HINDZINC
Large CapHindustan Zinc Limited
Metals
Hindustan Zinc Limited is the world's largest integrated zinc producer and India's only integrated producer of zinc, lead, and primary silver. It holds the world's second-largest zinc & lead metal reserves with a 25+ year mine life, positioning it as a low-cost producer globally.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +49% YoY · PAT +68% YoY · margin expansion · +23% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹13,544 Cr | +49.0% | +23.4% |
| EBITDA | ₹7,706 Cr | +59.9% | +27.3% |
| Operating margin | 57.0% | +400 bps | +200 bps |
| PAT | ₹5,033 Cr | +67.6% | +28.5% |
| PAT margin | 37.2% | +411 bps | +150 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
HZL reported record 4QFY26 performance with highest-ever mined metal (315 Kt, +14% QoQ) and refined metal (282 Kt, +5% QoQ) production, alongside lowest-ever zinc cost of production ($903/MT, -4% QoQ). Revenue surged 49% YoY to ₹13,544 crore, with Net Profit up 68% YoY to ₹5,033 crore.
HZL delivered record quarterly and annual performance, driven by highest-ever production volumes and lowest zinc cost of production. Strategic capacity expansions and diversification into critical minerals, coupled with significant precious metal contribution, reinforce its market leadership and long-term value creation potential.
Profitability Contribution
Latest issuer-disclosed distribution across 2 reported categories.
Doubling Capacity
Company is moving towards 2x growth, doubling capacity for long-term value creation.
Critical Mineral Diversification
Building a multi-metal ecosystem under India’s Critical Mineral Mission, diversifying into Potash, Tungsten, REEs.
Exploration Activities
Focused exploration to expand reserves and resources base to support future growth, targeting 30 Mnt metal reserves.
Silver Upcycle
Uniquely positioned to capture the upcycle in silver, which contributed significantly to profitability in FY26.
Integrated Refined Metal Capacity Expansion
250 Ktpa expansion at Debari, increasing capacity from 1,129 Ktpa to 1,379 Ktpa. Target completion: 2QFY29. Total approved investment: c.₹ 12,000 crore.
Mined Metal Capacity Expansion
Expansion from 1,180 Ktpa to 1,510 Ktpa across mines. Target completion: 2QFY29. Total approved investment: c.₹ 12,000 crore.
Zinc Tailings Reprocessing Plant
India’s first 10 Mtpa feed capacity plant. Target completion: 4QFY28. Total approved investment: ₹ 3,823 crore.
Hot Acid Leaching Technology
Implementing technology for recovery of 27 TPA silver and 6 Ktpa lead from jarosite at Dariba. Expected completion by 2QFY27.
Indian Economic Growth
India’s economic outlook remains strong, with the manufacturing PMI consistently reflecting sectoral expansion, supported by upbeat consumer sentiment & robust demand.
Domestic Zinc Demand
Strengthening domestic zinc demand on back of consistently growing domestic steel production, which will grow further to 300 Mtpa by 2030.
Global Energy Transition
Global energy transition accelerates zinc demand structurally. Silver's unmatched conductive and reflective properties are in unprecedented demand for clean energy.
Commodity Price Volatility
Uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange.
Exchange Rate Fluctuations
Fluctuations in interest and or exchange rates and metal prices can materially impact future results.
Broader Market Uncertainties
Numerous matters of national, regional and global scale, including environmental, climatic, natural, political, economic, business, competitive or regulatory nature.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation highlights strong sequential operational momentum in production and cost (QoQ), indicating effective execution. Simultaneously, robust year-on-year financial growth (YoY) demonstrates sustained business expansion and improved profitability.
Mined Metal Production
4QFY26: 315 Kt, up 14% QoQ, up 2% YoY. FY26: 1,114 Kt, up 2% YoY.
Refined Metal Production
4QFY26: 282 Kt, up 5% QoQ, up 5% YoY. FY26: 1,048 Kt, down 0.4% YoY.
Zinc Cost of Production (ex-royalty)
4QFY26: $903/MT, down 4% QoQ, down 9% YoY. FY26: $959/MT, down 9% YoY (5-year lowest full year COP).
EBITDA Margin
4QFY26: 57%, up 420 bps YoY, up 180 bps QoQ. FY26: 54%, up 300 bps YoY.
2x Growth Ambition
Management aims to achieve 2x growth by doubling capacity and creating long-term value.
Sustainability Commitment
Commitment to audacious Sustainability Goals 2030, with efforts in GHG emissions reduction, water stewardship, circular economy, biodiversity conservation and waste management.
Cost Leadership
Management aims to maintain cost below $1,000/MT via proactive cost saving initiatives, increased scale of production, and operational efficiencies.
Diversified Product Portfolio
Plans to scale capacities for minor metal recovery, enhance VAP share to 50%, and expand critical mineral portfolio (Potash, Tungsten, REEs).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Mined metal production | 1,114 Kt (FY26) | 1,150 (±10) Ktpa (FY27 Guidance) |
| Refined metal production | 1,048 Kt (FY26) | 1,100 (±10) Ktpa (FY27 Guidance) |
| Silver production | 627 MT (FY26) | 680 (±10) metric tonnes (FY27 Guidance) |
| Zinc Cost of Production (ex-royalty) | $959/MT (FY26) | $975 - $1,000 per tonne (FY27 Guidance) |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +8.5% / mo
Technical chart
HINDZINCdaily · 6M+9.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 32. Wait for confirmation.
- SMA20 rising (~2.6% over last month) — short-term momentum positive.
- RSI(14) at 32 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 23% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.4%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 31.6%.
Main drags
- Valuation is weaker at 9/30; verify the latest quarterly trend.
- Growth is weaker at 13/25; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 99th percentile within Metals. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 60.7%. Key concern: Promoter holding fell 1.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 99th pctile, median 68 · Large: 89th pctile, median 74
104 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 60.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.5%.
- ▸6 years of positive FCF.
Trust risks
- ▸Promoter holding fell 1.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 17.30
- P/B
- 10.52
- EV/EBITDA
- 9.55
- Market Cap
- 238224.00Cr
Profitability
- ROE
- 76.60%
- ROCE
- 69.50%
- ROA
- 32.65%
- Dividend Y
- 1.95%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.39
- Interest Coverage
- 25.06×
- Altman Z
- 9.53
- Book Value
- 53.60
Cash Flow
- FCF Yield
- 3.40%
- FCF Positive Y
- 6/5
- OCF
- 17008.00 Cr
- EPS TTM
- 32.74
Shareholding
- Promoter Hold
- 60.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 47%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.