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Informist, Monday, Jan. 19, 2026

--Hindustan Zinc: Silver outlook remains bullish despite strong rally 

--CONTEXT: Hindustan Zinc mgmt's comments in post-earnings call with analysts 

--Hindustan Zinc: Current cash and cash equivalent at INR 93.42 bln 

--Hindustan Zinc: Expect to have better silver output in Q4 vs Q3 

--Hindustan Zinc:Maintenance capex $90 mln-$100 mln in Q4, $400 mln for FY26 

--Hindustan Zinc: To be close to FY26 silver volume guidance of over 680 tn 

By Ashutosh Pati and Sunil Raghu

MUMBAI/AHMEDABAD – Hindustan Zinc Ltd. expects its silver volumes to be close to its guidance of 680 tonnes in 2025-26 (Apr-Mar), as the March quarter is a seasonally better one and all the plant shutdowns are now over, the company's management said in a post-earnings conference call with analysts Monday.

"Traditionally, we do our best in Q4 (Jan-Mar). So I'm hoping that the same trend will continue because one, of course, all shutdowns are cleared and we'll have more availability of equipment running. As well as the temperature, weather, and ambient conditions are favourable for both mines as well as smelters," its Chief Executive Officer Arun Misra said.

The company has produced 451 tonnes of silver in Apr-Dec, with 149 tonnes in the June quarter, 144 tonnes in the September quarter, and 158 tonnes in the December quarter. This leaves it with 229 tonnes to produce in the final quarter of FY26 to meet the full-year target. The company will need to raise its March quarter silver production by 45% over the December quarter output to meet the full-year production target.

The company management was bullish on silver despite the recent strong rally. The average price of silver rose by over 72% on year and around 38% sequentially in the December quarter. Hindustan Zinc expects to incur a capital expenditure of $400 million in FY26 and $90 million-$100 million in the March quarter. Its growth capital expenditure for the full year is expected to be around $300 million, the management said.

The company's current cash and cash equivalents were INR 93.42 billion. In the December quarter, Hindustan Zinc reported a net profit of INR 38.79 billion, up around 47% on year and on quarter. The company's revenue rose around 28% on year and on quarter to INR 109.22 billion. On Monday, the company's shares closed 3.6% higher at INR 660.40 on the National Stock Exchange.  End