Hindustan Zinc Limited (HINDZINC)
₹540.00 +1.69% last close, 16 Oct
Q2 FY27 results
📅 Next results: 19 Oct 2026 (board meeting)Hindustan Zinc Limited's board meets on 19 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Hindustan Zinc's revenue was ₹13,747 Cr (+76.9% year on year, +1.5% on the previous quarter), and net profit ₹5,469 Cr (+144.8% year on year); the operating margin was 58.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹13,747 | +76.9% | +1.5% |
| Operating profit | ₹8,050 | +108.6% | +4.5% |
| Net profit | ₹5,469 | +144.8% | +8.7% |
| EPS (₹) | 12.94 | +144.6% | +8.6% |
| Operating margin | 58.6% | — | — |
HINDZINC delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.9% of the HINDZINC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.34%. That is close to its usual level. In HINDZINC futures, open interest fell 0.24% while the futures price rose 1.79%: short covering (shorts closing out).
Delivery in the last 5 sessions: 26.9% · 51.9% · 44.0% · 38.2% · 40.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Hindustan Zinc has submitted its Climate Action Report for FY2025-26, detailing decarbonisation roadmaps aligned with its Science-based Targets initiative (SBTi). In FY26, the company recorded combined Scope 1 and Scope 2 emissions of 5.02 million tCO2e and Scope 3 emissions of 1.47 million tCO2e, supported by 892 MU of renewable power consumption. To balance its long-term plan of reaching 2 million tonnes of metal capacity by 2030, HZL plans to add 990 MW of battery energy storage capacity and shift to a Central Transmission Utility model. The report is externally assured by S.R. Batliboi & Co. LLP under ISAE 3000.
- Scope 1 and Scope 2 emissions reported at 5.02 million tCO2e, with Scope 3 at 1.47 million tCO2e for FY2025-26
- Consumed 892 MU of renewable power, which avoided an estimated 0.83 million tCO2e
- Adding 990 MW of battery energy storage capacity to power existing and upcoming expansion
- Targeting a 50% reduction in Scope 1 and Scope 2 emissions and a 25% cut in Scope 3 by 2030 (vs FY20 baseline)
Hindustan Zinc Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate from Registrar & Share Transfer Agent KFin Technologies Limited confirms that securities received for dematerialisation were processed and confirmed to depositories. It further confirms that physical certificates were mutilated and cancelled within 15 days of verification. This is a recurring administrative filing with zero impact on operational or financial metrics.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued by Registrar & Share Transfer Agent KFin Technologies Limited on October 06, 2026
- Physical security certificates confirmed mutilated and cancelled within 15 days of verification
Hindustan Zinc reported record production figures for Q2 FY27 and H1 FY27. In Q2 FY27, mined metal output increased 5% YoY to 271 kt, while refined metal rose 7% YoY to 264 kt, aided by debottlenecking at Chanderiya and Dariba. Saleable silver production jumped 20% YoY to 173 tonnes (5.6 million ounces). For H1 FY27, total refined metal climbed 6% YoY to 524 kt and silver rose 10% YoY to 321 tonnes.
- Q2 FY27 mined metal production reached a record 271 kt, up 5% YoY
- Q2 FY27 refined metal production stood at 264 kt, increasing 7% YoY
- Saleable silver production grew 20% YoY to 173 metric tonnes (5.6 million ounces)
- H1 FY27 refined metal production rose 6% YoY to 524 kt
- Wind power generation rose 17% YoY to 155 MU in Q2 FY27
Hindustan Zinc Limited announced that Niche Ninety Nine Capability and Certifications (OPC) Private Limited ('Niche99'), a SEBI-registered ESG rating provider, has voluntarily assigned it an ESG rating of 67.76 under the 'Leader' category. The rating was prepared independently based on publicly available disclosures without any engagement or mandate from the company. The company received this intimation from the BSE on September 17, 2026.
- Niche99 independently assigned an ESG rating of 67.76 to Hindustan Zinc
- Company placed under the 'Leader' category by the rating provider
- Rating intimation received from BSE on September 17, 2026, at 06:51 p.m.
- Company clarified it did not engage Niche99; evaluation was based on public data
Hindustan Zinc has issued a Postal Ballot notice seeking shareholder approval for the appointment of Mr. Amarendu Prakash as Whole-time Director and CEO for a period of 3 years effective August 1, 2026. The company is also seeking approval for the appointment of Dr. Yogesh Attray as an Independent Director. Remote e-voting commences on September 17, 2026, and concludes on October 16, 2026, with the cut-off date set as September 11, 2026. This formalizes top-level executive appointments previously intimated to exchanges in July and August 2026.
- Shareholder approval sought for Mr. Amarendu Prakash as Whole-time Director & CEO for a 3-year term from August 01, 2026 to July 31, 2029
- Special resolution proposed for the appointment of Dr. Yogesh Attray as an Independent Director
- Remote e-voting window runs from September 17, 2026 (9:00 AM IST) to October 16, 2026 (5:00 PM IST)
- Record/Cut-off date for eligibility to vote is Friday, September 11, 2026
Hindustan Zinc Limited has submitted an intimation under Regulation 30 regarding its schedule for institutional investor interactions. The company is set to participate in the Jefferies 5th India Forum on September 16, 2026. The meeting will be held in physical format in Gurgaon, covering Group and One-on-One interactions. The investor presentation will be made available on the company website.
- Participation scheduled for September 16, 2026
- Attending the Jefferies 5th India Forum in Gurgaon
- Format includes Group and One-on-One physical meetings
- Presentation to be uploaded to company website in due course
Hindustan Zinc Limited has entered into a six-year transportation agreement (extendable by two years) with MFL India Limited to deploy 30 electric trucks for zinc and lead concentrate transport from its Rampura Agucha mine to smelters in Rajasthan. MFL will also establish and operate dedicated EV charging infrastructure for this fleet. This expands HZL's green logistics fleet, which reached 232 vehicles (52 EVs, 180 LNG) in FY2026. Given HZL's TTM revenue of ₹46,820 Cr, the agreement represents an incremental operational ESG initiative rather than a financially material event.
- Signs 6-year transportation contract with MFL India Limited, extendable by 2 years
- Deploys 30 electric trucks for concentrate haulage from Rampura Agucha mine to smelting units
- Dedicated EV charging infrastructure to be built and operated by MFL India
- Expands green logistics fleet to 232 vehicles (52 EVs and 180 LNG vehicles) following 42 additions in FY2026
Hindustan Zinc Limited has received an overall ESG rating of 65 from NSE Sustainability Ratings and Analytics Limited. The rating was independently prepared by the agency using publicly available data without direct engagement from the company. The intimation is an informational disclosure pursuant to SEBI Listing Regulations received on September 3, 2026.
- Overall ESG rating assigned: 65
- Assigned by NSE Sustainability Ratings and Analytics Limited
- Report prepared independently using publicly available company data without company mandate
- Intimation received via BSE email on September 03, 2026, at 10:40 AM
Hindustan Zinc Limited has received a Letter of Intent (LoI) from the Government of Karnataka for the grant of a mining lease covering the Gundlupet REE and Yttrium Block. The block spans 314.21 hectares situated in Mallayanapur village, Chamrajnagar District, Karnataka. This development aligns with the company's stated long-term strategy to expand into critical minerals such as Rare Earth Elements (REEs). Detailed resource estimates, capital expenditure, and timelines to production remain undisclosed in the filing.
- Issued Letter of Intent (LoI) by the Government of Karnataka under Rule 10(2) of Mineral Auction Rules 2015
- Secured preferred bidder status for a mining lease spanning 314.21 Hectares
- Asset identified as the Gundlupet REE and Yttrium Block in Chamrajnagar District, Karnataka
- Capital expenditure and resource size are not disclosed in the announcement
Hindustan Zinc Limited (HZL) has been informed by promoter group entities (Vedanta Resources Limited, Twin Star Holdings, Vedanta Holdings Mauritius II, and Welter Trading) that multiple overseas credit facilities have been fully repaid. These facilities—dated April 17, 2025, June 24, 2025, and January 30, 2026—carried restrictive covenants governing certain corporate actions of HZL. Following full debt repayment, all such restrictions on HZL have been formally rescinded and released.
- Promoter entities fully repaid borrowing facilities dated April 17, 2025, June 24, 2025, and January 30, 2026
- All restrictive covenants previously imposed on HZL under these facilities stand rescinded
- HZL itself was not a borrowing party or guarantor to these parent-level debt agreements
- Disclosure received from promoter entities on August 24, 2026 pursuant to SEBI LODR Regulation 30A
Hindustan Zinc has increased its renewable power consumption share to 22%, up from approximately 18% in FY26, targeting 70% by FY28. To support this ramp-up, the company expanded its round-the-clock renewable power delivery agreement with Serentica Renewables from 450 MW to 530 MW. During FY26, the company generated 892 million units of green power, an increase from 632 million units in FY25. The transition supports lower smelting power costs and its SBTi-validated Net Zero 2050 decarbonisation target.
- Renewable power consumption rose to 22% of total power mix from ~18% in FY26, targeting 70% by FY28
- Expanded round-the-clock renewable energy supply agreement with Serentica Renewables from 450 MW to 530 MW
- Generated 892 million units of green power in FY26 versus 632 million units in FY25
- Upgrading power connectivity from state transmission network to the central transmission utility
Hindustan Zinc Limited has appointed Dr. Yogesh Attray as an Additional Director designated as Non-Executive Independent Director for a term of 3 years effective August 14, 2026. The appointment was conveyed by the Ministry of Mines, Government of India, and approved by the company's Board of Directors via circular resolution on August 15, 2026. Dr. Attray brings over two decades of experience in education, administration, social development, and agriculture. This is a routine board reconstitution update and carries no direct financial or operational impact.
- Appointment of Dr. Yogesh Attray as Non-Executive Independent Director for a 3-year term w.e.f. August 14, 2026
- Appointed pursuant to Ministry of Mines, Government of India order dated August 14, 2026
- Board approved appointment via resolution passed by circulation on August 15, 2026, at 02:40 PM IST
- Appointee holds over 20 years of experience across education, agriculture, and administration
Hindustan Zinc Limited has approved the appointment of Dr. Yogesh Attray as an Additional Director designated as Non-Executive Independent Director for a 3-year term effective August 14, 2026. The appointment follows an order from the Ministry of Mines, Government of India, and was cleared by the Board of Directors via circular resolution on August 15, 2026. Dr. Attray brings over two decades of experience in education, social development, and agriculture. This administrative board change has no material financial impact on the company's Rs 46,820 Cr TTM revenue.
- Dr. Yogesh Attray appointed as Non-Executive Independent Director for a 3-year term effective August 14, 2026.
- Appointment made pursuant to Ministry of Mines, Government of India order dated August 14, 2026.
- Board approved the circular resolution on Saturday, August 15, 2026, at 02:40 PM IST.
- Appointee has over 20 years of experience and is confirmed to have no relationship with other directors.
Hindustan Zinc Limited has received an order from the Ministry of Mines, Government of India, appointing Dr. Yogesh Attray as a non-official part-time Director on the company's Board. The appointment is for a tenure of 3 years effective from the date of notification or until further orders, whichever is earlier. The intimation was received by the company on August 14, 2026, and administrative disclosures are being finalized. This is a standard board nomination by the Government of India.
- Ministry of Mines issued appointment order dated August 14, 2026 (Order no. Met3-10/2/2020- Metal III)
- Dr. Yogesh Attray (DIN: 07654847) appointed as non-official part-time Director
- Appointment tenure is fixed for 3 years w.e.f. date of notification or until further orders
- Intimation received via email on August 14, 2026, at 02:34 p.m.
Hindustan Zinc Limited has scheduled a physical meeting with analysts and institutional investors for August 18, 2026. The company will be participating in Motilal Oswal’s 22nd Annual Global Investor Conference held in Mumbai. The interaction will include both group and one-on-one sessions. This is a standard regulatory disclosure and does not contain new financial projections or material business updates.
- Meeting scheduled for August 18, 2026, in Mumbai
- Participation in Motilal Oswal’s 22nd Annual Global Investor Conference
- Format includes both Group and One-on-One physical interactions
- Company refers investors to the existing presentation on its website for current data
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.
Credit & Counterparty Risk
Strong liquidity with INR 8,155 Cr in cash and equivalents as of September 2025, providing a significant buffer against counterparty defaults.
