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Informist, Friday, Apr. 24, 2026

 

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--Hind Zinc Jan-Mar net profit INR 49.97 bln 
--Analysts saw Hind Zinc Jan-Mar net profit at INR 45.40 bln 
--Hind Zinc Jan-Mar revenue INR 134.88 bln 
--Analysts saw Hind Zinc Jan-Mar revenue at INR 119.74 bln 
--Hind Zinc Jan-Mar net profit INR 49.97 bln vs INR 29.76 bln year ago 
--Hind Zinc Jan-Mar revenue INR 134.88 bln vs INR 90.41 bln year ago 
--Hind Zinc to pay INR 11 per share interim dividend 
--Hind Zinc interim dividend record date Apr 30 
--Hind Zinc FY26 net profit INR 137.12  bln vs INR 102.79 bln year ago 
--Hind Zinc FY26 revenue INR 406.58 bln vs INR 339.69 bln year ago 
--Hind Zinc Jan-Mar operating margin 49% vs 42% year ago 
--Hind Zinc Jan-Mar zinc, lead, others sales INR 86.40 bln vs INR 71.18 bln 
--Hind Zinc Q4 silver segment revenue INR 40.32 bln vs INR 16.88 bln yr ago 

--Hind Zinc Jan-Mar consol EBITDA INR 77.47 bln, up 61% on year 

--Hind Zinc Jan-Mar consol EBITDA margin 57%, up 420 bps on year 

--Hind Zinc: Expect FY27 capex at $500 mln-$600 mln 

--Hind Zinc: See FY27 mined metal production around 1.15 mln tn 

--Hind Zinc: See FY27 refined metal production around 1.10 mln tn 

--Hind Zinc expects FY27 saleable silver output at 680 tn 

--Hind Zinc expects FY27 cost of zinc production $975-$1,000 per tn 

 

 

By Ashutosh Pati

 

MUMBAI – Hindustan Zinc Ltd. has posted another set of robust numbers, with the company's bottom line and top line rising significantly for the March quarter, continuing the momentum seen in the previous two quarters. The growth in the company's net profit for the March quarter was the highest in 20 quarters while the revenue growth was the best in 19 quarters. Both metrics were significantly higher than the Street's expectations.

 

The company reported a net profit of INR 49.97 billion for the March quarter, up around 68% on year and nearly 29% from the trailing quarter. Analysts had expected the net profit to be INR 45.40 billion. Revenue from operations rose over 49% on year and nearly 24% on quarter to INR 134.88 billion. Analysts had expected the company to post a revenue of INR 119.74 billion. The rise in prices of metals, especially silver, was the primary reason for the growth.

 

The price of silver rose to a record high of $121.78 per ounce during the March quarter before correcting sharply. Despite the fall, the average price of silver was up around 157% on year and over 51% sequentially in the quarter. The average price of zinc rose around 14% on year and over 7% sequentially in the quarter.

 

Hindustan Zinc's revenue from the sale of silver rose a whopping 139% on year to INR 40.32 billion for the March quarter. Its revenue from the zinc, lead, and other metals segment rose over 21% on year to INR 86.40 billion. The company's revenue from zinc sales rose 19% on year to INR 69.97 billion and revenue from lead sales was up 12% on year at INR 11.53 billion. The company will pay an interim dividend of INR 11 per share, the record date for which is Apr. 30.

 

The company's total expenses rose around 28% on year to INR 70.62 billion in the reporting quarter, led by a rise in expenses on mining royalty and other expenses. Its expenses on mining royalty rose over 47% on year to INR 17.10 billion. Other expenses rose around 45% on year to INR 35.62 billion. The company's depreciation and amortisation expenses rose around 4% on year to INR 10.53 billion.

 

Hindustan Zinc's consolidated earnings before interest, tax, depreciation, and amortisation for the quarter was up 61% on year at INR 77.47 billion. The rise in EBITDA was due to an increase in production, higher zinc and silver prices, lower cost of production, lead concentrate sale, and a stronger dollar, it said. The EBITDA margin rose 420 basis points on year to 57%. The company's operating margin rose to 49% in the reporting quarter from 42% in the corresponding period a year ago.

 

The cost of production of zinc, excluding royalty, rose 9% on year to $903 per tonne due to lower power costs amid high domestic coal usage and weak coal prices, the company said.

 

FY26 SHOW

For the financial year 2025-26 (Apr-Mar), the company's net profit rose over 33% to INR 137.12 billion. The revenue was INR 406.58 billion, up around 20%. Hindustan Zinc produced 627 tonnes of silver in FY26, which contributed 45% to its overall profitability, the company said. Its EBITDA for the year was up 27% at INR 221.62 billion, an all-time high.

 

The cost of production of zinc, excluding royalty, for FY26 also rose 9% to $959 per tonne. As on Mar. 31, the company had cash and cash equivalents of INR 138.46 billion invested in debt instruments. Its total outstanding borrowings were INR 82.52 billion as on Mar. 31.

 

FY27 OUTLOOK

The company sees its capital expenditure for FY27 at $500 million-$600 million. It expects to produce around 1.15 million tonnes of mined metal and around 1.10 million tonnes of refined metal in FY27. Saleable silver output for the year has been pegged at around 680 tonnes, similar to FY26. The company expects the cost of zinc production in FY27 to be $975-$1,000 per tonne.

 

Hindustan Zinc's 510,000 tonnes per annum fertiliser plant is expected to be completed by the September quarter. The hot acid leaching technology for recovery of lead and silver from smelting waste at Dariba, Rajasthan, is also expected to be completed by the September quarter. The site mobilisation for the 250,000 tonnes per annum integrated refined zinc capacity expansion has been completed and detailed engineering and mining partner deployment are underway, with expected completion by the September quarter of FY29, the company said.

 

Hindustan Zinc reported its March quarter earnings during market hours. Its shares closed 0.6% lower at INR 588.50 on the National Stock Exchange.  End

 

US$1 = INR 94.24

 

Edited by Rajeev Pai

 

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