 | −0.5% |
| 19 January 2026 | +3.9% |
| 17 October 2025 | −1.5% |
| 18 July 2025 | −0.3% |
| 28 January 2025 | −4.0% |
| 18 October 2024 | −1.2% |
| 2 August 2024 | +1.2% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Hindustan Zinc's revenue in Q2 FY27?
Revenue from operations was ₹15,093 crore, up 76.5% from ₹8,549 crore in Q2 FY26 (consolidated).
Did Hindustan Zinc make a profit in Q2 FY27?
Yes. Net profit was ₹6,412 crore, against a net profit of ₹2,649 crore in Q2 FY26.
What was Hindustan Zinc's EPS in Q2 FY27?
Basic earnings per share were ₹15.18, against ₹6.27 in Q2 FY26.
How did Hindustan Zinc shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.5% from the previous close; the median Non - Ferrous Metals stock moved −3.8%.
When did Hindustan Zinc announce its Q2 FY27 results?
On 19 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For The Second Quarter And Half Year Ended September 30, 2026. (BSE, 13 October 2026) · PDF
- Outcome of Board Meeting (NSE, 19 October 2026) · PDF
- The earnings call (23 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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