Hindustan Zinc Limited (HINDZINC)

Metals & Mining · Non - Ferrous Metals · NSE · Updated 2 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹539.2 ↑ 29.8% (1Y)

🎯 Key Takeaways

Hindustan Zinc is in a high-growth phase driven by operational efficiency, cost leadership, and strategic expansion in base metals and critical minerals. The company has transitioned from a mature dividend payer to a growth-oriented leader in India's non-ferrous metals sector, with record profitability and ambitions to expand capacity to 2 MTPA by FY30.
Revenue grew 4.4% QoQ to ₹8,614 in Q3FY25.
⚠️ Commodity price volatility in zinc and silver could pressure margins despite current cost leadership.

Market Cap

₹2.69 L Cr

P/E Ratio

28.7

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Hindustan Zinc is in a high-growth phase driven by operational efficiency, cost leadership, and strategic expansion in base metals and critical minerals. The company has transitioned from a mature dividend payer to a growth-oriented leader in India's non-ferrous metals sector, with record profitability and ambitions to expand capacity to 2 MTPA by FY30.

📰 What's Happening

In Q1 FY27, Hindustan Zinc reported record revenue of ₹13,747 crore (+77% YoY) and net profit of ₹5,469 crore (+145% YoY), supported by 268 KT mined metal production and 149 MT silver output. EBITDA surged 109% to ₹8,074 crore, reflecting strong pricing and cost discipline. The company appointed Amarendu Prakash as CEO and Whole-time Director effective August 1, 2026, pending shareholder approval, and added him to key committees focused on sustainability and ESG. Leadership changes also included the appointment of Amit Gupta as CFO and Munish Vasudeva as CHRO. Additionally, the company secured a mining lease for REE and Yttrium in Karnataka and advanced green transformation initiatives, including renewable energy adoption (22% of total consumption) and tailings plant development.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	8,281	7,282	6,791	7,310	7,549	8,130	8,252	8,614
Operating Profit	4,609	3,629	3,362	3,817	3,922	4,214	4,310	4,717
OPM %	48.6%	46.0%	46.2%	48.2%	48.3%	48.5%	50.0%	52.2%
Net Profit	2,583	1,964	1,729	2,028	2,038	2,345	2,327	2,678
EPS	₹6.11	₹4.65	₹4.09	₹4.80	₹4.82	₹5.55	₹5.51	₹6.34

The company has demonstrated consistent top-line and bottom-line growth over the past four quarters, with revenue rising from ₹7,282 crore in Q1 FY24 to ₹13,747 crore in Q1 FY27, and net profit expanding from ₹1,964 crore to ₹5,469 crore in the same period. Operating margins have stabilized around 48-52%, indicating resilient profitability despite commodity volatility. This growth trajectory aligns with management's focus on cost leadership, operational scaling, and higher-margin metal production, particularly zinc and silver, which contributed 46% of profitability in Q1 FY27.

🔮 Management Outlook & What's Next

Management has outlined an ambitious expansion roadmap, targeting 2 MTPA refined metal capacity by FY30 through strategic investments in Debari, Debari expansion (target completion in 2QFY29), and the 510 KTPA Fertiliser plant (target completion in 2QFY27). They also emphasized advancing green zinc production and critical minerals exploration, including REE and Yttrium projects in Karnataka. These initiatives are positioned to support long-term growth amid increasing demand for sustainable metals and critical inputs in clean energy technologies.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Non - Ferrous Metals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Hindustan Zinc Limited	2.69 L Cr	28.7	—	—	—
Hindalco Industries Limited	2.40 L Cr	14.7	13.4%	13.0%	0.50
National Aluminium Company Limited	74,126	17.7	—	—	—
Hindustan Copper Limited	55,145	137.1	—	—	—
Deccan Gold Mines Limited	2,428	—	—	—	—
Arfin India Limited	1,543	99.9	—	—	—
Bhagyanagar India Limited	866	72.7	—	—	—
Maan Aluminium Limited	836	54.8	—	—	—
MMP Industries Limited	697	18.3	—	—	—
Manaksia Aluminium Company Limited	225	29.8	—	—	—

🔗 Peer Stock Analyses

HINDALCO NATIONALUM HINDCOPPER DECNGOLD ARFIN

⚠️ Risk Factors

1. Commodity price volatility in zinc and silver could pressure margins despite current cost leadership. 2. Execution risks associated with large-scale expansion projects (Debari, Fertiliser plant) may impact timelines and capital efficiency. 3. Regulatory and ESG-related transitions in mining and metals could require additional compliance investments. 4. Leadership transition to Amarendu Prakash, while experienced, introduces execution risk if strategic direction shifts significantly.

📋 Recent Filings

🧠 Analyst's Read

Hindustan Zinc is executing a clear growth strategy backed by strong financial performance, cost discipline, and leadership continuity. Investors should monitor progress on capacity expansion milestones, sustainability initiatives, and margin trends in the coming quarters to assess the sustainability of its outperformance in the base metals space.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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