Non - Ferrous Metals
Valuation | |
|---|---|
| Market Cap | 2.55 LCr |
| Price/Earnings (Trailing) | 21.61 |
| Price/Sales (Trailing) | 6.82 |
| EV/EBITDA | 13.13 |
| Price/Free Cashflow | 21.08 |
| MarketCap/EBT | 16.42 |
| Enterprise Value | 2.66 LCr |
Fundamentals | |
|---|---|
| Revenue (TTM) | 37.42 kCr |
| Rev. Growth (Yr) | 27.6% |
| Earnings (TTM) | 11.8 kCr |
| Earnings Growth (Yr) | 46.2% |
Profitability | |
|---|---|
| Operating Margin | 41% |
| EBT Margin | 42% |
| Return on Equity | 86.16% |
| Return on Assets | 33.16% |
| Free Cashflow Yield | 4.74% |
Growth & Returns | |
|---|---|
| Price Change 1W | 2.4% |
| Price Change 1M | -14.7% |
| Price Change 6M | 44% |
| Price Change 1Y | 46.6% |
| 3Y Cumulative Return | 25.7% |
| 5Y Cumulative Return | 15.2% |
| 7Y Cumulative Return | 12.1% |
| 10Y Cumulative Return | 14% |
Cash Flow & Liquidity | |
|---|---|
| Cash Flow from Investing (TTM) | -2.71 kCr |
| Cash Flow from Operations (TTM) | 14.16 kCr |
| Cash Flow from Financing (TTM) | -11.41 kCr |
| Cash & Equivalents | 91 Cr |
| Free Cash Flow (TTM) | 10.15 kCr |
| Free Cash Flow/Share (TTM) | 24.03 |
Balance Sheet | |
|---|---|
| Total Assets | 35.59 kCr |
| Total Liabilities | 21.9 kCr |
| Shareholder Equity | 13.7 kCr |
| Current Assets | 11.32 kCr |
| Current Liabilities | 13.16 kCr |
| Net PPE | 19.09 kCr |
| Inventory | 2.25 kCr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.3 |
| Debt/Equity | 0.78 |
| Interest Coverage | 15.44 |
| Interest/Cashflow Ops | 14.12 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 29 |
| Dividend Yield | 4.61% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Technicals: Bullish SharesGuru indicator.
Dividend: Pays a strong dividend yield of 4.61%.
Balance Sheet: Reasonably good balance sheet.
Past Returns: Outperforming stock! In past three years, the stock has provided 25.7% return compared to 13.3% by NIFTY 50.
Size: It is among the top 200 market size companies of india.
Profitability: Very strong Profitability. One year profit margin are 32%.
No major cons observed.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Technicals: Bullish SharesGuru indicator.
Dividend: Pays a strong dividend yield of 4.61%.
Balance Sheet: Reasonably good balance sheet.
Past Returns: Outperforming stock! In past three years, the stock has provided 25.7% return compared to 13.3% by NIFTY 50.
Size: It is among the top 200 market size companies of india.
Profitability: Very strong Profitability. One year profit margin are 32%.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 4.61% |
| Dividend/Share (TTM) | 29 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 27.94 |
Financial Health | |
|---|---|
| Current Ratio | 0.86 |
| Debt/Equity | 0.78 |
Technical Indicators | |
|---|---|
| RSI (14d) | 50.3 |
| RSI (5d) | 79.07 |
| RSI (21d) | 34.3 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Sell |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Updated Feb 24, 2026
The sustainability of margin expansion will depend on ongoing stability in domestic zinc prices.
Despite positive growth, there remains cautious sentiment regarding potential fluctuations in pricing dynamics.
The outlook for Hindustan Zinc is cautiously optimistic, reflecting some concerns over the future pricing environment.
Summary of Hindustan Zinc's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Management's outlook for Hindustan Zinc Limited indicates strong operational and financial performance, with a focus on sustainability and future growth initiatives. In the third quarter of FY '26, the company achieved record metrics, with mined metal production at 276,000 tons, representing its best performance since the underground transition. Refined metal production also reached an all-time high of 270,000 tons during the quarter, contributing to a remarkable 9-month total of 766,000 tons.
The company reported record quarterly revenue of INR 10,980 crores and a monumental EBITDA of INR 6,087 crores, reflecting a 28% quarter-on-quarter increase. Profit after tax surged by 48% sequentially to INR 3,916 crores, establishing a new record. The zinc cost of production (COP), excluding royalty, hit its lowest point in five years, standing at $940 per ton.
Looking forward, management has detailed key growth projects, including a 250,000 tons per annum integrated zinc smelter at Debari and a tailings reprocessing plant at Rampura Agucha, both set for completion by FY '29. Management emphasizes that its robust balance sheet and cost leadership enable sustained investment opportunities amid favorable macroeconomic conditions.
Additionally, given expected GDP growth of 7.4% for FY '26 in India and buoyant international commodity prices"”zinc prices rising to around $3,350 per ton and silver attaining heights near $93 per troy ounce"”management maintains a positive outlook on maintaining high operational efficiency. They continue focusing on sustainability and technological advancements as central to their future strategies.
Furthermore, the company is working to fortify its resource base and improve production capacities to capitalize on the energy transition trend. The guidance for silver production remains at 680 tons, plus or minus 10 tons, reflecting confidence in achieving operational targets in Q4.
Understand Hindustan Zinc ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| VEDANTA LIMITED | 61.84% |
| PRESIDENT OF INDIA - A/C HINDUSTAN ZINC LTD . | 27.92% |
| LICI ULIP-GROWTH FUND | 3.31% |
| THE BOEING COMPANY EMPLOYEE RETIREMENT PLANS MASTE | 0.01% |
| THE HONGKONG AND SHANGHAI BANKING CORP.LTD. | 0% |
Detailed comparison of Hindustan Zinc against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| VEDL | Vedanta | 2.81 LCr | 1.44 LCr | -2.50% | +77.60% | 19.79 | 1.95 | - | - |
| TATASTEEL | TATA STEEL | 2.65 LCr | 2.27 LCr |
Comprehensive comparison against sector averages
HINDZINC metrics compared to Non
| Category | HINDZINC | Non |
|---|---|---|
| PE | 21.83 | 16.81 |
| PS | 6.88 | 1.79 |
| Growth | 11.5 % | 14.3 % |
Hindustan Zinc is a company primarily engaged in mining and processing zinc and other minerals. Its stock ticker is HINDZINC, and it boasts a substantial market capitalization of Rs. 191,195.7 Crores.
The company operates both domestically in India and internationally, exploring for, extracting, and processing various minerals. It has two main operational segments: Zinc, Lead, Silver & Others, and Wind Energy. Hindustan Zinc is known for producing refined zinc, lead, and silver, alongside sulphuric acid. The company also manufactures metals and related alloys.
In addition to its mining operations, Hindustan Zinc runs power plants that harness captive thermal, wind, and solar energy, as well as waste heat recovery boiler systems. Beyond its core activities, the company is involved in sports and the manufacture and sale of phosphatic fertilizers.
Established in 1966 and headquartered in Udaipur, India, Hindustan Zinc is a subsidiary of Vedanta Limited. The company has demonstrated strong financial performance with a trailing 12 months revenue of Rs. 33,574 Crores and a profit of Rs. 9,388 crores over the past four quarters.
Hindustan Zinc is also committed to returning value to its shareholders, with a dividend yield of 8.14% and a recent payout of Rs. 35 dividend per share. The company's revenue growth in the past year was 8.1%, indicating a steady upward trajectory.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
HINDZINC vs Non (2021 - 2026)
General • 23 Feb 2026 Please refer the enclosed file |
Analyst / Investor Meet • 19 Feb 2026 Please refer the enclosed file. |
Press Release / Media Release • 19 Feb 2026 Please refer the enclosed file. |
General • 14 Feb 2026 Please refer the enclosed file. |
Newspaper Publication • 13 Feb 2026 Please refer the enclosed file. |
Press Release / Media Release • 06 Feb 2026 Please refer the enclosed file. |
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Question: "Sir, my first question comes -- particularly wanted to understand how the premiums are working, especially for lead and silver, because they have been higher than what historically has been seen. So could you throw some light on the same?"
Answer: I explained that the premiums are a part of our net sales realization and not separately reported. We're in line with market conditions for lead, having a 90%+ share in the domestic primary market. For silver, the market is volatile with prices sometimes higher or lower than MCX prices. We benchmark against CRISIL's data for these premiums.
Question: "Could you give us the number of hedge quantities for Q3 FY '26?"
Answer: For Q3 FY '26, we had hedge quantities of 47 kt for zinc and 55 tons for silver, both squared off within the quarter.
Question: "Are we trying to hedge further quantities for FY '27 at higher prices or are we looking for spot sales over there?"
Answer: We aim for consistency in our strategic hedging, targeting 10-20% of annual volumes. For FY '27, we're hedged at 66 kt for zinc at $3,170 per ton and 56 tons of silver at $58 per troy ounce. For Q4 FY '26, we hedged 53 kt of zinc at $2,900 per ton.
Question: "Could you share what were the grades for this quarter versus last year?"
Answer: This quarter, the grade was 7.3%, compared to 7.4% last year. The overall average for the nine months stands at 7.4%, indicating stable performance.
Question: "Can we expect a similar level of COP in Q4?"
Answer: We anticipate the cost of production (COP) to remain robust, sustaining between $950 to $1,000 based on performance measures. For Q4, variations may occur depending on volume and grade.
Question: "Is the silver production guidance of 680 tons plus/minus 10 tons still intact?"
Answer: Yes, we remain confident in our revised guidance of 680 tons for FY '26. The quarter typically sees improved production, and we expect to meet this guidance.
Question: "What is the net cash position as on 31st December?"
Answer: As of December 31, our net cash position is INR 329 crores, reflecting our strong financial management and cash flow generation.
Question: "Can you give us a sense of the cost of production without byproduct credits?"
Answer: Excluding byproduct credits, the cost of production would typically be about $100-$120 higher than our reported figures. We recommend maintaining a range of $950-$1,000 for long-term planning.
Question: "What has contributed to the increased other expenses in manufacturing?"
Answer: Other expenses have risen due to revenue-linked items in brand fees, which correlate with increased turnover. This drives overall costs up in absolute terms, even as per-ton costs may improve.
Question: "What is the progress on the tailings project?"
Answer: Groundwork for the tailings project has commenced, including site clearing and setting up for construction. We're currently proceeding with necessary regulatory clearances.
Distribution across major stakeholders
Distribution across major institutional holders
| +53.10% |
| 28.85 |
| 1.17 |
| - |
| - |
| HINDALCO | Hindalco Industries | 2.08 LCr | 2.64 LCr | -7.40% | +46.30% | 12.77 | 0.79 | - | - |
| NATIONALUM | National Aluminium Co. | 65.13 kCr | 18.69 kCr | -12.70% | +97.70% | 10.6 | 3.48 | - | - |
| HINDCOPPER | Hindustan Copper | 54.76 kCr | 2.74 kCr | -10.60% | +166.30% | 82.79 | 20 | - | - |
| GRAVITA | GRAVITA INDIA | 11.91 kCr | 4.23 kCr | +3.70% | -4.60% | 30.76 | 2.81 | - | - |
High Scoring Large Cap stocks have outperformed low scoring stocks by 90% over last 4 years
High Scoring Large Cap stocks have outperformed low scoring stocks by 90% over last 4 years
| Exceptional items before tax | - | 25 | 0 | 0 | 0 | 0 | -83 |
| Total profit before tax | 47.7% | 5,230 | 3,542 | 2,985 | 3,782 | 3,527 | 3,130 |
| Current tax | 37.7% | 1,233 | 896 | 751 | 802 | 768 | 827 |
| Deferred tax | 2100% | 81 | -3 | 0 | -23 | 81 | -24 |
| Total tax | 47.2% | 1,314 | 893 | 751 | 779 | 849 | 803 |
| Total profit (loss) for period | 47.8% | 3,916 | 2,649 | 2,234 | 3,003 | 2,678 | 2,327 |
| Other comp. income net of taxes | -43% | -425 | -297 | 11 | -42 | 67 | 24 |
| Total Comprehensive Income | 48.4% | 3,491 | 2,352 | 2,245 | 2,961 | 2,745 | 2,351 |
| Earnings Per Share, Basic | 56.9% | 9.27 | 6.27 | 5.29 | 7.11 | 6.34 | 5.51 |
| Earnings Per Share, Diluted | 56.9% | 9.27 | 6.27 | 5.29 | 7.11 | 6.34 | 5.51 |
| Debt equity ratio | -0.3% | 052 | 078 | 0.0119 | 08 | 0.01 | 0.02 |
| Debt service coverage ratio | 0.2% | 018 | 003 | 0.0427 | 003 | 0 | 0 |
| Interest service coverage ratio | 0.1% | 031 | 018 | 0.1625 | 021 | 0 | 0 |
| 4.8% |
| 3,634 |
| 3,466 |
| 3,264 |
| 2,917 |
| 2,531 |
| 2,279 |
| Other expenses | 8.6% | 15,857 | 14,603 | 15,886 | 12,775 | 9,958 | 9,316 |
| Total Expenses | 8.8% | 21,418 | 19,694 | 20,183 | 16,421 | 13,874 | 12,105 |
| Profit Before exceptional items and Tax | 31% | 13,547 | 10,343 | 15,297 | 14,235 | 10,574 | 8,390 |
| Exceptional items before tax | - | -83 | 0 | 0 | -134 | 0 | 0 |
| Total profit before tax | 30.2% | 13,464 | 10,343 | 15,297 | 14,101 | 10,574 | 8,390 |
| Current tax | 26.2% | 3,217 | 2,549 | 3,431 | 2,445 | 1,827 | 1,428 |
| Deferred tax | -650% | -32 | 7 | 1,346 | 2,026 | 767 | 157 |
| Total tax | 24.6% | 3,185 | 2,556 | 4,777 | 4,471 | 2,594 | 1,585 |
| Total profit (loss) for period | 32% | 10,279 | 7,787 | 10,520 | 9,630 | 7,980 | 6,805 |
| Other comp. income net of taxes | 850% | 31 | -3 | 41 | -55 | -5 | -100 |
| Total Comprehensive Income | 32.5% | 10,310 | 7,784 | 10,561 | 9,575 | 7,975 | 6,705 |
| Earnings Per Share, Basic | 33.8% | 24.33 | 18.43 | 24.9 | 22.79 | 18.89 | 16.11 |
| Earnings Per Share, Diluted | 33.8% | 24.33 | 18.43 | 24.9 | 22.79 | 18.89 | 16.11 |
| Debt equity ratio | 0.2% | 08 | 056 | 091 | 008 | - | 0 |
| Debt service coverage ratio | 0% | 005 | 005 | 018 | 001 | - | 0 |
| Interest service coverage ratio | 0% | 017 | 016 | 06 | 007 | - | 0 |
| 3.3% |
| 18,965 |
| 18,358 |
| 17,423 |
| 17,875 |
| 18,404 |
| 17,528 |
| Capital work-in-progress | 15.3% | 2,942 | 2,552 | 2,567 | 1,529 | 1,250 | 2,107 |
| Non-current investments | 7.1% | 881 | 823 | 815 | 578 | 398 | 257 |
| Loans, non-current | -34.1% | 57 | 86 | 112 | 417 | 371 | 61 |
| Total non-current financial assets | 2.3% | 1,027 | 1,004 | 1,016 | 1,141 | 906 | 430 |
| Total non-current assets | 6.1% | 24,168 | 22,775 | 22,016 | 21,211 | 21,204 | 20,592 |
| Total assets | 3.1% | 35,474 | 34,418 | 32,536 | 33,904 | 35,336 | 35,454 |
| Borrowings, non-current | -20.3% | 4,773 | 5,990 | 4,248 | 4,246 | 4,197 | 1,519 |
| Total non-current financial liabilities | -17.7% | 5,354 | 6,509 | 4,458 | 4,424 | 4,345 | 1,519 |
| Provisions, non-current | 8% | 216 | 200 | 221 | 199 | 198 | 189 |
| Total non-current liabilities | -12.3% | 8,731 | 9,953 | 7,819 | 7,853 | 7,822 | 5,070 |
| Borrowings, current | 27.2% | 5,928 | 4,661 | 9,421 | 4,210 | 7,127 | 10,362 |
| Total current financial liabilities | 25% | 11,594 | 9,272 | 14,134 | 8,195 | 11,271 | 15,157 |
| Provisions, current | -11.1% | 17 | 19 | 16 | 22 | 58 | 26 |
| Current tax liabilities | 86.8% | 582 | 312 | 777 | 477 | 857 | 564 |
| Total current liabilities | 17.5% | 13,128 | 11,175 | 17,075 | 10,818 | 13,836 | 17,442 |
| Total liabilities | 3.5% | 21,859 | 21,128 | 24,894 | 18,671 | 21,658 | 22,512 |
| Equity share capital | 0% | 845 | 845 | 845 | 845 | 845 | 845 |
| Total equity | 2.4% | 13,615 | 13,290 | 7,642 | 15,233 | 13,678 | 12,942 |
| Total equity and liabilities | 3.1% | 35,474 | 34,418 | 32,536 | 33,904 | 35,336 | 35,454 |
| Net Cashflows From Operating Activities |
| 5.9% |
| 14,127 |
| 13,343 |
| 15,133 |
| 12,691 |
| - |
| - |
| Proceeds from sales of PPE | -88% | 7 | 51 | 20 | 30 | - | - |
| Purchase of property, plant and equipment | 22.1% | 4,320 | 3,539 | 3,457 | 2,998 | - | - |
| Dividends received | -133.3% | 0 | 4 | 0 | 0 | - | - |
| Interest received | 19.4% | 678 | 568 | 1,441 | 936 | - | - |
| Other inflows (outflows) of cash | 512.9% | 385 | -92 | 4,000 | 4,727 | - | - |
| Net Cashflows From Investing Activities | 21.9% | -2,658 | -3,405 | 6,558 | 846 | - | - |
| Proceeds from borrowings | 20.2% | 14,512 | 12,070 | 14,958 | 9 | - | - |
| Repayments of borrowings | -20.1% | 12,327 | 15,419 | 5,980 | 4,324 | - | - |
| Payments of lease liabilities | - | 133 | 0 | 14 | 5 | - | - |
| Dividends paid | 123.1% | 12,253 | 5,493 | 31,901 | 7,606 | - | - |
| Interest paid | 19.1% | 1,225 | 1,029 | 287 | 332 | - | - |
| Net Cashflows from Financing Activities | -14.9% | -11,426 | -9,946 | -23,224 | -12,258 | - | - |
| Net change in cash and cash eq. | 566.7% | 43 | -8 | -1,533 | 1,279 | - | - |
Analyst / Investor Meet • 03 Feb 2026 Please refer the enclosed file. |
Analysis of Hindustan Zinc's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2025
| Description | Share | Value |
|---|---|---|
| Zinc, Lead and others | 74.8% | 7.9 kCr |
| Silver metal | 25.2% | 2.7 kCr |
| Total | 10.6 kCr |