Hindustan Zinc
Hindustan Zinc
Metals & Mining F&OKey Fundamentals
LargecapZincMetals & MiningTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
4- Company has reduced debt.
- Company is expected to give good quarter
- Company has a good return on equity (ROE) track record: 3 Years ROE 68.7%
- Company has been maintaining a healthy dividend payout of 73.5%
Weaknesses
2- Stock is trading at 10.4 times its book value
- Promoter holding has decreased over last 3 years: -4.21%
Growth Rate
AI Analysis — Bull vs Bear
Hindustan Zinc has a market capitalisation of about ₹2,49,906 crore and trades at 14.5x earnings and 10.96x book value, with a 1.87% dividend yield. Return on equity was 76% last year and has averaged 69% over 3 years. TTM sales grew 39% and profit grew 66%, well above the 3-year compounded rates of 6% and 9%, which suggests the recent surge is largely cyclical.
- Capital efficiency is exceptional. ROE was 76% last year, averaged 69% over 3 years and 50% over 5 years, and has held at 33% even across a 10-year cycle.
- Near-term earnings momentum is strong. TTM profit grew 66% and TTM sales grew 39%, and the company is flagged as expected to post a good quarter.
- The company returns most of its cash to shareholders. It keeps a 73.5% dividend payout ratio, which gives a 1.87% dividend yield at the current price.
- The earnings multiple is moderate given the returns. A P/E of 14.5 set against a 76% ROE means investors pay a fairly low multiple for each unit of return on capital.
- The balance sheet is improving because the company has reduced debt. That lowers financial risk in a capital-intensive, cyclical business worth about ₹2,49,906 crore.
- Shareholders have been rewarded recently. The stock returned a 31% CAGR over 1 year and 24% over 3 years, compared with 13% over 5 years.
- The company has grown steadily over the long run. Sales compounded at 11% a year over 10 years and 12% a year over 5 years.
- The stock is expensive relative to book value. It trades at 10.96x to 11.1x book, so the valuation depends on ROE staying unusually high.
- Recent growth looks cyclical rather than structural. TTM sales growth of 39% and profit growth of 66% compare with 3-year compounded rates of only 6% and 9%, which points to a commodity-price-driven upswing that could reverse.
- Profit growth has been weak over the long term. Profit compounded at only 6% a year over 10 years, trailing 10-year sales growth of 11%, which implies margin pressure across the cycle.
- Promoter holding has fallen by 4.21% over the last 3 years. Further stake sales could put pressure on the supply of shares in the market.
- Long-term stock returns have been modest. The stock's 10-year CAGR is 10% and its 5-year CAGR is 13%, much lower than recent 1-year returns of 31%.
- The high 73.5% dividend payout keeps less cash in the business for growth capex. It also exposes dividends to cuts if metal prices fall.
- The low P/E of 14.5 is calculated on earnings that rose 66% in the trailing period. If earnings return to their 3-year growth rate of 9%, the multiple would look higher than it does now.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Vedanta ties up 50.1% stake Oct 1
Vedanta issued ₹2,000 crore of unsecured debentures, and 50.10% of Hindustan Zinc's share capital is now under a non-disposal undertaking until the debentures are fully redeemed. This shows the parent still depends on HZL shares to raise debt, which keeps promoter-level leverage risk on the table.
- Stock drifting lower, FIIs exit Sep 17
Shares fell to ₹572.30 on Sep 17 from ₹601.55 on Sep 9 and ₹587.95 on Sep 3. That leaves them down about 4% YTD and well below the ₹733 52-week high of Jan 27, 2026. FII holding fell to 2.20% in the latest quarter.
- Q1 FY27 profit up 145% Sep 9
Consolidated net profit rose about 145% YoY to ₹5,469 crore, ahead of the ₹5,059 crore estimate. Revenue grew 77% to ₹13,747 crore against the ₹12,599 crore estimate. The company has a ₹5,572 crore cash surplus and a ₹5,000 crore FY27 capex plan.
- Record output, reserves up 16% Sep 17
FY26 mined metal production hit a record 1.114 million tonnes. Ore reserves rose about 16% YoY to 219.1 million tonnes, and total resources and reserves reached 468.6 million tonnes, enough for more than 25 years of mine life.
- Karnataka rare earth block win Sep 3
HZL received a Letter of Intent for the 314.21-hectare Gundlupet REE and Yttrium block in Chamrajnagar, Karnataka. It adds to the company's earlier potash block in Rajasthan and an Uttar Pradesh REE block, pushing its diversification into critical minerals.
- ESG 'Leader' rating Sep 18
SEBI-registered rating provider Niche99 gave HZL an ESG score of 67.76, which falls in the 'Leader' category. This supports the company's ESG appeal to institutional investors.
- 30 electric trucks, MFL deal Sep 10
HZL signed a 6-year contract with MFL India, extendable by 2 years, to bring in 30 electric trucks for moving concentrate from Rampura Agucha to its Rajasthan smelters. The green fleet now stands at 232 vehicles: 52 electric and 180 LNG.
- Pledge release cuts encumbrance Sep 22
Vedanta released 5.15 crore pledged HZL shares held by SBICAP Trustee, bringing encumbrance down to 27.22% of total capital. The Oct 1 non-disposal undertaking partly cancels out this improvement.
- Shareholder vote on CEO Sep 16
A postal ballot asks shareholders to approve Amarendu Prakash as CEO and Dr. Yogesh Attray as Independent Director. Prakash already holds the CEO role, so this mostly formalises it.
- Jefferies India Forum meeting Sep 9
HZL took part in the Jefferies 5th India Forum on Sep 16, 2026, in Gurgaon, holding group and one-on-one meetings with institutional investors.
TL;DR: Hindustan Zinc's operations are very strong right now: Q1 FY27 profit rose 145% to ₹5,469 crore, production hit a record 1.114 million tonnes, reserves give more than 25 years of mine life, and new rare earth blocks widen its critical-minerals options. The stock has not kept pace, slipping to about ₹572, roughly 22% below its ₹733 high, with FII holding falling to 2.20%. The main risk is Vedanta's continued use of its 50.1% HZL stake to back its own debt. Fundamentals are improving, but a re-rating likely needs clearer signs that the parent is cutting debt and that zinc and silver prices stay firm.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,282 | 6,792 | 7,310 | 7,550 | 8,130 | 8,242 | 8,556 | 9,041 | 7,723 | 8,525 | 10,922 | 13,488 | 13,687 |
| Expenses | 3,934 | 3,653 | 3,790 | 3,896 | 4,179 | 4,138 | 4,098 | 4,258 | 3,907 | 4,099 | 4,917 | 5,822 | 5,693 |
| Operating Profit | 3,348 | 3,139 | 3,520 | 3,654 | 3,951 | 4,104 | 4,458 | 4,783 | 3,816 | 4,426 | 6,005 | 7,666 | 7,994 |
| OPM % | 46% | 46% | 48% | 48% | 49% | 50% | 52% | 53% | 49% | 52% | 55% | 57% | 58% |
| Other Income | 287 | 231 | 305 | 280 | 277 | 185 | 221 | 230 | 282 | 237 | 319 | 280 | 315 |
| Interest | 218 | 232 | 243 | 262 | 256 | 319 | 285 | 251 | 239 | 259 | 195 | 187 | 132 |
| Depreciation | 801 | 825 | 904 | 936 | 843 | 875 | 903 | 1,013 | 911 | 881 | 944 | 1,053 | 918 |
| PBT | 2,616 | 2,313 | 2,678 | 2,736 | 3,129 | 3,095 | 3,491 | 3,749 | 2,948 | 3,523 | 5,185 | 6,706 | 7,259 |
| Tax % | 25% | 25% | 24% | 25% | 25% | 26% | 24% | 21% | 25% | 25% | 25% | 25% | 25% |
| Net Profit | 1,970 | 1,737 | 2,038 | 2,042 | 2,358 | 2,298 | 2,647 | 2,976 | 2,204 | 2,632 | 3,879 | 4,997 | 5,425 |
| EPS in Rs | 4.66 | 4.11 | 4.82 | 4.83 | 5.58 | 5.44 | 6.26 | 7.04 | 5.22 | 6.23 | 9.18 | 11.83 | 12.84 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 14,788 | 14,181 | 17,273 | 22,082 | 21,118 | 18,561 | 22,629 | 29,440 | 34,098 | 28,934 | 33,969 | 40,658 | 46,622 |
| Expenses | 7,338 | 7,923 | 7,534 | 9,812 | 10,448 | 9,691 | 10,957 | 13,214 | 16,577 | 15,253 | 16,630 | 18,729 | 20,531 |
| Operating Profit | 7,450 | 6,258 | 9,739 | 12,270 | 10,670 | 8,870 | 11,672 | 16,226 | 17,521 | 13,681 | 17,339 | 21,929 | 26,091 |
| OPM % | 50% | 44% | 56% | 56% | 51% | 48% | 52% | 55% | 51% | 47% | 51% | 54% | 56% |
| Other Income | 2,788 | 3,127 | 2,474 | 1,956 | 1,782 | 1,911 | 1,819 | 1,082 | 1,373 | 1,083 | 870 | 1,102 | 1,151 |
| Interest | 24 | 17 | 202 | 246 | 113 | 112 | 386 | 290 | 333 | 955 | 1,111 | 880 | 773 |
| Depreciation | 644 | 745 | 1,811 | 1,483 | 1,883 | 2,279 | 2,531 | 2,917 | 3,264 | 3,466 | 3,634 | 3,789 | 3,796 |
| PBT | 9,570 | 8,623 | 10,200 | 12,497 | 10,456 | 8,390 | 10,574 | 14,101 | 15,297 | 10,343 | 13,464 | 18,362 | 22,673 |
| Tax % | 15% | 5% | 18% | 26% | 24% | 19% | 25% | 32% | 31% | 25% | 24% | 25% | — |
| Net Profit | 8,178 | 8,175 | 8,316 | 9,276 | 7,956 | 6,805 | 7,980 | 9,630 | 10,520 | 7,787 | 10,279 | 13,712 | 16,933 |
| EPS in Rs | 19.35 | 19.35 | 19.68 | 21.95 | 18.83 | 16.11 | 18.89 | 22.79 | 24.9 | 18.43 | 24.33 | 32.45 | 40.08 |
| Div. Payout % | 23% | 144% | 149% | 36% | 106% | 102% | 113% | 79% | 303% | 71% | 119% | 31% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 845 | 845 | 845 | 845 | 845 | 845 | 845 | 845 | 845 | 845 | 845 | 845 |
| Reserves | 42,508 | 36,540 | 29,960 | 35,087 | 32,760 | 39,465 | 31,468 | 33,437 | 12,097 | 14,388 | 12,445 | 21,630 |
| Borrowings | 0 | 0 | 7,908 | 0 | 2,538 | 611 | 7,201 | 2,844 | 11,881 | 8,722 | 10,964 | 8,726 |
| Other Liabilities | 5,639 | 15,810 | 13,082 | 7,000 | 6,315 | 6,054 | 6,213 | 7,545 | 10,631 | 9,949 | 10,164 | 10,972 |
| Total Liabilities | 48,992 | 53,195 | 51,795 | 42,932 | 42,458 | 46,975 | 45,727 | 44,671 | 35,454 | 33,904 | 34,418 | 42,173 |
| Fixed Assets | 9,446 | 10,385 | 9,993 | 11,302 | 14,778 | 16,469 | 16,808 | 17,396 | 17,620 | 18,055 | 18,488 | 19,802 |
| CWIP | 2,005 | 2,428 | 3,071 | 3,220 | 2,254 | 2,489 | 1,922 | 2,075 | 2,107 | 1,529 | 2,552 | 3,382 |
| Investments | 27,254 | 35,221 | 23,783 | 20,222 | 19,488 | 20,329 | 12,957 | 15,052 | 10,107 | 10,452 | 9,971 | 14,440 |
| Other Assets | 10,288 | 5,161 | 14,948 | 8,188 | 5,938 | 7,688 | 14,040 | 10,148 | 5,620 | 3,868 | 3,407 | 4,549 |
| Total Assets | 48,992 | 53,195 | 51,795 | 42,932 | 42,458 | 46,975 | 45,727 | 44,671 | 35,454 | 33,904 | 34,418 | 42,173 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 5,531 | 6,451 | 7,588 | 9,800 | 8,781 | 6,621 | 10,567 | 12,691 | 15,166 | 13,343 | 14,127 | 16,857 |
| Investing | -3,807 | -3,236 | 12,007 | 2,396 | -1,092 | -2,648 | -2,435 | 846 | 6,525 | -3,405 | -2,658 | -8,760 |
| Financing | -1,902 | -3,214 | -11,266 | -18,612 | -9,630 | -2,098 | -9,697 | -12,258 | -23,224 | -9,946 | -11,426 | -7,899 |
| Net Cash Flow | -178 | 1 | 8,329 | -6,416 | -1,941 | 1,875 | -1,565 | 1,279 | -1,533 | -8 | 43 | 198 |
| Free Cash Flow | 3,920 | 4,918 | 5,601 | 7,077 | 5,440 | 3,003 | 8,140 | 9,723 | 11,696 | 9,855 | 9,814 | 11,584 |
| CFO/OP | 102 | 132 | 102 | 105 | 106 | 87 | 106 | 93 | 104 | 110 | 101 | 98 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 16 | 3 | 3 | 3 | 3 | 7 | 7 | 9 | 4 | 2 | 1 | 4 |
| Cash Conversion Cycle | 16 | 3 | 3 | 3 | 3 | 7 | 7 | 9 | 4 | 2 | 1 | 4 |
| Working Capital Days | -14 | -347 | -375 | -67 | -98 | -56 | -91 | -36 | -148 | -103 | -95 | -75 |
| ROCE % | 25% | 20% | 26% | 33% | 28% | 22% | 26% | 37% | 50% | 46% | 61% | 69% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Hindustan Zinc insights
64 extracted metrics + investor summaries across FY11–FY27.
Documents
Frequently Asked Questions about Hindustan Zinc
What does Hindustan Zinc Ltd do?
Where is Hindustan Zinc Ltd (HINDZINC) listed?
Which sector does Hindustan Zinc Ltd belong to?
What is the market capitalisation of Hindustan Zinc Ltd?
What is the PE ratio of Hindustan Zinc Ltd?
What is the 52-week high and low of Hindustan Zinc Ltd?
Does Hindustan Zinc Ltd pay dividends?
What is the Return on Equity (ROE) of Hindustan Zinc Ltd?
Company Information
Incorporated in 1966, Hindustan Zinc in Zinc-Lead and Silver business is world’s 2nd largest integrated Zinc producer and Hindustan Zinc is the 3rd largest silver producer globally with an annual capacity of 800MT . The company has a market share of ~75% of the growing Zinc market in India with its headquarters at Zinc City, Udaipur along with Zinc-Lead mines and smelting complexes spread across the state of Rajasthan.[1]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/HINDZINC.md for Hindustan Zinc Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.