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HINDZINC - Hindustan Zinc

📊 NSE: HINDZINC 🏢 Mining / Minerals / Metals 📅 Last Updated: 12/14/2025 7:45

📢 Recent Corporate Announcements

Hindustan Zinc Partners with CMR Green Technologies for Zinc Alloy Manufacturing at Zinc Park

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Mar 2026, 06:41 PM

Hindustan Zinc (HINDZINC) has signed a Memorandum of Understanding (MoU) with CMR Green Technologies to establish a zinc alloy manufacturing facility at Zinc Park in Rajasthan. This partnership, the second major one for the park, focuses on producing low-emission alloys for the automotive and infrastructure sectors. The initiative leverages HINDZINC's 77% domestic market share and proximity to its existing smelting operations. By fostering a downstream ecosystem, the company aims to drive value addition and sustainable metal processing.

Partnership with CMR Green Technologies, India's largest non-ferrous metal recycler.
Focus on high-quality zinc alloys for automotive, infrastructure, and consumer goods.
Recycled metal production at the facility can achieve up to 95% lower emissions.
Hindustan Zinc maintains a dominant 77% share of India's primary zinc market.
Zinc Park is developed jointly with RIICO as a renewable energy-powered industrial hub.

💡 This expansion into downstream value-added products is a positive long-term driver for margins and market positioning. Investors should monitor the scaling of Zinc Park as a catalyst for industrial demand.

Hindustan Zinc Partners with Virginia Tech to Enhance Silver Recovery Efficiency

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 05 Mar 2026, 10:53 AM

Hindustan Zinc (HINDZINC) has signed a Memorandum of Understanding with Virginia Tech to conduct advanced research on improving silver recovery at its lead-zinc concentrators. As a top five global silver producer, the company aims to optimize flotation methods and reagent use to handle future ore variability and improve concentrate quality. The partnership includes technical capacity building and knowledge transfer to HZL's internal teams to ensure long-term operational excellence. This strategic move is designed to enhance margins by maximizing the recovery of high-value silver byproducts.

Strategic MoU with US-based Virginia Tech for advanced metallurgical research on silver recovery.
Focus on optimizing flotation methods and reagent-mineral interactions to improve process stability.
Aims to enhance recovery efficiency for the world's top 5 silver producer and India's 77% market share leader.
Includes structured workshops and training for HZL teams to build in-house technical capabilities.
Collaboration targets both short-term operational improvements and long-term strategies for future ore types.

💡 Investors should view this as a positive long-term development for margin expansion through technological efficiency. Monitor future quarterly reports for improvements in silver recovery rates and byproduct revenue.

Hindustan Zinc to Attend Kotak Securities 'Chasing Growth 2026' Conference on Feb 25

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Feb 2026, 05:40 PM

Hindustan Zinc Limited has scheduled an interaction with analysts and institutional investors on February 25, 2026. The company will be participating in the Kotak Securities Flagship Conference titled 'Chasing Growth 2026' held in Mumbai. The meetings are expected to be a mix of group and one-on-one sessions in a physical format. This is a standard regulatory disclosure under SEBI Listing Regulations to inform the market about management's engagement with the investment community.

Meeting scheduled for February 25, 2026, at the Kotak Securities Flagship Conference
Venue is Mumbai with a physical mode of interaction
Format includes both Group and One-on-One meetings with institutional investors
Company has uploaded its February 2026 Investor Presentation on its official website for public access

💡 Investors should monitor for any management commentary or analyst notes following the conference for updates on growth guidance. No immediate action is required as this is a routine investor relations event.

Hindustan Zinc Assigned ESG Rating of 67.8 by SES ESG Research

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 14 Feb 2026, 03:06 PM

SES ESG Research Private Limited, a SEBI-registered provider, has independently assigned Hindustan Zinc an ESG rating of 67.8. The rating was conducted based on publicly available information, as the company did not formally engage the agency for this assessment. This disclosure is part of the regulatory requirements under SEBI's Listing Obligations and Disclosure Requirements. Such ratings are increasingly used by institutional investors to evaluate the sustainability and governance profile of a company.

SES ESG Research assigned an independent ESG rating of 67.8 to Hindustan Zinc.
The rating was based on publicly available data without formal engagement by the company.
SES is a SEBI-registered ESG Rating Provider (ERP).
The official notification of the rating was received by the company on February 13, 2026.

💡 Investors should view this as a benchmark for the company's sustainability performance relative to peers. No immediate portfolio changes are necessary based on this independent rating disclosure.

Hindustan Zinc & JNCASR Develop Zinc-Ion Battery Prototypes for Large-Scale Energy Storage

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 06 Feb 2026, 06:47 PM

Hindustan Zinc (HZL) has successfully developed stable zinc-ion battery pouch cell prototypes in collaboration with JNCASR, targeting the large-scale renewable energy storage market. This indigenous technology leverages India's abundant zinc resources to provide a safer, low-cost, and non-flammable alternative to lithium-ion batteries for stationary applications. As HZL holds a dominant 77% market share in India's primary zinc market, this move strengthens its position in the green energy transition. While currently in the prototype stage, the technology is being optimized for higher energy density and longer cycle life.

Developed stable zinc-ion battery pouch cell prototypes for renewable energy storage like solar power.
HZL maintains a dominant 77% market share in the primary zinc market in India.
Technology offers significant safety advantages over lithium-ion due to non-flammable aqueous electrolytes.
Collaboration focuses on low-cost electrolyte formulations to enhance battery stability and cycle life.
Strategic alignment with HZL's 'EcoZen' green zinc brand, which has a carbon footprint 75% lower than the global average.

💡 Investors should monitor the transition of this technology from prototype to commercial scale as it represents a significant long-term growth driver in the energy storage sector. This development reinforces HZL's pivot from a pure mining company to a critical player in the renewable energy value chain.

Hindustan Zinc Schedules Investor Meetings for Feb 9-10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 10:43 AM

Hindustan Zinc Limited has informed the exchanges regarding its participation in two upcoming institutional investor conferences in Mumbai. The company will attend the Nuvama India Conference on February 9, 2026, followed by the Systematix India Annual Conference on February 10, 2026. These meetings will involve both group and one-on-one interactions with analysts and investors. The company has directed stakeholders to its website for the latest investor presentations that will be used during these sessions.

Participation in Nuvama India Conference 2026 scheduled for February 9, 2026.
Attendance at MANTHAN - Systematix India Annual Conference on February 10, 2026.
Meetings will be held in physical mode in Mumbai.
Interaction formats include both Group and One-on-One sessions.
Investor presentations to be updated on the company's official website link.

💡 Investors should monitor the company's website for any updated investor presentations or management commentary following these conferences. No immediate action is required as this is a routine disclosure of investor engagement.

Hindustan Zinc Wins ICAI Award for India's Best Sustainability Report in Large-Cap Manufacturing

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 02 Feb 2026, 10:10 PM

Hindustan Zinc has been recognized by ICAI for the best Business Responsibility and Sustainability Report (BRSR) in the large-cap manufacturing sector. The company maintains a dominant 77% market share in India's primary zinc market and was ranked the world's most sustainable metals and mining company by S&P Global for the third consecutive year. It is aggressively pursuing a green transition, aiming for 70% renewable energy by FY28 with a 530 MW capacity. These ESG credentials enhance the company's appeal to institutional investors focused on sustainable governance.

Awarded 'Best BRSR Report' at the 4th ICAI Sustainability Reporting Awards for the Large-Cap Manufacturing category.
Targeting 70% renewable energy by FY28 through a 530 MW green power capacity agreement.
Recorded 6.7 lakh tonnes of GHG emission savings and increased renewable energy to 19% of its power mix.
Maintains a 77% market share in India's primary zinc market and is a top 5 global silver producer.
Launched EcoZen, a low-carbon zinc brand with a carbon footprint 75% lower than the global average.

💡 This recognition solidifies the company's ESG leadership, which is a positive signal for long-term institutional holding. Investors should view this as a validation of management's transparency and operational efficiency rather than a short-term price catalyst.

Hindustan Zinc Promoter Group Secures $350 Million Loan with Covenants on HZL

🔵 WATCH ⭐ 7/10

REGULATORY 📅 02 Feb 2026, 09:37 PM

Vedanta Resources Limited (VRL), a promoter group entity of Hindustan Zinc (HZL), has entered into a $350 million facility agreement with First Abu Dhabi Bank and Mashreqbank. Although HZL is not a direct party to the agreement, the loan imposes several restrictive covenants on HZL's operational flexibility, including limits on asset disposals, mergers, and the creation of security. The funds are intended for VRL Group's debt repayment and general corporate purposes. These restrictions will remain in effect from the first utilization date of the facility.

Promoter entity Vedanta Resources Limited secured a $350 million facility agreement.
HZL is subject to restrictive covenants despite not being a party to the loan.
Restrictions include limitations on HZL's asset sales, mergers, and creation of security without lender consent.
HZL is prohibited from granting loans or guarantees to promoters or affiliates under the agreement terms.
The facility is earmarked for VRL Group debt repayment and interest obligations.

💡 Investors should monitor HZL's strategic flexibility, as major corporate actions like mergers or asset disposals now require promoter-level lender approval. While this doesn't impact HZL's cash flow directly, it highlights the influence of promoter debt on the subsidiary's operations.

Hindustan Zinc Allots Non-Convertible Debentures Worth ₹1,400 Crore

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 02 Feb 2026, 01:17 PM

Hindustan Zinc Limited has successfully allotted unsecured, redeemable, rated, and listed Non-Convertible Debentures (NCDs) totaling ₹1,400 crore. The allotment is divided into two series: STRPP1 amounting to ₹420 crore and STRPP2 amounting to ₹980 crore. Each debenture has a face value of ₹1,00,000. This move follows the company's prior board authorization and is part of its capital management strategy.

Total fundraise through NCD allotment aggregates to ₹1,400 crore
STRPP1 series includes 42,000 NCDs worth ₹420 crore
STRPP2 series includes 98,000 NCDs worth ₹980 crore
All debentures are unsecured, rated, and have a face value of ₹1,00,000 each
Approval was granted by the Committee of Directors on February 02, 2026

💡 Investors should monitor the company's debt levels and the specific purpose of this fundraise, such as refinancing or expansion. The neutral impact reflects standard corporate debt management for a large-cap entity.

Hindustan Zinc Reaffirmed [ICRA]A1+ Rating for Rs 5,000 Crore Commercial Paper

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 31 Jan 2026, 10:59 AM

ICRA Limited has reaffirmed the credit rating for Hindustan Zinc's Commercial Paper program at [ICRA]A1+. The rating applies to a total amount of Rs 5,000 crore, indicating the highest degree of safety regarding timely payment of short-term financial obligations. This reaffirmation underscores the company's robust liquidity profile and strong credit standing in the debt market. Investors can take comfort in the company's continued ability to access short-term funding at favorable rates.

ICRA reaffirmed the highest short-term rating of [ICRA]A1+ for the company.
The rating covers Commercial Paper worth a total of Rs 5,000 crore.
The rating action was officially published by ICRA on January 30, 2026.
The [ICRA]A1+ rating signifies very low credit risk and strong financial health.

💡 Investors should view this as a positive confirmation of the company's financial stability and creditworthiness. No immediate action is required as this is a routine reaffirmation of the company's existing high credit quality.

Vedanta to Sell Up to 1.59% Stake in Hindustan Zinc via Offer for Sale (OFS)

🔵 WATCH ⭐ 8/10

FUNDRAISE 📅 27 Jan 2026, 05:29 PM

Vedanta Limited, the promoter of Hindustan Zinc, has announced an Offer for Sale (OFS) to divest up to a 1.59% stake in the company. The base offer includes 3.35 crore shares (0.79%), with an oversubscription option to sell an additional 3.35 crore shares. The OFS will open for non-retail investors on January 28, 2026, and for retail investors on January 29, 2026. The proceeds are intended for deleveraging Vedanta's balance sheet and optimizing its capital structure.

Base offer size of 3,35,00,000 equity shares representing 0.79% of total paid-up capital.
Oversubscription option for an additional 0.79% stake, totaling up to 1.59% or 6.70 crore shares.
Bidding for non-retail investors on Jan 28, 2026, and for retail investors on Jan 29, 2026.
Minimum 10% of the offer reserved for retail investors and 25% for Mutual Funds/Insurance companies.
Primary objective is to deleverage the promoter's (Vedanta) balance sheet.

💡 Investors should monitor the floor price announcement as it typically comes at a discount to the market price, potentially causing short-term price volatility. Retail investors should evaluate the floor price against the current market price before participating on the second day.

Hindustan Zinc Approves ₹1,400 Crore Fundraise via Private Placement of NCDs

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 23 Jan 2026, 10:14 AM

Hindustan Zinc Limited's Committee of Directors has approved the issuance of unsecured, rated, and listed Non-Convertible Debentures (NCDs) totaling up to ₹1,400 crore. The fundraise will be conducted on a private placement basis and is structured into two separately transferable and redeemable principal parts of ₹420 crore and ₹980 crore. These instruments will be listed on the BSE, providing the company with additional liquidity. This move allows the company to raise capital without diluting equity, though the specific use of proceeds was not detailed in the filing.

Approved issuance of unsecured, redeemable NCDs aggregating up to ₹1,400 crore
Issue split into two parts: STRPP 1 of ₹420 crore and STRPP 2 of ₹980 crore
Total of up to 140,000 non-convertible debentures to be issued via private placement
Securities are proposed to be listed on the BSE Limited
The debentures are unsecured, meaning no specific assets are pledged as collateral

💡 Investors should monitor the final coupon rates and the company's overall leverage ratios following this debt issuance. No immediate action is required as this is a routine capital management activity for a large-cap entity.

Hindustan Zinc to Raise ₹1,400 Crore via Private Placement of Non-Convertible Debentures

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 23 Jan 2026, 09:59 AM

Hindustan Zinc's Committee of Directors has approved the issuance of unsecured, redeemable, rated, and listed Non-Convertible Debentures (NCDs) totaling ₹1,400 crore. The fundraise will be conducted on a private placement basis and is split into two separately transferable and redeemable principal parts of ₹420 crore and ₹980 crore. These NCDs will be listed on the BSE Limited. This move indicates the company's strategy to leverage debt for capital requirements or potential refinancing of existing obligations.

Approved issuance of NCDs aggregating up to ₹1,400 crore on a private placement basis
Issue split into two parts: STRPP 1 (₹420 crore) and STRPP 2 (₹980 crore)
Total of up to 140,000 NCDs to be issued and listed on the BSE
The debentures are unsecured, rated, and redeemable as per future disclosure documents

💡 Investors should monitor the final coupon rates and the specific purpose of the funds to see if they are for growth or debt servicing. Keep an eye on how this additional debt affects the company's high dividend payout policy.

Hindustan Zinc Reports Record Q3 FY26 PAT of ₹3,916 Cr; Zinc COP at 5-Year Low of $940/t

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 22 Jan 2026, 12:28 PM

Hindustan Zinc delivered a record-breaking performance in Q3 FY26, with PAT surging 48% QoQ to ₹3,916 crores and revenue reaching ₹10,980 crores. The company achieved its lowest zinc cost of production in five years at $940 per ton, driven by operational efficiencies and higher domestic coal usage. Silver production grew 10% sequentially to 158 tons, with the precious metal portfolio now contributing 44% to total profits. The company also transitioned to a net cash position of ₹329 crores, significantly improving from a net debt of ₹2,547 crores in the previous quarter.

Record quarterly revenue of ₹10,980 crores (up 27% YoY) and highest-ever EBITDA of ₹6,087 crores with a 55% margin.
Zinc cost of production (ex-royalty) hit a 5-year low of $940/ton, a 10% reduction year-on-year.
Mined metal production reached 276,000 tons, the highest Q3 output since the underground transition.
Silver's contribution to profits rose to 44%, benefiting from prices reaching over $93 per troy ounce in January.
Company turned net cash positive with ₹329 crores as of Dec 2025, compared to net debt of ₹2,547 crores in Sept 2025.

💡 Investors should view the record margins and structural cost leadership positively, especially as silver emerges as a dominant profit driver. The transition to a net cash position provides a strong cushion for the ongoing 2x growth projects and future dividends.

Hindustan Zinc Appoints Sandeep Vasant Kadam as Government Nominee Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 22 Jan 2026, 11:29 AM

Hindustan Zinc Limited has appointed Mr. Sandeep Vasant Kadam, Joint Secretary at the Ministry of Mines, as a Government Nominee Director (Non-Executive) effective January 19, 2026. He replaces Mr. Dinesh Mahur following a directive from the Ministry of Mines, Government of India. Mr. Kadam is an IAS officer with a technical background from IIT Delhi, having served in various capacities in the Government of Himachal Pradesh. This change represents a routine rotation of government representatives on the board of the company.

Mr. Sandeep Vasant Kadam (DIN-08414389) appointed as Government Nominee Director effective January 19, 2026.
The appointment replaces Mr. Dinesh Mahur (DIN: 10862645) following an order from the Ministry of Mines.
Mr. Kadam is an IAS officer and an IIT Delhi alumnus with a postgraduate degree in Mechanical Equipment Design.
The Board of Directors approved the appointment via circular resolution on January 22, 2026.
The appointee is not related to any other director and is not debarred by SEBI or any other authority.

💡 This is a routine administrative change in government representation on the board. Investors should view this as neutral and continue to focus on the company's operational performance and metal price trends.

View All HINDZINC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue for Q2 FY26 was INR 8,549 Cr, representing a 4% YoY growth and a 10% QoQ increase. H1 FY26 revenue stood at INR 16,320 Cr, which was almost flat YoY. Segment-specific percentage splits were not disclosed, though the company is a dominant player in the domestic zinc and lead markets.

Geographic Revenue Split

Not specifically disclosed in percentage terms, but the company maintains a dominant position in the domestic Indian market with access to the bulk of lead-zinc deposits in Rajasthan through long-term government agreements.

Profitability Margins

Profit After Tax (PAT) for Q2 FY26 was INR 2,649 Cr, up 14% YoY and 19% QoQ. H1 FY26 PAT was INR 4,883 Cr, up 5% YoY. The PAT margin for Q2 FY26 is approximately 31%.

EBITDA Margin

EBITDA margin for Q2 FY26 was 52%, an improvement of approximately 180 bps YoY and 260 bps QoQ. H1 FY26 EBITDA margin was approximately 51%, up 150 bps YoY. EBITDA for Q2 FY26 reached INR 4,467 Cr, up 7% YoY and 16% QoQ.

Capital Expenditure

The company has planned a total capex of INR 16,000 Cr over the next 3 to 4 years. For FY26, growth capex guidance was revised from USD 350 million to USD 400 million (approx. INR 3,300 Cr). The spending schedule is 20% in the current year, 50% in the next year, and the remainder in FY28.

Credit Rating & Borrowing

CRISIL AAA/Stable rating. Total debt stood at INR 14,012 Cr as of June 30, 2025, compared to INR 11,220 Cr as of March 31, 2025. Net leverage (net debt to EBITDA) remains very low at 0.1 times.

⚙️ Operational Drivers

Raw Materials

Zinc ore and coal are the primary raw materials. Coal costs have softened, and the company is increasing renewable energy consumption to lower power and fuel costs, which are significant components of the cost of production.

Import Sources

Primary ore deposits are sourced from Rajasthan, India. Coal is sourced domestically, with improvements noted in domestic coal consumption efficiency.

Key Suppliers

Vedanta Resources Ltd (ultimate parent) and the Government of India (mining rights and minority shareholder).

Capacity Expansion

Current capacity is approximately 1.123 MTPA (based on FY25 production of 1,052 KT). The company is targeting a stabilized production of 250 KTPA per quarter and is commissioning a new roaster and debottlenecking projects to reach a capacity of 1.128 MTPA.

Raw Material Costs

Zinc Cost of Production (COP) excluding royalty was USD 994 per ton in Q2 FY26, the lowest in 5 years. H1 FY26 COP was USD 1,002 per ton. Costs were reduced by higher by-product realization and softened input commodity prices.

Manufacturing Efficiency

Record ROCE of approximately 65% for the trailing 12 months. Q1 FY26 production was 250 KT, slightly lower than the previous year (262 KT) due to scheduled shutdowns for debottlenecking.

📈 Strategic Growth

Growth Strategy

Growth will be driven by expanding the critical mineral portfolio (Potash, Tungsten, REEs), debottlenecking existing assets to reach 1.128 MTPA, and investing INR 16,000 Cr in capex. The company also aims to become net cash positive by the end of FY26.

Products & Services

Zinc, Lead, Silver, and upcoming critical minerals including Potash, Tungsten, and Rare Earth Elements (REEs).

Brand Portfolio

Hindustan Zinc (HINDZINC).

New Products/Services

Expansion into Potash, Tungsten, and REEs. Expected revenue contribution percentages for these new segments are not yet disclosed.

Market Expansion

Focus on strengthening its position as a future-ready sustainability-driven global leader and inclusion in major indices like Nifty 100 and Nifty Next 50.

Market Share & Ranking

World's largest integrated zinc producer; Top 5 in Nifty Metal Index.

Strategic Alliances

The company is a subsidiary of Vedanta Limited and maintains long-term agreements with the Government of India for mining deposits.

🌍 External Factors

Industry Trends

Zinc is expected to remain in a resilient trading band; lead demand is underpinned by batteries; silver is expected to sustain gains. The industry is shifting toward sustainable mining and critical minerals for the energy transition.

Competitive Landscape

Dominant domestic player with high entry barriers due to mining rights and integrated smelting capacity.

Competitive Moat

Durable competitive advantage through low-cost production (USD 994/ton), integrated operations, and a long mine life of over 25 years with 453.2 MT of reserves and resources.

Macro Economic Sensitivity

Highly sensitive to global zinc and silver prices and domestic infrastructure spending (GDP growth) which drives steel demand.

Consumer Behavior

Increasing demand for silver in industrial and investment sectors and zinc in infrastructure-led galvanization.

Geopolitical Risks

Tepid global growth environment and trade barriers could impact export-driven scale, though integrated operations provide a cost buffer.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by long-term mining agreements with the Government of India and environmental pollution norms for smelting and mining.

Environmental Compliance

Commitment to Sustainability Goals 2030, including GHG emissions reduction and water stewardship. ESG compliance is a key monitorable for credit ratings.

Taxation Policy Impact

Not disclosed in percentage terms for the future, but historical dividend payouts are large to support parent debt.

Legal Contingencies

Not disclosed in terms of specific pending court case values.

⚠️ Risk Analysis

Key Uncertainties

Potential for high dividend outflows to support the debt of the ultimate parent (Vedanta Resources Ltd), which could impact liquidity if operating cash flows weaken.

Geographic Concentration Risk

100% of mining operations are concentrated in Rajasthan, India.

Third Party Dependencies

High dependency on the Government of India for the renewal and maintenance of mining leases.

Technology Obsolescence Risk

The company is mitigating technology risks by transitioning to 240 kiloamps cell houses and leveraging technology for risk mitigation in underground mining.